One of the biggest criticisms of cryptocurrencies, whether it is Bitcoin or other altcoins, has been that they are very energy-intensive. In fact, Bitcoin mining uses up enough energy to power an entire European nation. This has given critics a reason to avoid and prevent the widespread use of cryptocurrencies, especially in a world that is attempting to move towards a more green and energy-efficient industry.
Chia coin has, due to its environmental friendliness, become one of the most popular altcoins out there. In this article, we review the different aspects of Chia Coin, in addition to explaining how and where you can buy Chia coin easily.
In This Guide
A simple step-by-step guide to buying Chia coins has been given below. This quick guide uses eToro, one of the most popular cryptocurrency brokers, for this purpose.
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75% of retail investor accounts lose money when trading CFDs with this provider.
72% of retail investor accounts lose money when trading CFDs with this provider.
83% 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. No EU investor protection
is easily the best overall Chia trading platform in the US for 2022, and this is for a variety of reasons. Firstly, the platform is very heavily regulated, by both the CySEC and the UK’s FCA. This is particularly important for the cryptocurrency markets since this means that any cryptocurrencies you trade through eToro are done in a secure manner so as to not risk your capital. In addition to Chia Coins, the platform provides you with the option of buying around 17 altcoins, including ETH, BNB, ADA, XRP, etc.
Depending on the location where you live, you might also be allowed to trade altcoin options, however, this is only available for the more popular altcoins such as ETH, ADA, and BNB. you can trade crypto-fiat pairs, and exchange fiat currency for altcoins. At the same time, you can also trade crypto pairs, where you exchange one cryptocurrency for another. eToro is also a complete commission-free site, and the only fees they charge are their spreads. This means that you can enter and exit a trade whenever you wish to do so, without having to incur any additional charges.
eToro also offers a variety of passive trading tools that you can use to trade Chia. This includes a variety of traders that you can choose to copy or mirror through the platform’s social trading tools. However, in addition to this, they also have a curated CryptoPortfolio, which is a basket of bitcoin alongside several prominent altcoins including Chia coin that are given varying weights. This portfolio is managed by the eToro investments team, so you do not have to worry about rebalancing the portfolio regularly. You can get started with an eToro trading account in minutes – and deposit methods include debit/credit cards, bank transfers, and e-wallets like Paypal.
User-friendly platform with an easy-to-use interface Allows for copy trading and other social trading options Regulated by various agencies worldwide Provides cryptocurrency derivatives in certain areas No commissions on trades Provides a variety of other assets to trade on such as stocks, currencies, indices, and ETFs Provides access to a curated CryptoPortfolio managed by the eToro team
Not suitable for advanced charting or technical analysis
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.
is one of the most popular cryptocurrency platforms in the world, and it boasts of the highest selection of altcoins. If there is any altcoin you wish to invest in, whether it is small-cap or large-cap, there is a very high chance that Binance will have it. For example, the platform has had the Chia coin ever since it was established in early 20321, and it allows you to exchange Chia not just for fiat currencies but also with BTC, ETH, and a variety of other cryptocurrencies. The platform also deals with billions of dollars in trading volume every day. Usually, you will be able to deposit funds into Binance via credit/debit card or a bank transfer, making for a convenient experience.
The platform charges high fees for deposits and withdrawals – between 2% and 3%. However, they have very low trading fees and are known for being one of the cheapest crypto trading platforms in terms of their fees. Usually, the fee is 0.1%, and it is even lower if you have an allocation of the Binance Coin (BNB). They also have a wide variety of tools and technologies available specifically for cryptocurrencies, which makes them a suitable option for highly experienced crypto traders.
Advanced charting platform with numerous technical indicators Hundreds of pairs supported Very low commissions Supports fiat currency deposits Low fees, with additional discounts for using BNB Security measures are very tight and proven to be among the best in the industry
Charges up to 2% on credit/debit card deposits Customer service responses can be delayed at times
Your capital is at risk
Over 100 tradable cryptocurrencies such as Bitcoin, Ethereum, and Chia Coins are offered through Coinbase, a cryptocurrency trading, and investing platform. Over 73 million users access Coinbase, which has more than $255 billion in assets under management.
