Buy Siacoin Crypto currency by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about what is Siacoin Cryptocurrency.
What Is Siacoin Cryptocurrency?
SiaCoin is based on the Sia decentralized cloud storage platform. What distinguishes this token form other coins, is the fact that it more storage oriented. On Sia you can rent storage, get paid to host files, mine Siacon, or contribute to the project in other ways.
Sia was created by David Vorick and Luke Champine of Nebulous Inc, a VC-funded startup in Boston. By the time of writing this, this token is rated 22th by market cap and has been rising in popularity of late. So, let us take a quick look at how to buy Siacoin.
How to buy Siacoin (SC) Crypto Coin?
Unlike the most popular digital assets Bitcoin, Ether, and Ripple, you cannot buy Siacoin with fiat currencies (such as USD, EUR, JPY) on any cryptocurrency exchange. However, you can get some Bitcoin (BTC) or Ethereum (ETH) and exchange it to Siacoin.
There are a number of ways by which you can buy Bitcoins: with credit cards, PayPal, bank transfers, exchange with other coins, or even mine them. We suppose the easiest way for newcomers in the crypto world to buy Bitcoin is via credit card in their local currency. That is why we recommend Coinbase – a major cryptocurrency exchange that supports this payment method. More importantly, it holds NY BitLicense (while most exchanges are not regulated) and accepts US clients.
1. First, you need to sign up with Coinbase. Then, verify your account, deposit some money via card, bank wire or PayPal and get your Bitcoin.
2. Second, you need register with a second exchange that allows you to exchange your BTC for Siacoin. The reason to do this is that Coinbase supports solely BTC, ETH and LTC, while the exchanges that offer trading in SC do not offer convenient payment methods (cards, bank wire).
3. Then, transfer your BTC from Coinbase to the other exchange of your choice. The most popular ones are Bittrex and Poloniex.
4. Search for BTC/SC pair on this platform and proceed with the trades.
5. Store the Siacoins in a secure wallet.
It’s always better to keep your coins in a cold wallet, instead on an exchange. In the case of Siacoin, We suggest that you use the official downloadable Sia-UI wallet, available on Siacoin’s website. It is a full node wallet, which means it stores a full copy of the Sia blockchain.
6. If you wish to sell your SC coins and withdraw them in fiat currency, you have to undergo the process described above vice versa.
Yet another option to trade in digital assets is to do that with a forex broker that offers cryptocurrency CFDs, like eToro. If you choose this option, you don’t have to deal with wallets, private keys, nor to register on numerous exchanges. Besides, many of these brokers are properly licensed in the countries where they operate, unlike the majority of crypto exchanges. Unfortunately, there aren’t any brokerages that support Siacoin yet.
To buy the coin you can sign up with a cryptocurrency broker, you can use Plus500, XM, eToro, Fxpro or AvaTrade crypto currency brokers.
How to Buy Siacoin Cryptocurrency Conclusion
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