The energy-intensive nature of cryptocurrencies such as Bitcoin and other altcoins has been a significant criticism. Bitcoin mining alone consumes enough energy to power an entire European nation. This has provided detractors with a reason to discourage and limit the widespread adoption of cryptocurrencies, particularly in a world striving for a greener and more energy-efficient industry.
Chia coin, on the other hand, has gained popularity as an altcoin due to its environmentally friendly approach. In this article, we will examine various aspects of Chia Coin and explain how and where to purchase it with ease.
In This Guide
Here is a straightforward, step-by-step guide to purchasing Chia coin. This guide uses eToro, one of the most popular cryptocurrency brokers, for this purpose.
75% of retail investor accounts lose money when trading CFDs with this provider....
Your money is at risk. The exchange holds an e-money license from the FCA....
Crypto assets are highly volatile, unregulated investment products....
Krypto-Assets sind hochvolatile, unregulierte Investmentprodukte. Kein EU-Investorenschutz....
For2023, eToro stands out as the top Chia trading platform in the US for several reasons. First and foremost, the platform is subject to strict regulation by regulatory bodies including the CySEC and the UK’s Financial Conduct Authority, which is crucial for the cryptocurrency market. This ensures that any Chia Coins or other cryptocurrencies you trade on eToro are secure and do not put your capital at risk. In addition to Chia Coins, the platform also offers the option to purchase a number of other altcoins. This is great for investors who want to diversify their portfolio.
Depending on your location, you may have the option to trade altcoin options, but this is generally limited to popular altcoins like ETH, ADA, and BNB. Additionally, eToro offers crypto-fiat pair trading. This makes it possible to trade fiat currency for altcoins. It is also possible to trade one crypto currency for another.
In terms of passive trading, eToro does not offer signals or automated tools. However, the platform does have a lucrative copy-trading feature through which traders can copy the decisions of experts. It is also possible to invest via eToro’s Crypto Portfolio. The portfolio is managed by eToro’s investment team, allowing you to avoid the hassle of regularly rebalancing your portfolio. Signing up for an eToro trading account is quick and easy, and deposit methods include debit/credit cards, bank transfers, and e-wallets such as PayPal.
Beginner friendly interface that is easy to navigate Offers social trading and copy trading Regulated by the FCA, CySEC and SEC as well as other bodies Allows crypto investing in some jurisdictions Access to the wider stock market Users can invest in a ready-made crypto portfolio
Doesn’t offer many advanced charting tools
Cryptoasset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Binance is a highly sought-after cryptocurrency exchange platform, offering the largest range of altcoins. Regardless of whether you prefer small-cap or large-cap altcoins, you can most likely find them on Binance. The Chia coin has been available on Binance since its launch in early 2021. Users can buy the coin with both fiat currency and other cryptos.
Binance is renowned for having low trading fees, with a standard fee of only 0.1% and a reduced fee for those holding Binance Coin (BNB). While the platform does charge high fees for deposits and withdrawals (between 2% and 3%), they are still considered one of the most cost-effective crypto trading platforms available. Binance provides a range of advanced tools and technologies designed specifically for cryptocurrencies, making it an excellent choice for experienced traders looking to take advantage of these features.
Binance fees
Binance provides an advanced trading platform for experienced traders Access to hundreds of crypto assets Low fees and commissions Users can choose between a number of payment methods BNB users can receive discounts Excellent security
Users may be charged for depositing funds Poor customer service
Your capital is at risk
Coinbase, a popular cryptocurrency trading and investing platform, provides access to over 100 tradable cryptocurrencies including Bitcoin, Ethereum, and Chia Coins. With over 73 million users and more than $255 billion in assets under management, Coinbase is a well-established player in the industry.
For novice traders, the original Coinbase platform’s straightforward buy and sell orders are likely to be more appealing. However, Coinbase Pro, which is accessible to all Coinbase users, provides more advanced order types and features.
Overall, cryptocurrencies are a developing asset class that can be unstable and uncertain, making them not ideal for all investors. Nonetheless, Coinbase is a great choice for both inexperienced and experienced traders who are interested in the crypto market.
Coinbase fees:
Charting platform offers a number of technical indicators Hundreds of tokens available Great platform for beginner traders Users can earn crypto through staking Coinbase Pro offers advanced features
You may be charged for credit card deposits Slow customer service
Put very simply, the Chia coin (XCH) is an alternative to other, more energy-intensive, cryptocurrencies. The network is a layer 1 blockchain that utilizes a completely unique coding mechanism called proof-of-space-and-time (PoST). The mechanism allows the Chia network blockchain to use minimal energy whilst maintaining strong security.
