Chapter 2.12

SiaCoin is a popular altcoin used as part of a decentralized storage platform. It’s a digital token that lets you access blockchain-based storage. You can store data long-term using Sia Coin. When you store data, it’s broken up into encrypted pieces, then stored at nodes worldwide. Today, SiaCoin has a market cap close to $1 billion. It’s consistently one of the top 30 or top 40 largest cryptocurrencies by market capitalization.

Want to invest in SiaCoin? Want to use SiaCoin to store data? Today, we’re explaining how to buy SiaCoin from any exchange – even if you’re new to cryptocurrencies.

How to Buy SiaCoin (SC) from Any Cryptocurrency Exchange

SiaCoin is one of the world’s largest cryptocurrencies by market cap. You shouldn’t have trouble finding a SiaCoin pair on most major exchanges. However, it’s not quite as easy to find as bitcoin, Ethereum, Litecoin, and other coins with a larger market cap.

Nevertheless, here’s the basic process you’ll use to buy SiaCoin (SC) from any cryptocurrency exchange:

  1. Sign up for a cryptocurrency exchange that has a SiaCoin pair like SC/BTC or SC/ETH
  2. Verify your account
  3. Deposit funds into your account
  4. Buy SC using the SC/BTC or SC/ETH pair
  5. Keep your SiaCoin tokens in your exchange account; or, withdraw your SiaCoin tokens to your SiaCoin wallet.

How to Buy SC Using Bittrex

Bittrex is one of the highest volume SiaCoin exchanges available. Today, Bittrex offers three different SiaCoin pairs, including SC/BTC, SC/USDT, and SC/ETH. Here’s how to buy SiaCoin using any of these three pairs:

  1. Go to Bittrex.com
  2. Click the “Get Started Now” button to visit the account registration page.
  3. Enter your email address and password to register your account, then confirm your registration by clicking the link sent to your email.
  4. Sign into your newly-verified account, then fill in personal details like your name, address, and phone number; Bittrex will verify your phone number. If this is your first time signing up for Bittrex, then you might also be required to provide government-issued photo ID and other verification data, depending on your country of residence.
  5. Once this process is complete, you’ll need to activate two factor authentication (2FA) to protect your account further; if you want to login to Bittrex in the future, then you’ll need to enter your Google Authentication code. This protects your account from being hacked. Go to your Bittrex Settings page, then click on Two Factor Authentication. Bittrex will generate a 6 digit code.
  6. Create an SC wallet on Bittrex. This wallet will hold your SiaCoin tokens. Remember: you cannot deposit SC into a bitcoin wallet. If you try to do so, then you’ll permanently lose access to your SC. To create an SC wallet on Bittrex, click the “Wallets” link in the upper right corner of the Bittrex homepage. On the next page, you should see a “plus” sign beside SiaCoin. This will create a public SC address complete with a QR code, making it easy to deposit SC into that address.
  7. Now you need to actually purchase SC. To do that, you’ll need to hold BTC, ETH, or USDT in your Bittrex account. Then, click on one of the three available SC pairs (SC/BTC, SC/ETH, or SC/USDT).
  8. Once your Bittrex account has been funded, you can easily purchase SiaCoin using one of the three pairs we just mentioned. After clicking on your desired pair, you’ll see two boxes on the bottom of the page. One box says “Buy SC” and the other says “Sell SC”. In the Buy SC box, you’ll have three options to buy SC. You can buy SC at the last sold price (“Last”). You can buy SC at the best price currently being offered (“Bid”). Or, you can buy SC at a specific price – like a price lower than the market rate, if you’re anticipating a drop. In that case, you’d hit the “Ask” button. Once you’ve chosen your order type, enter the number of SC tokens you wish to purchase (under “Units”). Then, click the “Buy SC” button once you’re ready. Your order will be processed as soon as a seller is found. Your ETH, BTC, or USDT will be deducted from your Bittrex wallet. Then, you’ll receive the SiaCoin tokens (SC) in your Bittrex SC wallet.
  9. You can keep your SC in your Bittrex SiaCoin wallet. Or, you can withdraw to your own SC wallet if you want to maintain full control of your funds.

Conclusion

SiaCoin is a popular altcoin used as part of a decentralized storage system. You can use SiaCoin (SC) to store data in a secure, immutable, blockchain-based network spread across an international series of nodes. Today, SiaCoin sits in the top 30 or 40 cryptocurrencies by market cap.

To invest in SiaCoin today, or to buy SC to store your data, follow the instructions listed above.

Written by Andrew T

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