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How to Buy Siacoin (SC) in 3 Simple Steps

By Onose Enaholo - Updated 16 May 2024
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Siacoin (SC) is an interesting project that provides decentralised storage options. It claims to be better than traditional cloud storage options that are currently available.

Despite the known fact of price surges and dips associated with the crypto market, the likes of Siacoin are earning their pride of place.

As investors look for the best options for the highest returns, there are questions that will fit into the context. Who is behind the coin? Is Siacoin a trusted cryptocurrency? Can I buy Siacoin with bank transfers? We have provided all the answers related in this guide on how to buy Siacoin (SC).

Buy Siacoin in 3 Easy Steps

1

Create a free account

Fill all the requested information using your personal data accurately. Check your inbox for a confirmation email and log in with your selected email and password.

2

Fund your account

Choose your favourite payment method and follow the steps to make your first deposit. The minimum deposit amount might change depending on your location.

3

Buy Siacoin!

Search for Siacoin on the list of available cryptocurrencies. Use a "Buy Order", choose the amount of SC to buy, set up other trade details and confirm the order.

What is the Easiest Way and Best Way to Buy? Compare the Top Siacoin Brokers

The best place to buy Siacoin easily is from online brokers and cryptocurrency exchanges around the globe. Most brokers have excelled in financial markets for decades, while others are relatively new. Finding a broker to buy Siacoin from is not difficult as the Internet has made it easy to surf a number of options to use. You should carefully research a broker and consider security and costs before registering on a platform.

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5 Things to Consider if you Want to Buy Siacoin

There are important considerations to note as you look at buying Siacoin. The first area of interest should be how to pay and you might also want to know the cost of a transaction as you go ahead to buy SC, and this is explained further below alongside other leading factors.

1. Carefully choose your preferred secure payment method

You certainly do not want to expose your payment credentials on a site with hazy trust ratings. The more secure a platform is, the better it is for a discerning user. From the payment method acceptable to the delivery of the crypto on purchase, the higher the safety bar, the greater the comfort for users. Many brokers and platforms provide a range of secure payment options that you can use safely.

2. Will you need to set up your own wallet?

Not many people will be able to cope with the technical details involved in buying crypto. The fact with crypto transactions is that they majorly revolve around the use of cryptocurrency wallets, and you do not have to set up one to buy, sell or trade. On exchange platforms and leading brokers, a default wallet is provided for every cryptocurrency traded. You will have a Siacoin web wallet on the platform as you open a new account. After your payments are made, your SC will reflect in your wallet balance.

It is even easier with Siacoin CFDs, where the user has no requirement for a wallet, and a CFD contract is what the broker enforces when you trade.

3. Comparing costs

There are hardly any free transactions on the blockchain for you to buy/sell or trade tokens. While a trading platform might offer cost reductions for users using several discount offerings, there is a cost to incur. However, it is noteworthy that using a fiat payment method will add more cost to Siacoin transactions compared to using a crypto-to-crypto alternative. If you fund your Siacoin wallet through XRP or a stablecoin, you can buy Siacoin cheaper and quicker.

4. Safety and security

The blockchain boasts some security features like the use of unique public addresses for each wallet and a unique private key requirement. In addition, from mining a block to the hash function or consensus agreement, Siacoin transactions are safe and secure.

When your account is operational on a platform, there is a requirement to activate the 2FA feature, which means that to authorise a transaction, a passcode must be presented. Such transaction codes will be sent to your email, mobile phone, or get generated by software like Google authentication or Authy.

Most trading platforms also implement MT4 algorithms, which are encrypted end-to-end; making it difficult for anyone to intercept your logins and compromise your account. Compliant systems also support the complexities of trading that help users keep abreast of market trends.

5. Can you understand and navigate the platform?

It is simply best practice for a user to walk through a broker’s platform before going forward with any transaction. Most platforms allow you to browse through the features, have a feel of the user dashboard, and even try out dummy trades. When you are comfortable with the features you have seen, you can go ahead to make your deposit and start out with your trade.

What is the Best Payment Method for Buying Siacoin?

There is a range of payment methods that can be used to buy Siacoin from brokers and exchanges. If you are not comfortable with one option, you can take a look at the others to make your choice. Most brokers always provide alternatives that you can use with ease.

Buying Siacoin with PayPal: When buying cryptocurrencies, including Siacoin (SC) with PayPal, the process is simple. PayPal is known for easy processes and the standard procedures that many people are comfortable with. This payment method is fast and attracts low fees. While it is available widely, some brokers might not support it in some regions.

