Buying and Storing Siacoins in 2020
Siacoin is the cryptocurrency developed to use the Sia platform.
Anyone can rent out extra space on their PC to the Sia decentralized network and get paid in Siacoin. Similarly, any user who wants to use Sia storage needs to pay Siacoins to a host.
This is a special-purpose currency for the Sia network which executes file storage contracts on the Sia blockchain. A host has to keep the files for an agreed-upon time and in an agreed-upon space. Later, after the end of the agreement, payment will be released to the host in Siacoin.
If the host loses the files, they won’t get paid. These file contracts on the Sia blockchain ensure that the host and the user are both satisfied.
Step 1: Get a Cryptocurrency (BTC/ETH/LTC)
To get a cryptocurrency like BTC/ETH, convert your fiat currency to BTC/ETH on any popular cryptocurrency marketplace. For converting fiat into BTC, you can use this guide: Buying Bitcoins Using A Debit/Credit Card.
If you already have BTC/ETH, you can skip this step.
Step 2: Crypto to Siacoin
There are few major exchanges from where you can exchange BTC/ETC for Siacoin:
Binance-SC/BTC, SC/ETH
Bittrex– SC/BTC, SC/ETH, SC/USDT
Poloniex-SC/BTC, SC/USDT
Bitsquare-SC/BTC
Out of these, Shapeshift is the easiest way to get ahold of your first Siacoin. If you want to know the step by step process of using Shapeshift, see our guide on how to convert Bitcoin into any other altcoin.
Now that you have bought your Siacoins, move them to a wallet.
Step 3: From exchange to Sia Wallet
At present, Sia only supports desktop wallets on Linux, Mac, and Windows platforms.
Download the most recent Sia wallet here.
Run the wallet and wait for synchronization with the blockchain. (This can take several hours.)
Create a new wallet and unlock it using the seed key displayed. (Unlocking can take several minutes.)
Secure your seed key.
Click the Receive Siacoin button and send the Siacoin you purchased from the exchange to this address.
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