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Siacoin Token (SC): Everything you Wanted to Know as a Beginner before Investing!

Siacoin token (SC) is one of the most popular cryptocurrencies in the crypto market (having around 15,000 cryptocurrencies) currently. In terms of market cap, it is currently the 98th largest digital currency (over US$888.28 million in market capitalizations). Should you invest in it? Is it a good investment? To answer all your queries, let me walk you through the Siacoin token, how it works, and many more.

What is the Siacoin Token (SC)? How does it Work?

Sia is a distributed, decentralized cloud storage platform that is based on blockchain technology. This platform works as a secure, trustless marketplace for cloud storage, where users can lease their unused storage space. The native utility token of this project is Siacoin (SC). 

This platform enforces agreements and transactions with the help of smart contracts. To pay for storage on the network, Siacoin (SC) is used. Sia project wants to become the “backbone storage layer of the internet.” 

The original announcement of the Sia project was done in May 2014. However, a revision and announcement of the project were done in May 2015. In June 2015, the project was ultimately launched. 

The idea of the Sia project was first conceived by David Vorick in mid-2013. He discussed this idea with his college friend Luke Champine and then presented the concept in September 2013 at a HackMIT hackathon. It was in early 2014, the project was officially named Sia. The Vorick-Champine duo first received their investment from billionaire investor and founder of Raptor Group, Jim Pallotta,  through their college's entrepreneurial center. The development works of Sia are done by Nebulous Inc. (later rebranded to Skynet), a company that was formed by both David Vorick and Luke Champine even before graduating from college. 

The whitepaper of Sia says that it aims to compete with the existing behemoths of storage solutions including Google, Amazon, and Microsoft. As Sia is a decentralized platform, it is capable of offering its customers competitive storage rates. 

There are 30 encrypted segments in the Sia network when it comes to the storage of files. For redundancy, each of these segments is uploaded to a unique host. All the agreements between uploaders and hosts are recorded on the blockchain of Sia. All the agreements and transactions are enforced with the help of smart contracts. On the Sia network, the Siacoin token is the payment method. The hosts lock Siacoin (SC) in smart contracts as collateral.

A wide array of products have been built by Skynet on the Sia network. Two of the most important ones are:

  • SiaStream: A media streaming application based on the cloud.
  • Skynet network: The flagship content delivery and file-sharing network of Sia.

Some of the main investors of the Sia project include Bain Capital Ventures, Paradigm, and INBlockchain. A 3.9% fee is charged on each storage-related transaction on the Sia network. This fee is distributed to the holders of Siafund, the second cryptocurrency of the company. Skynet holds around 85% of all Siafund.  

A proof of work (PoW) consensus algorithm is used for securing the Sia blockchain. Even in the case of a massive attack, the network can’t be taken down as long as 10 out of 30 hosts survive the onslaught. 

Siacoin token (SC): Facts & Figures

All these facts and figures (as of December 8, 2021) will help you to make a decision on investing in the Siacoin token. Before making Siacoin token transactions, check out these facts and figures associated with this cryptocurrency of choice:

  • Siacoin SC Price: US$0.01787 (SC Current Price)
  • 24hour Trading Volume (24h Volume): US$67,778,311
  • All-Time High (ATH) Price: US$0.1117 (reached on Jan 06, 2018)
  • All Time Low (ATL) Price: US$0.00001131 (reached on Dec 01, 2015)
  • 24h Low: US$0.01759
  • 7d Low: US$0.01424
  • 30d Low: US$0.01477
  • 90d Low: US$0.01323
  • 52 Week Low: US$0.002807
  • YTD (Year-To-Date) Return: 428.84% YTD (Year-To-Date)
  • Market Cap: US$888,276,620 (US$ 888.28 million)
  • Crypto Rank (in terms of market cap): 98th in the crypto market
  • Fully Diluted Market Cap: US$894,271,104
  • Max Supply: ---
  • Total Supply: 49,606,792,992
  • Circulating Supply: 49.61 billion SC

If you check the Siacoin price chart and price history, you’ll find that since its launch, the price of SC has in fact dropped by +39,292.67%. Since its all-time low, it has bounced back by +1,59,291.60%. From its ATH at US$0.1117 (achieved on Jan 06, 2018), the current SC price is still -83.86% down. So, before buying SC tokens, you should check the fundamental analysis and technical analysis factors.

Always check out Siacoin markets, the ways to earn SC, market data, key metrics, comparison tools, and technical price analysis, top cryptocurrency price, and cryptocurrency news before trading or investing. Also, consult crypto financial advisors and get tips from them on trending coins, know the ways of buying cryptocurrencies, and how to earn crypto easily. 

Siacoin SC Token Price Prediction

  • According to Wallet Investor, the average price of SC is going to reach around:
  • US$0.0300 by 2022
  • US$0.0869 by 2026

  • According to Digital Coin Price, the average price of SC is going to reach:
  • US$0.0304234964 by 2022
  • US$0.0375496464 by 2023
  • US$0.0446258171 by 2024
  • US$0.0544327857 by 2025
  • US$0.0613215230 by 2026
  • US$0.0688949256 by 2027
  • US$0.0765711423 by 2028

  • According to Trading Beasts, the maximum price of SC is going to reach:
  • US$0.0234386 by 2022
  • US$0.0236166 by 2023
  • US$0.0309994 by 2024

  • According to GOV Capital, the average price of SC is going to reach:
  • US$0.0289 by 2022
  • US$0.0434 by 2023
  • US$0.0619 by 2024
  • US$0.0798 by 2025
  • US$0.0994 by 2026

Where can you Buy Siacoin tokens?

You can buy Siacoin tokens in almost all reputed cryptocurrency exchanges including:

  • Binance
  • OKEx
  • Huobi Global 
  • Upbit
  • Kraken
  • Exchange, and many more.

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular price pairs of SC are:

  • SC/BTC
  • SC/USD
  • SC/EUR
  • SC/BUSD, and many more.

Before investing, check out Siacoin history and its historical data, crypto news, Siacoin token price charts, price performance, market updates, SC to USD (United States Dollar) exchange rate, the value of Siacoin token, the Bitcoin price trend (as SC is one of the hard forks of the original Bitcoin token), trading fees, and others.

What are the Best Crypto Wallets to Store Siacoin tokens?

The best Siacoin token cryptocurrency wallets to store SC coins are:

  1. Sia-UI
  2. Ledger Nano S
  3. Sia Cold Storage
  4. Sia Android Wallet

Invest in Siacoin token and Other Cryptocurrencies

You can buy and sell Siacoin and other virtual currencies against various fiat currencies (US Dollar USD, British Pound Sterling, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Taiwan Dollar, Russian Ruble, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs or mobile app, and Siacoin token markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other digital assets such as Siacoin, XMR, FIL, ETC, WBTC, BCH, BTC ETH, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Dogecoin price, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others. 

Also check whether you can exchange SC token with the fiat currencies of other countries such as South Africa, Saudi Arabia, the Republic of the Congo, United Arab Emirates, United Kingdom, South Korea, and other countries.

Invest in cryptocurrencies, various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. You can also increase your income through yield farming, using Telegram bots and other automated trading bots, and many more.

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