Buying Siacoin with Cash: To use cash payments for cryptocurrency purchases, you might have to look out for P2P platforms that are largely unregulated. To buy SC with cash is not considered safe as more people are moving away from such practices. The closest to cash payments that you can get might be paid at some kiosks and crypto ATMs.

Buying Siacoin with Bank Transfer: You can buy Siacoin with bank transfers on many platforms. Ease of use, the safety of the transaction, and a trusted trial play a big role in this enduring payment method’s sustainability. When buying Siacoin of a huge value, most traders prefer to do a bank/wire transfer, and this is understandable. For cost management and speed, it is better to use bank transfers for local payments. For offshore transactions, it might take up to 2 days in processing time, and a little more in SWIFT fees.

Buying Siacoin with Credit Cards or Debit Cards: When anyone decides to buy Siacoin with a credit card, it is almost assured that a simple interface and convenience drive the process. Most brokers accept bank card payments even when other options are not available. You might brace up for a fast owner confirmation process by supplying a passcode that is required when you enter your card details for the first time on some platforms. Transaction authorization codes will be sent to your mobile phone or email address by the payment service provider.

What Fees are Involved in Buying Siacoin?

It is understandable that buying Siacoin attracts some fees just like you will find in day-to-day banking services. In some cases, you can reduce the fees payable by opting to have your fees charged using the token of the platform in question, if this is available. The fees you pay will depend on the platform you use for trading and the payment method that you elect to use.

Transaction Fees: On the Siacoin blockchain, some fees are charged for moving your coins to your wallet from the seller’s custody. Transaction fees should be taken into consideration when you plan to buy Siacoin. Unlike the fees paid for transactions on a popular cryptocurrency like Ethereum, expect your charges here to be lower.

Deposit Fees: Deposits can be made on most platforms using cryptocurrencies or fiat. If you deposit trusted crypto-like Cardano, you can be sure that your fees might be lower than deposits of fiat. Knowing how to minimise these fees with crypto-to-crypto use can be helpful if you are not a big-ticket investor.

Withdrawal Fees: Some platforms allow free withdrawals while others impose minimal fees. You can check out a platform’s fee tariff to be sure of what to expect when it is time to withdraw your profits or coins. Many platforms allow withdrawals to your bank account and others allow direct bank card withdrawals powered by VISA.

Safely Storing Your Siacoin

There are enough options to use when you are storing Siacoin. It is important to note that most cryptocurrencies have unique wallets that they can be best stored in. This clarification is important to avoid loss of coins, which can occur when you choose a mismatched wallet.

Web Wallet: Exchange and broker platforms have a ready-to-use web wallet for their listed cryptocurrencies. These default wallets help the user to take custody of coins and tokens after purchase. These web wallets are accessible online when you log in to your trading platform. The commonest pitfall associated with web wallets is vulnerability to hackers who target open marketplaces. The risk of loss is also present if a platform fails or runs into operational problems.

Mobile Wallet: There are several types of mobile wallets available for Siacoin and other cryptocurrencies. Mobile wallets are convenient to use and serve on-the-go purposes. Access to these wallets can be by private keys or by embedded passcodes that link from the trading platform if it is a web wallet with mobile options. Several mobile wallets like Atomic, Edge and Sia For Android can be used to store this crypto.

Desktop Wallet: A desktop wallet is downloaded online and stored onto a PC or laptop. The wallet is within file storage that is encrypted, and access can only be guaranteed with the provision of the private key. This wallet can be reinstalled on a new desktop if the device is damaged for any reason. SIA-UI for Android, Linux and MAC is the native wallet here.

Hardware Wallet: These devices are standalone by design and can be plugged into desktops and laptops to access their content. Most of them use an encrypted passcode for access without revealing their private keys. They are durable and considered the safest wallets. Trezor and Ledger are the market leaders while KeepKey also has some credible devices for Siacoin storage.

Wallet Combinations: When using the SIA-UI desktop wallet unit, it is important to note that it was built to serve as a secure storage unit, which is reinforced with a cold storage option like Ledger Nano S. You can access your Siacoins if you use this combination by plugging your hardware wallet to your desktop. With this, you can view your balance and make a transaction directly from your hardware wallet if the need arises, while retaining it in cold storage. Cold storage gives increased security as it is largely away from the prying eyes of hackers on the web.

What Other Coins Can I Trade or Use to Buy Siacoin?

