|Circulating Supply||39,055,670,834 SC|
|Max Supply||0 SC|
Siacoin is a cloud-based storage solution that is decentralized and runs on top of the blockchain technology that cryptocurrencies use. If you were to think of Dropbox or OneDrive, Siacoin aims to compete with brands such as this going forward through being able to provide cheaper, safer and faster data storage services.
Instead of using data centres like the above uses at huge costs, Siacoin will instead pay users of the technology to let them use their HDDs for the storage of this data. This payment will be in Siacoin which can then be traded at the online cryptocurrency exchanges.
Sia was an idea that was originally discussed back in 2013 but it was not realized until its launch in 2016. The founders of this project are David Vorick and Luke Champine. Since its launch, it has received funding from a number of major companies who are strong believers in the potential of this project.
What is The Siacoin Coin (SC)?
The Siacoin is the cryptocurrency that will be used on the blockchain based cloud storage solution that Sia has developed. It can be traded at online cryptocurrency exchanges or used as a currency on their platform.
At the time of writing, Siacoin has a market cap of almost $700 million, a coin supply of close to 33 million and an average daily trading volume of just over $10 million. Its value at the moment is $0.02102 per coin which is a massive increase in value compared to the $0.00004274 it was launched at.
Whats Special About Siacoin (SC)
Many would agree that Sia really does have a lot of potential due to its unique idea of providing decentralized data storage. Here are the biggest positives about this project:
- Storage that is Decentralised and Safe – Sia has developed a blockchain version data storage service that offers far more privacy and safety compared to the traditional service providers such as Dropbox and Google Drive.
- Cheaper than Traditional Providers – One thing in common with Microsoft OneDrive, Google Drive, Dropbox and the many other cloud-storage providers is that they all quite expensive once the initial ‘free’ space has been filled up. Sia is much cheaper than all of them and is more private and secure too.
- Earn Sia – Unlike other cryptocurrencies and projects, you can earn the SIA currency via other methods and not just through mining. Anyone that becomes a host and allows their unused portion of their HDD to be used will be paid by the person that is renting it.
- Public Backing – Some high profile names and corporations have already shown a big interest in the potential of Sia which bodes well for the future.
Those are some excellent benefits we are sure you would agree. These are just some of the reasons why this coin has grown so much in value over time.
Where to Buy Siacoin (SC)
As you might expect, Siacoin is not considered a major cryptocurrency as of yet so it will not be as easy to trade as the likes of Bitcoin and Ethereum. There are still a number of cryptocurrency exchanges that do allow the trading of this coin however with some of them listed below.
Poloniex has dozens of cryptocurrencies that it supports but you will have to already own some as fiat currencies are not supported on this exchange. You can use another cryptocurrency exchange to purchase some and then come here to take advantage of their trading pairs.
HitBTC is an exchange that has been around since 2013 and here you will be able to trade major fiat currencies for cryptocurrencies as well as crypto-to-crypto trading. Fees here are quite competitive too.
At Bittrex you are only able to perform crypto-to-crypto trades but you will appreciate just how many cryptocurrencies that they support. This is a great option for those of you that like to trade anonymously.
With good fees and a growing reputation, Coin Switch is another good option for you to consider when you want to trade your Siacoin. The sheer number of cryptocurrencies they support is also impressive.
Abucoins is another option you could take a look at. It has 14 trading pairs and allows you to deposit and withdraw using the fiat currencies USD, EUR and PLN. We do not know too much about this exchange or have tested it out, so you might want to do some research first.
Before using any cryptocurrency exchange make sure that you understand the risks associated with trading. This industry is largely unregulated and therefore requires users to be extremely diligent.
Investing in Siacoin (SC)
What we like about Sia is that it is not just a cryptocurrency but also a project, one that we feel has a good chance of becoming hugely successful. We already know how many people use cloud storage, so to be able to offer a blockchain version that is cheaper, safer and more private is something that is certainly going to appeal to the masses.
This is the sort of project that will attract those of you that like to make long-term investments rather than quick trades to make a few profits here and there. Due to its current low value compared to the major cryptocurrencies out there, you are not going to see any major swings but it will still be quite possible to play the market with this cryptocurrency.
Do I Need a Siacoin Wallet?
When you purchase Siacoin or any other cryptocurrency, you will have to consider where you are going to store this currency once you own it. Essentially, once you purchase it from a cryptocurrency exchange it will go into the wallet at that exchange.
Now many of you might be happy enough with storing it here but others may feel a little unsure considering the hackings that can take place on these exchanges. For that reason, you might want to consider using a wallet away from the exchanges as these will give you more protection for your cryptocurrencies.
There are a number of different types of wallets that you can use for the storage of cryptocurrencies:
- Hard Wallets
Hard wallets only really support a small selection of cryptocurrencies at the moment but they are easily the safest form of cryptocurrency storage other than that of maybe paper wallets. These allow you to keep your currencies offline and away from the hands of hackers.
- Online Wallets
Online wallets are basically what you might expect. Wallets that will allow you to store your cryptocurrencies online. Many of you will not really want your currencies stored on a random server somewhere but these are still a better method than exchange wallets.
- Client-Based Wallets
If you prefer to have a standalone program running on your computer that operates as a wallet, client-side wallets are your best bet. At least with these, your public and private keys are kept on your computer rather than on a server somewhere else.
- Paper Wallets
Paper wallets are a good option if you want to be able to hold your cryptocurrencies in your hand or have bought currencies that you see as a long-term investment. As these wallets are physical and printed out, with the secret codes concealed until you open them, these can be kept safe somewhere in your home.
While there are so many different types of wallets available, there are not many that you can use to store Siacoin at the moment. In fact, the only safe option in our opinion is the client-based application that is provided by Sia themselves.
- Official Sia Wallet
At the moment, the official Sia Wallet is the only wallet we would recommend you use for storing your SC. There are some unofficial wallets that support it but we have not heard much about these as of yet and would not want to recommend something without first testing it out and getting feedback from other users.
Their official wallet is called Sia UI and it can be downloaded directly from the Sia website. It can take a few hours to set up as it has to download the entire blockchain but one it is up and running it will become the best place for you to store your SC currency.
Pros & Cons
Now that you know a little more about the core aim of what Sia is trying to achieve, you are probably thinking about whether you want to invest in that vision. Take a look at the pros and cons below:
- Impressive development team
- Good idea that could take off
- Transparent roadmap
- Not really for playing the markets
- Has Storj and Maid as Competitors