Every cryptocurrency that currently exists on the market owes its survival to the special benefits that it offers. Whether it is stability, a large distribution, big potential for a practical use, every crypto has its own thing that is keeping it afloat. For SiaCoin (SC), this is the security and a large practical use when it comes to its potential to store large amounts of data.
SiaCoin is a safe zone
SiaCoin (SC) is yet another cryptocurrency, but one with a large potential for data hoarders. Its price is at around $0.025 at the time of writing according to CoinMarketCap, but this coin has a very specific nature.
The coin’s real use is as a storage platform which is cloud-based. It allows its users to store large amounts of data, whether they are an organization, a business, or an individual. Every second of every day, the internet is receiving huge amounts of data, some of which can be very important, and even life-changing.
A lot of it needs storing in a safe place, which is where platforms like Google Drive, Amazon S3, iCloud, DropBox, and, of course, SiaCoin, really come in handy. There is, always have been, and always will be, a real necessity for a strong depository which will allow its user to store sensitive info. SiaCoin provides just that, and with ridiculously small fees when compared to many other platforms.
Data stored on the platform is only available to the user, and it is completely hack-proof, thanks to the fact that it is based on the blockchain technology. Additionally, SiaCoin’s entire ecosystem is encrypted, and files are reduced to small bits that do not alter the stored information in any way.
You need SC for any transaction
Another thing that makes SiaCoin different from others is that all transactions on this platform can only be done through the SC tokens. This is also the reason why the tokens are capable of keeping their value.
The tokens can be acquired through one of many exchanges that SiaCoin has partnered with. Those include HitBTC, Buttrex, or Crytopia. The only issue here is the fact that you can only buy SC with ETH or BTC. There is also always an option to mine your tokens yourself, but the necessary hardware can get a little expensive, with its cost currently being at around $2300.
However, once you get your hands on some of the SC tokens, you can use them to acquire extra storage. For only $2, you can get up to 1TB of SiaCoin’s blockchain. This is an incredible price, considering that Amazon S3 would charge you $23 for 1TB per month.
SiaCoin is an asset that is used by professionals, and it is available globally. Its popularity is constantly going up, and the coin’s value is soon to follow as well.
Of course, despite its many advantages, not even SiaCoin is perfect, and it does have a couple of minor issues. There have been a few complaints that the transactions that were made are not reflected on the situation in the wallet. This mostly includes transactions related to exchanges or mining pools. Still, this is not a large concern, since all of the transactions are still linked to user’s seed.
The lack of transaction updates was also noticed. Usually, this means that the block has yet to attain the required height, but the system starts behaving as it already has. If this happens, the only solution is to delete Sia-UI blockchain and replace it with a new one, which should be followed by re-syncing. This is time-consuming, but it can be done.
Obviously, SiaCoin has a lot of potentials to become one of the biggest storage platforms on the internet, and definitely one with the most security. It has its flaws, but they are not a dealbreaker, and it is believed that this crypto still has a very bright future.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 25th January, 2021, // ChainWire //
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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