What is SiaCoin (SC) Coin?
Siacoin (SC) is the native utility token of Sia, a blockchain-based distributed, decentralized cloud storage platform. Sia Network is a decentralized cloud storage platform that allows users to rent out hard drive spaces from other users to store files. SiaCoin is the primary cryptocurrency of the Sia Network. SiaCoin is a cryptocurrency that fulfills smart contracts on the Sia Network and acts as an exchange medium between the renters and hosters. SiaCoin is also known as the “Airbnb for hard drives.”
Sia functions as a safe, trustless marketplace for cloud storage, allowing users to rent out spare storage space. Smart contracts are used to enforce agreements and transactions, and Siacoin is the currency used to pay for network storage. The project’s major goal is to become the “internet’s backbone storage layer.”
Key features of Siacoin (SC)
There are various features that SC coin offers. A few of them are:
1. More Features in Less Cost: SC serves as an affordable option that is fully decentralized when compared with the traditional cloud storage platforms. A 1TB storage on SC costs only a meager $2, whereas Amazon rents out the same storage at $23 per month.
2. Exclusive Security: Files on the Sia Network are divided, encrypted, and stored on numerous hosts; if some hosts become offline, they can still access their files. The hosts cannot manipulate or view the content stored on the disks that ensure absolute user
privacy and security.
3. Wallet: SiaCoin has a wallet that allows the users to hassle-free transfer and receive the funds within the platform.
Step by Step Guide for Beginners, How to Buy Siacoin(SC) in India?
BuyUcoin, India’s Oldest Cryptocurrency Exchange, is the simplest way to buy Siacoin in India using INR. To buy Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, BuyUcoin supports wire transfers, UPI as well as credit card payments. Below is a step by step guide to buying Siacoin via BuyUcoin:
Step 1 — Opening of a Digital Wallet
A digital wallet contains all your cryptocurrencies and uses blockchain technology to communicate with other users. In-depth research is necessary before you decide where to open your wallet. Today, BuyUcoin is a leading digital wallet provider.
Step 2 — Open an Account
Visit the official BuyUCoin website to register/signup and open a service account. Fill your country and adhere to the terms and conditions to create your crypto-trading account.
Step 3 — KYC Completion
For the Indian jurisdiction, KYC is compulsory. Your data is secured and encrypted and stored only in Indian data centers. To complete your KYC, you will be redirected to another URL. Image of your PAN card is mandatory. The mobile number connected to your Aadhaar is essential, the latest Selfie is also required at the time of Sign KYC.
Step 4 — Google 2 Step Verification
Install the Authenticator app to secure your account with 2-factor authentication. If enabled, any time you log in to your account, you will be asked to include a 6-digit one-time authenticator pin with your email and password.
Step 5 — Add Bank details
Enter your necessary information, such as your name credentials, the holder’s account name, and the IFSC code.
To trade or sell Siacoins, you need to open your account with any Crypto exchange. You can buy Siacoins on various crypto exchanges and can convert them into any other Cryptocurrency or fiat money. If you’re wondering where to buy Siacoin in India, the best cryptocurrency exchange in India for trading in Siacoin right now is BuyUcoin.
After buying, you can also transfer your Siacoin to your wallet and keep your private key safe. You can also download the Siacoin wallet application BuyUCoin from the play store to monitor the SC transactions.
Can I Use Regular Money to Buy SiaCoin?
Yes, regular money or any fiat currencies such as INR in India can be used to buy SiaCoin in India, where Siacoin can be stored in your wallet with a single tap to buy or sell your desirable cryptocurrencies without any hidden transaction fees using one of India’s leading cryptocurrency exchange BuyUcoin.
There is no limit to the supply of Siacoin. Because it is a utility token intended to fuel transactions via smart contracts, the project has said that there must be an infinite supply to match the effectively infinite quantity of data that can be created and stored.
Getting a Siacoin Wallet
BuyUcoin is a multi-currency crypto wallet where SC coins can be stored with high-end security features where cold storage wallets are used. You will receive a confirmation email after the Siacoins have been delivered to your wallet. When you refresh the BuyUcoin wallet, the SC coin will appear in your wallet. You can also use the Siacoin Wallet available on the play store to store your tokens.
SC-INR pair can be traded on various other exchanges. The working of the SC application is effortless. Users can also visit the Sia Website and create their wallets. SC allows users to send money to any other user with just their SC wallet username at a faster speed over the internet.
Siacoin can be exchanged for other currencies and bought on a variety of well-known platforms, as well as many additional exchanges such as BuyUCoin, Binance, and others. BuyUCoin provides SC-INR trading with a user-friendly interface while also providing advanced charting for advanced traders. BuyUCoin offers more than 110 cryptocurrencies, including SC.
Siacoin Price Prediction
There are a few obstacles and concerns associated with predicting any coin, such as technological or regulatory issues, or rivalry from other organizations attempting to supply the same issue. After all, no one can predict how a project will fare in the long run. Investment in Siacoin is fantastic according to Wallet Investors:
At 2021–08–04, the price of Siacoin in India was 0.0151 USD. If you buy Siacoin today for $100, you will receive a total of 6641.473 SC. According to our projections, a long-term increase is projected; the price forecast for 2026–08–01 is 0.0761 US Dollars. The revenue is estimated to be around +403.97 percent after a 5-year investment. In 2026, your current $100 investment might be worth up to $503.97.
Sia is the most widely used decentralized cloud storage platform. There are no signups, servers, or trusted third parties. Sia uses blockchain technology to provide a more robust and cost-effective data storage marketplace than traditional cloud storage providers.
Sia develops a decentralized storage marketplace using the Sia blockchain, in which storage providers compete for your business, resulting in the lowest possible costs. Renters pay with Siacoin, a cryptocurrency that may also be mined and exchanged. Siacoin can be a beneficial investment option if you are looking for virtual currencies with a high return. Based on SiaCoin’s performance, the price of Siacoin could rise by the very end of 2021 to $0.024, reaching $ 0.054 by 2022 and at an average price of $0.35 by 2025.