The leading cryptocurrencies by market cap, such as Bitcoin, Ethereum, Ripple, Bitcoin Cash, Tether and Binance Coin are some of the most used coins to buy Siacoin. You can buy Siacoin with Ethereum on major platforms, but the cost can be higher than using other alternatives like BNB, XRP and USDT among others. You need to have a grasp of crypto-to-crypto payments to make the best choice among these alternatives.

What’s the Smallest and Largest Amount of Siacoin I Can Buy?

Siacoin uses an algorithm that is similar to the Bitcoin design, giving it 8 decimal places in its smallest unit. You can buy small amounts of Siacoin like $10 worth on most platforms that have no transaction minimums. You can buy Siacoin without limit and with some brokers, you can buy as high as $5 million worth if you have passed the verification level for that transaction amount. You can buy higher volumes as a corporate investor. Higher transaction levels on some platforms are confirmed only by customer support tickets.

Can I Buy Siacoin Anonymously with no ID? Is it Safe and Legal to Buy Siacoin?

To buy Siacoin anonymously without ID, you need to use a platform that does not require KYC and AML compliance. Some other marketplaces, particularly P2P platforms allow for anonymous transactions. While it is legal to buy Siacoin anonymously on unregulated platforms as well as from regulated brokers, the safety levels differ. Unregulated platforms are unsafe as the risk of loss and delays plague transactions in that realm.

Will Buying Siacoin Make Me Money?

Siacoin has reported above 30,000 percent ROI as of 2021 Q2 but the most posited advice by financial experts is that an investor needs to learn how best to trade using smaller portfolio sizes to get a grasp of how the market works. Investors need to learn that the best price to buy Siacoin is not fixed, rather to buy low and sell high is what experts recommend. In addition, understanding key market indices can also be of great help. For more detailed predictions, read our Siacoin price prediction guide here.

How to Spend your Siacoin

A number of reputable online payment processors like Alfacoins, Bit Pay, CoinBank, among others are known to support crypto payment processing. If you shop online at a crypto accepting merchant, then you can pay with SC. If you love to pay with PayPal and you are in a whitelisted territory, you can simply swap your SC for Bitcoin using a swap site and you will be good to go. BTC is accepted for payments by PayPal.

How to Sell your Siacoin

Siacoin can be sold on broker’s websites and exchange platforms easily. Most brokers will process your sale within 24 hours and send the proceeds to your bank account. On exchange platforms, you can sell your Siacoin instantaneously, and withdraw your funds with your preferred payment method.

If you invested in Siacoin CFDs, the contract agreement is what is processed by the broker when you decide to sell. Since there are no wallets involved here, the CFD can be closed easily and quickly.

Frequently Asked Questions

Who Developed Siacoin?
The idea was conceived by David Vorick who later discussed it with a college friend, Luke Champine. Both parties are still part of the team to date but have included some developers and executives. Since it was launched in 2015, the team has raised over $6.00m. The different firms that fund the project include, First Star Ventures, Raptor, INBLOCKCHAIN and Fenbushi Capital
What is the total number of Siacoin in circulation?
Siacoin has 47,834,332,992 coins in circulation as at press time. Siacoin prioritises privacy and security. This explains why a lot of clients prefer to use the network as every feature has to do with privacy and security on the blockchain.
How does Siacoin work?
Siacoin is technically the digital currency of the hosting network or Sia server as far as the Sia ecosystem is concerned. There are interested clients who rent hard drive space from Sia, use it, and pay fees in exchange for the storage space. The system of how it works can be compared to Google cloud access methodology but Siacoin adds in Blockchain technology to the mix.
Can Siacoin emerge as a payment network?
Siacoin attracts low fees for usage, and this places it in a good stead for adoption as a major payment network. Since the coin is widely traded, commonly used, and serves as a medium of exchange, most investors view it as a project that has potential for growth.
Does Siacoin use smart contracts?
Yes. The files on the network are tied through smart contracts so that all incoming data as well as the outgoing equivalents are monitored in their locations and server. With its ‘Go’ programming language serving as the native enabler for coding, a real-time status is always updated on the blockchain.
Is Siacoin legal?
Yes. Siacoin is legal and traded within the ambit of the law in several countries around the world but check your local laws before purchasing the coin.
Is Siacoin price stable?
No. Cryptocurrencies (except stablecoins) do not have price stability as markets experience price volatility as per market forces.
Is Siacoin taxable?
Yes. Siacoin is taxable like other cryptocurrencies and it attracts tax in most jurisdictions. Check your local tax laws before purchasing the coin.

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