Siacoin (SC) Price

What is Siacoin?

Siacoin is a decentralized platform for cloud storage that is secured by the blockchain technology. It is a cloud storage platform similar to Google or Dropbox but uses blockchain for payments. In a bid to remove the dependence on data centers, Sia combines huge amount of unused storage space and connects it with a blockchain to make encrypted and decentralized cloud storage. In simple terms, you can rent the extra storage space on your PC on the Sia network and get paid in Siacoin. If anyone wants to use Sia storage, they will have to pay Siacoins to the host. The host will keep your files for a fixed time after which he/she will be paid in Siacoins. It must be noted that the host will not get paid if the files are lost. The Sia storage platform was founded by David Vorick and Luke Champine in 2015.

Features of Siacoin

Siacoin’s payment channels technology enables payments flow between the host and the renters. The payment channel technology is similar to Bitcoin's Lightning Network. As payments between renters and hosts takes place off-chain, it helps in increasing network efficiency and scalability. Siacoin currency is only accepted on the Sia platform as it is specifically designed to facilitate decentralized payments. All the payments on the Sia network happen only in Siacoins. The first block will have 3 lakh coins minted. This number will decrease by 1 coin per block, until a minimum of 30,000 coins per block is reached.

Where to buy Siacoin

In order to buy Siacoin, one must own a cryptocurrency like Bitcoin. The Siacoin is listed on four major exchanges like Bitsquare, Bittrex, Poloniex and Shapeshift. The total circulation of Siacoins is capped at 2,779,530,283.

Siacoin Wallets

The price of 1 Siacoin at the time of writing this article was $0.019272. Siacoins can be stored in desktop and paper wallet that can be downloaded from company’s official website.

Siacoin Mining

As Siacoin uses Proof of Work (PoW) technology, the coins can be mined. The mining process is similar to that of Bitcoin.

Siacoin Price Trends

DateOpenHighLowCloseVolumeMarket Cap
5/30/20180.0148810.0157840.0145950.01499951692200016515900
5/29/20180.0138790.0150940.013490.0148448182600013272800
5/28/20180.0156070.0157260.0138010.01380154152700014062100
5/27/20180.0155710.0157430.0153520.0156055399370006626770
5/26/20180.016120.016220.0154680.0155415587090008458060
5/25/20180.0165520.0168420.0158170.01614157332300010597200
5/24/20180.0165140.0169310.0153130.01659557161200017955700
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Risks involved with investing in Siacoin currency

Siacoin currency is limited to the Sia platform and just like other cryptocurrencies, it is volatile and involves risk. Hence, investing in mutual funds instead could be a safer option.

Disclaimer:

"The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

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