How to buy, sell and trade Siacoin (SC) in Canada

Siacoin (SC) for starters: Learn how to buy SC, how it works and more.

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Sia (pronounced: saia) is a decentralized cloud-storage platform working on blockchain technology. Sia was developed by Boston-based company Nebulous, Inc.

The developers of the Sia platform believe that cloud storage should be decentralized and that no entity should censor or deny access to cloud data. With that in mind, they created the Sia platform with the goal to run the storage marketplace without an intermediary by connecting hosts and renters worldwide. Siacoin (SC) is the cryptocurrency of the Sia network. It is used to pay for renting and hosting cloud storage on the Sia network.

If you’re curious about where you can buy SC, how it works and what you should keep in mind before buying it, read on.

Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where can I buy Siacoin (SC) in Canada?

You can buy Siacoin tokens at several exchanges with cryptocurrencies such as bitcoin (BTC) or Ethereum (ETH).

Some of the exchanges that list SC are:


Name Product Deposit methods Fiat Currencies Supported Cryptocurrencies
Electronic Funds Transfer
Bank transfer (SEPA)
Wire transfer
USD, EUR, GBP, JPY, CAD
BTC, ETH, XRP, BCH, EOS, LTC, ADA, XLM, DASH, XMR & 15+ more
Buy, sell and trade a range of digital currencies on this high-liquidity exchange – suitable for beginners right through to advanced traders.

UK residents: In addition to normal crypto trading, Kraken offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cryptocurrency
-
BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, & 80+ more
Trade an extensive range of reputable coins on this world-renowned exchange, popular for its high liquidity and multi-language support.

US residents: US-based users have been restricted from Binance since June 2019.
UK residents: In addition to normal crypto trading services, Binance offers margin lending. As this is a regulated activity which they are not authorised to offer in the UK, we advise you not to use this service. If you're interested in margin trading, see authorised providers.
Cryptocurrency
Bank transfer (SEPA)
SWIFT
Wire transfer
Faster Payments Service
GBP, EUR, USD, CAD, SGD, AUD, JPY, MXN
BTC, ETH, BCH, XRP, LTC, EOS, XLM, USDT, ADA, XMR, TRX and 50+ more
BC Bitcoin is a UK-based cryptocurrency brokerage that buys and sells more than 100 different cryptocurrencies.
Credit card
Cryptocurrency
USD
BTC, BCH, MIOTA, XVG, NEO, ADA, XRP, TRX, ONT, ZIL, GAS, LTC, ZRX, QTUM, ETH, ETC, VET, ICX & 300+ more
CoinSwitch allows you to compare and convert over 250 cryptocurrencies across all exchanges.
OKEx Cryptocurrency Exchange
Bank transfer
Cryptocurrency
WeChat
USD, CNY
BTC, ETH, LTC, EOS, TRX, ETC, BCH, TRUE, XRP, ABT & 130+ more
Listing over 100 cryptocurrencies, OKEx offers its users a variety of payment methods and coins to choose from.
Bittrex Digital Currency Exchange
Cryptocurrency
Wire transfer
USD
BTC, ETH, BOXX, XVG, SC, XRP, DOGE, STRAT, XMR, ADA, OMG, ETC, BCC, XLM, DGB, UKG, & 128+ more
Buy from one of the largest cryptocurrency exchanges with a selection of over 190+ cryptocurrencies and 3 USD pairings.
Poloniex Digital Asset Exchange
Credit card
Cryptocurrency
Bank Wire
-
BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB & 40+ more
Trade various coins through a global crypto to crypto exchange based in the US.
Livecoin Cryptocurrency Exchange
Cryptocurrency
Payeer
Perfect Money
Qiwi
USD, EUR, RUB
BTC, BCH, ETH, LSK, LTC, XMR, XEM, DASH, BCC, CLOAK & 410+ more
Trade at an exchange that has an extensive offering over 160 coins and numerous fiat and altcoin currency pairs.
Cryptocurrency
-
BTC, ETH, XRP, BCH, EOS, XVG, LTC, ADA, MIOTA, TRX, NEO, DASH, XMR, XEM, VET, ETC, ICX, QTUM, OMG, & 70+ more
Buy and trade 100+ cryptocurrencies on this global cryptocurrency exchange.

Compare up to 4 providers


A step-by-step guide to buying Siacoin (SC)

If you decided to buy SC, here’s an example of what you could do.

Step 1. Create an account at an exchange that offers SC

If you compared all of the exchanges that list SC, you can create an account at the one that best suits your needs. Keep in mind that at some exchanges, you will have to verify your identity in order to deposit funds and trade. You might also want to keep in mind that most crypto exchanges listing SC don’t accept fiat currency deposits.

