The cryptocurrency market is growing at an exponential rate, and so are the number of cryptocurrencies available to purchase. Siacoin is one of the newer cryptocurrencies on the market, but it has a lot going for it.
The siacoin robinhood is an easy way to buy Siacoin (SC) in 2021. This step-by-step buying guide will help you get started with the process.
Using the cloud to back up your files and data may be a lifesaver. Having offsite copies of your data may be a godsend, whether you require on-the-go access to a specific file or need to recover data after your computer has gone toes up on you.
This is why services like Google Drive, Dropbox, and Box, among others, are so popular. Developers are trying to build blockchain services for online storage, much as blockchain technology is influencing the future in many parts of our everyday lives such as education, banking, securities, trade, law, and other fields.
This is where Sia, a blockchain-based cloud storage service backed by the Siacoin (SC) token, comes into play. If you’ve previously heard of Siacoin and want to learn how to purchase it, keep reading for a step-by-step guide.
QUICK GUIDE: Purchasing Siacoin
- Create a Binance account and log in.
- To obtain your Binance BTC address, go to Wallets – Spot Wallets.
- Send money to Binance.
- Go to the Binance Markets section of the website.
- The market page for the SC/BTC trading pair can be found here.
- Enter the amount of BTC you wish to spend and click “Buy SC.”
Top 5 Exchanges to Purchase Siacoin
There aren’t many exchanges where you can purchase Siacoin since it’s a small altcoin (it’s presently rated #66 out of all cryptocurrencies by market capitalization), but it is listed on some of the more popular ones. The top 5 Siacoin exchanges are listed below in alphabetical order:
All of the exchanges listed above are excellent options for purchasing Siacoin. Choosing between them may be influenced by the characteristics you want. If you want to purchase Siacoin with USD or convert Siacoin to USD, for example, you’ll only find USD trading pairs on Siacoin Bittrex and Siacoin Kraken.
There are, of course, other exchanges where you may purchase SC tokens. Check out coinmarketcap.com’s page for a full list of exchanges and trading pairings by clicking here.
How to Buy Siacoin: A Step-by-Step Guide
Assume you wish to purchase Siacoin on Binance. Despite the fact that Binance allows credit card deposits, USD is not included in the Siacoin Binance trading pairings.
You’d have to either use your USD to acquire one of the Siacoin-compatible tokens (BTC, ETH, USDT, and BNB) or utilize a cryptocurrency you currently possess to make your purchase.
We’ll presume you have Bitcoin in your own wallet and wish to purchase SC with part of it.
Step 1: Open a Binance account.
You may skip to the next step if you already have a Binance account. If not, keep reading.
Go to www.binance.com and click the yellow “Register” button in the top banner to get started.
Fill up your email address and a strong password, then click “Create account” and complete the verification and activation procedures. For additional protection, don’t forget to enable two-factor authentication (2FA).
Step 2: Make a deposit
After you’ve set up your Binance account, you’ll need to fill it with the money you’ll need to purchase Siacoin. You must move Bitcoin from your personal wallet to your Binance BTC wallet in order to do so.
To begin, log in to your Binance account and choose “Wallet” from the top ribbon, followed by “Spot Wallet.”
This page displays your overall financial situation. To put it another way, the total worth of the tokens in all of your wallets. From the left-hand menu, choose “Deposit.”
Choose the token you wish to deposit from the drop-down menu on this page. Bitcoin, in this instance. On the right, you’ll see your Binance BTC wallet address. You may either copy the address to the clipboard or display a QR code that can be scanned.
Now go to your Bitcoin wallet and send the appropriate amount to the wallet address you were given before. Your tokens will be available for purchase on Binance in a few minutes after all network confirmations have been completed.
Step 3: Investing in Siacoin
You’ll need to go to the cryptocurrency market now that your BTC is on Binance. In the top ribbon, choose “Markets.”
Since we’re buying using Bitcoin, go to the “BTC Markets” tab and enter SC in the right-hand search box.
In the pane, you’ll see the SC/BTC trading pair. To access the trade page, just click on it.
This is the market page for the trading pair Siacoin/Bitcoin. The first section will provide some price details. Scroll down to the bottom to see the section where you may make your purchase.
We need to look at the left-hand column since the right-hand column is for purchasing BTC using SC. Fill in the “Total” box with the amount of BTC you wish to spend. 0.0003 BTC in this case. We can see that we’ll earn 882 SC from this. After you’ve filled up all of the fields, click the “Buy SC” button to finish the transaction. Your Siacoin tokens will be in your wallet in a matter of minutes.
