Buy Chiliz (CHZ)
For a long time, being a sports fan only meant watching your favourite team play on T.V. or live when competing against another team. In addition, you could also buy some licensed products to show your dedication and support for your favourite team.
Nevertheless, while watching an exciting match between two rivals may be a lot of fun, it is still a passive activity from the fans' point of view, as they do not influence the decisions of their favourite players or teams.
The Chiliz crypto project aims to change this by using blockchain and cryptocurrencies to encourage fan participation in the sports and cyber sports industry, to turn passive spectators into Influencers.
What is Chiliz?
Chiliz is a cryptocurrency project with a fan engagement platform that offers blockchain-based products and services aimed at fans.
Focusing mainly on sports, cybersports and the entertainment industry, Chiliz allows participants to stimulate and monetise fan interaction while offering the latter a unique experience.
In other words, Chiliz can turn passive fans into active participants. That means fans can vote for merchandise design, the song to be played when the club scores a goal or even select players for certain games.
Chiliz enables more significant interaction between fans and their favourite teams through tokens and a crowd control mechanism running on top of the Ethereum blockchain.
In practice, this means that users can buy fan tokens from sports and cyber sports clubs, allowing them to participate in the voting process and influence the decisions of their favourite teams on the platform.
Interestingly, the Chiliz team started actively working on the project in early 2018, and their platform has become quite popular with regular users.
The project is headquartered in Malta, and the team has more than 80 people. Most importantly, Chiliz has a network of numerous official partners (mostly among famous sports teams and associations), such as F.C. Barcelona, Juventus F.C., Paris Saint-Germain F.C. and Ultimate Fighting Championship (UFC).
What is a Chiliz token (CHZ)?
The Chiliz token (CHZ) is a utility token for the Chiliz platform.
The main features of CHZ include:
- Support for fan tokens issued by teams and clubs, with a pegged value based on issuers' preferences.
- An exchange facility on the Chiliz Exchange and Socios Marketplace, allowing traders to buy and sell fan tokens for CHZ.
- They facilitate the deployment of smart contracts and sidechain transactions (all these fees are paid in CHZ).
Although CHZ started as an ERC-20 token on Ethereum, it is also designed to be compatible with the BEP-2 Binance Chain standard.
In 2018, Chiliz raised $65 million in private sales of CHZ tokens from investors such as FBG Capital, Binance and OKEx.
The maximum supply of CHZ is capped at around 8.88 billion coins, and it has 5.8 billion CHZ in circulation (as of May 22).
Now that we're familiar with the basics of CHZ, let's look at how the blockchain-based fan interaction platform's native token has performed since its launch.
Between July 2019 and December 2020, the price of CHZ has not changed significantly. However, it has been a successful year for cryptocurrency.
While CHZ traded at $0.02 on January 1, it entered a major bullish rally in February, pushing its price to $0.774 by April 16.
It has since gone through a period of correction and, at the time of writing, was at $0.51. Nevertheless, after this week's severe collapse in the cryptocurrency market, CHZ has a year-to-date return on investment of up to 1215%.
Characteristics of Chiliz cryptocurrency
The Chiliz cryptocurrency has these characteristics.
|Rating at CoinMarketCap||#60 (July 2021)|
|Number of coins circulating in the market||5.89 billion|
|The minimum rate for the whole period||$0.0041|
|The maximum price for the entire period||$0.878633|
How does Chiliz work?
The project runs on the Ethereum blockchain. It uses the Proof-of-Authority consensus mechanism (an alternative to PoW for private networks). POA does not rely on nodes that do complex mathematical calculations but uses a set of authorised nodes that can generate new blocks and protect the network. A majority of nodes must sign each block.
Advantages of the POA mechanism include:
- Fewer computation requirements;
- Faster transactions;
- Generation of blocks at fixed intervals;
- Increased security.
Project team members are validators who create and validate blocks. Eventually, it is planned to move from total centralisation to a blockchain consortium. The validators could then be trusted partners of the platform.
Mining is not envisaged in the system.
Thanks to the mechanism of achieving PoA, the project creators achieve higher performance and scalability, although they sacrifice decentralisation. On average, it takes less than 1 minute to process a block.
Transactions take about 1 minute.
That is, transactions are primarily instantaneous.
CHZ cryptocurrency technology
The project has developed a sports exchange, Chiliz, which is the primary tool for users. On it, fans and enthusiasts can buy or sell or exchange fan tokens. All such coins are traded in pairs with the platform's currency, CHZ. Limit and market orders are available.