Step 2. Deposit funds into your account

Next, you will need to deposit funds into your account by navigating to the “Deposit” or “Funds” page.

If you opened an account with an exchange which doesn’t accept fiat currency deposits, you would first need to buy cryptocurrency which is pairable with SC (such as BTC or ETH) from another exchange which supports fiat deposits. If you don’t have BTC, you can follow our guide here on how to purchase BTC.

Next, you would transfer your BTC (bought with fiat currency) to the exchange which lists SC. Your account on an exchange should have its own wallet and a unique wallet address, which is frequently found in the “Wallet” tab on dashboards. When you opt to transfer your BTC out from one exchange, you should be prompted to enter the amount you wish to transfer as well as the wallet address of the exchange where you wish to receive BTC.

Enter your wallet address carefully as sending your BTC to the wrong wallet could be irreversible. After ensuring your wallet address and the amount to send are both correct, you would hit the “Send” button.

Step 3. Buying SC

Typically, you would buy SC at any exchange that offers it by first clicking on a button that says “Exchange” or “Markets”. Next, you would search for the pairing, for example, you could search for the SC/BTC pair if you wanted to buy SC with BTC. After that, you would select this pairing and enter the number of SC tokens you want to buy before hitting the “Buy” button.


How can I sell Siacoin (SC)?

You could sell SC tokens on the exchange where you bought them. The process is similar to the buying process outlined in Step 3, except this time, you would reverse the pairing order. For example, if you were selling SC in return for BTC, you would select a “BTC/SC” pairing. You would then enter the number of SC tokens you want to sell and hit the button to sell in the “Sell” tab.


Which wallets can I use to store Siacoin (SC)?

To store Siacoin, you can download the official Sia client and use the digital wallet included. Once you’ve launched the Sia client, you will be guided through a process to connect to the network and will also receive a unique address for Sia wallet.

Siacoin has two types of core software which includes wallets:

  • Sia UI. An option with a Graphic User Interface (GUI) for less technical users who prefer this interface over command line. It is also available on Windows, macOS and Linux.
  • Sia Daemon. This option is offered on Github and used with the user’s preferred Command Line Interface (CLI).

Find out more about cryptocurrency wallets in our ultimate guide.


What is Siacoin (SC) used for?

The founders of SC and the Sia platform aim to create a reliable and affordable storage marketplace. Also, the Sia platform encrypts every file and distributes it across the network to increase security and to have continuous uptime in case one of the storage providers fails. The renter has the encryption key and no one else has access to their files.

As the cryptocurrency of the Sia network, SC is used to pay for renting and hosting cloud storage on the Sia network. SC’s hashing algorithm is BLAKE2b, and you can mine it with a graphics card.

As the hosting services offered by the Sia network are intended to be affordable, the developers of the Sia network enable users to pay in micropayments which are less than 1 SC. A Hasting is the smallest unit of SC and equals 10-24 SC.

How does Siacoin (SC) cloud storage work?

In the Sia network, hosts, or farmers, are the ones who store data. Hosts have to be reliable with 95-98% uptime and only a few hours of downtime a month are allowed. Sia incentivizes hosts by paying them not to leave, but the hosts also have to put up some of their SC tokens as collateral, so they don’t break the contract.

Hosts prove legitimacy by burning Siacoin tokens. This means that they have to burn up to 2.5% of their own revenue to demonstrate their legitimacy. The goal of this measure is to prevent abuse by someone who wants to forge multiple hosts (burning tokens makes forging unfeasible).

Learn more about Siacoin and the Sia network in our introductory guide.


What to consider if buying Siacoin (SC)

If you are wondering whether to buy Siacoin or any other cryptocurrency, make sure you understand the risks involved. Here are some points to take into consideration:

  • Supply. According to CoinMarketCap, the circulating supply of SC at the time of writing in March 2018 is 32,832,383,999 tokens with no fixed supply. However, a number of SC tokens are constantly burned by hosts to prove legitimacy.
  • Whitepaper. To find out more about the intent of SC’s founders and the Sia platform, you can read their whitepaper.
  • Siacoin use. If you’re interested in buying hosting accessing services offered by the Sia platform, you will need to purchase Siacoin tokens first.
  • Availability. You can buy Siacoin tokens on several exchanges as listed above.
  • Industry’s potential for growth and its unpredictability. The team behind Sia believes they can compete with the large cloud-storage providers like Amazon and AT&T by providing lower prices and data encryption. Yet despite speculation about the exponential growth of the cloud-storage market by sources such as Business Wire, note that given the volatility of cryptocurrency and related industries, potential and past performance is not an indicator of actual performance.
  • Market competition. Other companies that provide blockchain-based cloud storage are Minebox, Filecoin and Storj.

Frequently asked questions

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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