Siacoin (SC) cryptocurrency offering a second chance to invest before take off
Siacoin (SC) cryptocurrency is among the 600+ cryptocurrencies worldwide. With such a huge number, it can be quite difficult to choose which crypto coin to invest in.
To make matters worse, you will find that some of the crypto coins collapse a few years after being released due to lack of good strategy. Other cryptocurrencies struggle for a very long time before getting a foot into the market. That is why it is a delicate matter when it comes to choosing the cryptocurrency to invest in.
Siacoin is one of the crypto coins expected to make huge steps in the coming years and it is a prime asset for investors.
What is Siacoin (SC)?
The Siacoin is the crypto coin used in the Sia platform. It is the token used in the Sia cryptocurrency blockchain network.
What is Sia cryptocurrency?
Sia cryptocurrency is a blockchain based cloud storage space cryptocurrency that was launched in June 2015. It is a unique cryptocurrency looking to get a footing into one of the most massive internet investments of offering storage space. It is competing with the likes of Dropbox and Google Drive, which themselves aren’t based on the blockchain technology.
Instead of using Initial Coin Offerings (ICO)‘s to generate funds, the cryptocurrency started off by genesis block mining and managed to get $1.25 million. The funds were mainly from big investors like Fenbushi Capital and Procyon Ventures.
Siacoin introduces blockchain technology in the world of cloud storage space. This means that SC coin offers a decentralized cloud storage space where the user only need to pay for using the Siacoin. Also, contrary to the normal cloud storage like Dropbox, Sia’s could storage is encrypted.
The fee charged for the Sia cryptocurrency cloud storage space is very low and hence easily affordable to any person as long as they have an internet connection.
Siacoin (SC) price
The Siacoin is listed on a number of exchanges among them are Poloniex, coinmarketcap.com and Bitsquare.
After its release in June 2015, it started being listed on the exchanges as of August 2015. According to coinmarketcap.com, the initial listing price was $0.000032 USD per single Siacoin token.
Over a period of about three and a half years, the coin has made a slow but steady increment in its value. Although the coin is yet to hit the $0.1, it is still showing a great potential of future growth, specifically due to the demand of safe and secure cloud based storage spaces which only blockchain based networks can offer.
As per coinmarketcap.com, the highest SC coin price was $0.111708 on 6th January, 2018. After that the coin took a sharp decline which has continued for about three weeks now. Currently, the Siacoin (SC) price is $0.028420 USD which is a 74.58% decline from its all-time high.
The market cap is $914,619,741 USD with 32,182,143,672 SC coins supply in circulation.
Nevertheless, looking at the bright future ahead of the cryptocurrency, this would be a second chance for investors since it is always good to purchase a coin when it is at its lowest before it appreciates so that you can make maximum profits.
How to buy Siacoin (SC) and store in Sia Wallet
To acquire SC coins, you will have to purchase prominent cryptocurrency like Bitcoin or Ethereum. Then, you should go to exchanges which list Siacoin (e.g. Poloniex and Bitsquare) and exchange the purchased cryptocurrency for Siacoin.
Once you acquire the Siacoin (SC) coins, you can now move them to the Sia Wallet which is a desktop wallet.
You will need to download the Sia Wallet into your Linux, Windows or Mac platforms. Then, create a new wallet and unlock it using the displayed seed key. Store the seed key in a safe location. Finally, click on the receive Siacoin button on the Sia Wallet platform so that you can send the purchased Siacoins in your wallet.
This information should not be interpreted as an endorsement of cryptocurrencies or a recommendation to invest. Historic performance is no guarantee of future returns. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Before investing you should obtain advice and decide whether the potential return outweighs the risks.