Skip to main content

How to Buy Siacoin

Siacoin (commonly referred to simply as “Sia”) is decentralized blockchain cloud storage platform. It serves as an alternative to centralized cloud storage platforms, such as Apple, Microsoft, and DropBox. Users of this platform have the option to mine Siacoin, rent storage space, or receive payment for hosting files.

The majority of cloud storage options that are available are centralized. As a result, they are expensive, the data stored on them usually is not encrypted, and most platforms usually operate a collection of very large data centers. Sia, on the other hand, enables decentralized, distributed, and private cloud storage at a much more affordable price.

What is Siacoin?

Siacoin was developed by David Vorick and Luck Champine. The duo developed the idea in 2013, when they were students in the computer science program at Rensselaer Polytechnic Institute. When they conceived the idea, it was referred to as “HackMIT 2013”.

The majority of cryptocurrency options were centered on digital assets that could be exchanged. Vorick and Champine wanted to create a more useful system that could provide inherent value for its holders; using their coins as a form of payment for cloud storage.

The premise of Sia was to offer a decentralized storage system for files that encourages users to rent out the space that they weren’t using on their hard disk drives. In return for renting out that unused storage space, they would earn Siacoin. This is made possible by using blockchain technology, which is similar to Bitcoin, but has been modified to be used for file storage.

The primary difference between the blockchain technology used for Sia and Bitcoin is a “file contract”. This contract allows hosts (those who are offering their storage space to rent) to receive payment when they have stored a file for someone else. All data is encrypted before it is uploaded and only the user can decrypt the data, which protects the privacy of users.

Files that are stored on Siacon aren’t stored on a single device. Rather, the blockchain technology divides and decodes the data that users have stored on the blockchain onto the devices of numerous hosts. Additionally, all files are copied onto the multiple devices they are stored on, which prevents the loss of files if a hard drive fails.

Since users have access to all of the keys, only they can control the files. Therefore, files can only be reassembled with private keys. This sets Sia apart from centralized cloud storage providers, as the companies that store the files have control over them.

Because it impossible to decrypt encoded files without private keys, all files stored on the Siacoin network are completely private. This significantly reduces the possibility of hacker attacks. Additionally, because files are stored on multiple devices, they can be uploaded and downloaded at the highest speeds possible.

Where to Buy Siacoin

Siacoin can be purchased at the following locations.

  • Binance
  • Bittrex
  • OKEX
  • HitBTC
  • Poloniex

How to Buy SIACOIN

In order to purchase SC tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for SC. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.

Buy Bitcoin on Coinbase first to buy SiacoinUse the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.

Register on Coinbase

Step 1: Create a Coinbase account

Select the “sign up” tab and complete the form by entering the requested information, including:

  1. Your name (exactly as it appears on your photo identification)
  2. Email address
  3. Password
  4. Location
How to buy Ethereum on Coinbase - Signup

Step 2: Verify your account

  • Issue your phone number
  • Upload an image of your photo ID
  • Verify your credit or debit card, or your bank account information

Step 3: Select the “Buy/Sell” option on the menu, once our account is verified

After verification, select the “Buy/Sell” option on the menu

  1. Choose “Ethereum”
  2. Input how much you would like to purchase
  3. Select the “Buy” button
Buy Bitcoin on Coinbase with Credit Card

Step 4: Confirm your purchase

  • Select the “Confirm Buy” button

Step 5: Open an account on an exchange that accepts Siacoin

Binance Frontpage

For the purposes of this example, we are going to use the Binance exchange

Register on Binance

Step 6: Register your Binance account

  1. Enter your email address and a strong password
  2. Agree to the terms of use
  3. Select “Register”
  4. You’ll receive an email to confirm your account
Sign up to Binance

Step 7: Login to your Binance account

Login to Binance

Step 8: Transfer ETH from Coinbase to Binance

  1. Under the “Wallet” tab, select “Deposits”Select Deposit on Binance Menu
  2. Copy the ETH deposit address you are provided withCopy Ethereum deposit address
  3. Log back into Coinbase
  4. Select “Accounts”
  5. Click “Send”
  6. Enter your ETH deposit address
  7. Input the amount of ETH you want to transfer
  8. Select “Continue”

Step 9: Exchange ETH for Siacoins

  1. When your ETH has arrived in your Binance account, you can exchange it for SC tokens
  2. Select ETH currency
  3. Search for SC in the search box and select it

Exchange Ethereum for SiacoinSelect whether you want to “Limit” order (you can choose the amount of SC you want to purchase) or “Market” buy, which will autofill your order at the best price

Step 10: Select the “Buy” button

  • Once you have chosen the amount of SC you would like to purchase, select the “Buy button”
  • Your SC order will be immediately filled; your ETH will be transferred into SC
How to Buy SC on Binance

Exchanges you shouldnt miss when you want to trade crypto

Why Buy Siacoin

There are multiple reasons why you should consider using Siacoin. Some of the primary benefits of this type of decentralized cloud storage and cryptoccurency platform include:

  • Easy to use.Exchanging currencies on Sia is extremely easy. Both fiat currencies and other types of cryptocurrecies can be easily exchanged on the platform, and it can be purchased on multiple platforms.
  • Projected value.Siacoin is relatively new, but its value has seen incredible growth, and the value is projected to continue increasing.
  • Sia not only offers cryptocurrency, but it also provides decentralized cloud storage. It offers access to decentralized, completely private, and very affordable cloud storage.

How to Sell Siacoin

Siacoin can be sold in exchange for other types of cryptocurrency, such as bitcoin and ethereum. To sell it, follow these steps:

  • Create an account on the altcoin exchange
  • Fund your altcoin account with Siacoin
  • Sell Siacoin for another form of cryptocurrenty, such as ETH or BTC
  • Sell your cryptocurrency for a fiat currency, such as the Euro or the American dollar
  • Withdraw your fiat currency from your exchange account to your bank account

Which Wallets Can I Use for Siacoin?

Multiple wallets can be used for Siacoin, including:

  • Ledger Nano S
  • UI
  • Sia Cold Storage
  • Sia Wallet Android

Conclusion

Because Siacoin offers both cryptocurrecy and decentralized cloud storage, it is projected to see incredible gains in the future.


No Comments found

Send this to a friend