Siacoin requires a proprietary Siacoin wallet because it has a proprietary Siacoin blockchain. It did not build to the ERC-20 standard like many tokens today, therefore So far, not many people designed and developed a Siacoin wallet.
This makes it somewhat difficult for you to choose the best Siacoin wallet. Some wallets such as Coinomi or Exodus that accept various currencies do not accept Siacoin. That’s why we list only four of the best available Siacoin wallets.
Maybe you see different programs and websites that claim that they are secure and accept Siacoin currency. But you should consider that all of them are not reliable. So if you come across something that was not on this list, be confident that it is not supported by the community and make sure it is not destructive.
The list of the best Siacoin wallets includes:
- Sia-UI desktop wallet,
- Ledger Nano S hardware wallet,
- Android smartphone Siacoin wallet,
- The Cool Siacoin wallet.
Before introducing the Siacoin wallet, it is better to get acquainted with the Siacoin platform.
Best Siacoin wallet
What is Siacoin currency and what is its use?
Sia Storage platform or SSP is cloud storage like Amazon Cloud, Dropbox, and Google Drive. It is different from cryptocurrency cloud mining services. The factor that sets Sia apart from other powerful and well-known opponents is open source, based on its distributed blockchain.
In short, Sia is a distributed cloud platform on which data can be stored. So in centralized cloud storage services such as Google Drive, there is a possibility and orientation to misuse information for benefit. In contrast to these services, the Sia platform connects unused amounts of hard disk space and free storage space through a blockchain system. Sia creates a distributed cloud service by encrypting information in these empty spaces.
This free hard disk space can belong to a data center, a personal computer, or any other free space device that connects to the Sia network and users can use this space.
Therefore, this technology can eliminate the need to trust existing data centers.
The official Sia website says the following about Sia’s goal:
“The long-term goal of Sia is to be the backbone and mainstay of information stored on the Internet. We believe that information should be free. We want to bring the unused bits of the world together and build the largest data storage server on Earth.”
What is the specification of the currency for the Sia platform?
Siacoin is the cryptocurrency used on the Sia platform. For earning Siacoin it is not necessary to do Siacoin mining as other best crypto mining. Anyone can rent their unwanted space from their personal computer to the distributed Sia network and receive Sia currency. Also, people who want to use Sia storage space to store their files can rent this space by paying for Siacoin currency.
The host must maintain the files as agreed, for a specified period. After the end of the agreement, payment based on Siacoin will pay to the host or the seller of the space.
If the host loses the files, no payment will make. All these steps are done through the Sia blockchain and the result will be the satisfaction of the possessor and the space renter.
Siacoin started trading on June 7, 2015, at $ 0.000046. It is currently ranked 91st on June 14, 2021, on the Coinmarketcap website and is trading around $ 0.0162.
What is the supply of Siacoin?
The mechanism of offering Siacoin is kind of unique. The number of Siacoin currencies will be unlimited and the mining will be done in the following order.
To begin with, the creators of this currency produced the first hundred blocks, the bonus for which was 300,000 Siacoin for the first block.
After the first block, the reward for each subsequent block will be 1 pointless, as follows:
- By mining the first block, 300,000 currencies are obtained.
- Then by mining the second block, 299,999 currencies are obtained.
- After that by mining the third block, 299,998 currencies are obtained.
- By mining the fourth block, 299,997 currencies are obtained.
- By mining the fifth block, 299,996 currencies are obtained.
- And so on, until the reward for mining each block reaches 30,000 Siacoin currencies.
After that, by mining each block, 30,000 currencies will enter the system. As of June 14, 2021, 48,052,342,992 SC of Siacoin currencies has been traded.
How to buy and maintain Siacoin?
For buying Siacoin, users can buy from the intermediary sites of the Siacoin seller or buy directly from the Siacoin site. We recommend seeing the currency growth chart before buying Siacoin. One of the advantages of Siacoin is that there are many sites to buy it.
To buy Siacoin currency, users can follow the steps below:
- Participating in a crypto exchange.
- Buying a common currency such as BTC or ETH with the current currency of their country.
- Finding the names of the exchanges in the market tab of the Siacoin currency page on the Coinmarketcap website. Through these exchanges, users can exchange Siacoin.
- If anyone does not subscribe to the exchange in question, he should subscribe to that exchange.
- Converting bitcoin or Ethereum to Siacoin in that exchange.
- After acquiring Siacoin, the user must save it in the Siacoin wallet.
- To store Siacoin, users can use the official Siacoin wallet introduced by the site of this currency.
How to buy Siacoin
What are the specifications of the Sia-UI wallet?
The Sia-UI desktop wallet is on the top of the list of Siacoin wallets, which prepared as the formal Siacoin wallet and programmed by the development team of the Sia Storage Platform which calls Nebulous.
