How to buy Siacoin – The Complete Buyers Guide
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In this guide on how to buy Siacoin, we will walk you through the different steps you need to take for buying the cryptocurrency (SC). We will talk about the different options that are available so that you can easily make a decision which suits you the best.
We will also briefly explain what Siacoin is, how it works and why it might be worth investing in.
The steps for buying Siacoin are not that hard and with this guide, we will make it even easier for you to buy it. We will go through all the steps, the payment methods and where you can easily buy SC in no-time.
How to buy Siacoin options
- Buying Siacoin with a Credit Card or Debit Card
- Buying Siacoin with Bank Transfer or Wire Transfer
- Buying Siacoin on a crypto exchange
- Buying Siacoin with PayPal
- Buying Siacoin with Skrill and Neteller
Siacoin was built as far back as the year 2014, and it is the brainchild of Champine and David Vorick.
They created this amazing platform when they were both undergraduates at the Rensselaer Polytechnic Institute situated in New York City.
What Is Siacoin?
On a general note, Siacoin crypto is a decentralized network and a cooperative platform that can be utilized in storing data. This is done with the aid of smart contracts to designate those hosts that are distributed all over the globe.
For now, Siacoin has no maximum capitalization on its supply of its token, SC coins. Plus, there are even no intentions of ever putting one. The network makes use of a Proof of Burn mechanism.
This means that, at a specific time, or interval, coins are burnt out of circulation. We can say that Siacoin is quite straight forward-thinking as it is in its field. An example is how the network is capable of storing data in a decentralized manner via redundancy.
It makes use of the redundancy algorithm to easily piece our data together whenever you have an interest in accessing it. Furthermore, it has affordable storage. Siacoin is known to provide low storage fees than any other cloud-based service.
Furthermore, its data are encrypted. Every one of its files that are in its network is coded and protected.
Where To Buy Siacoin?
Users of virtual currencies that are interested in Siacoin do not need to bother themselves on how to buy Siacoin or even where to buy Siacoin. A digital coin like Siacoin can be gotten from:
You can buy Siacoin either at a cryptocurrency exchange directly, trading it with another coin like BTC or ETH.
How To Buy With Siacoin Credit And Debit Card
If you want to buy SC quickly and get your coins directly then we would recommend looking into buying it from a crypto broker site that has credit card or debit card as a payment option.
Unfortunately, if you want to buy Siacoin you are not blessed with options. But we know of two broker sites where you can buy it with your card:
It would work in a similar way using both of those sites. Head to their site, select SC and the fiat currency you want to pay with (USD, EUR, GBP, etc).
You need a Siacoin wallet and address before proceeding through and completing the purchase.
Buy Siacoin With Bank Transfer Or Wire Transfer
The ideal way to buy SC with a bank transfer/wire transfer (ACH, SEPA, etc) would be to use Kraken exchange. It is a reputable and trusted exchange that lets you deposit funds from your bank and then directly buy SC there.
There aren’t that many other exchanges that allow fiat deposits and have SC available. So you are in luck!
To buy SC at Kraken using a bank transfer follow these steps:
- First you register a new account at Kraken
- Then you proceed through the ID verification steps
- Make a deposit to Kraken – you will get details of where to send your funds to
- Wait for the funds to appear in your account
- Head over to Kraken Pro – and find SC.
- And finally, it is time to buy SC! You can buy Siacoin with USD or EUR fiat money at Kraken
That is it!
Now you just need to store your SC safely in a wallet where you own the private keys to!
You could also use Coinbase if you preferred. But then you need to first deposit funds to Coinbase in order to buy BTC or ETH. And then transfer those ETH/BTC to another cryptocurrency exchange that trades SC.
So that is one more step, but it’s not that complicated and it works if you’d prefer to use Coinbase.
If you preferred to use Coinbase first, then we have written down the steps for your here below to buy SC!
- Buy Bitcoin on CoinBase (use this link to get $10 worth of BTC for free when buying for a minimum of $100) by creating an account on the exchange, plus you will need to add the payment method of your choice.
- If you will be selecting the route with the most affordable fee, it is ideal for making use of a bank transfer.
- At the buy/sell tab that you will click, you will easily buy Bitcoin or Ethereum there.
- When you buy the Bitcoin, the next step is to move it to an exchange that actually has the Bitcoin and Siacoin pairs.
- When you hit on the send button, you will be asked to enter the wallet address of the recipient. Copy and paste this address on the recipient box provided on CoinBase.
- When you send the bitcoin to the exchange, you will need to go to the trading page and type in a ratio that is convenient for you.
Buy Siacoin on a cryptocurrency exchange
The most common option for crypto investors to buy altcoins like SC, is by using a cryptocurrency exchange. At these exchanges, you trade 1 crypto for another 1.
For example, you can trade Bitcoin for Siacoin – SC/BTC.
Or Ether – SC/ETH. And so on.
Some of the popular exchange that trades Siacoin and with the best trading volume are:
The process of using those to buy works in a similar way.
- You first register an account
- Then you deposit BTC or ETH from your other wallet
- After that you buy SC with either BTC or ETH trading pairs (SC/BTC or SC/ETH)
That is it! Then you can send your SC coins to your preferred wallet address.
Buying Siacoin With PayPal
You can’t buy SC directly with PayPal today.
If you want to buy with PayPal your best option would be to use either:
- LocalBitcoins to buy Bitcoin and then send your BTC to crypto exchange and then buy SC with your Bitcoins
- LocalCryptos to buy Bitcoin or Ether and then send your BTC to crypto exchange and then buy SC with your Bitcoins/Ethers
And Buying With Skrill And Neteller
Where to store your Siacoins
After buying some SC you should look into creating your own personal Siacoin wallet.
We have written a guide about some of the most popular Siacoin wallets – you can find it here. But the five best options to use as your main SC wallet are:
- Ledger Nano S (hardware wallet)
- Sia UI (Desktop wallet)
- Sia cold storage (Wallet generator)
- Sia Android Wallet (Mobile wallet)
- Sia Central Lite Wallet
- Learn more about keeping your cryptos safe and protected in our guide
- Invest in a safe Ledger Nano S to protect your SC’s here
You can create your own wallet by using the official Siacoin wallet here. It is available for Windows, Mac and Linux.
To Wrap It Up
There has been a growing interest in Siacoin in recent years. And we hope that by now that you feel comfortable knowing more about how Siacoin works. And also how to buy Siacoin using a range of payment methods and crypto platforms.
Siacoin aims to turn out being the Blockchain equal of either Dropbox or the popular Google drive. However, data will not be centralized to a specific company.
If you want to find more guides on buying cryptos like EOS, NEO, Stratis, Tron and more check out our links below. And for other useful articles check out our guides section.
Find other guides on buying cryptocurrencies
Per Englund – Founder of Go CryptoWise a cryptocurrency and tech fan that want to see better and smarter products and services that make our lives better and easier