Last update: Jun 6, 2022

How to Buy Siacoin (SC)

So you’re looking for a guide on how to buy Siacoin. Depending on where you’re located, you’ll have a few crypto trading platforms to choose from.

In this guide, we not only cover the top 3 global cryptocurrency trading platforms, but also the best exchanges for Australia, Canada, and the UK.

Let’s get started!

How to Buy Siacoin – 4 Easy Steps

1. Choose a cryptocurrency exchange

Finding a cryptocurrency trading platform isn’t that hard. There are plenty of big players out there that have been around for quite some time.

This is where our comparison tables can help. The important factors to look for are fees, security, and if they have Siacoin of course.

2. Sign up with the cryptocurrency exchange

Signing up with any of the major exchanges is generally very easy. The initial sign up should be very fast, and even the verification processes are very well set up these days.

3. Fund your account

Next, you would need to fund your account with either fiat money (USD, AUD, GBP, CAD, etc) or another cryptocurrency like BTC or ETH. This process should again be straightforward and easily done using one of the bigger exchanges.

4. Buy Siacoin

Now that you have what you need to buy Siacoin, head over to the market or buy section of the crypto trading platform and buy some SC.

If the crypto exchange doesn’t have any Siacoin on offer, for most cryptocurrencies you can buy Ethereum instead, transfer it to a decentralized exchange like Uniswap (check if Uniswap has Siacoin first), and trade your Ethereum for Siacoin.

Where to Buy Siacoin (SC)

These are our top 3 exchanges based on the number of cryptocurrencies on offer, security, ease of use, and fees.

Disclaimer: Cryptocurrencies are volatile and may involve a lot of risk. Their performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.

How to Sell Siacoin

1. Sign into the cryptocurrency exchange where you bought Siacoin.
2. Move your Siacoin to the right place on the cryptocurrency exchange. Some exchanges have trading accounts you need to use for buying and selling.
3. Sell Siacoin.

 

How to Buy Siacoin (SC) in Australia

Looking at Australian crypto exchanges, it's always good to check if the exchange is registrered with AUSTRAC (Australian Transaction Reports and Analysis Centre). In addition, it would be handy if the exchange has integrated with POLi pay and PayID for instant AUD deposits.

If you’re looking to buy Siacoin in Australia, the process remains the same:

1. Find a cryptocurrency exchange below.
2. Sign up for an account.
3. Fund your account with AUD.
4. Buy Siacoin if it’s available. If the exchange doesn’t have Siacoin. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Siacoin), and trade your ETH for Siacoin.

Also, check out our comparison of the best bitcoin brokers in Australia for those curious to know more about the exchanges we would recommend.

How to Buy Siacoin (SC) in Canada

When researching Canadian crypto exchanges, make sure they're registered with FinTRAC (Financial Transactions and Reports Analysis Centre of Canada) and ideally support Interac e-Transfer (in addition to wire transfer and maybe credit cards) for smooth CAD deposits.

If you’re looking to buy Siacoin in Canada, the process remains the same:

1. Find a cryptocurrency exchange below.
2. Sign up for an account.
3. Fund your account with CAD.
4. Buy Siacoin if it’s available. If the exchange doesn’t have Siacoin. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Siacoin), and trade your ETH for Siacoin.

Or, if you’d like to know more about which exchanges we like, check our list of the places where to buy cryptocurrency in Canada.

How to Buy Siacoin (SC) in the UK

We recommend only looking at UK cryptocurrency exchanges that are registered with the FCA (Financial Conduct Authority). As for GBP deposit methods, the top exchanges should support FPS transfers (Faster Payments Service) and ideally credit/debit cards.

If you’re looking to buy Siacoin in the UK, the process remains the same:

1. Find a cryptocurrency trading platform below.
2. Sign up for an account.
3. Fund your account with GBP.
4. Buy Siacoin if it’s available. If the exchange doesn’t have Siacoin. You can buy ETH instead, transfer it to a decentralised exchange like Uniswap (check first if Uniswap has Siacoin), and trade your ETH for Siacoin.

Alternatively, if you want to learn more about the exchanges we like, check our list of the easiest crypto exchanges in the UK.

Considering buying Siacoin? SC Rundown

Siacoin (SC), the native utility token for Sia, is a Blockchain-based distributed and decentralized cloud storage site. Sia is a trusted marketplace for cloud storage, where users can rent out their unutilized storage space. smart contract is used to enforce agreements and transactions. Siacoin serves as the medium of exchange to pay for storage on the network. The "backbone storage layer" of the internet is the main goal.

Sia was first announced May 2014. Then, it was revised and re-announced one year later, in May 2015. It was officially launched in May 2015.

According to the whitepaper of Sia, its long-term goal is to compete against existing storage solutions. It considers itself to be in direct competition with cloud storage providers like Amazon, Google, and Microsoft. Sia can provide affordable storage rates because of its decentralized nature.

Files are split into 30 encrypted segments and uploaded to a different host for redundancy. Smart contracts are used to enforce agreements between hosts and uploaders. Siacoin is the payment method on the network. Renters pay hosts using SC and hosts lock SC in smart contracts to secure it.

Skynet, the company behind Siacoin and Siastream , has announced a number of products that are built on top the Sia network. These include SiaStream , a cloud-based media streaming app, and the Skynet network, its flagship content delivery network and file sharing network.

The company received grants and funding from Paradigm, Bain Capital Ventures and INBlockchain. Additionally, every storage-related transaction on Sianet is subject to a 3.9% charge. This fee is distributed by Paradigm to holders of Siafund, the second cryptocurrency. Skynet holds approximately 85%.

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