What is Siacoin? It is a decentralized platform that acts as a data store. It all began with the Nebulous company, which was created in 2014. 3 very large investment funds acted as investors at once. A year later, the owners of the company launched their own platform called Sia Storage. Any user can join it to share disk space with others. All information and transactions are validated through a public blockchain. Storage security is also achieved by splitting the file into a large number of fragments, some of which cannot be used to recreate the original file. All services within this network are paid for in Siacoin cryptocurrency (SC), and the reliability of transactions is ensured by smart contracts and PoS.
Developers have managed to solve a major problem, i.e., cloud storage. Saving numerous files on your own PC is a feature that more and more people are giving up and starting to buy cloud storage with money, and the Siacoin cryptocurrency currently removes all fees between parties.
Once you own Siacoin, it’s time to think about where to safely accumulate your digital funds. We will offer you several options for the best Siacoin crypto wallets to consider.
● The official Sia UI wallet can be downloaded from the company’s website. The only disadvantage you may encounter when installing the program is a long synchronization time. The wallet interface is user-friendly. The application allows you to trade coins and use other features of the Sia platform, such as renting/sharing your computer’s disk space. The Sia UI wallet is secure and compatible with almost all operating systems.
● Android Sia Wallet is the only mobile wallet for SC. You can make transactions, store files, and rent disk space.
● Ledger Nano S supports not only Siacoin but also over a thousand different coins and tokens. You will need to install its Ledger Live app on your computer (the versions for all major operating systems are available), connect the device, and all your crypto assets will be protected.
● Bittrex is not a wallet for storing digital coins but an exchange where you can also store Siacoin. Advantages of Bittrex:
- Verification does not require filling in a lot of data;
- Regulation of the exchange by US financial regulators;
- High level of security;
- Adequate commissions for any transactions;
- All investor funds (more than 90%) are using “cold” wallets, which significantly increases the level of security.
Which wallet to use for SC proceedings is up to you. But it’s wise to deal with Sia UI if you’re collaborating with the network, an Android wallet for one-off transactions, and Ledger Nano S (or a cold storage) for long-term investment purposes.
Here are some of the most popular options to buy Siacoin (SC):
Centralized exchanges (CEX)
Buying Siacoin (SC) through an exchange or a broker is fast and easy for beginners. When choosing a centralized exchange, make sure it supports Siacoin (SC) and has robust security, liquidity, and a competitive commission structure.
Decentralized Exchanges (DEX)
Unlike centralized exchanges such as KuCoin, decentralized ones provide an uncontrolled conversion of cryptocurrencies based on self-executing smart contracts. Decentralized exchanges, such as Uniswap, support the purchase and trading of thousands of cryptocurrency trading pairs. To interact with DEX, you need to connect to it with a compatible wallet, such as MetaMask storage.
If you want to invest in digital assets without providing your identity, the best option for you is to buy SC in exchange for another coin on Godex, which offers a large variety of coins, 300+ to be exact, and where you can swiftly and reliably make unlimited exchange affairs with big players, where the cases like XMR to ADA swaps are no exception.