Table of Contents
- What is Chiliz?
- Step 1: Register on Trusted Cryptocurrency Exchange
- Step 2: Buy CHZ with U.S. Dollars (or Another Fiat Money Currency)
- Best Coinbase Alternatives for Buying Chiliz (CHZ)
- Last Step: Store ADA Securing in a Hardware Wallet
- Track Your CHZ Portfolio Performance & Capital Gains Taxes
- My CHZ Future Price Prediction & Forecast
What is Chiliz?
Chiliz is an ERC-20 token that powers the Socios.com fan tokens ecosystem allowing sports fans to buy and sell fan tokens of their favorite clubs and teams.
Soccer superstar Lionel Messi broke the headlines when announced he would accept PSG fan tokens powered by the Chiliz blockchain as a portion of his 2 year multi-million dollar PSG contract.
Chiliz is the backbone of fan tokens that give loyal fans exclusive access depending on how many coins they hold. You can use your fan tokens to vote on important team decisions and show your loyalty to your favorite sports franchises.
Step 1: Register on Trusted Cryptocurrency Exchange
You will have to create an account on a major cryptocurrency exchange to trade U.S dollars (USD) for Chiliz (CHL). I recommend most people (especially Americans) choose Coinbase because it’s the largest crypto exchange in America with over 68 million verified accounts.
Signup for Coinbase and create a free account. Once you confirm your Coinbase account and complete the KYC process, you’ll be able to buy/sell CH safely and securely.
Coinbase is the best US based cryptocurrency exchange to buy and sell coins like Bitcoin, Ethereum, and other altcoins. It's the largest exchange in America with over 68 million verified users. I've used them since 2018 with zero issues. Highly recommended.
Step 2: Buy CHZ with U.S. Dollars (or Another Fiat Money Currency)
Once you finish the verification method, you will be asked to claim your free $10 bonus by making your first deposit. You can deposit funds using credit/debit cards, bank account, or Paypal (only available for certain countries).
Bank transfer is the cheapest and recommended option and U.S. customers receive instant deposits so you can buy CHZ immediately. Credit/debit cards charge a higher fee and have lower buying limits. Paypal will also cost you additional fees but it’s pretty convenient for most people.
You’ll need to link either your bank account or credit card to buy Chiliz. I recommend linking your bank account to save money on fees.
Head over to Coinbase Trade section and Search for Chiliz (CHL) from tradable assets.
Enter the amount of Chiliz you want to purchase and select your payment method.
That’s it! Your order will be confirmed and you will get CHZ in your account. You cannot transfer your Chiliz out of your account until your deposit is confirmed (usually takes a few business days).
Best Coinbase Alternatives for Buying Chiliz (CHZ)
Most of you reading this article live in the United States so Coinbase is your best option. However, some of you may hate Coinbase or live in a country that Coinbase doesn’t support.
If you don’t want to use Coinbase then you can buy Cardano on the following exchanges:
Last Step: Store ADA Securing in a Hardware Wallet
Cryptocurrency exchanges and accounts are a prime target for hackers so perhaps you want to store your Cardano offline by holding your private keys. A hardware wallet makes it virtually impossible to get hacked and protects your investment over the long term.
Ledger and Trezor are the two best hardware wallets on the marketplace.
Track Your CHZ Portfolio Performance & Capital Gains Taxes
Tracking your CHZ investment is crucial to improving your returns over time and knowing key metrics like total holdings, average cost basis, and total investment return. If you have multiple crypto accounts then you’ll need a massive spreadsheet to keep everything organized.
If you live in the United States and sell CHZ for a profit then you are subject to capital gains taxes. You can calculate this yourself but it becomes difficult when you actively trade crypto on a regular basis.
Cointracker.io tracks your CHZ holdings for free plus you can also calculate your crypto taxes by upgrading to a paid account.
My CHZ Future Price Prediction & Forecast
Chiliz will continue to sign up professional sports teams and distribute fan tokens as a way for loyal fans to support their favorite clubs and franchises.
Right now, there are only a few dozen fan tokens available but Socios.com plans to expand into the NFL, NBA, and possibly the NHL and MLB in the future. If this happens then CHZ is massively undervalued and could 10 or 20x in the next couple of years.
With Ethereum 2.0 upgrades coming soon, I think CHZ will become one of the better long term ERC-20 tokens investments for crypto traders.