How to Buy Chia Coin in the USA
A Beginner’s Guide to Buying and Trading Chia Coin Cryptocurrency in the US
Chia Network is one of the newest and most exciting cryptocurrency projects that promises to build a more eco-friendly and greener crypto environment using a unique mining protocol called Proof of Space and time. Chia aims to become a greener alternative to BTC and other similar cryptos and solve the biggest problem of digital assets - the power consumption of crypto mining.
So, how does Chia work? Can it really solve the mining problem of other crypto coins? And, is it the right time to invest in this cryptocurrency? This article intends to introduce all these crucial questions about investing in Chia and guide on how to buy Chia coin in the USA.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY CHIA COIN IN THE US
- What is Chia Coin?
- How Chia coin Works and What Affects its Price?
- Is Chia coin A Buy Right Now?
- How to Buy Chia coin online in the US - A Step by Step Guide
- How to Trade Chia coin in the US - A Step by Step Guide
- Chia coin Advantages and Disadvantages
- What is the China Coin Price Prediction?
- How Do I Mine Chia Coin in the US?
- What is the Total Supply of Chia coin?
- Things to Consider Before You Invest in Chia coin in the US
QUICK GUIDE: HOW TO BUY CHIA COIN IN THE USA
- Open an account with a cryptocurrency exchange.
- Verify your account.
- Go to the deposit section.
- Go to the platform and select XCH.
- Enter how many XCH coins you want to buy.
- Check the details and confirm your purchase.
What is Chia Coin?
Founded in 2017, Chia Network is a blockchain and smart transaction platform that has launched its mainnet in May 2021. It was created by a San-Francisco-based entrepreneur, Bram Cohen, who is also the inventor of P2P file-sharing and communication protocol BitTorrent.
One of the unique ideas of Chia Network is its Proof of Space and time protocol which is more economical and less environmentally damaging than the PoW and PoS protocols of Bitcoin, Ethereum, and other similar cryptos are based on. In PoW protocol, you need to have powerful computers that will use electricity to run 24/7 and solve complicated computational tasks to reward you with a new coin. This significantly increases the amount of carbon dioxide emissions in the environment. To more clearly understand how much energy it makes, the calculations showed that the energy used by BTC per hour is equal to that of the whole Netherlands.
For that matter, Chia offers you to give the extra space on your hard disk that you don’t use and in return, you get rewarded with its token XCH. In this way, Chia members only use the existing space to mine XCH, which does not use electricity and does not harm the environment. This is why Chia's founders consider it an eco-friendly cryptocurrency project.
Still, there is some debate about the Chia project. The problem is that even before the launch of the Chia mainnet, the demand for HDDs increased highly. If you offer more spare space on your hard disk, more XCH you will get, and this is why people bought more HDDs. And, the thing is that natural resources are used to build these HDDs, and consequently, Chia is not wholly eco-friendly, but it somehow damages the environment indirectly.
How Chia coin Works and What Affects its Price?
Chia runs on the completely new programming language called Chialisp, which aims to build a more secure, powerful, and easy-to-use transactional platform. It also uses the Proof of Space and time protocol created by the Chia Network founder, Bram Cohen, to manage the Chia mining system, which is also called “farming” in the Chia Network.
To be rewarded with XCH, users should download and install the Mainnet protocol on their computers, which can be downloaded on chia.net. Then they allocate the extra space on their hard disk to the Chia network through the interface, or in other words, they “seed” their spare space with anticipation to be rewarded with XCH.
In terms of Chia price performance, when Chia introduced its mainnet in May and the first translations occurred, it was traded at $1498. However, since then the price dropped significantly, reaching the minimum on May 7th when it dropped to $563. After the announcement of Amazon in which the cloud computing company said that it allowed mining XCH in Amazon Web Services, the XCH price rose again and currently it trades around $500-$600.
Chia price history, source: coinmarketcap.com
Amazon's announcement was the reason why many people bought XCH; thus, its value rose again to above $1000 and reached an all-time high on May 15th when it was traded at $1685. But since then, the whole crypto market dropped significantly, including Chia coin.
Is Chia coin A Buy Right Now?
Chia coin can be a good short-term investment for experienced traders who can generate profits from its daily price fluctuations. However, it can also be a good long-term investment, as the project offers some unique ideas to the whole crypto market and aims to make the cryptocurrency mining process more environmentally friendly. Plus, Chia XCH does not have too many rivals in the market, so there are many possibilities that it can succeed in the future.
Considering that the crypto market is currently trading at relatively low prices, it is maybe the most appropriate time to buy some Chia XCH if you plan to invest in it. With that in mind, you must also take into account that this type of investment is considered very risky as it is not yet clear if the Chia coin can really become an alternative digital asset for Bitcoin and other popular altcoins.
How to Buy Chia coin online in the USA - A Step by Step Guide
In this part of the guide, we will introduce a step-by-step guide on how to buy Chia XCH in the USA.
Find a USA Regulated Crypto Exchange that Supports Chia coin
The first thing you need to do to start buying Chia XCH in the USA is to find a crypto exchange platform that supports Chia XCH and accepts users from the US. As Chia XCH is a relatively new cryptocurrency, it is not listed in many of the largest crypto exchange platforms. However, some of them have already announced that they will accept XCH trading soon, including Coinbase.
One of the largest crypto exchange platforms you can use to buy Chia XCH in the US is Gate.io. This exchange platform stands out with its high level of security and accepts vast amounts of altcoins, including Chia XCH. Gate.io has an easy-to-use interface for beginners but also offers some developed tools for experienced traders.
