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Many of the technical advancements of today have their roots in the Blockchain. Although Crypto tokens were first developed to replace traditional currency, they are now used for a variety of different things.
The sports and entertainment industry is one example. Chiliz brings sports fans and their preferred teams together by offering a platform that has transformed fan engagement. Blockchain technology has made all of this possible. Learn more about the Chiliz coin and how you can buy CHZ Crypto in India.
What is Chiliz (CHZ)?
Chiliz is the firm behind the Socios platform as well as the CHZ token.
Based on the Ethereum-based Chiliz Blockchain, CHZ is an ERC-20 token. Using the token as payment, users can buy NFTs via Chiliz’s Socios fan token marketplace.
Without Socios, there wouldn’t be any CHZ tokens. Fans may buy branded NFTs that link them to their preferred teams and celebrities on the Socios website. Using CHZ as payment and can easily purchase those branded NFTs. CHZ is the one and only token that is accepted in the Socios NFT marketplace.
What is Socios?
Socios is a feature-rich platform for fan tokens. Users can buy NFTs, earn them in challenges, exchange them with other members, and swap them for team-branded benefits and products on the website and mobile apps. More than twenty sports and esports teams presently have branded NFTs available on the website, and more are on the way.
What are fan tokens?
Through the Socios.com platform, fan tokens are a kind of Crypto intended to offer membership advantages to fans of sports teams, bands, and other organizations. The holders of fan tokens usually get membership benefits, including special gifts, experiences, prizes, and the ability to vote on club decisions.
Which consensus is used in the Chiliz Blockchain?
Chiliz employs the Proof-of-Authority (PoA) consensus, which requires fewer verifiers than a vast network of nodes (computers). The Socios app’s tokens are verified using this algorithm, which also contributes to interoperability. To be considered a validator on this protocol, you must be approved by other validated nodes.
What makes the Chiliz coin unique?
Chiliz has unveiled a platform for scaled fan engagement and rewards as the first of its type. In contrast to typical fan-based applications, its primary objective is to connect directly with “passive” fans and convert them into “active” fans. The following are a few distinguishing qualities of Chiliz:
- Integration of NFT
- One-of-a-kind fan token
- Fan engagement based on Blockchain
- Full voting rights
- Rights to make decisions
- Crypto trading marketplace
How to buy Chiliz coin in India?
Following a few simple steps, you can buy CHZ tokens in India via WazirX, India’s most trusted and widely used Crypto exchange.
Now, you can buy CHZ tokens using P2P trade. Here are all your questions answered about P2P.
Step 1: Sign-Up on WazirX
To start trading the CHZ token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.
Here’s a guide explaining how to open an account on WazirX.
Step 2: Verify your email account and set up your account security.
The following step is to verify your email address. After signing up, you’ll receive a verification link on the email address by which you’ve just created your account.
On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3: Complete the KYC.
After selecting the appropriate country, complete the KYC process.
Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.
Step 4: Add funds to your WazirX account through P2P.
After linking your bank account to your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will work as funds to buy other coins.
Step 5: Buy CHZ on WazirX
You can purchase CHZ tokens using P2P trade through WazirX. Check the CHZ to USDT here.
After logging in to your WazirX account, you can select USDT from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the CHZ coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
How Safe Are Cryptocurrencies?
Cryptocurrencies can be safe, but your crypto wallets can be hacked if proper security steps are not performed. There are also dangers and uncertainties associated with investments, and we cannot declare any virtual currency investment risk-free. Buying and selling cryptocurrencies does not have to be dangerous if the trader is well-versed in the market and treats his coins with care.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
Is Cryptocurrency Safe To Invest In?
Cryptocurrency investments are subject to market risks, but if sufficient security measures are not taken, trading accounts can be maliciously accessed. Investments come with risks and uncertainties, and we cannot claim that any digital currency investment is risk-free. Buying and selling cryptocurrencies can be risky even if the trader is knowledgeable about the market and treats their coins carefully.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
What Is The Safest Cryptocurrency To Invest In?
Bitcoin has had the highest market capitalization, has been around the longest, has the most experienced development team, and has enormous network impact and brand recognition. As a result, while trading cryptocurrencies, the rate of return on Bitcoin is commonly used as a benchmark. However, the risks associated with cryptocurrencies remain, and the safest cryptocurrency for you depends on your analysis.
What Is Virtual Currency?
Virtual currency is a type of uncontrolled digital currency that can only be used online. It is exclusively stored and transacted using designated software, mobile or computer applications, or unique digital wallets, and all transactions are conducted through secure, dedicated networks. Because digital currency is just currency issued by a bank in digital form, virtual currency is not the same as a digital currency. Virtual currency, unlike ordinary money, is based on a trust structure and cannot be issued by a central bank or other banking regulatory organization.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
