There is a large number of virtual currencies in the market. Keeping up with all of them is sometimes a difficult thing to do. Chia coin (XCH) is one of these virtual currencies that would definitely attract the attention of cryptocurrency investors from all over the world.
This is why we have decided to create a full guide to what Chia coin is and how you could use it to perform different activities. You would not only learn what Chia coin is but also how it works and where you can purchase this virtual currency. Without further ado, let’s start with our full Chia coin guide.
What is Chia Coin?
Chia is a blockchain network that wants to build a new and better blockchain smart transaction platform. With the expansion of virtual currencies from all over the world and digital assets being adopted by a large number of individuals and companies, the Chia network wants to make smart contracts more secure, sustainable and powerful.
At the moment, the Chia network has been supported by several venture companies such as Richmond Global Ventures, Andreessen Horowitz, Slow Ventures, Naval Ravikant, Galaxy Digital and many others. Some of these names are very important in the cryptocurrency market and have been financing some of the most successful projects in the market.Â
Chia coin is the digital currency that powers the Chia network. This blockchain is based on a new and innovative consensus algorithm that moves away from the traditional dichotomy of Proof of Work (PoW) and Proof of Stake (PoS). Basically, it works with the so-called Proof of Space and Time, which aims at leveraging over-allocated hard drive space and creating the first new “Nakamoto Consensus” since Bitcoin (BTC) was created back in 2009.
But how does Proof of Space work? It requires individuals (farmers) to prove that they are allocating unused hard drive space to the network. This would let the network become more secure and make it resistant to 51% attacks.
Compared to other blockchain networks such as Bitcoin, it is less energy-intensive and also more inclusive. Nowadays, those users that want to mine Bitcoin have to buy expensive hardware devices that are usually not immediately available and that consume large amounts of energy.
Basically, Chia is currently delivering the same benefits of Bitcoin but with a more secure on-chain smart contract environment. Let’s not forget that smart contract functionality on the Bitcoin network is limited and developers could easily use Chia in order to get secure and advanced smart contracts.
Chia works with a new blockchain programming language. This programming language is called Chialisp and it is secure and easy to use for developers that want to start building their smart contracts on top of this blockchain network. Chia claims that this blockchain network is more transparent, easy to use and ready for developers. Basically, Chia is a new blockchain network with a virtual currency called Chia coin that aims at making it easier and simpler for people to get access to digital currencies and blockchain networks.
Chia Coin Price
Let’s now focus on Chia coin price and Chia coin value. As every single cryptocurrency in the market, Chia has a ticker. This ticker is XCH and it would represent this virtual currency on exchanges and other types of platforms.
It is worth taking into consideration that XCH is expected to have a volatile price. Indeed, it would be difficult to do a Chia coin price prediction as digital assets are volatile and their price fluctuates all the time.
This virtual currency has experienced a speculative run when it was released at the top of the bull market in 2021. XCH was able to hit an all-time high of $1,500 on May 16, 2021. Since that moment, the price of Chia coin has been in a bear trend that pushed the digital currency to new lows a few weeks ago after being traded below $135 per coin.
Although there have been some short-lived spikes in the price of this coin, the $1,000 price level was not able to be sustained for a long period of time. Indeed, it then started falling throughout 2021 and it reached the lowest price ever registered a few weeks ago.
It is not clear to know what could happen with this virtual currency in the future. As a relatively new project in the market, it could attract the attention of a large number of investors or it could simply end up like thousands of other projects that were not able to succeed after a few months of being released to the market.
Nonetheless, you should take into consideration that a cryptocurrency market is a speculative place for investors. Indeed, it might be possible for XCH to suddenly spike and let investors register a large profit. However, this would only happen if the project continues to operate. Nonetheless, this is highly risky and it might take a long period of time before this takes place.
The other possibility is for this currency to start moving higher in the future. For example, if users and developers start embarrassing the Chia coin project, then there could be a larger demand for this virtual currency. In the long term, this could have a positive effect on this virtual currency. Nonetheless, this remains to be seen as the project seems to be moving not in the right direction.
Where to Buy Chia Coin?
There are different cryptocurrency exchanges that we could use in order to buy XCH. Remember that you would have to deposit funds in these exchanges and then you would exchange them for XCH.
The best thing to do is to search for those exchanges with the largest liquidity and trading volume in order to get the best prices. Moreover, we should also look for those exchanges with the largest trading pairs available.
Huobi Global
Huobi Global is one of the largest cryptocurrency exchanges in the market after Binance. It became very popular in the last years and it is now one of the favourite platforms for investors to get access to virtual currencies. This exchange offers support to a large number of virtual currencies and it has a wide range of features besides crypto exchanging.
