Backing up your files and data on the cloud can be a life-saver. Whether it's because you might need on-the-go access to a particular file or recovering data after your computer went toes up on you, having remote copies of your information can be a blessing.
This is why online storage services like Google Drive, Dropbox, and Box, among others, are thriving. And just like blockchain technology is shaping the future in many aspects of our daily lives like education, finance, securities, trading, law, and other areas, developers are also aiming to create blockchain services for online storage.
This is where Sia comes into the picture; a blockchain-based cloud storage service powered by the Siacoin (SC) token. If you've already heard about it and are wondering how to buy Siacoin, read along for a full step-by-step.
Where to Buy Siacoin – Top 5 Exchanges
Being a relatively minor altcoin (it's currently ranked #66 out of all cryptocurrencies according to market capitalization), there aren't a ton of exchanges where you can buy Siacoin, but it is listed on some of the top ones. Here's a quick overview of the top 5 Siacoin exchanges:
All of the exchanges above are great places to buy Siacoin. Choosing among them may depend on some specific features you want. For example, if you're going to buy Siacoin with USD or convert Siacoin to USD, you can see only the Siacoin Bittrex and Siacoin Kraken trading pairs include USD.
Of course, there are other exchanges where you can get SC tokens. For a complete list of exchanges and trading pairs, you can check out the entry from coinmarketcap.com by clicking here.
Step-by-Step Guide on How to Buy Siacoin
Let's suppose you want to buy Siacoin on Binance. Although Binance accepts credit card deposits, the Siacoin Binance trading pairs don't include USD.
You would either have to first use your USD to buy one of the tokens that pair with Siacoin (BTC, ETH, USDT, and BNB) or use some cryptocurrency you already own to make your purchase.
We'll assume you have some Bitcoin in a personal wallet and want to use some of those to buy SC.
Step 1: Create an account on Binance
If you already have a Binance account, go ahead and skip to the next step. If not, read on.
Head over to www.binance.com and click on the yellow “Register” button in the top banner.
Fill in your email address, type in a secure password, then click on “Create account” and follow all the steps to verify and activate your account. Don't forget to set up Two-factor authentication (2FA) for added security.
Step 2: Deposit funds
Now that you have your Binance account all setup, you need to deposit the funds you'll use to buy Siacoin. To do that, you have to transfer Bitcoin from your personal wallet to your Binance BTC wallet.
First, log in to your Binance account and, from the top ribbon, click on “Wallet” then on “Spot Wallet.”
This page shows you your general balance. In other words, the combined value of the tokens in all your wallets. Click on “Deposit” from the left-hand menu.
On this page, select the token you want to deposit from the drop-down menu. In this case, Bitcoin. Your Binance BTC wallet address will appear on the right. Here you can copy the address to the clipboard or show a QR code you can scan.
Now go to your wallet where you have stored your Bitcoin and transfer the desired amount to the wallet address you got above. In a few minutes, after all the network confirmations have been completed, your tokens will be in Binance ready for purchasing.
Step 3: Buying Siacoin
Now that your BTC is on Binance, you'll need to head over to the cryptocurrency market. Click on “Markets” in the top ribbon.
Since we are buying with Bitcoin, click on the “BTC Markets” tab and then type SC in the search box on the right.
The SC/BTC trade pair will show up in the window. Click on it to go to the trading page.
This is the market page for the Siacoin/Bitcoin trading pair. The first part will show some pricing information. The part you need to make the purchase is at the bottom, so scroll down.
The right-hand column is for buying BTC with SC, so we need to look at the left-hand column. In the “Total” box, fill in how much BTC you want to spend. In this example, 0.0003 BTC. We can see here that we'll get 882 SC. After everything is filled in, click on the “Buy SC” button to complete the process. In a few minutes, your Siacoin tokens will be in your wallet.
Best Wallets to Hold Siacoin
If you're going to be investing in Siacoin, you'll need a wallet to store your tokens. Remember that it's not a good idea to leave your cryptocurrency (Siacoin or any other) on an exchange wallet for long periods. Here are the top five Siacoin wallets:
|Sia UI||Rating: |
|Sia Cold Storage||Rating: |
|Ledger Nano S||Rating: |
|Sia Android Wallet||Rating: |
|Sia Central Wallet||Rating: |
Ledger Nano S is a hardware wallet that can hold not only Siacoin but over 1300 different crypto tokens. It's an excellent option for keeping your cryptocurrencies safe.
If you're considering investing heavily in crypto, definitely consider getting a hardware wallet. Sia UI is the official wallet developed by the Sia team.
Sia Cold Storage is an interface that generates wallet addresses that let you keep Siacoins offline. You'll need an actual wallet (like Ledger or Sia UI) to access your tokens.
Sia Android wallet isn't developed by the Sia team but is a good option for keeping and transacting in Siacoins.
More information about Siacoin [FAQs]
What is Siacoin?
In a nutshell, Siacoin is the native cryptocurrency powering the Sia blockchain, a decentralized, blockchain-based platform for online information storage.
How does the Sia platform work?
Sia lets users buy and sell data storage space. Traditional, centralized storage services like Dropbox allow you to store files on their servers, and you can always purchase additional space as needed.
But those servers belong to Dropbox, and if they ever go toes up, you could end up losing valuable data. But you know Bob? That guy from work that bought a computer with a 1 TB hard drive and just uses his PC for sending emails and watching cat videos? He has a ton of unused disk space.
Sia would let him rent out that space to users who need it. Files would be split among several computers and encoded cryptographically, so Bob can't ever know just what is being stored on his rented disk space, much less access to those files.
Files are protected by cryptographic keys that only you possess, so your files are always safe. And since the platform is decentralized, there is no one server that, in case of failure, would make you lose your data.
Buying disk space on Sia is a lot cheaper than doing so on the traditional platforms… up to 90% less expensive!
Is Siacoin a Good Investment?
This is the big question, isn't it? Should you invest money in Siacoin? As with all things related to crypto, the answer sometimes isn't easy. After all, who would have considered Bitcoin itself a good investment back in 2009?
The long-term success of any altcoin depends on how successful its blockchain-based platform is. Siacoin is no exception, so let's look at what the blockchain itself offers: a secure, efficient, decentralized, low-cost alternative to traditional cloud storage platforms.
It seems Sia offers a service that could be of great value to a lot of people. Things are looking good for Siacoin from this angle.
Siacoin price predictions tend to agree. 1 SC currently has a value of 0.003261 USD. This price is expected to increase to 0.006061 USD by the end of 2020 or early 2021, an almost 86% increase in value.
By late 2021 the predicted price is 0.007023 USD; 115% up from the current price. And after that, things are expected to get even better. The five-year price prediction is 0.069064 USD, an impressive 2,000% increase in value from the current price. So, yes. Siacoin looks like a good investment in the long term.
The Sia blockchain offers an exciting service. Data cloud storage is an essential tool, whether for on-the-go file availability or recovering from computer failure.
People all over the world spend millions of dollars on cloud storage services each year, and Sia offers a more secure service at only a fraction of the cost.
Sia seems to have a bright future, and that means Siacoin does too. We have shown you how to buy Siacoin. You now know how to buy Siacoin and have read the price predictions.
All that remains is for you to go ahead and make your first SC purchase and maybe consider renting out that unused disk space you have. Perhaps someday soon, some of my files will be stored on your PC, although neither you nor I will ever know.