About SiaCoin (SC)weiss-badge

Overview

Siacoin (SIA) is the first attempt at a cloud-based storage system secured by blockchain technology that was launched in 2015 by Nebulous Inc. Sia aims to connect users requiring storage to hosts from around the world with underutilised hard drive capacity. This decentralised storage system is reportedly stronger, more secure and more efficient than traditional cloud-based storage providers, as well as being more cost efficient for the user.

Technology

Sia uses its own unique cryptocurrency, the Siacoin, to allow for payments to occur via file contracts on the Sia blockchain. These contracts are a form of smart contract, which enables Sia to create cryptographic service level agreements automatically enforced by the network. This means that there is no need for third parties to be involved. A user deposits Siacoin to buy storage from a host who in turn deposits their own Siacoin into each file contract as collateral. The reason a host deposits Siacoin is to incentivise them to remain online. At the end of a filed contract, hosts must submit storage proofs to provide evidence that they have stored the renter's data. This is done via Merkle trees. File contracts generally expire after 90 days. Sia automatically renews contracts when they come within a particular window of expiring. Sia returns all unused coins to the renter in cases where the renter no longer wants to renew the file contract.

Future Focus

Sia aims to become the backbone of cloud-based storage; a position currently dominated by the likes of Dropbox, Onebox and iCloud. The Siacoin team have a roadmap on their official webpage, which shows the goals for 2019 include; focussing on warmer storage rather than cold and introducing content distribution features.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

POLI - internet banking

POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

Buy SiaCoin (SC)weiss-badge

Trading Hours:
9am – 10pm, 7 days.

7764

Need to know

We run a tight ship here at Bitprime. Before purchasing, all customers must:

Register a user account with us.

Verify your ID.

Login before purchasing.

Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

Buy Bitcoin

Due to the price of sending and sourcing BTC the minimum order is $500.00.

Trading Hours:
9am – midnight, 7 days.

We are Off now.

Share This
0

Your Cart