Siacoin SC is not the newest coin on the block, but it’s also one of the projects with the greatest claim to real-world utility. You know how loads of crypto projects have multi-billion-dollar valuations, without a single working product (EOS, ADA – I’m looking at you!)? Siacoin has had a working platform for quite awhile, with adoption widespread and growing.
Siacoin is a platform for cloud storage. Much like Google Cloud or any of the others, Siacoin distributes your data across countless mini-servers the world over, with no server holding anything like a complete piece of data. This decentralized mode of storage is far more secure than old models, and blockchain makes it a heck of a lot cheaper.
You may be ready to buy at this Siacoin price through one of these brokers, but if you aren’t yet convinced, read on through the full Siacoin review below.
How to Buy Bitcoins So You Can Buy Siacoin
In almost every case, you can’t simply buy Siacoin with a fiat currency like USD. You’ll first have to trade USD for Bitcoins (or Ethereum, just not for this example), which you can do a number of places including Coinbase, CEX.io, Changelly, and other good sources. Create the account at the source of your choosing, link your bank account or pay with card, and wait for your Bitcoins to appear.
How to Fund Your Bittrex Account With Bitcoins
Starting a Bittrex account uses a process much like any other internet platform you’ve used in the past. Create a login, unique password, and give Bittrex the information it asks for to confirm your account. Check your email for verification messages, and click the links where needed. Below, we’ll take you through these steps one by one.
Here, choose a unique username and password. Make sure the password is something you can remember, but don’t keep it stored on your computer where it could possibly be hacked or spied upon. Next, check your email that will connect you to your new Bittrex account.
Once you’ve responded, your email will be verified with another email and you’ll be able to log in to your new Bittrex account.
Once inside your new Bittrex account, you’ll have to activate 2 Factor Authentication in order to trade Siacoin. 2FA uses a phone app called Google Authenticator. Every time you log in to Bittrex, Bittrex will ask for your password, just like with any other account you have online. But with 2FA, it’ll also ask for a 6 digit code which only appears on your phone. The code changes every 30 seconds, and no one but the person who has your phone (you, hopefully) will have access to this code. Used in tandem with your password, this extra layer of security should keep anyone from getting into your account.
Once you’ve completed this step, head to the “Wallets” section and look for your “Bitcoin” wallet right at the top of the stack. Click “Deposit”. Copy this address and head back to where you currently hold your Bitcoin, probably Coinbase. Click “Send” or “Withdraw” in your Coinbase Bitcoin account, and paste your Bittrex Bitcoin wallet address into the line where requested. Send all or a portion of your Bitcoin, after making sure the address is correct. Once sent, your Bitcoin should arrive in Bittrex in about half an hour.[/su_note]
What Does Siacoin SC Bring to the Table?
We all know there are loads of cloud storage companies. DropBox, Apple, Amazon – everybody has a version of this. The thing is, “cloud” doesn’t mean the same thing in every case. For example, in the case of DropBox, your data may be stored on a large number of servers, but these servers are still owned and operated by DropBox, which means they (essentially) own your data.
Siacoin changes this, as blockchain is wont to do, be decentralizing data storage across thousands of worldwide devices, none of which are owned by the parent company. “But wait,” you might say, “I don’t want some rando with an iPhone 5 storing my baby pictures.” That’s a good point, but it doesn’t take into account how Siacoin actually works. Your data is way more secure.
Before Siacoin distributes your data, it encrypts it using immutable blockchain security techniques. Then it snips your data up into a million little pieces, duplicates these pieces, and distributes these to members of the Siacoin network the world over. No one will have a whole piece of data, and even if they did, they wouldn’t be able to extract is because you are the only person with the keys. [/su_note]
What Does Siacoin SC Have to Do With This Process?
That all sounds great, but why do we need Siacoin to take part in this process. Well, this is where Siacoin’s interesting economic incentive model comes into play. It works like this:
- When you want to store data, you deposit Siacoin SC into a smart contract. So do the various min-server holders who will be preserving your data as long as you keep it deposited.
- You store your data happily, without a care in the world. Then you decide it’s time to access or move your data.
- If the piece of your data stored by a single server is still “up” when you go to use it, the Siacoin SC deposited by you and the server owner goes to the server owner. Thus, the server owner is motivated to always keep their servers “up”, and you get consistent performance.
- The redundancy of the system (the fact that many servers will hold copies of pieces of your data) ensures that even if a server drops out, you’ll still have the whole of your data. But you likely won’t even need to depend on this redundancy, because each server runner will lose money (your payment and their deposit) if they fail to keep their servers running.
Siacoin is the only way to pay for the system, and is thus essential to the whole process.
Final Thoughts on Siacoin
App coins like Siacoin are sometimes thought to be a little risky. After all, the project just does one thing, and it will either succeed or it won’t. However, in the case of Siacoin, we think that the chances for long term success are high, from a user perspective and an investor perspective. Here’s why.
- The cloud computing space is young, and needs a cost disruption. Business-focused cloud computing is pricey, but necessary. As Siacoin proves that it works in the long run (it’s already working now), more businesses will choose it because the technology is better than centralized versions of this service, and because the cost is so much lower.
- Siacoin has users. Many crypto projects that are hyped today don’t even have a working product. Siacoin works just like it says on the tin, meaning that it’s going to survive market turmoil that will leave some coins du jour in the dust bin.
- Siacoin is priced to move. At just over 2 cents a pop, and a fairly low circulating coin supply considering, Siacoin is a bargain and a half. We expect investors to catch on to this and for the next bull market to be quite kind to Siacoin.
- Siacoin is on the right side of history. The future looks bright for decentralization, simply because blockchain seems to indicate that decentralization is cheaper, more efficient, and more useful than the models we currently have. Siacoin is on the front line to take advantage of this industry momentum in the specific industry niche of cloud storage.
There you have it: why we think Siacoin might be a good investment, and how to buy it. If you choose to buy Siacoin, we hope that your investment journey is profitable and happy. Siacoin could really be a big grower in 2018, and now having written this guide, you can bet we’ll be paying close attention as it develops.