Simple buy and sell orders are likely to be preferred by beginners on the original Coinbase platform. However, Coinbase Pro, available to all Coinbase users, offers more advanced features and order types.
In general, digital currencies are an emerging asset class that can be risky and volatile, making them unsuitable for all investors. Nevertheless, if you’re into cryptocurrencies, Coinbase is an excellent option for both beginners and veterans.
Advanced charting platform with numerous technical indicators Hundreds of pairs supported Easy to use for cryptocurrency beginners Support for a large number of cryptocurrencies Opportunities to earn cryptocurrency Lower pricing available with Coinbase Pro
Charges up to 2% on credit/debit card deposits Customer service responses can be delayed at times
Put very simply, the Chia coin (XCH) is an alternative to other, more energy-intensive, cryptocurrencies. It is a layer 1 blockchain that uses its own custom-designed programming language and a new mechanism that is proprietary and unique to Chia. This mechanism is called the proof-of-space-and-time (PoST) and it allows the blockchain to use lesser energy without having to compromise on the security of the network. 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. Chia Network is also backed by an illustrious list of cryptocurrency-focused venture capitalists. It raised $61 million in funding in May 2021 with the participation of leading VCs that included Andreessen Horowitz, Slow Ventures, Naval Ravikant, Galaxy Digital, and others.
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.
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.
With cryptocurrencies such as XCH, one can purchase these through PayPal as well, as opposed to traditional purchase methods such as credit/debit cards and bank transfers. eToro is a unique trading platform that allows its users to deposit funds into their accounts via eToro and then use these funds for the purchase of cryptocurrencies including XCH and others. As far as we know, there are no other crypto exchanges that let you invest in XCH with PayPal or any other electronic wallets, so eToro is quite unique in this regard. Therefore, eToro is an excellent investment platform for all investors who wish to use this particular payment method when making investments.
A large range of products and services can now be purchased using bitcoin and other cryptocurrencies as a result of growing awareness and popularity. For example, on Binance, you can buy almost every cryptocurrency via Bitcoin in addition to using fiat currencies to buy them. For some other cryptocurrencies, you can buy them in exchange for ETH, ADA, and even BNB. In recent years, the number of retail stores and payment processors that accept bitcoin has grown to an extent, though there are still some major holdouts in this regard. Therefore, if you are trading through a major cryptocurrency exchange, then you can simply deposit your existing Bitcoin into their crypto wallet and use it to buy XCH.
As far as investing in Chia Network is concerned, there are no guarantees. The demand for cryptocurrency can expand enormously if it launches smoothly and becomes popular, and this is quite likely to happen especially because of all the new and unique concepts that Chia brings to blockchain technologies. Even though it has more use cases than most other cryptocurrencies such as Dogecoin and Shiba, it does not mean that it will perform better than these because they are on the Ethereum network and not on their own blockchain network. XCH will definitely still struggle to reach its all-time highs again soon, especially given the fact that blockchain technology is expanding every day and it is very difficult to be able to say when another cryptocurrency that is more energy-efficient than even XCH will be launched, making it redundant and thereby dropping its prices.
Investing in anonymous projects like XCH also presents distinct security risks since a critical flaw in the code may allow the developers to steal cryptocurrency from investors by scamming them. Unfortunately, in the wild west that is DeFi, some scams are causing users to lose millions of dollars with increasing frequency. If experienced code auditors had access to the code, this possibility could be ruled out, but the Chia Network hasn’t yet been audited so that they couldn’t do this.
As such, altcoins have a strong community function as opposed to their utility. Because of this, the success and growth of the community are pivotal in determining how successful they are, explains Boneparth, who has been investing in cryptocurrencies since 2014. However, there is still an inherently high degree of risk associated with investing in altcoins, as experts warn that there is a higher chance that you will lose your money. Authorities generally recommend that you should only invest what you can afford to lose regardless of which cryptocurrency you choose.
