Launched in 2015 by the Nebulous group, Sia is blockchain based, open-source, decentralized cloud storage platform aiming to revolutionize existed cloud market dominated by tech giants like Google, Amazon cloud, and Microsoft. Sia platform utilizes the power of smart contracts for swift, secure and cost-effective transactions while creating more secure, more efficient and stronger cloud platform without involving an intermediary. In this guide we will learn exactly Where and How to buy SiaCoin.
Step 1: Getting BTC or ETH
Buying BTC or ETH could be the grueling task as it involves regulations and identification processes that you will have to follow. You can either buy BTC directly from a person by going to https://localbitcoins.com or cryptocurrency exchange platform such as Coinbase.
Sign up with Coinbase or any other exchange. While doing so you will be asked for identity verification with scanned ID and any document that proves your place of residence, as a part of following Anti-Money Laundering (AML) and Know-Your-Customer (KYC) regulations. An exchange will connect with your bank account (or you can use PayPal as well) to make payments. Once you are done with verification and payment you will have BTC or ETH into your account that you can directly transfer to your wallet instantly.
Step 2: Crypto (BTC or ETH) to Sia (SC)
After getting hold of bitcoin or ether, the second step will be quite easy as you will not have to go through the identification process. All three exchanges mentioned above are fully fledged platform that will let you trade your BTC or ETH for SiaCoin (SC). You will just have to visit any of the exchanges mentioned above and convert your Ether or bitcoin for SC. While to do so, make sure you never misplace the BTC/ETH addresses as all the transactions are irreversible. Though, to get rid of the hassle of the long string of words you can use QR code instead that is already presented in your BTC/ETH wallet.
Once the conversation is done you will have SiaCoin in your exchange account. It is important to note that it will take up to 5-10 minutes when converting to SC on any exchange.
Step 3: Store Siacoin- Sia wallet
Once you have SiaCoin is in your exchange account, you will have to transfer them into your Sia wallet. Similar to Bitcoin. Get the latest version Sia wallet on your PC (Sia does not offer mobile wallet service), synchronize it with Sia blockchain (can take several hours, so be patient!), and create the new wallet. While doing so you will generate what is called ‘Seed key’ which will act as your SC address. Secure the seed key.
Just click the receive Siacoin button and send the Siacoin you purchased from the exchange to this address. That’s it. You have Siacoin now in your Sia wallet !