How to buy Siacoin – The Complete Buyers Guide
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 On Binance
- Buying Siacoin with a Credit Card or Debit Card
- Buying Siacoin with Bank Transfer or Wire Transfer
- 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:
Buying Siacoin On Binance And Changelly
Even though Binance does not support purchasing Siacoin with Fiat currencies, the exchange is known to have amazing features. The features include being the biggest liquidity, affordable fee, and provides amazing security.
The simplest way that you can actually fund your account with Binance is to deposit by making use of prominent cryptos like Ether. However, if you own Ethereum already, you can safely move on to the next step.
Nevertheless, if you do not hold any virtual currency, for now, the simplest and fastest way to get is to purchase from CoinBase. To transfer ETH from CoinBase to Binance, there are steps you will need to follow.
Immediately you have the CoinBase account ready, and you have bought ETH, you can transfer it to Binance by:
- Click on accounts. It is situated at the top of your screen
- Easily scroll downwards and select Ethereum. You can click on send.
- At this point, you can input the Binance deposit address
- Now, you are to open another internet tab and create an account with Binance as well
- After this account creation, you will need to log in. Hover your mouse over funds on your screen and select deposits
- At the drop-down box, search for ETH and click on Ethereum
- Now, you will find your Binance deposit address that is for ETH. Hit on copy address and get back to the CoinBase tab
What you will have to do now is to pay the deposit address of Binance into CoinBase and hit on send. Your Binance account will get funded within a matter of minutes
To buy the Siacoin since your Binance account has been funded with ETH:
- Just at the top of the screen, click on exchange and hit on basic.
- At the right-hand side of your screen, click on ETH and search for SC
- Click on the SC/ETH pairing
- Now, you are on the core trading screen for Siacoin and Ethereum
- You will have to scroll down to just below the pricing charts and search for the buy SC trading box.
- Since the simplest way to trade is by using the market option, you should ensure you select it.
- Next is to input the overall amount of Siacoin that you are interested in. You can choose to either input it in the amount box or select the overall percentage of your ETH balance.
- To finally round up this trade, simply click on buy SC.
Furthermore, to buy Siacoin with Changelly, You will need to, first of all, create an account with the Changelly exchange.
They have a simple signup process and even enable the use of Facebook or Google logins to make signup easier.
When you create the account, you will have to go to their main page and make use of the conversion box to begin an exchange.
As expected, you will have to purchase Bitcoin in a bid to exchange it for Siacoin on exchanges that offer Siacoin.
How To Buy With Siacoin Credit And Debit Card
The ideal way to purchase Siacoin with either a debit or credit card is to purchase bitcoin with any of the cards on CoinBase. Then, trade the Bitcoin for Siacoin on an exchange that offers SC.
Buy Siacoin With Bank Transfer Or Wire Transfer
The ideal way to purchase Siacoin with either a bank transfer or a wireless transfer is to purchase bitcoin on CoinBase and transfer it to an exchange that sells Siacoin in a bid for you to purchase it.
The steps include:
- Buy Bitcoin on CoinBase 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.
Buying Siacoin With PayPal
As a result of the chargeback feature of PayPal, purchasing Siacoin with PayPal demands one additional step.
You will have to convert your PayPal balance into Bitcoin with the aid of Virwox. It is from here that you will exchange your bitcoin with exchanges that have Siacoin.
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.
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.
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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