Buy Chiliz (CHZ)
Only a small number of cryptocurrencies are now used for their intended purpose. Most people buy them to make a quick profit through exchange rate volatility. However, most coins are created for other purposes. For example, some provide confidentiality of transactions, others host initial token placement projects on a platform, while others were initially developed to replace traditional money.
In this article, you will learn about the up-and-coming cryptocurrency Chiliz and its features. In this way, you can decide if Chiliz is worth buying and how to earn money.
What is Chiliz (CHZ)?
The cryptocurrency Chiliz (CHZ) is used on the same name designed for sports and cybersport fans. By investing in tokens, they can cheer for their favourite team and influence the critical decisions of the team. In this case, the fan is no longer a mute spectator but can vote for the team and take part in the team's life.
Chiliz provides sports and entertainment organisations with blockchain-based tools to help them attract and monetise their audiences.
Voting takes place on the Socios platform, where the line-up for a match, the decision to buy or sell a particular player are usually voted on.
The platform works for many significant football and cyber sports teams. The voting is fair and independent, thanks to the use of blockchain. The developers of Chiliz have made it so that no one can independently influence the outcome of the vote, no matter how many tokens they have in their hands.
Features of the Chiliz platform
The modern sports and eSports industry is set up so that fans have no leverage in the development of their favourite team. The communication is one-sided. Fans just watch the club's performances.
At most, they passively participate in the team's life by buying souvenirs, tickets and showing their support in other ways.
Socioc's platform aims to tokenise each fan's vote. Through it, the huge fan base of Juventus will be able to vote on the most important decisions at the club.
Blockchain guarantees the 1oo% honesty of such a vote. The same applies to eSports.
The idea is based on the principle implemented in some football clubs. For example, in Barcelona and Real Madrid, fan influence is strong; among smaller clubs, there are examples where the fan community is almost entirely responsible for the team's existence.
As for the developers themselves, the project is a subsidiary of the Maltese Mediarex Group. This company was established in the mid-noughties and is part of the Enterprise Ethereum Alliance (EEA).
Chiliz has managed to attract Juventus, PSG, and other football clubs from the top leagues during its existence. Furthermore, the fact that Chiliz is directly invested in the Binance exchange is a strong argument in favour of the project's seriousness.
Chiliz has been run by many sports publications, even before blockchain came into existence. This shows that the coin is in demand and popular among the fan community.
What is the function of the Chiliz project
The idea for the project emerged in 2016, but the active phase of product development began in early 2018. The team raised $66 million through a private placement, most of which was used to fund the creation of the Socios platform.
In the potential economy of cybersports, particularly sports entertainment, the difficulties in managing teams and clubs are inevitable.
The following issues were raised by the project team to address:
- Fan control, as fans are struggling.
- Fans are not allowed to vote for the opinions in the governing positions of the club.
- The club's internal elections are not transparent and reliable.
- Centralisation of the current eSports platform.
The development team has over 20 years of experience in web development and platform development, including payment solutions and games. The team has also used the Proof of Authority (RoA) consensus mechanism in sports.
Some features of the solution:
- Fans will actively vote for the management decisions of their favourite team.
- The elections will be public and transparent.
- Control of fans will be simplified.
- Transactions become safer and more efficient.
All cyber sports teams operating on the Chiliz platform have issued a limited number of tokens.
Fans will use Chiliz transactions to purchase a token. Once the token is available, users can use it to vote on governance, electing a board of directors for their favourite club.
Chiliz cryptocurrency exchange rate (CHZ)
CHZ is an Ethereum ERS-20 token. CHZ acts as a Service token on the Chiliz platform and drives the development of this ecosystem.
At the time of writing, Chiliz cryptocurrency is ranked #133 in the CoinMarketCar ranking. It has a market capitalisation of $61 million and a daily trading volume of $5.5 million.
The growth graph of Chiliz cryptocurrency is quite attractive for investors. While most new cryptocurrencies are rapidly declining, the project is periodically increasing in value significantly.