Another way in which Chia coin is set apart from its competitors is that the company that has created the Chia coin, the Chia Network, is a for-profit, open-source company that aims at being listed on the NYSE or the NASDAQ. This is part of the reason why the former NASDAQ CEO Gene Hoffman is the COO of the Chia Network company. The company aims that the Chia network blockchain will become a major source used by organizations worldwide, thus making it important that the company functions in a proper manner where it can list its XCH on the balance sheet of the company.
Chia, as compared to several of its competitors, is also a newer blockchain, since it only came into existence very recently in 2021, when the company launched its wallet functionality, transactions, and smart contracts. This makes it a more attractive proposition for cryptocurrency enthusiasts because it suggests that people have not grasped the technical aspects of the Chia Network yet, and its uniquely innovative approach has not yet been priced into the XCH price. The network has ben successful at raising funds from a list of venture capitalists who support the projects development. Chia network raised $61 million in funds during 2021 from a number of reputable VCs.
As mentioned earlier, there are several reasons that make the Chia coin unique, and they can all be boiled down to one major question: what differentiates Chia from all the other competitors it has? And the answer is multi-pronged. For starters, the Chia coin improves on the already-existing concepts of proof-of-stake and the proof-of-work by using a less electricity-intensive mechanism, making it very popular even with critics who say that cryptocurrencies should not be adopted due to their high electricity consumption. At the same time, the coin also functions on a blockchain that was developed using its own programming language called Chialisp. It’s an on-chain programming language and it incorporates elements from Ethereum, Bitcoin, as well as other blockchain networks, enabling it to keep the good parts whilst improving on the drawbacks of these networks.
67% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
As of 8th December 2021, you can buy Chia coins on a variety of wallets such as eToro, Binance, Kraken, and other popular cryptocurrency wallets. While a detailed review of each of these wallets has been given below, knowing the price of Chia coin is also important since some platforms do not allow you to buy fractional cryptocurrencies. At the moment, Chia Token is trading for 106.84 USD (at the time of writing), and there has been a 24-hour trading volume of 20,964,452 USD. The share price of XCH has increased by -0.67% over the last 24 hours. In total, there are 2,485,247 XCH coins in circulation, and together they have a combined market cap of 262,304,996 USD. There is no information available about the maximum number of coins that will be produced on the Chia Network.
If you don’t want to us a credit or debit card, it is possible to invest in Chia coin using PayPal through eToro. To the best of our knowledge, no other crypto exchange enables XCH investments with PayPal or any other e-wallets, making eToro an exceptional investment platform for anyone who prefers this payment method.
If you currently hold BTC in a crypto wallet, it is possible to swap BTC for Chia Coin. To do this, you will need to execute the transaction through an exchange that provides token swapping. The most popular decentralized exchange that offers this is PancakeSwap. However, swapping is also available through some centralized exchanges including Binance. Simply transfer your BTC to your Binance account and swap BTC for XCH.
Investing in Chia Network carries risks and there are no guarantees of returns. However, due to its unique concepts and potential popularity, the demand for the cryptocurrency could increase significantly. Nevertheless, it is important to note that other cryptocurrencies on established blockchain networks like Ethereum may still perform better than Chia despite its wider range of use cases. Additionally, with the constantly evolving blockchain technology landscape, there is a risk of new and more energy-efficient cryptocurrencies rendering Chia obsolete and causing its prices to drop.
There are inherent security risks in investing in anonymous projects such as XCH, as a critical flaw in the code could enable developers to scam investors and steal their cryptocurrency. DeFi is an unregulated and rapidly evolving space where scams are becoming increasingly common, resulting in users losing significant sums of money. To mitigate such risks, experienced code auditors should be given access to the code to identify and address any vulnerabilities. Unfortunately, the Chia Network has not undergone an audit yet, which increases the possibility of such security breaches.
Investing in alternative cryptocurrencies or altcoins still presents a significant level of risk, and financial experts emphasize the possibility of losing money. They advise individuals to invest only what they can afford to lose, irrespective of the particular cryptocurrency they choose to invest in.
Altcoins differ from Bitcoin in multiple ways, including their structure, supply, and usage, which may require a greater level of caution when investing in them. Bitcoin was designed in 2009 as a peer-to-peer electronic cash system that is supported by a meticulously designed ecosystem, with a built-in scarcity feature in its blockchain. However, most altcoins lack these fundamental features. For example, the Chia Network offers unique features like smart contracts, non-fungible tokens, and opportunities for enterprise-wide liquidity mining, but it does not fully incorporate all the features of Bitcoin, making it less compatible with most infrastructure designed for the Bitcoin blockchain. Despite this, supporters of the Chia Network believe that its ecosystem goes beyond just community value.
