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.
Where to Trade SC?
You can trade Siacoins through exchanges or brokers. Both offer good functionality and easy access. Just keep in mind that a Sia broker will typically have a more streamlined interface, while an exchange will usually provide more detailed information and charts.
Siacoin Mobile Broker Trading App
The easiest way to trade SC is via a Sia broker mobile app, like 7b. This lets you trade on the go.
How to Trade Sia Using the 7b Crypto Broker App?
Trading SC on the 7b broker app only requires the following steps:
- Deposit your preferred cryptocurrency.
- Search for Siacoin or SC.
- Select “Buy” or “Sell.”
- Enter the amount to buy or sell.
- Hit “Trade” and view your confirmation page.
Where can I trade my Siacoin?
The easiest place to trade Siacoin is the 7b broker app, as it is intuitive to use.
What platform can I trade Sia on?
Consider trading Sia on the 7b broker app. It is intuitive, secure, and has thousands of pairs.