The cryptocurrency's popularity always rises before significant or sporting events.
If you are ready to buy CHZ, in-depth knowledge and understanding of Chiliz will help you decide how much to invest in Chiliz and how to make money from Chiliz.
Is cryptocurrency safe?
If you want to buy Chiliz, security is one of the primary importance.
Cryptocurrencies are usually created using blockchain technology. Blockchain describes a way of recording transactions into 'blocks' and timestamps. It is a reasonably complex technical process, but the result is a digital ledger of cryptocurrency transactions that is difficult for hackers to crack.
In addition, transactions require two-factor authentication. For example, you may be asked to enter your username and password at the beginning of the transaction. You may then be required to enter an authentication code sent via text message to your mobile phone.
All of these security measures do not mean that cryptocurrencies are virtually unhackable.
Four tips for investing safely in cryptocurrencies
Any investment is always risky, and cryptocurrency is one of the difficult investment options. But at the same time, digital currencies are also one of the most sought-after commodities. So if you are planning to invest in Chiliz, these tips will help you make an informed choice.
1. Information sharing.
Before you invest in cryptocurrencies, do your research on cryptocurrency exchanges. These platforms offer ways to buy and sell digital currencies. If you want to buy Chiliz, the Binance platform is one of the most well-known. Do your research, read reviews and talk to more experienced investors.
2. Know-how: how to store digital currency.
If you purchase crypto, you require to store it. You can do this on an exchange or in a digital 'wallet'. There are many different types of wallets, and each has its advantages, technical requirements and degree of security. As with exchanges, you should research your cryptocurrency storage options before investing in them.
3. Diversify your investments.
Diversification is key to any good investment strategy. This is also true for cryptocurrency investments. Don't invest all your money in one cryptocurrency. There are thousands of options, and it's best to spread your investments across several currencies.
4. Be prepared for volatility.
The cryptocurrency market is volatile, so be prepared for ups and downs. You will indeed have to face dramatic price fluctuations. If it's too much for your investment portfolio or state of mind, cryptocurrency is not something you want to deal with. However, cryptocurrency volatility is not just a risk but also an opportunity to make money. One instrument is CFDs. But that will be covered in the article below.
Cryptocurrency is in vogue, but remember, it is still in its infancy. Investing in something new comes with challenges that you need to be prepared for. If you do plan to get involved, do your research and start investing in promising cryptocurrencies.
How to make money on Chiliz using CFDs
CFDs allow you to use only a fraction of the amount necessary to open a trade. This method is known as margin trading or leveraged trading. This allows traders to take larger positions with little capital. This feature of CFDs allows access to a greater number of global financial markets.
One of the main advantages of trading CFDs is that you can open positions in any direction. You simply buy or sell a contract depending on whether you think the price will rise or fall. Accordingly, you open a long or short position.
When trading with leverage, you should always be on your guard, as it can not only increase your profits markedly, but also your losses.
How do you trade CFDs?
The moment you open a CFD position, you select the number of contracts you wish to buy or sell. If the market moves in the direction you want, then your profit also starts to increase.
You open a long position if you expect the price to rise, and profit appears when the price rises.
If you think that the selected instrument will fall, you sell the corresponding CFD short and make a profit when the price declines.
How to Buy Chiliz right now?
Cryptocurrency is a digital payment system that does not use banks to verify transactions. Instead, it is a peer-to-peer system that allows anyone anywhere to send and receive payments.
So, if you want to start earning now, take a few simple steps:
- Choose a broker and register. Registering is a quick process and will not take you long.
- Choose a market.
- Refill the minimum deposit.
- Start investing now!
Chiliz is an exciting and promising project, and its token utility is unparalleled. This is not the first time that the largest cryptocurrency exchange, Binance, has been an investor in other projects, and so far, all of its protégés are of high quality. Given that interest in football hasn't diminished for decades. Moreover, cybersports and cryptocurrencies are on the rise, it's safe to say that combining all these components will bring the Chiliz project popularity on par with other cryptocurrency giants.
Learn how to invest and earn. Good luck!