How To Buy Siacoin (SC)?

A common question you often see on social media from crypto beginners is “Where can I buy Siacoin?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports Siacoin (SC)

First, you will need to open an account on a cryptocurrency exchange that supports Siacoin (SC).
We recommend the following based on functionality, reputation, security, support and fees:

In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase Siacoin (SC) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy Siacoin (SC)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for Siacoin (SC) or Siacoin (SC) trading pairs. Look for the section that will allow you to buy Siacoin (SC), and enter the amount of the cryptocurrency that you want to spend for Siacoin (SC) or the amount of fiat currency that you want to spend towards buying Siacoin (SC). The exchange will then calculate the equivalent amount of Siacoin (SC) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of Siacoin (SC) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is Siacoin (SC)?

Siacoin is a peer-to-peer decentralized blockchain-based cloud storage platform where network participants rent and use storage space and excess bandwidth from other users. Sia network doesn’t have a central authority, which means that the entire system is democratized through the use of the P2P system and decentralization.

Due to the existing model of operations, Siacoin cloud storage is more secure than traditional cloud storage services and is likewise cost-effective, with significantly lower prices for renting storage when compared with centralized cloud storage providers. Anyone who has extra storage space can rent it out on the Siacoin marketplace and get rewarded in the form of Siacoin tokens, which are paid by the consumers who use the rented bandwidth and storage space.

Traditional cloud service providers such as Apple and Google are still very popular, despite the obvious shortcomings when it comes to the cost of renting storage space. However, the Siacoin network aims to attract more users that would appreciate the secure environment with low-cost storage that Sia represents. Furthermore, Siacoin aims to help users take back control over their data. The Siacoin network data users are data owners since no third parties or central authorities control the system. The Siacoin system resolves some of the most common problems in the sector of cloud storage, including high costs for renting storage, hacking risks, data control, and data mismanagement.

How Does Siacoin Work?

Siacoin network is based on a peer-to-peer system that allows network participants to act as hosts and renters within a decentralized ecosystem – with no central authority to control the data or manage the ownership of stored information. Sia network users are completely in charge of their data and storage space, while renters pay hosts in Siacoin (SC) in exchange for their services. The network is supported by nodes, while the Siacoin system breaks the users’ data into smaller fragments and distributes it across the nodes. A random node can’t access the users’ information since it is private and can be accessed only with private keys that prove ownership over the data. Even if a node could access the data, it would access only a part of it, making the information useless.

Thanks to the distribution across nodes, the level of vulnerability is decreased and the level of security increased as a result. Each piece of information is fragmented and split into 30 parts. Thanks to the decentralized nature of the network, Siacoin is able to provide a real-time immediate response so users don’t have to wait for a central server to respond to a query. The two main components of the Siacoin network are hosts and renters. Hosts are paid by renters for providing cloud storage services. The hosts can promote their storage capacities and services, and can even refuse to rent storage to certain consumers. The core of Siacoin functionality is the concept of File Contracts, which are a version of smart contracts. File Contracts have predetermined rules and are based on automation to allow communication between hosts and renters.

Siacoin is based on the Proof-of-Work (PoW) protocol, which means that SC coins can be mined, while there are no limitations on the maximum supply of Siacoin (SC).

Who Are the Founders of Siacoin?

Sia was first conceived in mid-2013 by David Vorick while studying computer science at Rensselaer Polytechnic Institute. He discussed the idea over email with Luke Champine, a college friend, who joined the project’s development shortly after Vorick presented the concept at a HackMIT hackathon in September 2013. The project was officially named Sia in early 2014, a reference to the Egyptian god of perception.

Vorick and Champine were introduced through their college’s entrepreneurial center to Jim Pallotta, a billionaire investor and founder of Raptor Group, who invested in the project. Shortly before graduating from college, the two incorporated the company Nebulous Inc. — which has since been rebranded to Skynet — to formally handle the development of Sia.

What is the SC token?

SC is the native currency of the Sia storage network and the only currency of value that can be used to pay for storage services on the blockchain. Siacoin is inclusively used in the peer-to-peer system, while it also acts as a mining reward. Aside from being a reward and a native cryptocurrency, Siacoin can be traded on the market for a profit based on the difference between the buying and selling price.

To pay for the storage services on the Siacoin blockchain, renters need to buy SC that is then used to make a File Contract, similar to a smart contract, that defines the price and other specifics regarding the storage rental. Hosts are paid in SC and can make a profit on selling SC when the market price is right for them.

Siacoin development updates in 2023

Siacoin (SC), the native token of the Sia network, has seen various developments and continued its trajectory in the decentralized cloud storage market. Sia positions itself as a revolutionary blockchain-based solution for cloud storage, focusing on decentralization, security, and cost-effectiveness. Below is a comprehensive overview of Siacoin’s significant updates and changes for the year:

• Tokenomics and Market Presence: Siacoin operates under a dual-token structure with Siacoin (SC) as the utility and payment coin and Siafunds for revenue sharing among qualified investors. Unlike many cryptocurrencies, Siacoin doesn’t have a cap on supply, following a Bitcoin-like mining approach. The token distribution is disinflationary due to periodic token burning, which might make it more desirable in the future. Notably, during its fundraising, Siacoin didn’t move to investors; instead, unlisted Sia Funds were used​​.

• Price Movement Compared to Competitors: In terms of market performance, Siacoin’s price movements have been similar to other decentralized storage projects like Filecoin (FIL) and Storj (STORJ). All these tokens have experienced significant price drops in the past year, indicating a bearish trend in the short term within the decentralized storage sector​​.

• Trading Markets and Liquidity: Siacoin is listed on several top global exchanges, with the SC/USDT pair being particularly popular. The trading markets for Siacoin exhibit healthy buyer confidence, trading volume, frequency, and liquidity, although the decentralized exchange (DEX) liquidity remains limited​​.

• Project’s Working Mechanism and Features: The Sia network, powered by Siacoin, allows users to rent and lease storage space in a decentralized manner. It leverages smart contracts for establishing agreements, uses encryption for data security, and operates on a Proof of Work (PoW) consensus algorithm. Siacoin facilitates transactions within this ecosystem. The project’s open-source nature encourages community involvement and innovation​​.

• Recent Developments on the Sia Network: In 2023, the Sia network has seen significant activity and development. It offers various applications and services, including Vup (a private and decentralized cloud storage app), S5 (a content-addressed storage solution), Sia Satellite (a service for credit card payments for Sia storage), and SiaShare (an encrypted file-sharing software). These applications showcase the network’s versatility and its growing ecosystem​​.

• Community and Governance Updates: The Sia Foundation has been actively inviting contributors from around the world to build on Sia through its Grants program. This initiative is part of its effort to foster a thriving ecosystem of data storage enthusiasts, open-source software, and commercial data storage platforms​​.

• Limitations and Challenges: Despite these developments, Siacoin faces challenges in terms of wider adoption and network reliability. The decentralized nature of the network means that performance can vary, and data retrieval may not always be as fast as traditional cloud storage providers. Furthermore, Sia competes with other decentralized storage projects and established cloud storage services​​.

Siacoin represents a significant player in the decentralized cloud storage market, offering a secure, efficient, and cost-effective alternative to traditional cloud storage. The network’s continuous improvements, growing ecosystem, and active community engagement suggest a positive outlook for Siacoin, albeit with challenges typical of emerging technologies in a competitive landscape.

Official website: https://sia.tech/

Best cryptocurrency wallet for Siacoin (SC)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for Siacoin (SC)?

Deciding which type of wallet to use depends on a variety of factors, including:

• How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
• What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
• Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
• How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
• What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).