What is Siacoin? Where to buy Siacoin? Here's all you need to know

Cryptocurrencies have become quite popular over the past couple of years or so. Ever since Bitcoin hit the rate of 61,000 dollars in March 2020, the industry of cryptocurrency has blown up and even people who do not know much about cryptocurrency have started taking an active interest in the subject. The crypto markets have become a regular place on investment similar to stock markets and a lot of investors are making serious money on this platform. A new cryptocurrency called Siacoin has recently become very popular.

With such a lucrative model, millions of people around the world have started investing in various different types of cryptocurrencies such as Bitcoin, Ethereum, Dogecoin etc. In this article, we will be taking a look at Siacoin A lot of people have also been asking on Google - what is Siacoin? Read on to know what is Siacoin and where to buy Siacoin. 

What is Siacoin?

As per the Sia website, Siacoin is basically the currency of the Sia server/hosting network. Clients who rent the space from Sia use the Sia network's hard drive space and pay Siacoin in exchange for the ability to store things. It works sort of similar to how Google cloud works, but with Blockchain technology added in. With Sia, clients only have to make payments for the amount of drive space they are consuming which is measured with the Sia blockchain. The Sia blockchain uses a form of smart contracts called 'File contracts' which keep track of all the incoming and outgoing data on the servers and their locations. 

Clients prefer to use Sia networks because the company provides excellent privacy and security features with their Blockchain facility. Sia is the first decentralized storage platform secured by blockchain technology. At the time of writing this article, the Siacoin price stands at $0.0425. 

How to buy Siacoin?

Siacoins are mainly used on the Sia network to pay for file storage or hard drive space. However, crypto experts have started looking at Sia as a potentially valuable cryptocurrency in the future. Fortunately, Siacoin is available on most major Crypto exchanges such as Binance or Kraken. You can pay for Siacoin using your country's currency or trade Siacoin using cryptos such as Bitcoin or Ethereum. Stay tuned for more updates on cryptocurrencies. 

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