Sia is an amazing project that allows you to use a network to store data in a decentralized way, across many computers. Siacoin is the coin used on the network used to pay storage providers in exchange for them storing your data.
If you are interested in purchasing Siacoin to store your own files or are a speculator hoping for a price increase, this guide will teach you how to purchase Siacoin with all methods!
Where to Buy Siacoin (SC)
|Exchange||Fees||Supported Countries||Payment Method|
|Binance||.05%-.1%||All||BTC & ETH|
|Bittrex||.25%||All||BTC & ETH|
These exchanges are crypto to crypto exchanges meaning that no fiat currencies (dollars euros etc) are used on the exchange.
Coinbase is one of the most popular fiat exchanges and sells Bitcoin and Ethereum to all of US and Europe.
Coinmama is another option and allows instant delivery of Bitcoin or Ethereum when a credit or debit card is used.
After purchasing Bitcoin or Ethereum from one of the above exchanges, we are ready to send Bitcoin or Ethereum to and exchange where Siacoin is sold.
How to Buy Siacoin on Binance
To start buying Siacoin on Binance, create an account on the exchange. Binance is one of the most popular exchanges and has some of the lowest fees out there.
After signing up, go over the funds tab on the nav bar and click deposits to find your Binance deposit addresses.
Next, type BTC or ETH into the search bar to reveal your Binance deposit address for one of the currencies. Only look for the deposit address of the currency you are purchasing. This example will purchase Siacoin with Bitcoin.
Copy this address, as we will need it for the next step where we are sending Bitcoin/Ethereum from Coinbase.
Sending from Coinbase
If you purchased Bitcoin or Ethereum on Coinbase, you will need to go the Coinbase, click the accounts tab, and then press the send button on the currency you purchased.
Paste the address into the recipient box and click confirm! In this example we sent Bitcoin, but it should be the exact same process for Ethereum.
Wait for your Bitcoin or Ethereum to arrive at the exchange, and then get ready for the next step where we are purchasing Siacoin!
Go to the correct trading pair for Siacoin depending on the currency you sent to Binance. Once on the correct page, enter a limit or market order and wait for it to be filled.
Congrats, you have successfully purchased Siacoin on Binance.
How to Buy Siacoin on Bittrex
Create an account on Bittrex, and then locate the deposit addresses for the currency you purchased in the first step. These deposit addresses can be found by going to Bittrex and clicking the wallets part on the navigation bar.
Once on the wallets page, search Bitcoin or Ethereum, depending on the currency you purchased in the first step and copy the address.
Use this address to send a transaction from where you are storing your Bitcoin or Ethereum. Wait for it to arrive, and you are ready to buy Siacoin!
Entering a Bittrex Buy Order
Depending on what currency you purchased, you will need to go to one of the following trading pairs.
Upon clicking one of the exchange pages, you will see something like this:
The blue section is the order book, where we will be entering the amount of Siacoin that we want to buy. To get a good idea of the going rate, look at the red or green section.
When you have entered all necessary information, hit the buy button and wait for your order to get filled!
Congrats, you have successfully purchased Siacoin on Bittrex. You can store Siacoin on the official Siacoin wallet.
Here’s an informative video discussing what the Sia project is attempting to do.