Whether you want to share your extra storage space with the network or upload files to the decentralized cloud, Siacoins are required in order to use the service. After creating a Sia address, you can either request Siacoins be sent to you or mine them yourself. You’ll have to buy them if not.
The major exchanges Binance, Bittrex, Kraken, Upbit, Poloniex, Huobi, OKex, and HitBTC all offer Siacoins for purchase.
However, some exchanges require you to first buy Bitcoins, Ethereum, or another cryptocurrency before you can buy Siacoin directly. Your first Siacoin purchase will be walked through step-by-step.

What Is Siacoin?

With the aid of blockchain technology, the cryptocurrency project Siacoin seeks to upend the cloud storage market. Luke Champine and David Vick are the co-presidents of the organization, which was founded by Nebulous Inc.

Anyone in the world can rent online storage using Siacoin by using the platform. As an alternative, anyone who shares their unused hard drive space with others to host files can earn Siacoin!

Because of the project’s complete decentralization, no one entity or authority has control over the network. The Siacoin servers can never go down or be hacked because data transactions are instead verified by multiple nodes.

Despite the fact that Siacoin was first made available in late 2015, it wasn’t until mid-2017 that the coin really began to take off. Siacoin, like the majority of other cryptocurrencies, reached its all-time high price in January 2017, when it was trading at 9 cents and had a market capitalization of just under $3 billion. The value of this cryptocurrency has since decreased, as with the majority of others.

How Siacoin Works

Similar to how the well-liked file-sharing method known as torrenting operates, Sia does. The file is encrypted and divided into tiny pieces when a user uploads it to the Sia network; these fragments are then hosted by the network’s “hosters.” Data is deemed safe because no hoster has complete control over all of the data and only the original user has the decryption key. On-demand access to the data is available to the user. For validation, Sia employs Proof of Work (PoW).

Users must pay for this file storage service using Siacoin, the network’s native currency. Siacoin is a cryptocurrency that is traded on a number of well-known exchanges and can be used to pay users, hosters, or miners as well as receive payments from other users.

How To Buy Siacoin From An Exchange

Although it has a fairly difficult on-ramp for a new user, this option gets you the best prices.
In this example, we’ll use Bittrex, a US-based exchange where you can buy Siacoins for regular US dollars (USD), bitcoins (BTC), ether, or USDT. No matter which exchange you use, however, the general procedure will be the same.
  • Create an account on Bittrex. Although it takes some time and requires some simple steps, the process is also fairly lengthy.
  • Find the market that interests you after signing up. Purchase directly with USD or Bitcoin.
  • Indicate how many Siacoins you want to purchase and the price you’re willing to pay when making a trade.
  • Now that you have Siacoins in your Bittrex wallet, you can no longer use Sia for its intended purpose because exchange wallets are bad places to store cryptocurrency.
  • By creating a Sia address and sending to it Bittrex, you can transfer money to your Sia wallet.

How To Find The Best Places to Buy Siacoin?

Although cryptocurrency exchanges provide similar services, there are some important differences, including fees, the variety of available cryptocurrencies, and payment options. Use our table to compare the features of popular cryptocurrency exchanges in Singapore and pick the one that’s best for you.

Customer service, user feedback, usability, and whether or not the exchange is registered with a local regulator are some additional aspects you might want to take into account. Clicking on the exchange name in the table will take you to its review page, where you can find this information.

What Will I Need to Buy Siacoin?

An email address is required to register for an account on any cryptocurrency exchange. It’s a good idea to have your phone number and photo ID on hand because some exchanges might also require them.

Before allowing you to deposit money and begin trading Siacoin, an increasing number of cryptocurrency exchanges will require you to provide identification proof.

  • A webcam or smartphone and a photo ID are typically needed for this Know Your Customer (KYC) procedure. You might also be required to upload a copy of a recent utility or bank statement to prove your address.
  • Some exchanges permit cryptocurrency deposits and trading without requiring KYC, but they forbid the withdrawal of local currency from bank accounts. Therefore, you must successfully complete KYC if you intend to buy SC using local currency.
  • Before depositing any money after establishing your identity, it is a good idea to turn on 2-factor authentication (2FA). This will improve the safety of your account and assist in keeping your money secure.

