Table of Contents
1. Choose a crypto exchange
First things first, you need an exchange that both has Siacoin, and is trustworthy!
You can find our top 3 exchanges for buying Siacoin here, alternatively you can also check our comparison of the best cryptocurrency exchanges in Australia if you’re generally interested in seeing which exchanges work for Australians.
2. Sign up with the crypto exchange
Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.
3. Fund your account
The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.
4. Buy Siacoin
And of course, the final step is to find Siacoin on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.
Where to Buy Siacoin (SC)
|Exchange||Rating||Available Cryptocurrencies||Fees||Visit Site|
How to Sell Siacoin
- Sign into the exchange
- Find where you stored your Siacoin, either on a hardware wallet or on the exchange.
- Transfer your Siacoin to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
- Sell Siacoin.
Considerations when looking to buy Siacoin.
Siacoin (SC), the native utility token for Sia, is a blockchain-based, distributed, and decentralized cloud storage platform. Sia is a trusted marketplace for cloud storage where users can rent storage space. Smart contracts are used to enforce agreements and transactions. Siacoin, the medium of exchange for payment for storage on the network, is used to facilitate transactions and negotiations. The project's main objective is to be the "backbone storage layer" of the internet.
Sia was first announced in May 2014. It was then revised and re-announced in May 2015. It was officially launched in June 2015.
According to Sia's whitepaper, its long-term goal is to compete against existing storage solutions. It considers itself to be in direct competition with cloud storage providers like Amazon, Google, and Microsoft. Sia can offer storage rates competitive because of its decentralized nature.
Files on the Sia network can be divided into 30 encrypted segments. Each segment is uploaded to a different host for redundancy. Smart contracts are used to enforce agreements between hosts and uploaders. Siacoin is the payment method on the network. Renters pay hosts using SC and hosts lock SC in smart contracts to secure it.
Skynet, the company behind Siacoin and Siastream, has announced a number of products that are built on top Sia's network. These include SiaStream, a cloud-based media streaming app, and the Skynet network, its flagship content delivery network and file sharing network.
The company has received grants and funding from Paradigm, Bain Capital Ventures and INBlockchain in several rounds. Each storage-related transaction on Sianet is subject to a 3.9% charge. This fee is paid to Siafund holders -- Skynet owns approximately 85%.