Siacoin Wallet and Best exchanges to buy Siacoin

(Last Updated On: January 25, 2018)

If you have just bought Siacoin from an exchange and looking to transfer your Siacoin to a Siacoin wallet.This post will explain in detail how to use Siacoin wallet. If you are looking to invest in Siacoins and looking for an exchange where you can buy Siacoin we have a summary of best exchanges to buy Siacoins.

For Beginners Before we jump to guide for Siacoin Wallet.  Let’s understand Siacoin in detail. If you already know about Siacoin you can skip the first few section and directly move to the section on using Siacoin wallet.

Contents

How this post is structured

1. What is Siacoin
2. Why Invest in Siacoin
3. Siacoin Wallet and how to configure it
4. Best exchange to buy Siacoin Wallets
5. Key Information on Siacoin team and Protocol
6. Frequently asked questions on Siacoin.

With much ado let’s get to know Siacoin better.

What is a Sia Coin?

Sia Coin, a type of crypto-currency backed by the Sia (A cloud storage company), was launched on 7^th June 2015. Witnessing a huge leap in its price index recently is what has made it hop the queue of crypto-currencies and reaching the slot of top 20 crypto-currencies in the world.

Sia coins generally are utilized and accepted in the Sia network; say to purchase the hosting services of Sia, which is an adept peer to the cloud services giants like Google Drive, One Drive, and Dropbox. There is no limit defined to the ultimate value of coins to be generated in the market as opposed to the fixed value of 21 million in case of Bitcoin.

Why invest in Sia Coin?p>Installing Sia Wallet will not only allow your Sia Coins to sit in it but would also offer you a lucrative deal to earn the coins by giving away the idle space in your hard drive to the Sia folks. Amazingly, here you are being offered ‘A Free Lunch’. Let’s get the details!

One of the easiest ways to earn Sia coins is to rent out your hosting space to Sia, which in turn would lend the compensation in form of their home currency i.e Sia Coins. The coins than could possibly be exchanged for the other folks (Bitcoin, Ethereum etc), and further into the green stuff (USD, EURO, INR etc) or be utilized in its own network.

Note: You need to have a minimum balance of 50,000 Sia Coins to provide the hosting space.

Siacoin Wallet and How to transfer your Siacoins to Walletp>Now that you have got hold of your Siacoin. Next step is to transfer coins to your wallet. Currently, Siacoin supports wallets for Linux, Mac and Windows platform.

You can download the wallet that suits you here 

Once you install your wallet.Follow the following steps to get Siacoins in your wallet

1. Download the latest version of the Siacoin wallet. Here is the link. This app is just not a wallet but you can do bunch of other stuff but for this article, we will just focus on the wallet functionality

 

1. Extract the wallet file and then run the Siacoin UI and let it synchronize. You would need to click SiaUI.exe file. Protip: Sometimes it can talk hours to synchronize the wallet App with core blockchain
2. Go to the wallet tab on your Siacoin App and click ther

 

3. Please copy the seed and password. You would need password and seed

Secure the key at a safe place and confirm it.

 

Bes

Best Exchanges to Invest in Siacoins

you are looking to invest in Siacoin. There is essentially 3 steps process before you can get your hands on Siacoin.

1. Step 1: Convert your Dollars/Euro or any other Fiat currency into one of the top Cryptocurrency. So with your dollars buy Bitcoin(BTC)/ Ethereum( Eth)/Lite Coins. Here is the list of top Crypto exchanges you can check out and based on your geography you can buy bitcoins or ethereum or Litecoins from one of these exchanges.
2. Step 2: Convert your Bitcoin/Ether/Litecoins into Siacoin from one of the top exchanges like Poloniex, Shapeshift, Bittrex.
3. Step3: Now that you have the Siacoin in your exchange accounts next step is to move them back to Siacoin wallet. The process is explained in detail.

List

List of Exchanges to Shift your crypto assets to Siacoin

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• Poloneix : Poloneix is a U.S based exchanged which initiated in January 2014. The exchange extends the swift services in trading the diverse range of crypto-currencies like Bitcoin, Ethereum, Litecoin, Sia coin, Ripple and the list goes on. The important noting in this exchange is that it does not offers the trading in fiat currency, rather follow the regime of trading the other coins against the bitcoins.
  
• Bitterex : Bittrex Exchange is among the preferred exchange to buy/sell the Sia coins. It is located in U.S and provides a secure platform to deal in the cluster of crypto-currencies like Bitcoin, Ehereum, Dao, Krypton, STEEM, Ripple and lot more, making it around 190 currencies in number.
  
• Shapeshift: Using the mobile and web platforms, Shapeshift offers the trading of numerous blockchain tokens including the top players like Bitcoin, Ehereum, Sia coins, Monero, Zcash, Dash, Dogecoin and what not! It is claimed one of the safest and fastest option to switch from one crypto-currency to another.

 

Frequ

Frequently Asked question on Siacoin Wallet

>How much time does it take to synchronize Sia Wallet App?

It can take few minutes to few hours sometime to get your wallet synchronized with the blockchain

  2. Do I need to us only Siacoin official wallet for storing Siacoins?

Yes, you would need to use Siacoin official wallets for this as Siacoin App apart from wallet also provides key other functionalities.

     3.  Can I directly buy Siacoins with Fiat money or through my credit card 

No, currently you need to buy some base cryptocurrency like bitcoin/ethereum/litecoin and convert it into    Siacoin and convert into Siacoin through one of the exchanges explained above.

4. My Siacoin App is crashing regularly what to do?

You can post your specific issue at Siacoin forums or just retry some of the earlier versions were prone to crashing.

 

Note: You need to have a minimum balance of 50,000 Sia Coins to provide the hosting space.

5. What are the major Siacoin Competitors

Major competitors for Siacoin include Amazon(AWS), Microsoft Cloud and Google Cloud

Key Inf

Key Information Summary on Siacoin

ounders:  David Volrick and  Luke Champine

Total Coin Supply: Infinite

Block Chain Protocol: Proof of work

Usage: Cloud storage Digital money

Algorithm :Blake:256

Mining: GPU