The key difference between Siacoin and Bitcoin
If you want to make money on cryptocurrency investment and have decided to exchange Siacoin to BTC you should know the difference between these two coins first.
Bitcoin is the most famous cryptocurrency as it was the first one in the space. Launched in 2009, it has shown the world a totally new way of transferring value without having to rely on any third parties. All all the cryptocurrencies that have been launched ever since that date our bathing on the same principle.
Siacoin was launched in 2013 and the main idea behind this project is to create a decentralized storage where anyone could share the excessive space on the hard drive with the network and get a reward for this. You can convert BTC to SC and buy the storage provided not by the huge company such as Google or Amazon, but by usual people. Siacoin is more than just a payment tool, and this is what you should remember if you want to exchange SIA to Bitcoin.
What is Bitcoin mining algorithm?
If you’ve decided to exchange SC to BTC you should also be aware of the way these currencies are produced. The algorithm called Proof-of-Work (PoW) is the basis that stands behind Bitcoin. A machine resolves computational problems, consumes electricity for this purpose and as a result of its work the new blocks are found that are linked into one single chain. The machine that manages to find the block gets a reward for its work in Bitcoins.
Whenever users exchange value in this network of blocks the information about the transaction is written into all of these blocks which makes it impossible to change. This is what make transactions on bitcoin really secure.
As Bitcoin popularity drastically increased over the last couple of years, too many participants have joined the network and this is why finding a new block has become much more difficult. Too much electricity should be consumed now and Bitcoin mining is not as profitable as it used to be in his first years.
What is Siacoin mining algorithm?
Siacoin is also based on the Proof-of-Work algorithm with every new block created every 10 minutes. The company that stands behind this project plans to use a proof-of-burn algorithm so as to control the inflation and the number of coins that are currently circulating in the network. This will guarantee you that the price for a coin will keep on growing steadily and this may be the reason to buy Siacoin with Bitcoin.
The circulating supply of Siacoin equals to 41,817,047,634, while its maximum supply equals to emission infinite.
For Bitcoin, the circulating supply equals to 17,952,500, while its maximum supply equals to 21,000,000.
If you want to exchange Siacoin for Bitcoin, the market capitalization is a very important index that you should pay attention to.
For Siacoin, the current market capitalization equals to $83,021,910.00. Bitcoin’s capitalization equals to $179,265,502,792.00.
Volume of transactions
During the last 24 hours, Siacoin volume of transaction equals to $2,715,126.86. For Bitcoin, this index equals to $12,580,976,179.00.