Where and How to Buy Chia Coin: Beginners Guide

One of the most common accusations of cryptocurrencies, whether Bitcoin or other altcoins, is that they use a lot of energy. Indeed, Bitcoin mining consumes enough energy to run an entire European country. This has given skeptics the cause to avoid and restrict the broad usage of cryptocurrencies, particularly in a world striving to transition to a more green and energy-efficient business.

Chia coin has become one of the most popular cryptocurrencies owing to its environmental friendliness. In this article, we will go over the many elements of Chia Coin, as well as discuss where and how you can simply acquire Chia Coin.

What Is Chia Coin?

Chia Network is a layer 1 blockchain that employs its custom-designed programming language, Chialisp, and a revolutionary consensus technique known as proof-of-space-and-time (PoST). This combination allows the blockchain to utilize less energy while maintaining network security. 

Chia Network is a for-profit public firm that intends to be listed on the NYSE or NASDAQ. Because its blockchain is intended for commercial usage, Chia Network intends to keep XCH on its balance sheet in the event of a listing.

The initial proof-of-time function for Chia Network was published in 2019, with the first beta edition of its blockchain debuting in 2020. With the introduction of the mainnet in 2021, Chia Network acquired complete functionality, including wallet capabilities, transactions, and smart contracts.

Bram Cohen, the inventor of the renowned peer-to-peer file-sharing network BitTorrent, founded Chia Network (XCH) in Delaware in 2017. An experienced senior management team leads the initiative, including former NASDAQ CEO Gene Hoffman as COO and formerly Overstock.com CEO Mitch Edwards as CFO).

Chia Network is also supported by an impressive group of crypto venture capitalists. It received $61 million in fundraising in May 2021 from notable venture capital firms such as Andreessen Horowitz, Slow Ventures, Naval Ravikant, Galaxy Digital, and others.

How Does Chia Coin Work?

Chia is a cryptocurrency in which mining (or farming in the chiasphere) is based on the amount of hard disk storage space allocated to it rather than computing power, as is the case with Proof of Work cryptos.

• The Proof of Space and Time (PoST) Algorithm of the Chia Network

Chia’s Proof of Space method operates on an entirely different concept from Bitcoin’s Proof-of-Work algorithm. The Proof of Space technique takes advantage of unused storage space. It eliminates the need for consumers to purchase costly mining equipment. Instead, people may use the existing tools to join the bitcoin community.

• The Proof of Stake and Time technique leverages spare storage space for “farming,” similar to Bitcoin mining. To farm the coin, the program creates a “plot” on the disk, a vast amount of cryptographic data. The Chia network sends a challenge every 18 seconds. You get Chia coins if you handle it. The issues get more difficult as additional disk space is added.

Is Chia Coin a Good Investment?

Investing in crypto like Chia may have both high risks and big returns. Here are some crucial points to think about:

• Energy use. Chia’s main selling point is that it provides a more accessible and ecologically benign alternative to Bitcoin mining. Unlike Bitcoin mining, which requires expensive single-use technology and wholesale access to power, Chia claims that anybody with a mobile phone, laptop, or business network may farm Chia. As a user, you simply farm Chia on idle storage on your laptop, desktop, or business network in exchange for Chia incentives.
• Pollution caused by e-waste. Because farming Chia relies on having a huge number of discs, there are fears that it will result in a scarcity of hard drives and technological waste as hard drives fail sooner and more frequently. According to some analysts, rather than migrating to Chia, Bitcoin miners will regard Chia as an extra cryptocurrency to be mined.
• Supply. As stated in the white paper, there isn’t any maximum hard restriction on the production of Chia. Still, the company will not issue unexpected coins to maintain quantity stability. Chia was created with a strategic reserve of 21 million coins, and its supply will quadruple over the following 21 years through cultivation.

Where to Buy Chia Coin?

Chia Network (XCH) is a cryptocurrency that can be purchased on Huobi, Gate.io, Uniswap (V2), KuCoin, and OKEx.

XCH has been listed on various cryptocurrency exchanges, but unlike other major cryptocurrencies, it cannot be purchased directly with fiat money. However, you may still simply get this currency by first purchasing Bitcoin from any fiat-to-crypto exchange and then transferring to an exchange that trades this coin.

How to Buy Chia Coin (WXCH)

Follow these detailed instructions.

Step 1: Sign up for the Fiat-to-Crypto Exchange.

