Siacoin – a cryptocurrency coin utilized in the Sia platform and is the same token used within the cryptocurrency blockchain network of Sia – is currently one of the more than 600 cryptocurrencies available in the world. Despite the sheer number of digital currencies available, Sia has been seen as a premium asset for cryptocurrency investors. It is also regarded as one of the many cryptocurrencies set to make bold and positive steps in the years to come.
Launched in 2015, Sia is a cloud storage space that uses blockchain technology. It is seen to be in strict competition with Google Drive and Dropbox – despite the two not being based on blockchain technology. Siacoin began via genesis block mining – an effort that allowed it to gain $1.25 million. Investors such as Proycon Ventures and Fenbushi Capital also put in funds. No Initial Coin Offerings were used to produce funds for Siacoin.
Blockchain technology was introduced by Siacoin in the cloud storage space world. Its decentralized cloud storage space provides users the opportunity to only pay for the use of Siacoin. Plus, the cloud storage Sia offers is encrypted. Sia offers users a low fee for cloud storage space thereby making it available to almost anyone who has access to the internet.
The site coinmarketcap.com lists the value of Sia as $0.000032 USD for each Siacoin single token. It is currently listed on exchanges such as Bitsquare and Poloniex. Since its release, the cryptocurrency has managed to gain a slow and sure increase in its value. Its secure cloud based storage space makes it one of the in-demand spaces within the blockchain networks.
In January 2018, Siacoin’s highest price was pegged at $0.111708. Its value is currently in decline with its price currently at $.028420 USD – a more than 70% decrease from last month’s high. In order to gain Siacoins, users need to purchase Bitcoin or Ethereum. They next need to go to exchanges that has Siacoin in its list. Users then need to exchange the cryptocurrency they purchased for Siacoin. After purchasing Siacoins, these can be moved to a desktop wallet called Sia Wallet. There is a button on Sia Wallet that users can click on in order to send the bought Siacoins into the wallet.