How To Buy Siacoin (SC) For Beginners

While the creators of Siacoin didn’t necessarily intend (at least there’s no record of it) to give their cryptocurrency such a clever name, they did.

I don’t get it…

Relax, listen.  Like the pop Singer Sia, the tech is completely private. Other people can’t see it. Ever seen Sia’s face in a music video? Well you don’t have to worry about large storage and cloud providers seeing your cryptocoin exchanges either.

Distributed across a completely decentralized network, Siacoin allows you to be in full control and ownership of your own (paid for) data. For all of you tech junkies, the following isn’t for you. For those of you that don’t really speak internet, basically all your files are stretched apart so thin and fragmented so cleverly with other users, that the entire pool of data becomes cryptic and untraceable. Think of a million different people holding a million pieces to a million different puzzles.

Not only that, but it’s literally a tenth of the price of most streamlined cloud storage services. Storing an entire TB of data costs you a whopping $2 per month. That’s as much as a pack of gum a month to store all the data on the average computer (yes, even you new Macbook Pro owners).

To pay for this service you have to use a program called Blockchain, and the cryptocurrency is called Siacoin. If you watch Silicon valley, this is literally the embodiment of what the protagonist is trying to do–just instead of reaching for a decentralized internet (at this place in time) they’re starting with a storage and currency platform. In my opinion, when you buy Siacoin it isn’t just an investment, it’s a movement towards a more private, personalized, and free internet. If you want to know more or if I’ve peaked your interest and you’re like, how do I buy Siacoin? Then worry not. I’ll explain exactly how to buy Siacoin.

Note: if you already have Bitcoin, just copy down your address and head to step 4

I. Create A Coinbase Account

First, head on over to the Coinbase Signup Page. (If you use this link, we’ll both get $10 worth of free Bitcoin)  Within minutes, you’ll be cruising with a really user friendly wallet & marketplace for Bitcoin, Ethereum & Litecoin.

coinbase sign upConnect either a bank account, Paypal account, or a credit/debit card to get started.  A few notes on these:

  • Paypal & Credit/Debit have an instant buy timeframe.  However, you’re going to be capped at $200 per week until you submit a form of ID — at which point you’re only bumped up to a $500 limit.
  • Bank Transfers have a 5-9 day waiting period for the funds to be taken from your account and the coins to be available for trade.  However, the weekly limit is $2000.

II. Create A Bittrex Account

Bittrex is where you’ll bid on Siacoin — or any other of the currencies they offer for that matter — but more on that in next steps.  First, we’re just going to create an account — so head over to the Bittrex registration page.

III. Buy Some Bitcoin on Coinbase

Coinbase has the best UI in the game, so setting this up should be a breeze.  Please note — there may be some delays in BTC transfers due to the Bitcoin fork.

Don’t let the high ticket price of Bitcoin scare you off, you can purchase fractions of them.  If you opted to use Credit/Debit/Paypal, the Bitcoins should be immediately available for your use.  Easy part over!

IV. Transfer Bitcoin to Bittrex

Alright, this will get a bit more complicated.  Check out the screenshots: (Click to open slideshow)

  • First, go to your Bittrex account & navigate to your Wallets tab.  Search the top list of currencies for “Bitcoin.”  When you find Bitcoin, click the + icon to & generate a Bitcoin wallet address.  Once you’ve done this, copy that long string.
  • Then, go to Coinbase.  Here, you’ll navigate to the Send/Request tab.  Then, you’ll paste the address you just generated in the address input area.
  • Select how much Bitcoin you would like to transfer and you’re done!

Boom, hard part one over!

V. Bid On Siacoin

Bam, you about to get some Siacoin.  Head over to the Siacoin market page:

You can see all of the historical pricing data in the graph up top.  Once you’re ready to bid on the current market rate, just head down the buy section.   You can set your bid price, select the max amount, and select the conditions in which you would like your transaction to take place.

Feel free to experiment with the Bid price options.  You can select either the last price, the current bid price, or current ask price.  Shoot me a message if you’re confused on the differences — but it should be pretty self explanatory.

VI. Evaluate

Now that I’m a stakeholder in the data storage revolution, what do I do?

That’s up to you, Chuck.  Now that you know how to buy Siacoin, this knowledge is applicable to at least every altcoin on the Bittrex market — and you’ll have some working knowledge on how other marketplaces function.

You can opt to daytrade these altcoins, which are pretty volatile and can be exploited if you have a lot of capital to move around.  Or, you can HODL them until you’re a crytpo-millionaire.  You can do it — trust.

Good luck & BasedGodspeed.