Nevertheless, experts warn that investing in altcoins comes with a high level of risk, and regulatory authorities advise investors to only invest what they can afford to lose, regardless of the specific cryptocurrency they choose to invest in.
The process of selling Chia coins can differ depending on the trading platform you use. If you trade on eToro, selling your coins is a simple process. Navigate to your portfolio and select the “sell” button. Choose the amount of coins you wish to sell and the type of order you want to place. Lastly, click on “place order,” and your Chia coins will be converted into the fiat currency used on the platform.
If you use a dedicated cryptocurrency exchange, you will have more options to sell your Chia coins. You can convert them into other cryptocurrencies, such as Bitcoin, Ethereum, or Binance Coin, as well as various fiat currencies. Once the transaction is complete, the cryptocurrencies will be stored in your wallet on the platform.
Different cryptocurrency experts have a variety of differing views on the price that Chia can reach in the future. For example, According to WalletInvestor, Chia price will drop from $101.27117 to $14.862 in one year. That makes XCH a bad investment. The long-term earning potential is -85.32%. On the other hand, In DigitalCoin analysis, the price of Chia Network cryptocurrency will rise in the next 5 years starting from $99.9164922 as of today’s price to $389.6863244. It will go up to $162.4790878 by 2022 and starts its reduction in 2023-2024. Based on this forecast, Chia Network is a profitable long-term investment. Therefore, what is clear is that the profitability of XCH is largely unclear to analysts, and their analysis is largely contradictory. Indeed, the future possible growth depends on various factors: announcements, new technological solutions of the Chia projects, the crypto environment in general, legal position, and so on. Therefore, it is important for you to do your own research before buying Chia.
To help you with trading Chia on eToro, the following is a list of steps that you need to follow. Opening an account and trading on eToro is a straightforward process that involves four main steps.
To get started with trading Chia on eToro, the initial step is to go to the eToro website and select “Join Today”. From there, you will be prompted to complete a brief form requesting your contact information and login details. Alternatively, you may choose to sign up using your Facebook or Google account for simpler login and to avoid the need to remember your credentials.
The next step to start trading on eToro is to verify your identity by submitting a copy of your ID. As a regulated platform, eToro is required to complete the KYC (Know Your Customer) process to grant you trading privileges. The verification process involves two parts.
The first part is verifying your identity, which you can do by uploading a copy of any government-issued ID, such as a passport, driver’s license, or visa. The second part requires proof of address, which you can provide by uploading a bank statement or utility bill.
Once you’ve submitted the necessary documents, eToro has a fast response time and typically verifies your account within a few hours.
To proceed, the third step is to deposit funds into your eToro account. The platform’s minimum deposit requirement is 20 GBP, which can be done through various methods. You may opt to deposit funds via bank transfer or using credit/debit cards. In addition, eToro also accepts e-wallets such as PayPal and Skrill. You may deposit funds in different currencies like USD, GBP, and EUR. There are no fees or charges associated with depositing funds, and the deposited amount will reflect almost immediately.
To start trading Chia on eToro, the final step is straightforward. You just need to go to the search bar, type in “Chia coin” or “XCH,” enter the amount you want to buy or sell, and click on the order button.
When it comes to trading Chia, eToro stands out as the top platform due to several factors. Firstly, eToro offers leverage for cryptocurrency investments, allowing you to invest in Chia with only a small amount of your own capital at risk. Secondly, eToro provides access to a range of verified and dependable altcoins, including Chia. Finally, eToro adheres to regulatory requirements, ensuring the safety of your funds when investing in Chia or other cryptocurrencies on their platform.
The Chia Network, and consequently the Chia coin, was founded in 2017 by American computer programmer Bram Cohen, the author of the BitTorrent protocol.
As of the time of writing this article, the market capitalization of the Chia coin is $257,885,894 USD.
No, you do not need a crypto wallet if you choose to buy Chia coins through CFD platforms such as eToro. However, buying actual Chia through a wallet means that you will be able to transfer cryptocurrencies between platforms.
Yes, you can buy Chia coins in the US through any established cryptocurrency trading platforms such as eToro, Binance, or Coinbase.
The amount of money you need to need to buy Chia coin will depend on the minimum balance requirements associated with your platform, however, in general, it can be as low as $100.
I'm a second year Accounting and Finance student at the University of Warwick, in addition to being an incoming Trading Analyst at Morgan Stanley. I'm passionate about the financial markets and all things finance.
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