It is important to remember that altcoins may require a greater level of caution because they differ from something like bitcoin in several aspects, including their structure, supply, and usage. Bitcoin was created in 2009 to serve as a peer-to-peer electronic cash system. In addition to its blockchain, the company has carefully designed an ecosystem to support the blockchain. Using the fact that Bitcoins are a limited supply allows for a certain amount of built-in scarcity through the design. The fact that it can be used for this purpose makes it such a valuable investment for its holders, with the hope that it will be recognized as a prominent decentralized digital currency. Most altcoins lack these features, and even Chia does not incorporate all these features completely, which means that it has a lower degree of compatibility with most infrastructure that has been designed for the Bitcoin blockchain. Chia Network supporters contend that the ecosystem that Chia offers, including features such as smart contracts and nonfungible tokens and opportunities for enterprise-wide liquidity mining, goes beyond community value.
While this is true, Brett Harrison, president of cryptocurrency exchange FTX US, warns that “those altcoins can be extremely risky, and may not always have inherent value as investments, and that individual retail investor should always conduct research and diligence before trading these assets.” Harrison looks for assets that offer specific utility rather than investing in a booming cryptocurrency based on hype to make money from crypto-assets.
Crypto assets are a growing area of interest for investors. They provide a store of value, facilitate an efficient mechanism for the transfer of funds, or serve as an algorithm that enables the construction of blockchain-based applications, writes Marcus. He says many assets can be suitable for retail users. However, a degree of caution should always be exercised whenever you decide to invest in altcoins, especially given the unique nature of Chia, which makes it much harder for investors and speculators to be able to accurately price in the technology associated with Chia.
Depending on what platform you are trading through, the process of selling Chia coins will be very straightforward. For example, you can simply head over to your portfolio on eToro and click on sell. After selecting the amount and the type of order you wish to place, then the next step for you is to simply click on place order and this will result in your cryptocurrencies being converted into the fiat currency that you use to operate your platform. On the other hand, if you are using a sole cryptocurrency exchange, then you will have other options too. For example, you might wish to convert your Chia into other cryptocurrencies such as Bitcoin, Etheruem, or Binance Coin, alongside a variety of fiat currencies. Once you have done this, these cryptocurrencies will then 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.
In order to assist you with trading Chia, here is a list of steps that you need to follow in order to begin trading altcoins on eToro. The process of opening an account and trading on eToro is quite straightforward and involves 4 main steps.
The first thing that you need to do is to navigate to the eToro homepage and click on “Join Today”. Then, you will be asked to fill a short form that asks for your contact details and makes you set up your login credentials. Alternatively, you can also sign up via your Facebook or Google account for easier sign-ins and to avoid having to remember your username and password.
The next step is for you to verify your identity by uploading a copy of your ID. Since eToro is a regulated platform, they have to complete the KYC (Know Your Customer) process before they allow you to trade. This verification process has two parts to it. The first part involves verifying your identity. For this, you can upload a copy of any government-issued ID, such as a passport, driving license, or visa. The next part is an address proof, for which you can either upload a bank statement or utility bill.
Once you have uploaded the documents, eToro has a quick response time, and will usually verify your account in a few hours.
The third step is to then deposit funds into your account. The minimum deposit on eToro is 200 GBP. This can be done in a variety of ways. For starters, you can add money to your eToro account via bank transfer or via credit/debit cards. They also accept a variety of e-wallets such as PayPal and Skrill. You can add funds in different currencies too, such as USD, GBP, and EUR. There are no fees or charges associated with depositing funds into your account, and they show up almost immediately.
The last step is then to begin trading Chia. Simply head over to the search bar, search for Chia coin or XCH, enter the amount you wish to buy or sell, and click on the order button.
While there are several platforms on which you can trade Chia, eToro is easily the overall best platform for this purpose. This is true for a variety of reasons. Firstly, eToro provides you with leverage when investing in cryptocurrencies, making it easier for you to invest in Chia while only risking a small amount of capital on your own part. In addition to this, they also offer a variety of verified and reliable altcoins to trade on in addition to Chia, and the regulatory requirements that they comply with mean that your money is safe when you invest in Chia and other cryptocurrencies through eToro.
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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