Chia Crypto: XCH Price Analysis and Review
Crypto converter Chia Network (XCH)
XCHChia
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CNYChinese Yuan
TRYTurkish LiraA Work on the Chia Network project started back in 2019. The first beta version of the network was released in 2020, and the full launch of the Chia Network blockchain took place in 2021. Its founder is Bram Cohen, who previously released the BitTorrent torrent tracker. The internal currency of the project received the ticker XCH and started trading in May 2021.
In this review, I considered the most popular option for buying Chia Coin – on the cryptocurrency exchange, as well as services for storing XCH.
What is Chia Network (XCH)?
Chia Network is a level 1 blockchain based on a special Proof of Space and Time (PoST) consensus algorythm.
The main idea of PoST: the space on hard drives is used for the functioning of the network, instead of a large amount of computing power, as in networks, operating on the PoW algorithm.
Chia Coin is the native currency of Chia Network. Its supply is limited: developers have released 21 million coins. XCH tokens are used to transact and pay fees in the network, as well as to pay rewards to network users who provide hard drive space.
In addition to a new approach to coin mining, Chia developers introduced a special programming language – Chialisp, which makes it easier to work with clockchain’s smart contracts.
Where to Buy Chia Network (XCH)?
XCH started trading in May 2021. Now coins are available for purchase on many crypto exchanges.
Chia Network step-by-step buying guide
To buy Chia Coin cryptocurrency on the exchange, follow 5 basic steps.
1. Assess the personal level of risk
The level of risk when buying any cryptocurrency is high, and this must be taken into account. Understanding the risks and following certain rules will help you to avoid unpleasant situations associated with the loss of capital. For example, do not buy any coins with all your money, your last money, and do not invest in cryptocurrencies that amount of money you cannot afford to lose.
2. Choose a crypto exchange
Cryptocurrency exchange is a verified and reliable way to buy cryptocurrency. However, there are a lot of offers on the market now, and not all crypto exchanges are equally profitable and safe. To reduce risks and increase potential profits, it is important to find an exchange with high trading volume, liquidity and a protection level.
In addition to these parameters, one should pay attention to the project team, commissions level, license availability, reputation and reviews from real users.
As an example I’ll consider Chia buying process on a popular exchange OKX further in the article.
3. Create your account
To buy Chia Coin on OKX, you first need to create an exchange account. To make this:
- Click Sign Up on the official website of the exchange;
OKX homepage - Enter email or phone in the next window → click Sign Up;
OKX account registration page - Verify your email address: enter the 6-digit code received by mail;
- The account was created.
Once an account has been created, it must be verified. To do this, select the Verification tab in your personal account.
4. Top up your account
After your account is verified, you can proceed to replenish it. The best way to choose a currency for depositing, is to take a look at the trading pairs that have XCH as included as a component. There are two such pairs offered on OKX: XCH/USDT and XCH/BTC. Let’s use USDT coin to make a deposit on OKX. For this:
- Select Assets → Deposit tab;
Depositing on OKX - Specify USDT as a deposit currency and transfer network (e.g. TRC20);
- Click Continue;
Selecting coin and network - The exchange will generate USDT deposit address: copy it and paste it in the sending wallet;
The address for depositing USDT - Confirm the operation in the wallet and wait for the funds to be transfered to the exchange.
5. Buy Chia Network (XCH)
After replenishing account, one can use the trading terminal of the exchange to buy XCH coins. For this:
- Click Trade → Basic Trading → Spot in the main menu;
Where to find spot trading terminal on OKX - Find the search field on the left side of trading terminal and enter XCH → select XCH/USDT from the list;
- Go to the tab Buy XCH;
- Specify order type, for example, Market (for instant buy at market price);
- Enter amount of USDT you want spend on XCH in the Amount field;
- Press Buy XCH.
How to buy XCH with USDT
How to sell Chia Network?
To sell XCH on the OKX spot market, one should follow the same set of steps, but a sell order is created in field above Sell XCH button.
How to store Chia Network (XCH)?
For secure storage of XCH, one can use special apps – crypto wallets. There are two types of such solutions – “hot” and “cold” ones.
“Cold” wallets are the devices for coins storage that are connected to the Internet only when the owner want to conduct a transaction. This ensures high protection of funds. The main disadvantage of “cold” wallets is they cost money. Popular cold wallets are Ledger Nano S or Ledger Nano X.
“Hot” wallets are connected to the network on a permanent basis, so one can get instant access to his assets. The main disadvantage of hot wallets is low level of protection against hacking. You should use strong password, enable 2FA authentication and other security settings when using them For storing XCH, in my opinion, it is best to use Trust Wallet.
How to withdraw Chia Network to my wallet?
To withdraw purchased XCH from the exchange to the personal wallet (for example, from OKX to Trust Wallet) one should pass the next steps:
- Log into the exchange account and click Assets → Withdraw;
OKX withdrawal process - Select XCH from the list of cryptocurrencies → select network → Continue;
- You will have to enter the address to which XCH will be sent. To get one, go to the Trust Wallet app on your mobile device;
- Select Receive;
Trust Wallet interface - Enter Chia in the search bar;
Currency selection - The wallet will show an address to receive XCH coins;
- Copy the given address (or scan QR code);
Address to receive XCH - Get back to the exchange: paste address you have recieved in the line Address XCH in withdrawal form. Then confirm the transfer of funds;
- Wait until Chia coins will be transfered to your wallet.
FAQ
