Siacoin – a name that caused quite a “storm” in the Crypto market at the end of 2017. Siacoin, often abbreviated as SC, has created a new breath in the global trading market in general and in Vietnam in particular. If you are someone interested in learning about Crypto, this article is a must-read. Let’s explore some useful information about Siacoin with Vietnam-ustrade.org!
What is Siacoin?
Nebulous launched the Siacoin (SC) digital currency on June 6, 2015. Aiming to become a product supporting businesses, SC coin is built on a decentralized cloud platform. The emergence of Siacoin marked a new milestone for online centralized platforms like: Microsoft, Amazon, GDropBox, Google,… Because SC has created a large, secure storage platform with lower costs compared to traditional cloud platforms.
About Siacoin (SC)
Symbol: SC
Contract: Smart Contract
Type: Digital currency, mineable
Agreement: PoW (Proof of Work)
Algorithm: Blake 2b
Blockchain: Sia Platform
Subunit: 10^-24 Hasting
Total supply: Unlimited
Circulating supply: 40,268,304,879 SC
Siacoin Price Today
On Coinmarketcap chart, Siacoin currently ranks 69th, with a price of 0.001352 USD per SC.
Applications of Siacoin
SC was launched with expectations from providers such as:
- Transaction Fee: To become an intermediary currency allowing users to easily pay transaction fees on the Sia Blockchain platform.
- Renting Storage Capacity (Renting on Sia): Similar to platforms like Google, Dropbox, … Users pay for data storage plans that are quite expensive. On Sia, this cost is only about 2 USD/month.
- Hosting Data Storage (Hosting on Sia): Unlike other data platforms, Siacoin allows users to acquire or lease hardware from Sia for storage needs.
All these transactions are conducted using SC trading, which helps explain why Siacoin has achieved success and growth today.
Siacoin Transaction Fees
Like other coins, successful Siacoin transactions require users to pay attention to costs such as:
- Transaction Fee: Considered as the cost paid to execute transactions on the Sia Blockchain network, usually around 0.02 SC. This fee is not too high compared to other trading platforms!
- Deposit/Withdrawal Fees: These fees are not fixed and vary by platform. Some exchanges like Binance offer free deposit of Siacoin, while others like Huobi charge fees.
How to earn Siacoin? Where to buy SC? Which exchanges should you use for trading?
Unlike other coins, to acquire Siacoin, investors typically need to become a Host, trade on exchanges, or mine SC through mining pools.
- Become a Host: To buy hardware from Sia, Siacoin purchases or rents hardware from other users (Hosts), who are trading partners of Siacoin.
- Trade on exchanges: Currently, SC is widely traded on reputable exchanges.
- Mining Siacoin (Mining Pool): A common way to earn coins. However, successful mining requires advanced, specialized computer systems.
How to mine Siacoin
Unlike other coins that only require ASIC mining machines, mining Siacoin typically involves Obelisk ASIC miners produced by Bitmain. You can join big pools like Siamining, Hyperpool, Luxor, and depending on the pool’s tasks, potentially earn more or less from mining Siacoin.
Which wallet is safest for storing SC?
Just as careful as owning Siacoin, to store SC users can only use these 2 Siacoin wallets:
- Sia UI Wallet: A basic wallet suitable for most users with a friendly interface, especially attractive to new traders.
- Sia Daemon Wallet: An upgraded wallet for developers on Sia. It’s more complex, requiring users to have experience in executing commands.
Additionally, SC can be stored on hardware wallets like Ledger Nano S—highly rated, or on exchanges you are investing in. However, Vietnam-ustrade.org recommends choosing reputable and secure wallets to avoid risks.
Should you invest in Siacoin in 2020?
The rise of decentralized cloud platforms has contributed to Siacoin’s successful development today, serving as an intermediary for all transactions within Sia, from buying and selling to exchanging. The growth of Sia Platform will likely boost SC’s value. However, not all transactions succeed, and not all investments are safe. Users are advised to research thoroughly and make smart, cautious investment decisions!
Conclusion
Above are insights and evaluations from Vietnam-ustrade.org about Siacoin. Hopefully, this article provides an objective and comprehensive view of SC coin to help users make informed investment decisions.
More to explore:
- EOS coin
- Dogecoin
- Ripple (XRP)
- Tether (USDT)
