What is Siacoin
Sia is a platform that allows you to store your files in the decentralized storage. It bases on the unused hard drive capacity to create blockchain-based network. Users are able to store their data in a decentralized way that is more secure and cheap than in traditional cloud services.
Siacoin is a currency of this project. All the services on this network should be paid for in Siacoins. Moreover, this currency is available on marketplaces and exchange platforms, so it can be bought and sold for profits.
Siacoins can now be stored only using the official application Sia UI.
For Bitcoin, we recommend to use the wallet named Jaxx.
Set up Jaxx wallet on your PC
1. First, you need to install the Jaxx application on your PC. You can do it by the link below:
2. If you have multiple alternative currencies select the custom wallet:
3. Select the virtual currencies you possess:
4. Select the fiat currencies you possess:
5. On the next step, Jaxx will ask you if you want to backup your wallet. Agree, as this is very important in terms of security of your digital funds.
6. Jaxx will generate a mix of 12 words that are not related with each other, which makes it really difficult to remember. Write down this word set somewhere in a paper notebook or any other item that can’t be hacked via internet.
7. Type this word mix on the next step:
8. Then Jaxx will ask you if you want to set up a security PIN. Agree and proceed to the next step. Set up your 4-digit PIN-code and verify it:
That’s it, now you have a Jaxx wallet on your PC.
5 easy steps to buy Siacoin
Siacoin exchange to BTC
1. Select Siacoin from the drop-down menu on the left and ETH on the right. Put in the amount of Siacoin you’d like to exchange for BTC. Click “Choose best rate” button.
2. You will see different exchange rates. Select the best rate to proceed.
3. Put in your Siacoin and ETH addresses. Optionally, you can also put in your email address so as to receive information about the transaction. Click the “Next step” button.
4. BestRate.org will provide you with the new address, copy it. Click the “Next step” button.
5. The transaction will be created and processed. Its status will be displayed on your screen.
Advantages of using Sia
In the Sia network, your files are distributed across a decentralized network. This means that no third-party company can access your files, unlike traditional cloud storage providers.
Better cloud uptime
As your files are distributed around the globe on the network of nodes, there will be no server maintenance procedures and your files will be available all the time.
All the software code is open and allows the community and developers to build their own applications with the API.
Using Siacoin you can buy needed amount of storage for your business. You can also sell unused storage of your device and become a node to earn some Siacoins for yourself.
Every cryptocurrency in the world can be named a cryptoasset. Siacoin is not an excuse. It can be bought, sold and exchanged using blockchain based networks and cryptography.
There are plenty of special platforms allowing you to exchange cryptocurrencies. All of them are called Exchanges.
In terms of Siacoin network, every node is a small piece of decentralized cloud. It does not only confirm the transaction, but also allows the network to use its hard drive as a part of the cloud.
Market capitalisation is the US dollar equivalent of the network value.
Siacoin investment strategy
There are lots of strategies to invest in cryptoassets. Everyone can select exactly what he or she is up to. Long-term savings can be a good strategy leading to prosperous future. Otherwise, the more risky will be to buy and sell crypto tokens in order to have short term profits.
The easiest strategy is to buy and keep your cryptoassets for a while. You can buy Siacoin and watch it grow, as the community progresses. When it grows and you would like to fix the profits, you can easily switch Siacoins to fiat money or other coins you like via BestRate.org.
How to transfer Siacoin securely
As any crypto payment is a peer-to-peer money transferring, one should be extremely careful. In every cryptocurrency transaction you are the Bank for yourself. There are some tips that will help you to transfer Siacoin safely.
Never type a wallet address manually
Always use only copy-paste operation to enter a wallet address. Any mistake can cause an error and let your money get lost in the network.
Look up the transaction fee
Any good wallet or an exchange platform will show you the transaction fee for your money transfer. Look for it anytime you send Siacoin to anyone.
Double check the address
Make sure that the address of the recipient is correct and check it several times before sending off the sum, especially if you transfer big amounts of Siacoin at a time.
Test before sending
Anytime you send a huge amount of Siacoin check the whole procedure on a small amount. When you will be sure that your partner received the money, do the same thing with the rest of the asset.