If you want to trade XCH, you would be able to do so with this platform. It has the lowest spread between sell and buys orders (0.01%) and it also had one of the largest trading volumes for this digital currency in the world.
This exchange has the XCH/USDT trading pair. That means that if you hold the USDT stablecoin, you can easily get access to XCH in seconds using Huobi Global, which is one of the largest exchanges in the market.
If you want to trade XCH and get exposure to this virtual currency, Huobi Global would be among the best exchanges to do so. You would also be able to get loans, borrow funds and purchase many other digital currencies to build a balanced portfolio. If you are a cryptocurrency expert, then this exchange could be a great option for you.
Gate.io
Gate.io is another popular cryptocurrency exchange that allows users to buy and sell XCH through its platforms. It is also one of the oldest in the market as it has been working since 2013.
Gate.io is among the best platforms in the world if you want to trade digital currencies and also get access to different features such as margin trading, tokens from IEOs and also other types of financial services. Let’s not forget that the goal of exchanges is to attract the largest number possible of people that would like to get access to virtual currencies.
This exchange is also one of the best in terms of liquidity with a relatively low spread of 0.09% between sell and buy orders. In the last 24 hours, it handled a trading volume of over $473 million, which shows that this might not be the platform with the largest trading volume for XCH.
Despite that, Gate.io is among the best options for users that want to get access to Chia coin. This is a secure and established virtual currency exchange that is letting users trade and manage their virtual currencies with ease.
MEXC Global
MEXC Global is another exchange where you can buy and sell XCH. The company might not be one of the most popular platforms in the market but it is definitely a good option for those users that want to buy Chia coin in seconds.
This platform supports different languages and is ready to offer solutions to clients from all around the world. Considering that cryptocurrency exchanges have usually been attacked by hackers, this platform is working with different companies that help it improve security standards.
Furthermore, this exchange is working in order to get licenses from different regulatory authorities around the world. This is something that could increase trust from users and that could let it onboard a larger number of investors.
When it comes to XCH trading, MEXC Global has a trading volume of $450 million and a spread of 0.15%, the largest among crypto exchanges. Moreover, the liquidity is not as large as the one offered by other trading platforms. At the moment, you can only trade XCH against USDT, but in the future, new trading pairs could be added.
MEXC Global could be a good option if you are searching to invest in Chia coin and get exposure to their innovative blockchain network.
Bibox
Finally, the last exchange where you can purchase Chia coin is Bibox. This platform is sharing with users a large number of virtual currencies in the cryptocurrency market, including XCH. This digital asset operates smoothly and it has an optimal customer support team ready to help you with all your needs.
One of the positive things about this cryptocurrency exchange is related to its low fees. Indeed, users would be able to trade in Bibox paying one of the lowest fees in the market. In this way, traders are able to save large amounts of money in fees that would otherwise be lost.
As reported by CoinGecko, this cryptocurrency exchange has a spread of 0.07% between buying and sell orders for those users that want to trade the XCH/USDT trading pair. Moreover, it seems that it also offers the lowest price compared to other platforms. When it comes to liquidity, it has the lowest liquidity possible but it had a large trading volume in the last 24 hours.
All the exchanges that we have listed in this section are considered to be trustworthy. Nonetheless, remember that it is always better to store virtual currencies in different software and hardware wallets (unless you are a trader).
How to Store Chia Coin?
As we mentioned before, cryptocurrency exchanges can get hacked. That means that users could be affected by attacks that target the cryptocurrency exchange. This could result in your funds getting lost forever. This is why it is very important to withdraw our Chia coins from the exchange and use a traditional cryptocurrency wallet.
Chia considers that users should store their funds in a system that has been updated and run a router firmware software that has been updated. Moreover, if you are holding large amounts of Chia coins, you should always use strong passwords to all your computer logins and accounts.
Furthermore, you should always make sure that you only know your access to your computer. If you let others get access to your pc, then you might have problems with your funds. You should remember to store your 24 mnemonic key in a safe place and avoid using public wifi networks.
The best way to store your XCH tokens is through a hardware wallet. Basically, when you use a hardware wallet, you are making it impossible for individuals on the internet to get access to your digital currencies. In this way, you do not only make sure that you have exposure to XCH but you can also make sure that the coins are protected against possible attacks.
If you decide to store your funds in a software wallet, you should make sure that your phone or computer have not been compromised. If you download a software wallet and your device was compromised, then you risk losing your coins.
Holding your funds in a cryptocurrency exchange would only be the correct thing to do if you are a trader that needs instant liquidity to speculate with the price of Chia coin. Otherwise, the best thing to do is hold your funds in safe crypto wallets.