The Best Wallets for Siacoin
You’ll need a wallet to hold your Siacoin tokens if you’re planning to invest in it. It’s important to remember that leaving your cryptocurrency (Siacoin or any other) on an exchange wallet for an extended length of time is not a smart idea. The top five Siacoin wallets are as follows:
The Ledger Nano S is a hardware wallet that can store over 1300 different crypto tokens, including Siacoin. It’s a fantastic way to keep your bitcoins secure.
If you’re thinking about investing significantly in cryptocurrency, a hardware wallet is a must-have. The official wallet created by the Sia team is Sia UI.
Sia Cold Storage is a user interface that creates wallet addresses that allow you to store Siacoins in an offline wallet. To access your tokens, you’ll need a physical wallet (like Ledger or Sia UI).
Although not created by the Sia team, the Sia Android wallet is a viable alternative for storing and transacting in Siacoins.
[FAQs] for more information about Siacoin
What exactly is Siacoin?
Siacoin is the native cryptocurrency of the Sia blockchain, which is a decentralized, blockchain-based platform for online data storage.
What is the Sia platform and how does it work?
Users may purchase and sell data storage space on Sia. Traditional, centralized storage services such as Dropbox let you store data on their servers, and you can always buy more space if you need it.
However, Dropbox owns those servers, and if they ever go down, you may lose important data. But do you know who Bob is? That coworker who purchased a computer with a 1 TB hard drive and just uses it to send emails and watch cat videos? He has a lot of free space on his hard drive.
Sia agreed to allow him rent out the room to those in need. Bob will never know what is stored on his leased disk space, much less have access to those data, since files will be divided across many machines and encrypted cryptographically.
Your files are always secure since they are encrypted using cryptographic keys that only you have. Furthermore, since the network is decentralized, there is no one server that might cause you to lose your data in the event of a breakdown.
Purchasing disk space on Sia is far less expensive than on other platforms… It’s up to 90% less costly!
Is Siacoin Worth Investing In?
Isn’t this the most important question? Is it a good idea to invest in Siacoin? The solution isn’t always obvious, as it is with anything connected to cryptography. After all, back in 2009, who would have thought Bitcoin was a smart investment?
Any altcoin’s long-term viability is determined by how effective its blockchain-based platform is. Let’s take a look at what the blockchain itself has to offer: a safe, efficient, decentralized, low-cost alternative to conventional cloud storage systems.
Sia seems to provide a service that may be very beneficial to a large number of individuals. From this vantage point, Siacoin seems to be in excellent shape.
The majority of Siacoin price forecasts are accurate. 1 SC is now worth 0.003261 USD. By the end of 2020 or early 2021, its price is projected to rise to 0.006061 USD, representing an almost 86 percent increase in value.
The projected price by late 2021 is 0.007023 USD, which is 115 percent more than the present price. Following that, things are anticipated to improve even further. The five-year price forecast is 0.069064 USD, representing a staggering 2,000 percent rise in value over the current price. As a result, absolutely. Siacoin seems to be a solid long-term investment.
The Sia blockchain provides a unique service. Whether it’s for on-the-go file availability or recovering from a computer catastrophe, data cloud storage is a must-have tool.
Every year, millions of dollars are spent on cloud storage services across the globe, yet Sia provides a more secure solution at a fraction of the price.
Sia seems to have a bright future, which implies that Siacoin does as well. We’ve shown how to purchase Siacoin. You’ve learned how to purchase Siacoin and read the price forecasts.
All that’s left is for you to make your first SC purchase and maybe consider renting out some of your empty disk space. Some of my data may end up on your computer at some point in the future, but neither you nor I will ever know.
The siacoin price where to buy is a step-by-step buying guide for those who want to buy Siacoin in 2021.
Frequently Asked Questions
Where can I buy Siacoin SC?
You can buy Siacoin SC on the following exchanges:
How do you buy Siacoin?
You can buy Siacoin on several websites, including Binance.
Is Siacoin a good investment 2021?
Siacoin is a cryptocurrency that has been in use since early 2017. It was the first decentralized storage platform to be built on blockchain technology and it allows users to rent out their extra hard drive space to earn money.
- how to buy siacoin on kraken
- buy siacoin online
- how to buy siacoin in the us
- siacoin news
- siacoin price prediction