The Siacoin crypto software allows any computer to rent out its unused hard drive space to others who wish to store files. It is fairly similar to cloud storage solutions, such as Amazon or Google, but it relies on software and a network of global computers instead of a single entity to manage and store the data.
To add to security and ease of workability, files stored on the Sia network are sliced into small fragments, so only a small portion of each one is stored on a single computer. Furthermore, the files are also encrypted, so they cannot be accessed by unauthorized users.
Siacoin token, the platform’s native currency, is then used as payment for renting out storage.
During the file contract process, the host must prove that they are storing the data in a process known as storage proof. This allows the host to prove the data they are storing is actually part of the renter’s files.
How To Buy Siacoin or Add it to your Strategy
The fastest, most convenient way to purchase Siacoin is to purchase it on ICONOMI. We check Siacoin live prices on 10+ crypto exchanges and buy it at the best market price.
You can buy Siacoin by adding it to your private Crypto Strategy (crypto portfolio). You can also use our recurring buy feature that tends to level out cryptocurrency price volatility effects. You can find out more about how to benefit from smaller investments at regular intervals on our blog article.
We recommend you do your own research and cryptocurrency analysis. Experienced crypto traders use fundamental and technical analysis to evaluate if Siacoin is a good buy/sell. Fundamental and technical analyses are the two most common types of analysis used in trading traditional assets (e.g. stocks and bonds).
If you are unfamiliar with analyzing cryptocurrency prices and want to buy Siacoin, we recommend you read the next section, as copying might be a better approach.
Add Siacoin to your portfolio by copying a Strategy
If you are not skilled at these, consider a different approach to investing in cryptocurrencies. You can learn from and copy seasoned crypto traders on ICONOMI who regularly share their insights and manage their public Crypto Strategies. Go to the strategies page and use the “ticker” filter to find out which public Crypto Strategies have Siacoin in their structure.