Register for an Online Account and Fund Your Account
After choosing an exchange platform on which you want to make your purchase, it’s time to register on it. This process usually requires providing some personal information, such as your name, surname, email, etc. The next step is to verify your account with a copy of your passport.
Now, when you have a verified account, you can link your credit or debit card to it or use another payment method to deposit some money in your account.
Buy Chia coin
After all these technical steps, what remains to do is to choose the amount of XCH you plan to buy and make a purchase. Bear in mind that most crypto exchanges are not allowing you to buy XCH with a credit and debit card, and thus you'll have to buy another coin (BTC/ETH, LTC, etc), and then exchange the coin you have purchased with XCH on the crypto marketplace.
Transfer Your Funds to a Hardware Wallet
You had better also transfer your coins to a personal wallet as in this case they will be more secure. For this purpose, you need to choose a hardware wallet, open an account, and make a transfer. However, some crypto exchange platforms also offer their personal wallets, so you can also choose one of them.
How to Trade Chia coin in the US - A Step by Step Guide
If you want to make a short-term investment in the Chia Network and generate returns from its price fluctuations, here is a step-by-step guide explaining how to trade Chia XCH in the US.
Find an Online Trading Platform that Supports Chia coin
To start trading Chia coin in the US, you need to find a trading platform that operates in the US and accepts Chia XCH trading inside its network. Here you should consider some significant factors, including types and amount of fees the platform charges and how easy-usable it is.
Fund Your Account
After choosing the most suitable platform, you need to open an account and verify your identity by submitting your personal information and uploading the necessary documentation. Then, once your account is approved, you can add funds by choosing one of the supported payment methods.
Practice Your Trading on a Demo Account
Now, your account is ready for trading. But before you start trading with real money, you had better choose a trading strategy that can be most suitable for this coin and test your strategy on a demonstration account. Luckily, the vast majority of online trading platforms enable users to open a demo account before they trade the real live markets.
Start Trading Chia coin
At this point, when you have a verified account, deposited fundings on it, and have chosen a trading strategy, you can start trading Chia XCH. However, if you want to learn more about this crypto or its price predictions, continue to read our guide to find out more information.
Chia coin Advantages and Disadvantages
Here are some advantages and disadvantages of Chia Network that will help you make more reasonable decisions about investing in it.
- Chia Network is one of the newest crypto projects and does not have too many rivals in the market.
- The project offers some long-term aims that can make it run successfully.
- Lots of large companies, including Amazon, are interested in this cryptocurrency.
- Chia Network uses a special Proof of Space and time algorithm to reward its users with XCH.
- Though Chia aims to be a greener alternative to BTC, it indirectly damages the environment as the demand for HDDs grows.
- There can be some security risk with Chia Network as it relies on the Proof of space protocol by hardware.
What is the China Coin Price Prediction?
Though Chia is a relatively new cryptocurrency, we could find its price predictions on two platforms already. One of them is Digital Coin Price which issues predictions based on an in-house algorithm that considers Chia XCH a profitable investment. With that in mind, these predictions should be taken with a grain of salt and only be used as a price target and not as a reliable price forecast.
So, according to Digital Coin Price predictions, Chia prices will rise up to $870 in 2021. It will then hit $1000 only in 2023 and will be trading at $1170. In 2025, Chia prices will double compared to the current price, and it will reach $1700. In 2027, XCH will finally hit $2000 and $2600 in 2028.
Chia coin price predictions, according to Digitcalcoinprice.com
The next platform is Cryptocurrency Price Predictions which makes Chia XCH price predictions based on in-house fundamental analyses. According to this platform, Chia XCH will be trading above $3000 by the end of this year, while in 2022 its price will rise to $11,000. In 2023, Chia XCH will be worth $12,000, while in 2025, it will reach almost $27,000. In 2030, Chia will eventually hit $50,000 and be traded at $58,000 by the end of 2030.
Chia price predictions, according to cryptocurrencypricepredictions.com
How Do I Mine Chia Coin in the USA?
Chia mining is much simpler compared to other cryptos that rely on Proof of Work or Proof of Stake algorithms. While in PoW, you need to have computers with massive power and lots of electricity; Chia mining is just about allocating spare space on your hard disk drive to the network in order to be rewarded with XCH.
This means that having just a computer with extra space and internet connection is enough to mine XCH even sitting at home. The process of mining new XCH in the Chia Network is called “farming,” and it relies on Proof of space and time protocol. Proof of Space requires you to prove that you keep the extra space on your hard disk unused, and Proof of time requires a short period of time to pass between blocks. To start mining XCH, you need to download and install Mainnet on your computer on Chia.net.
What is the Total Supply of Chia coin?
The total supply of Chia is 21,514,760 XCH. Chia is ranked #2579 on Coinmarketcap with a market capitalization of not available.
Things to Consider Before You Invest in Chia coin in the USA
To conclude, the complaints against the environmental damage of cryptocurrencies increased heavily over the last years. Even famous electric car manufacturing company Tesla announced suspending Bitcoin transactions as its mining harms the environment significantly. Meanwhile, Tesla CEO Elon Musk also announced on his Twitter account about working with North American Bitcoin miners to make a plan for its renewable usage.
This means that attempts are being made to make crypto mining more environmentally friendly, and in the near future, such eco-friendly and green cryptos as Chia XCH will be valued highly. So, if the new rivals of Chia that can outperform it don’t appear in the future, Chia Network is quite a promising project right now. Hence, considering that Chia prices are rather down right now, you can take a moment and invest in it if you plan to do so.
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