Home » Crypto » What Is Siacoin Cryptocurrency | A Step By Step Guide to Buying Siacoin

What Is Siacoin Cryptocurrency | A Step By Step Guide to Buying Siacoin

Siacoin is another cryptocurrency which is a decentralized peer – to – peer network for buying and selling computer storage space. Siacoin provides a system where anybody can rent storage space, host files or participate in the network.

Symbol Initial Release Date Algorithm Type Max. Supply
SC 6 June 2015 Blake2b, Reed – Solomon No max

With cloud storage ones get the way for us to store data so that’s accessible through the Internet and from multiple devices. Most services which offers cloud storage use large, centralized servers to hold files, the Siacoin network breaks up the data and distributes your files across many different servers, all overs the world.

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Contents

Let’s Scrutinise Some of the Features of Siacoin

  • Security

Siacoin consist one of the best features as it is cryptographically secured and can only be accessed by the renter. Transactions are managed by the blockchain, which handles contract fulfilment and processes payments between renters and hosts

  • Redundancy

A decentralized storage network spreads a lot of small pieces of your data over many different places, rather than keeping everything in one place. Siacoin utilizes a redundancy algorithm to ensure that multiple copies of everything are created, in order to compensate for the potential of hosts logging off.

  • Price

Siacoin also assures storage fees at a lower rate than traditional cloud storage platform, even with the built – in redundancy

Where to Buy Siacoin (SC) in India

If you wish to purchase Siacoin tokens, it is available in several exchanges with cryptocurrencies such as using Bitcoin (BTC) or Ethereum (ETH).

We have listed out some of the exchanges below:

Name Payments Methods Available Fiat Currencies Available Cryptocurrencies
CoinSpot Cash, BPAY, POLi, Cryptocurrency AUD BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG etc
Mercatox OKPay, Perfect Money, Yandex Money, Payeer, QIWI, Cryptocurrency USD, EUR, RUB BTC, XRB, ETH, DCN, BCH, NIO, TRX, DASH, COB, DOGE, PRIX, DSR, XCPO, LTC, VERI, LOC, NUA, PKT, PPT, ICO etc
POLONIEX Cryptocurrency BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB, BCH, LSK, XMR etc
Bittrex Cryptocurrency BTC, ETH, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG, ETC, BCC, XLM, DGB, UKG, QTUM, ZCL, RDD, LTC, NEO etc

A step – by – step guide to buying Siacoin (SC)

You can also follow the below mentioned steps in order to buy Siacoin (SC):

Steps 1 – Create an account at an exchange that offers SC

To begin with, you are required to first create an account at the exchange which suits you the best. Also note that, there are exchanges which may verify your identity in order to deposit funds and trade.

Step 2 – Deposit funds into your account

In case you have created an account with an exchange that does not accept fiat currency deposits, you would first need to buy cryptocurrency which is pairable with SC (such as BTC) from another exchange which supports fiat deposits.

Once done, you would transfer your BTC bought with fiat currency to the exchange which list SC. On an exchange, your account should have its own wallet and a unique wallet address, which is frequently found in the “wallet” tab to dashboard. When you opt to transfer your BTC out from an exchange, you should be prompted to enter the amount you wish to transfer as well as the wallet address of the exchange where you wish to receive BTC

Provide your correct wallet address as sending your BTC to the wrong wallet could be irreversible. After ensuring your wallet address and the amount to send are both correct, you would hit the “send” button.

Step 3 – Buying Siacoin (SC)

Siacoins are available in most of the exchanges that offers it by first clicking on a button that says “Exchange” or “Markets”. After that you would search for the pairing such as SC / BTC pair if you wanted to buy SC with BTC. Next, you would select this pairing and enter the number of SC tokens you want to buy before hitting the “Buy” button.

Which Wallets to Use to store Siacoin (SC)

In order to store Siacoins (SC) tokens, you are required to first download the official Siacoin client and use the digital wallet included. Once you have embarked the Siacoin, you will be guided through a process to connect to the network and will be guided through a process to connect to the network and will also receive a unique address for Siacoin wallet.

Siacoin Has Two Types of Core Software

  • Siacoin UI

An option with one with a Graphic User Interface (GUI) for less technical users who prefer this interface over command line. It is also available on Windows, macOS and Linux

  • Siacoin Daemon

This option is offered on Github and used with the user’s preferred Command Line Interface (CLI)

How to Sell off Siacoin (SC)

The user gets the option to sell off their Siacoin (SC) on the exchange where you bought them. The process is almost similar to that of buying.

Things to Ponder over Before Investing in Siacoin (SC)

  • Hardware

Data storage is one of the prime concerns today which is directly linked with the hardware. At present the potential for hardware to outpace software in this regard poses one potential risk for Siacoin, although at this point there is some debate as to whether or not this is valid concern

  • Not for the beginner

Siacoin is considered to be difficult for some users as the process of renting space or participating as a host on the Siacoin network does require some technical steps.

  • It’s a work in progress

Siacoin is still under development and has a long way to go. The project is currently live and active, but many features have not yet been implemented and bugs are not uncommon at this stage.

Future of Siacoin

Siacoin is an ambitious project with a long – term vision. Some of the upcoming updates of the project are:

  • Improvements to the user interface
  • Easy peer – to – peer file sharing between users on the Siacoin network
  • Faster contract formation
  • Video streaming
  • The ability to recover backups of older versions of files from hosts
  • Flexible settings and preferences for performance and pricing
  • The ability to blacklist undesirable hosts
  • Improved support for diverse file sizes
  • The ability to view statistics on host uptime

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