Beginner’s Guide to Siacoin: What is Siacoin (SC) Cryptocurrency?

Cryptocurrency has established itself in the global market uniquely and concretely. Investors are seen attracted to it due to more returns and more chances of success. In a normal traditional market, several disadvantages are holding it back unintentionally. One of the drawbacks is limited time for trading and less popularity among the masses. Less popularity often leads to less number of investors and participants. Moreover, people are least attracted to it because it needs professional-level tactics to survive in the market. Also, you can trade up to some extent and up to a limited time frame during the day which is completely absent in the digital market. 

Leading to this, there are many advances made in this field. Technology is updating itself continuously with new inventions on a routine. As a result, many cryptocurrencies got devised over time. There are over more than a dozen cryptocurrencies that have formed their way in the digital market and as a result, people’s interest is increasing in this field. Siacoin is also one of the products of decentralized blockchain technology that has its place on digital platforms. In this article, we are going to study Siacoin so that every beginner that is finding himself interested in this field can explore this to the fullest. You are all aware that bitcoin crypto is one of the best digital cryptos in the world, and there are numerous ways to invest in it.

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Siacoin cryptocurrency

Many cloud storage platforms are the products of Google, Dropbox, and Amazon. These provide storage to the customer on the cloud but these are centralized forms of storage engines. Indifferent from these Sia is a cloud-based storage platform that is decentralized, open source, and based on the technology of blockchain. In short, Sia is a platform where data is stored in the cloud at the disposal of blockchain. As a result, centralized crypto platforms that can fail with failure in one point only are different from those where the network is shared by nodes in a P2P way thereby decreasing the chances of failures.

It is derived from Sia cryptocurrency itself and was founded by two great programmers named David Vorick and Luke Champine. It was released by the genesis block mined method and the supply of coins is believed to be infinite. The protocol used is Proof of Work and is trackable. It is secure because of its decentralized nature and support of blockchain. The symbol of currency is SC and the method of mining is GPU. The per unit price of SC is around $0.0170 and at present approximately 27 billion siacoins are in supply. The total market cap is limited to $467 billion. The total block time taken is around 10 minutes. It was developed to develop Sia as a platform.

How to buy siacoin (sc)?

The foremost way to getting a bitcoin is to get any other cryptocurrency first. Be it bitcoin, ethereum or any other digital currency. In the next step, one can make use of digital exchange platforms that are many and quite famous over the internet. For example, Binance, Bittrex, Poloniex, and Bitsquare. After buying storing them in a secure wallet is the next step. Currently, Sia has support for desktop wallets only. Once these are transferred to the wallet it is at the disposal of the customer to save it in a safe place so that the key does not fall into the hands of scammers and fraudsters.

Future of Siacoin

As far as the long-term effect of Sia is concerned it is mostly interested in competing with leading cloud storage platforms as said earlier. As the decentralized blockchain facility helps to secure data with more security so people are keenly bending their interest to this side. The developers are constantly building new infrastructure and algorithms for the brighter future of Sia.