What Form Of Payment Is Best For Purchasing Siacoin?

Siacoin can be purchased from brokers and exchanges using a variety of payment methods. You can look at the other options to make your decision if you are not comfortable with one. The majority of brokers always offer simple alternatives that you can use.

Purchasing Siacoin through PayPal: It is easy to purchase cryptocurrencies with PayPal, including Siacoin (SC). PayPal is renowned for its simple workflows and tried-and-true procedures, which make many users feel at ease. Fast and affordable fees are associated with this payment method. Although it is widely accessible, some brokers might not support it in certain areas.

Purchasing Siacoin with Debit or Credit Cards: It is almost certain that a straightforward user experience and convenience will be what motivates someone to purchase Siacoin with a credit card. Even when other payment options are unavailable, most brokers accept bank cards as payment. By providing the passcode that some platforms require when you enter your card information for the first time, you can get ready for a quick owner confirmation process. The payment service provider will email or text you a transaction authorization code.

Siacoin Purchase via Bank Transfer: On numerous platforms, you can purchase Siacoin using bank transfers. The sustainability of this long-lasting payment method is greatly influenced by its usability, transaction security, and a reliable trial. Most traders and this is understandable, prefer to use a bank or wire transfer when purchasing Siacoin with a high value. It is preferable to use bank transfers for local payments to manage costs and speed. Processing times for transactions with offshore recipients could be up to two days, plus additional SWIFT fees.

Cash Purchases of Siacoin: You might need to be on the lookout for P2P platforms that are largely unregulated if you want to use cash payments for cryptocurrency purchases. Since more people are turning away from such customs, purchasing SC with cash is not regarded as safe. Paying at some kiosks and cryptocurrency ATMs may be the closest thing to cash payments you can get.

How To Store Your Siacoin Safely?

When storing Siacoin, you have a lot of options to choose from. It is crucial to remember that the majority of cryptocurrencies have specific wallets where they can be kept safely. This clarification is crucial to prevent coin loss, which can happen if you select the wrong wallet.

Web Wallet: For cryptocurrencies listed on exchange and broker platforms, there is an available web wallet. Following a purchase, these built-in wallets assist the user in keeping possession of their coins and tokens. When you sign in to your trading platform, you can access these web wallets online. Web wallets’ vulnerability to hackers who target open marketplaces is the most frequent danger. If a platform fails or experiences problems with its operation, there is also a risk of loss.

Mobile Wallet: For Siacoin and other cryptocurrencies, there are various kinds of mobile wallets available. Mobile wallets are practical and useful for on-the-go transactions. If it is a web wallet with mobile options, access to these wallets can be made using private keys or embedded passcodes that link from the trading platform. You can store this cryptocurrency using a number of mobile wallets, including Atomic, Edge, and Sia for Android.

Desktop Wallet: A desktop wallet is downloaded from the internet and saved on a laptop or computer. The private key must be provided in order to guarantee access to the wallet, which is contained in encrypted file storage. If for any reason the device is damaged, this wallet can be reinstalled on a new desktop. Here, the native wallet is SIA-UI for Android, Linux, and Mac.

Hardware Wallet: Due to their independent design, these units can be used to access content from desktops and laptops. Most of them conceal their private keys by granting access only with an encrypted passcode. They are thought to be the safest wallets and are strong. The top two products on the market for storing Siacoin are Trezor and Ledger, although KeepKey also makes some reliable options.

Wallet Combinations: It is crucial to keep in mind when using the SIA-UI desktop wallet unit that it was designed to act as a secure storage unit, reinforced by a cold storage option like the Ledger Nano S. If you use this setup, you can access your Siacoins by connecting your hardware wallet to your computer. With this, you can keep your cryptocurrency in cold storage and, if necessary, view your balance and conduct a transaction directly from your hardware wallet. Increased security is provided by cold storage because it is largely shielded from web hackers’ prying eyes.


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