Additional projects with ratings and selections of fan tokens have been launched for the convenience of investors:
- Socios Journal;
Users can evaluate the liquidity of tokens, rate changes, total circulating supply, and team capitalisation.
Capitalisation: 4.21 billion.
The total supply is 8.8 billion. All Chiliz coins (CHZ) were generated in 2018, but not all coins have been put into circulation yet, only 66% (data is current as of July 2021). Therefore, additional issuance is not possible (the network does not provide for mining).
The limited issue reduces the risk of inflation and provides a basis for a price increase.
Like most other altcoins, this coin is not backed. It is not supported by gold, precious metals, stocks or natural resources, and the exchange rate is not tied to fiat. Instead, relative price stability and protection against spikes are provided by the support of investment funds, new tokenised assets (Fan tokens), and project development.
According to the project's White Paper, the cryptocurrency has two uses:
- Use an online platform or cryptocurrency exchange to buy fan tokens issued by companies/clubs affiliated with H.X. Entertainment.
- Purchase services from Chiliz Blockchain Campus (access to crypto ecosystem, Chiliz LaunchPad, accelerators, B2B events).
Previously, it was only possible to deposit on the project's crypto exchange at Chiliz. But in 2021, support for some other cryptocurrencies, such as USDT, was also included.
Where and how to buy Chiliz?
So, if you want to buy Chiliz in Nigeria, one of the best options is the Binance exchange.
Binance is a platform to buy, sell, trade and store CHZ. Registering a Binance account will allow you to buy, sell and store cryptocurrency.
How to Buy Chiliz?
- Buy Chiliz with Bank Transfer.
Buy Chiliz stablecoins on Binance by transferring money from your account to the suppliers of these coins. You can then use these stablecoins to buy CHZ on the Binance exchange.
- Trading Chiliz.
Binance supports deposits in over 300 cryptocurrencies. Many of them you can exchange into Chiliz at the best rate on the market.
- Buy Chiliz via bank card.
You can buy Chiliz via credit or debit card on Binance. We offer the best way to buy CHZ via bank card.
How to start investing in Chiliz in Nigeria?
You can invest in Chiliz in Nigeria and profit from coin transactions. Both long-term investments and trading are promising. Investments can be made not only in Chiliz but also in Fan Tokens.
The token price has changed by 457.36% in one year (as of July 2021). Investors who bought coins at the launch have already made significant profits. The rate is projected to rise to $1-1.5 in 2021-2022. In the summer of 2021, it stands at $0.24. Thus, this token could be seen as a promising option for long-term investment.
- Transactions in Fan Tokens.
Fan coin prices are also changing. Users can invest for the long term or engage in trading. The transactions take place on the project's exchange. Especially fan tokens may increase in value as a result of team successes or advertising campaigns.
The high volatility of the altcoin makes it possible to make money from rate changes. In addition, traders can participate in spot margin trading (the amount of leverage depends on the platform). In general, earning with CFD is one of the best for those who want to earn. Of course, there is a risk, but there is a chance to get rich where there is a risk.
CFD is a leveraged financial instrument that enables you to trade the price movements of the following tools: cryptocurrencies, indices, commodities, stocks and bonds and their derivatives or valuations.
The trader predicts whether the price will rise or fall. If the market changes precisely as the trader predicts, he takes a profit. However, if things go the other way, the trader can face losses.
Unlike traditional trading in these markets, you do not need to have a huge capital - CFDs are traded on margin, just like the forex market.
You can use CFDs to speculate on upward and downward movements and hedge or diversify your commodities portfolio without the substantial collateral requirements and lot sizes associated with classic Futures trading.
The price movements of digital currencies are not affected by the usual economic and political factors that tend to provoke volatility in currency and stock markets. Instead, cryptocurrencies are heavily influenced by news regarding regulation, crypto communities and projects.
Therefore, be sure to read the news and stay informed to minimise your risks and increase your money-making chances.
How to Buy Chiliz right now?
If you want to start earning with Chiliz, then:
- Find a good broker.
This step is the most crucial step on your way to trading cryptocurrency CFDs. But, first, you should choose a well-established and regulated broker who can ensure that your funds are safe and that you follow the proper rules.
- Open an account.
Once you have decided on a broker to trade CFDs with, you need to open a trading account. Most reputable brokers will first allow you to open a demo account to get used to the platform, the instruments and the pace of trading. You can then open a real account and deposit real funds into it.
- Start trading.
Now that you have chosen your trading tools, you should analyse and finalise your trading plan.
The high volatility of cryptocurrencies makes trading them very risky. However, a well-planned trading strategy and constant monitoring can help traders manage risk effectively.
Now that you know what you need to do to make money, take action. You will succeed!