The Sia-U wallet is the only crypto wallet that the Sia Group suggested. The developer group informs users that Siacoin can lose if they use wallets of other developers:
So far, many digital wallets have been frauded. It is best to use only the software wallets listed on the formal Siacoin website. There is no warranty that other wallets will be secure.
Sia-UI Wallet is a desktop Siacoin wallet that is installable on Windows, Mac, and Linux platforms. According to reviews, this wallet is considered safe and user-friendly, very convenient, and practical.
The structure of this Siacoin wallet is considered a full node. It means that you need to download the whole blockchain to use it. In some cases, it may take several days. So if you plan to use this wallet, make sure that the whole blockchain is properly downloaded and saved.
This is very useful for those who want to save files or rent storage space on their laptops. In fact, in this case, their laptops are used as nodes, which makes their Siacoin wallet more secure. Given that the website states that the Sia-UI wallet has been downloaded and used more than 1 million times so far, it can be introduced as the best Siacoin wallet.
What are the specifications of the Ledger Nano S hardware Siacoin wallet?
Hardware wallets such as the Nano Ledger are the safest way to deposit cryptocurrencies. Of all the digital hardware wallets on the market, the Ledger Nano S is the first and best wallet. This wallet supports several cryptocurrencies at the same time and that is why it has found a lot of fans.
This wallet can consider a safe Siacoin wallet. The important benefit of a hardware wallet is that it retains the private keys on the device. So it is not possible to access the private keys online.
Ledger Nano S is on the list of the best Siacoin wallets, but its use to maintain Siacoin not proposed for everyone. Currently, to utilize this wallet for the Siacoin wallet, users need to install the program through several lines of code. Doing so is not suitable for everyone because they may not have the expertise or time to do so.
To trade cryptocurrency transactions using the Ledger Nano S wallet, all users have to do is conjoin it to their laptops via the USB port and type the transaction commands through the device.
This device planned to keep safe their data and keys against bad software that wants to harm their laptop systems.
Ledger Nano S hardware wallet
What are the features of the Android smartphone Siacoin wallet?
Siacoin wallet based on Android is open source, designed, and produced by other people or other companies. As a result, it is not only a formal Sia app but also not proposed by the Sia Group. This application is currently the only Siacoin wallet smartphone available for the Android operating system.
To utilize this software, the user has to download the whole blockchain. It is similar to the Sia-UI wallet on the list of Siacoin wallets. It needs a few days for downloading and it is, unfortunately, one of the main difficulties of Siacoin.
On the price page of the Siacoin wallet, you can watch the instant price of the SC token and further related data.
With this smartphone Siacoin wallet, you can save your files on the Sia platform and transfer cryptocurrency. Installing this application is easy and simple. In the Play Store, it has received an average score from users. If you plan to utilize this Siacoin wallet, pay attention that you have to pay $ 0.99 per month for using all of its facilities.
Sia Android smartphone wallet
What are the features of the cold Siacoin wallet?
The Sia Cold Storage software allows the user to generate a recovery seed and several addresses for his Siacoin wallet. The application works offline in an Air Gapping platform to prepare the status for safe storage. So the wallet will be without any risk of viruses or bad software even the assault of hackers. To use this Siacoin wallet, download it from Github. Then save it and use it on an offline computer that means it not connected to the Internet.
The owner of the wallet can receive or transfer cryptocurrency by utilizing any of the addresses generated by this Siacoin wallet. Users can also use the recovery seeds generated to access the deposit in their accounts.
Siacoin cold wallet
What is the best Siacoin wallet?
But if you want to hold all the data about your wallet offline, the best selection would be the Ledger Nano S hardware wallet.
However, this choice is not convenient for everyone due to the need for technical knowledge and programming skills.
Given that the Siacoin platform launched in 2015, it seems that the list of Siacoin wallets will not end with the four items introduced in this article and will expand. One thing to keep in mind about the SIA-UI wallet is that they work in full nodes and require full blockchain download and storage.
The process of downloading, saving, and completing it is time-consuming and requires a lot of space.
How to make a Siacoin wallet?
There are many ways to make a Siacoin wallet. By visiting the sites for making the Siacoin wallet and subscribing to it, you can have a wallet ID for yourself. So be sure to enter your real details when subscribing to the Siacoin site. By using the real ID you will not have problems buying and selling SC.
You can create and view your currency account on your smartphone with Siacoin software. If your account has a problem or you forgot your password, to solve the Siacoin problem, to recover and return the Siacoin account on your phone and computer, you need to send an email and send an SMS to your number. You can download the Siacoin wallet from the Sia formal website.
As mentioned before investing in cryptocurrencies, buying and selling cryptocurrencies is very risky.
You can convert Siacoin to dollars and other currencies. And you can also convert Siacoin to Bitcoin. You should keep in mind that there is a fee for transferring any currency. When transferring Siacoin, an amount will deduct from your Siacoin wallet deposit in the form of a transfer fee. You can set the fee yourself. Note that the more you choose the Siacoin transfer fee, the faster the transfer.