You must first purchase one of the major cryptos, in our example, Bitcoin (BTC). We’ll go over one of the most popular fiat-to-crypto exchanges, Uphold.com, in-depth. The platform has its unique fee policies and features, which we shall go over in depth.

Uphold, being one of the most popular and easy fiat-to-crypto swaps, offers the following benefits:

• Multiple assets, more than 50, are simple to acquire and exchange.
• There are currently around 7 million users globally.
• Simple to use mobile app that allows you to effortlessly withdraw funds to a bank or other cryptocurrency exchanges.
• There are no hidden fees or other account fees.
• There are just a few buy/sell orders available for sophisticated users.

Step 2. Purchase BTC using fiat currency.

Once you’ve completed the KYC procedure, you will be prompted to provide a payment method. You may either submit a credit/debit card or utilize a bank transfer here. You may be charged greater costs based on your credit card provider and the unpredictable nature of card charges, but you’ll also make a quick transaction. While a bank transfer is less expensive but takes longer, depending on where you live, certain nations provide fast cash deposits with low costs.

Now that you’re ready, on the ‘Transact’ screen, under the ‘From’ area, choose your fiat money, and then choose Bitcoin under the ‘To’ field, click preview to evaluate your transaction, and then press enter if everything appears fine… and congratulations! You have just made your initial cryptocurrency purchase.

Step 3. BTC should be transferred to an altcoin exchange.

But we are not finished yet; because XCH is an altcoin, we must move our BTC to an exchange where XCH can be exchanged; in this case, we will use KuCoin as our exchange. KuCoin is a prominent cryptocurrency exchange with various tradable altcoin pairings.

KuCoin is a Seychelles-based cryptocurrency exchange (previously Hong Kong). KuCoin, launched in September 2017, boasts 5 million active users from over 200 nations and regions. KuCoin, also known as the People’s Exchange, currently provides crypto-related services such as crypto-to-crypto, fiat-to-crypto, staking, lending, and so on. With over 250 supported currencies and 440 trading pairs, the exchange boasts one of the most amazing trading pair choices in the world.

Step 4. To exchange, make a BTC deposit.

Depending on the exchange’s regulations, you may be needed to go through another KYC procedure, which should take you anywhere from 30 minutes to a few days at most. However, the procedure should be straightforward to follow. When you’re finished, you should have complete access to your trading wallet.

Should this be your first time making a cryptocurrency deposit, the screen may appear intimidating. But don’t worry. It’s essentially the same as making a bank transfer. You will notice a string of random numbers reading ‘BTC address’ in the box on the right; this is a distinct public address of the BTC wallet at KuCoin, and you may receive BTC by presenting this address to the person sending you the coins. Because we are now transferring previously purchased BTC from UpHold to this wallet, click ‘Copy Address’ or right-click on the complete address and select copy to copy this address to your clipboard.

Return to UpHold, visit the Transact page, and click on BTC in the “From” area, enter the amount you want to transfer, and in the “To” field, enter BTC under “Crypto Network,” then click “Preview withdraw.”

On the next page, paste the wallet address off your clipboard; for security purposes, always verify that both addresses match. Certain computer viruses are known to change the content of your clipboard into a different wallet address, causing you to transmit payments to another individual practically.

After evaluating, click ‘Confirm’ to proceed. You should immediately receive a confirmation email; click the validation link in the email, and your coins are on their way to KuCoin!

Step 5. XCH trading

Return to KuCoin, then select ‘Exchange.’ There is a search box in the right column; make sure “BTC” is chosen since we are trading BTC into altcoin pair. Click on it and enter “XCH” you will see XCH/BTC. Choose that pair, and a price chart of XCH/BTC should appear in the center of the page.

Below is a box with a green button that reads “Buy XCH.” Inside the box, select the “Market” option, as this is the most straightforward sort of purchase order. You may enter your amount or select a proportion of your deposit to spend on purchasing by tapping the percent buttons. When you have validated everything, tap “Buy XCH.” Voila! You’ve finally purchased XCH!

Conclusion

The Chia Network’s minimal energy requirements make it a particularly appealing investment opportunity for individuals who appreciate low-energy blockchains like Nano, EOS, and Cardano. Furthermore, with a greater emphasis on the carbon impact of mining, technologies like Chia have excellent long-term potential.

Chia (XCH) may be an advantageous long-term investment idea. If everything goes as planned, it might reach a new record in the next few years.