As cryptocurrencies are gaining immense attention these days, today, we shall discuss Sia and its token Siacoin. This article shall delve into various aspects of Siacoin and provide a detailed guideline of how to buy Siacoin in India.
Table of contents
- Siacoin is the cryptocurrency of the Sia blockchain, and we use it to pay for the renting space on Sia’s network hard drive.
- Sia is a decentralized cloud storage platform with enhanced security and privacy settings.
- You can easily buy Siacoin over crypto exchanges such as Binance, WazirX, CoinDCX, Poloniex, etc.
- Furthermore, you can also swap BTC or ETH for Siacoin on SimpleSwap.
- You must always keep in mind the risks on investing in crypto assets and always DYOR (do your own research).
What is Sia?
Sia is a leading decentralized cloud storage platform. Furthermore, it creates a data storage marketplace by using blockchain technology. As a result, it is more affordable and robust than other platforms providing similar services.
Furthermore, Sia ensures complete privacy to its users as the files are first encrypted and then distributed. Siacoin is the cryptocurrency of the Sia server/ network. Moreover, Sia has open-source software, and developers continue to work on innovative ideas and applications on Sia API.
What is Siacoin (SC)?
Siacoin is the cryptocurrency of the Sia blockchain network, and it has gained massive popularity recently. Moreover, clients use Siacoin to pay the rent on the Sia network’s hard drive space and their ability to store things. One can pay Siacoin using any currency or exchanging it with crypto assets such as Bitcoin or Ethereum.
It is used to upload files to the decentralized cloud and lend extra storage space to the network; thus, you need Siacoin to use Sia for every such activity.
Where to buy Siacoin?
Siacoin can be easily bought, traded, and purchased on the following cryptocurrency exchange platforms; hence the best places to buy Siacoin are:
You can read the article on Best apps to buy cryptocurrencies in India to find more platforms that support Siacoin.
On some exchanges, you can enjoy direct fiat currency to Siacoin purchases. In contrast, other exchanges require you first to purchase a cryptocurrency such as Bitcoin or Ethereumand then exchange it for Siacoin.
How to buy Siacoin (SC) in India?
You can buy Siacoin (SC) in India using various crypto exchanges such as Binance, CoinDCX, etc. You can also exchange the BTC or ETH you HODL with Siacoin on a Swap platform such as SwapZone. Below we’ll be going through the detailed steps to buy Siacoin in India.
How to buy Siacoin on WazirX?
WazirX is India’s most reliable cryptocurrency exchange platform. To learn more, read the WazirX review.
Follow these simple steps to buy Siacoin on WazirX-
- Create an account on the WazirX platform.
- Complete the identification and verification process.
- Deposit funds into your WazirX account.
- In the ‘Exchange’ option you will find the latest SC price in India.
- Select ‘Buy’ option and put in your desired price in INR. Select the amount of SC you want to buy.
- Now click on Place Buy Order and your transaction shall be successful.
Once, you receive SC tokens in your WazirX wallet, you can hold the tokens and trade them at a later point in time. However, as Siacoin has been listed using the Rapid Listing Initiative, you cannot withdraw the tokens.
Buy Siacoin (SC) on CoinDCX
CoinDCX is one of the biggest cryptocurrency exchanges in India. It supports various trading options such as margin trading, futures trading, lending, etc. To learn more, read the CoinDCX review.
Follow the steps given below to buy Siacoin on CoinDCX:
- Register yourself on the CoinDCX exchange platform.
- Head over to the wallets section and deposit funds.
- You can use Mobikwik to deposit funds; however, without KYC verification you have a monthly limits on deposits.
- Thereafter, head over to the markets tab and search for USDT/ INR.
- Buy the amount of USDT you wish to invest.
- Now, search for SC/ USDT.
- Enter the amount of Siacoin you want to purchase.
- Click on the ‘Buy SC’ option and confirm the transaction.
How to buy Siacoin on Simpleswap?
SimpleSwap is a decentralized exchange platform (DEX) that facilitates acquiring Siacoin in India. Follow the steps given below to acquire Siacoin on Simpleswap-
- In the first drop box select the cryptocurrency you want to exchange (for example- BTC). Enter the amount you want to swap.
- In the second drop down list select Siacoin (SC). An estimated amount that you will receive would be shown to you.
- Enter the address of the recipient.
- Click the ‘Exchange’ option after checking and confirming everything.
- Transfer the required amount of cryptocurrency, here BTC, to the bitcoin deposit address to start exchange.
Buy Siacoin: Pros and Cons
- Firstly, Siacoin has lower storage fees as compared to other cloud-based services.
- Secondly, all the data is encrypted and secured. It is only accessible to the authorized user.
- Siacoin is still in its development stage.
- There can be possible hardware issues with advancements in technology.
Buy Siacoin (SC): Conclusion
Siacoin is an upcoming cryptocurrency with great potential. The Sia network is a decentralized cloud storage platform that aims to tackle the issues posed by other cloud storage platforms by using blockchain technology. It is easy to buy and trade Siacoin cryptocurrency.
However, to answer the question, should I buy Siacoin, proper research is required. An informed decision should be made after taking all the needed precautions as Siacoin price keeps changing, and one should be mindful of the market conditions.
Frequently Asked Questions
How is Siacoin Network Secured?
Siacoin network has been secured by using a proof of work consensus algorithm. Proof of work is considered the best method for securing a network. It prevents malicious intruders from attacking the system.
How many Siacoins are in circulation currently?
Siacoin has a limitless supply, and it does not have a maximum supply limit attached to it. It is a utility token, and thus, it shall be limitless to match the endless amount of data that can be created and stored.
Where can I buy Siacoin?
What is Siacoin’s Market Cap Dominance and Market Cap Rank?
Siacoin’s Market Cap Dominance is 0.05%, and its Market Cap Rank is #95.