How to Buy and Sell Siacoin Online in Australia
The idea of Sia was originally conceived in 2013. What if you could liberate the unused storage space of the world and unite it into a worldwide free market for data? Siacoin (SC) is not the newest coin on the block, but it’s also one of the projects with the greatest claim to real-world utility.
At the moment, cloud storage is dominated by centralised corporations such as Amazon and Google. This has led to expensive fees and weak security, which is something that Siacoin claims it has solved.
Sia is a new approach to cloud storage platforms. Instead of all data centres being owned and operated by a single company, Sia opens the floodgates and allows anyone to make money by renting out their hard drive. By using the platform, anyone in the world can use Siacoin to rent online storage.
Alternatively, anyone who wants to host files by contributing their spare hard drive space can earn Siacoin. The system incentivises people to rent out their unused hard disk drive space to earn Siacoin. Much like Google Cloud or any of the others, Siacoin distributes your data across countless mini-servers the world over, with no server holding anything like a complete piece of data. This decentralised mode of storage is far more secure than old models, and blockchain makes it so much cheaper.
The developers of the Sia platform believe that cloud storage should be decentralised and that no entity should censor or deny access to cloud data. With that in mind, they created the Sia platform with the goal to run the storage marketplace without an intermediary by connecting hosts and renters worldwide. Siacoin (SC) is the cryptocurrency of the Sia network. It is used to pay for renting and hosting cloud storage on the Sia network.
The project is completely decentralised, meaning that no single person or authority controls the network. Instead, data transactions are verified by multiple computers, which guarantees that the Siacoin servers will never fail, nor can they be hacked.
For those new to all of this, you’ll need to know how to buy siacoin. The first thing to know in how to buy siacoin is that digital coins must be stored in a digital wallet. So where do you find a digital wallet for siacoin? How to buy siacoin instructions will tell you that cryptocurrency exchanges will have wallets built into their platforms. Like all crypto coins, however, as part of the how to buy siacoin process, for added security, you shouldn’t hold your coins in the exchange wallet. Always make sure when you know how to buy siacoin you also know how to store your coins on your personal computing device or a strong web-based solution so you don’t have to rely on the security of the exchange.
Generally speaking, when talking about how to buy siacoin it must be noted that usually it is quite difficult to find an exchange that allows you to buy siacoin directly with your real world currency. An important part of the how to buy siacoin steps is to first buy bitcoin or ethereum with your real world dollars. You can then trade these established crypto currencies for siacoin. This step in how to buy siacoin can be a little different from other crypto currencies.
As part of setting up an account with cryptocurrencies and as part of the how to buy siacoin process you’ll be asked to provide proof of your identity. This part of the how to buy siacoin will be individual to each exchange. However, don’t be surprised to show some kind of photo ID like your driver’s licence or passport.
Then - you’re ready to go!