With the launch of its native utility token SC, Siacoin is a significant contributor to the DeFi space. If you are considering investing in the Sia cryptocurrency, here are a few essential facts you should know before you decide to trade.
What Is Sia (SC)?
Siacoin (SC) is the token behind the project Sia. Sia itself is a decentralized platform for cloud storage that relies on blockchain technology. It aims to offer more affordability and options than traditional storage platforms. Sia is fully private, with you in complete control of your encryption keys and data.
Siacoin, the Sia crypto, is the token storage space providers and buyers use to exchange services on the marketplace. You can also trade Siacoin or mine if you prefer.
Who Created Sia?
The Sia foundation created Sia. The president and core developer is Luke Champine, and Eddie Wang serves as chairman. Skynet Labs also worked on Sia.
How Does Siacoin Work?
To understand how the Sia coin crypto works, you need to understand the Sia platform and the crypto market that uses Sia for payment.
Sia splits files into 30 segments, with each then being uploaded by a different storage host. The files are redundant, thanks to Reed-Solomon erasure coding. This means that you only need 10 of the file segments to access the file. Files are encrypted before they leave your computer.
Smart contracts control the payments as well as the hosts receiving the files. Not only do renters pay for storage space with Siacoins, but hosts deposit some Sia coins as collateral. That collateral disincentivizes hosts from going offline.
Sia Trading Vs. Investing
You don’t need the Sia app to trade or invest in the coin, as you can buy it on exchanges. If you decide to buy Sia to hold on to it, this is investing. If you buy it with the idea of this being short-term and the intention to sell it when the price rises, this is trading.
Why Should I Trade (SC)?
Siacoin offers several reasons to consider trading it. To start, it has strong functionality, thanks to its use in the Sia coin app for cloud storage. This means that its price may rise if the Sia network grows.
It is also easy to trade SC, as you can do so on various brokers and exchanges.
Ways to Trade Siacoin
If you are looking into how to trade Sia, there are several ways. Your choice depends on your goals and strategy. Most people will either opt for a long-term or short-term strategy. This refers to how long they hold the cryptocurrency for.
Steps to Trading Sia
The process of trading Sia is similar regardless of the platform you do so on.
- Deposit your cryptocurrency.
- Search for Sia in the list of coins.
- Choose how much Sia to buy or sell.
- Confirm your trade.
- Repeat as desired.
Siacoin price prediction
Currently, SC trades around $0.003823 with a market capitalization of $199,079,079 with a circulating supply of 52,005,562,992 SC and a 24 hr. trading volume of $4,077,451.
Following the historical data and current trend, Siacoin price predictions show that it might hit $0.0124 by the end of 2022. Based on shorter and longer price trends, Siacoin may not have a great first half of 2023. Even so, Sia live network may gain a strong user base during this time, while it focuses on improving its security.
As for Siacoin price prediction for 2025, it is possible for Sia Network to achieve enhanced protection and keep up with the latest developments. It is therefore likely that SC’s price will cross $0.022. Those who sell Siacoin over the long term can earn significant profits.