A guide to buying, selling and trading Syscoin in Canada.
Syscoin aims to offer a fully decentralized marketplace, allowing people to buy and sell without a middleman.
The Syscoin team’s announcement of CAD$3.3 million in private financing in mid-December 2017 was greeted with a generally upward trend in its price.
Syscoin is currently available on several cryptocurrency exchanges, and its BlockMarket Desktop wallet allows you to buy and sell the coin using a wide range of other cryptocurrencies.
Where to buy, sell and trade Syscoin
Syscoin is available for trading on several cryptocurrency exchanges, including the following:
A step-by-step guide to buying Syscoin
You can buy Syscoin using bitcoin (BTC) on some high-volume exchanges, including Bittrex and Poloniex.
The recently released BlockMarket Desktop wallet version 1.2 allows you to buy Syscoin using cryptocurrencies other than BTC on Changelly and Flyp. These cryptocurrencies include Ethereum (ETH), Litecoin (LTC), Monero (XMR) and Ripple (XRP).
You can use your Visa or Mastercard to buy SYS with US dollars on Changelly. You can also buy SYS using British pounds on Bittylicious.
Here’s an example of how you can buy Syscoin using BTC on Bittrex. Note that you must have an existing BTC wallet to fund your Bittrex account before you can buy Syscoin on the exchange.
Step 1. Create an account on an exchange that offers an SYS pairing
To exchange BTC for SYS, you can use an exchange like Bittrex.
To sign up for an account on the exchange, enter your email address, create a password and then submit the form. Verify your registration to create your account. It’s always recommended that you add two-factor authentication as an added layer of security.
In order to withdraw funds from Bittrex, you will need to enter your full name, date of birth and address. Passing basic verification means that you can withdraw up to .4 BTC worth of digital currency daily. To withdraw up to 100 BTC per day, you need to pass advanced verification, which requires submission of valid identification documents (passport, driver’s licence or any other government-issued identity card) and your latest photo.
Step 2. Deposit funds into your account
Log in to your account and click ‘Wallets’. Search for BTC among the list of wallets, then click the “+” button next to the wallet. Click “New Address” to generate your deposit address. You can then send BTC to the deposit address from your BTC wallet.
Read the deposit instructions carefully to ensure that you do not miss anything that will delay the crediting of the deposit to your account.
Step 3. Buying and selling Syscoin
After your deposited amount appears in your account, you are ready to buy SYS. To do this, go to the trading page, select the SYS/BTC pair, specify the price at which you want to buy and the amount you want to spend, then click “Buy Syscoin.” The same process applies for selling Syscoin, except that you have to click “Sell Syscoin” instead.
Which wallets can I use to hold SYS?
BlockMarket Desktop, the official wallet of Syscoin, supports the in-wallet exchange of 32 popular cryptocurrencies from Changelly and Flyp. The wallet is supported on Windows and Mac OS X. Linux support is currently under development.
On Android, you can use the Coinomi app to store Syscoin. The HolyTransaction multi-currency wallet also supports Syscoin.
How Syscoin works
The first official Syscoin wallet was released in August 2014 and featured a decentralized marketplace built on the blockchain with a non-graphical user interface. The Syscoin marketplace is the first ever based on a blockchain.
Since that time, the Syscoin team has made a number of improvements to the wallet, adding a graphical interface to the wallet’s next version in 2016 and releasing an enhanced version, BlockMarket Desktop, in September 2017.
It now features a fully decentralized marketplace where you can securely trade items without paying middleman fees. The marketplace has already attracted several vendors, with more than 750,000 items for sale at the time of writing. These merchants do not pay hosting fees nor do they pay for listing their products on the market. Only SYS, BTC and Zcash are acceptable tender on the marketplace.
Syscoin plans to release blockchain-based auctions to the marketplace in early 2018. Retail goods, real estate and energy trading are among those being targeted for auction on the platform. Like its fully decentralized marketplace, Syscoin auctions will be characterized by a lack of middlemen charging fees. Clients will only have to pay network fees to use the service.
What to consider before buying Syscoin
The Syscoin team introduced a steady stream of improvements to Syscoin in 2017, including the new BlockMarket Desktop, instant transfers and an authentication library to secure off-chain data.
With the recent infusion of private capital, the Syscoin team has launched an intensive marketing campaign, its first since its 2014 launch.
Syscoin has also partnered with Microsoft to make BlockMarket available on Microsoft’s Azure marketplace. This should help people, particularly developers, notice Syscoin as well.
As more individuals and companies learn about BlockMarket, the decentralized marketplace behind Syscoin, this may also influence the size of its userbase.
The Syscoin team’s 2018 plans include allowing Amazon and eBay stores to be imported into BlockMarket via an import function. Plugins are also being developed to allow platforms like Shopify to use Syscoin.
Syscoin, bitcoin and Zcash are the only acceptable tender on the BlockMarket, and the price of Syscoin, and both BTC and Zcash as well, might be tied to its uptake. As more users join and use the marketplace, it is possible that the Syscoin team will eventually adopt Syscoin as the only accepted form of payment on the platform.