You must have heard about Chia, the eco-friendly cryptocurrency. Which is also known as the eco-friendly alternative to Bitcoin. Chia is an excellent cryptocurrency that is designed to consume less energy.
looking at Chia’s innovative idea, you must have wondered whether this cryptocurrency will grow? And can you earn a good amount by investing in it? In this article, you will find answers to such questions.
What is Chia (XCH)?
Chia is an open-source blockchain, which claims to be the most decentralized, energy-efficient, and secure platform.
The network has its own on-chain programming language called Chialisp to enable smart contracts.
The native cryptocurrency of Chia is called XCH, which is used for transactions and rewarding miners.
Chia is known as an eco-friendly alternative to cryptocurrencies like Bitcoin and Ethereum, it is designed to consume less energy. Chia reduces the amount of electricity wasted in the mining process.
Bitcoin mining consumes approximately 91 terawatt-hours of electricity and Ethereum mining consumes 44.49 terawatt-hours of electricity annually, and Chia consumes 0.307 terawatt-hours of electricity annually which is much less than both BTC and ETH.
How does Chia Manage to Consume Less Electricity?
Bitcoin and Ethereum use a proof-of-work method to verify and proceed transactions. In the proof-of-work method, miners solve mathematical puzzles to mine new tokens and validate transactions by using their computing power.
Proof of Work (PoW) consumes a lot of electrical energy, it is now becoming a big problem for the environment.
Here comes Chia to save the environment, Chia uses Proof of Space and Time (PoST). In this method, miners use the storage space SSD or HDD to validate the transactions. The Proof of Space-Time method consumes much less energy than the Proof of Work method.
Where To Buy Chia (XCH)?
Chia (XCH) is not listed on popular cryptocurrency exchanges such as Binance, Coinbase, and Kraken. The Chia coin is listed on Huobi Global, Crypto.com, Kucoin, Gate.io, and OKEx.
How To Buy Chia (XCH)?
Step 1: Create an account on Cryptocurrency exchange, where Chia is listed.
Step 2: Verify Your Account On Exchange by providing your information like name, date of birth, country of residence, phone number, etc.
Step 3: Deposit funds into your Account.
Step 4: Buy Chia (XCH).
(On some crypto exchanges, you can buy Chia with fiat currency, but on some exchanges, you have to first buy a stable coin like USDT to buy XCH)
Step 5: Store your Chia coins in a secure crypto wallet. (If the exchange you are buying Chia does not have an in-built wallet.)
Past Performance of Chia (XCH)
The Chia (XCH) debut with a price of $1,595 per XCH on 3 May 2021, the price of XCH is fluctuating very much for the beginning.
On May 3 the price of XCH was $1,595, the next day the price dropped to $871. After a lot of volatility throughout the month, XCH was priced at $783 by the end of May.
The price of XCH continued to fall, from $772.84 at the beginning of June, to $309.58 by the end of June. The price was $291.81 at the beginning of July, the price fell to $283.01 by the end of the month. The price of Chia (XCH) has been falling like this since the beginning.
Ever since this coin has been launched, its price has only seen falling. The performance of Chia (XCH) so far has never been good.
What does the Market say?
According to Waller Investor, the price of XCH will drop to $13.3 in February 2022 and the price of XCH can be $16.2 by the end of the year.
Wallet Investor also predicts that the price of XCH will be $16.780 by 2023, $52.079 by 2024, $17.915 by 2025, $6.578 by 2026, and $2.598 by 2017.
According to PricePrediction.net, the average price of XCH will be $142.22 in 2022, $206.63 in 2023, $303.16 in 2024, and 422.69 in 2025.
The Digital Coin says that the price of XCH will be $141.13 in 2022, $158.85 in 2023, $177.45 in 2024, $213.2 in 2025, $192.11 in 2026, $262.48 in 2027, $348.08 in 2028 and $428.48 in 2029.
Our Prediction About Chia (XCH)
Chia (XCH) Price Prediction 2022
The price of XRP can keep falling this year. We estimate that the price of XCH can go down to $80.
Chia (XCH) Price Prediction 2023
The price of Chia (XCH) can keep falling till mid-2023, then after the price may start to rise, our analysis predicts that the price of XCH can rise to $150 by the end of the year 2023.
Chia (XCH) Price Prediction 2024-2026
In the year 2024, XCH could trade between $150 to $220.
We believe that the price of Chia (XCH) can reach $250 in the early months of 2025, and XCH can rise to $300 by the end of the year.
By mid-2026 XCH may reach near $335 and by 2026 the price may rise to $380.
Chia (XCH) Price Prediction 2030
We estimate that the price of chia (XCH) can exceed $800 by 2030.
Is Chia (XCH) a Good Investment?
We believe that the price of XCH could go down by mid-2023, so according to us it is not a good investment right now.
The price of chia is extremely volatile, cryptocurrencies like chia can rise and fall at any time.
If you do not know much about cryptocurrencies then you should stay away from cryptocurrencies like Chia. You will find many cryptocurrencies that are better than chia for investment.
FAQ About Chia (XCH)
Can Chia (XCH) Reach $1000?
The chia coin will grow slowly over time, so it may take more than a decade to reach $1000.
Can Chia (XCH) reach $10,000?
Right now it seems impossible for the chia to reach $10,000 marks.
How many Chia (XCH) coins are in circulation?
There are currently over 2.75 million XCH coins in circulation.
What is the rank of Chia (XCH) in the crypto market?
According to CoinMarketCap, the current Chia ranking is 273, with a live market cap of $274,648,565.
[Disclaimer: The content of this article is not intended as financial advice, and should not be construed as such. Neither readaboutcrypto.com nor the author is responsible for any investment decision made by any reader.]