Siacoin is a crypto currency. Siacoin is generally known as SC and SC is the token of Siacoin
. Siacoin is used to pay the fee as the rent of not used digital space of a created decentralised online Cloud storage, known as Sia. Sia is a space of digital Cloud storage, which is powered by the technology of blockchain.
Sia is a more popular in the services of Cloud storage because Sia provides Cloud storage at a much cheaper price, in comparison to other Cloud storage services. All payments in Sia is made by using Siacoin or SC cryptocurrency.
Sia functions on the model of co-operative Cloud storage platform. Sia is a decentralised network which permits its users to rent out their spare storage space of the hard drive. The entire transactions in this renting out process is made by Siacoin crypto currency.
Siacoin can be bought and stored through Siacoin mining
. The miner of Siacoin must first procure a Siacoin wallet to store the Siacoins those have been mined. Siacoin can be mined through the usual crypto coin mining process of solving complex mathematical problems to create a new block. The mining efficiency of Siacoin depends on the power of computing of the Siacoin mining hardware, which can secure the Siacoin network.
Siacoin tokens, SC, can be bought at many exchanges of crypto currencies. The process of buying Siacoin tokens are simple.
• The buyer needs to create an account at a SC exchange, that best suits the needs of the buyer. This account in the exchange should have its
own Siacoin wallet.
• The buyer needs to deposit funds in either FIAT currency or in crypto currency
that is pairable with SC.
• The buyer can buy Siacoin just by clicking on a button, that indicates “Exchange” or “Markets”. The buyer should then search for pairing and
select the pairing.
• The buyer has to now enter the number of SC tokens, the buyer wishes to buy and hit the “Buy” button.
The seller can sell SC coins on the exchange from where the buyer bought them. This time, the seller has to reverse the pairing order and enter the number of SC token the seller wants to sell. Then the seller has to hit the “Sell” button.