What is Siacoin?
Siacoin is a so-called cryptographic currency, i.e. money created online via a non-state entity. In contrast to the euro, dollar and conventional currencies, a cryptocurrency promises high profits from the investment.
Last but not least, cryptocurrencies bring some advantages that traditional money cannot offer. For example, they enable almost completely anonymous transactions that can be carried out quickly and easily.
Siacoin and similar cryptocurrencies have been rapidly rising in value for good reason. Developers behind this specific cryptocurrency coin are best known for their work on Sia cloud storage.
Due to this expertise, users have been able to benefit from the first cryptocurrency services that store content flexibly on the cloud. Previously, the cryptocurrency sector required very high computational power and memory.
Integrating cloud storage solutions dramatically relieve these pressures and requirements. Additionally, Sia’s cloud service is decentralized and data is not confined to storage at a single location.
This provides an incredibly high level of security and can prevent costly hacker attacks in advance. Siacoin is structured in a similar way to its cloud storage. It is likely to be accepted as a means of payment by more retailers in the future.
What Advantages Does Siacoin Offer its Users?
Cryptocurrencies like Siacoin not only function as a means of payment but also serve as an exciting investment opportunity. Those who invested money in Bitcoin and similar currencies a few years ago are now the beneficiaries of a bountiful return on their investment.
The most prominent reason to invest in Siacoin, however, is that the best returns and rewards are likely yet to come. At least that’s what the experts are claiming.
Of particular interest here is the combination of coin and cloud, standing out as dynamic and distinct in an ever-growing environment. Customers can choose between either option or explore investments in both coin and cloud at the same time.
It’s also worth remembering that it’s incredibly simple to exchange currency like euros for Siacoin. These transactions can be carried out at various destinations online, with the developer itself offering a convenient exchange.
Besides the security provided by hosting services, Siacoin scores highly when it comes to ensuring anonymity. At a time when the state enjoys access to almost all financial transfers, the benefits of anonymity should not be overlooked.
Although the coin can only be used online so far, healthy trading performance means that expansion into the real world is probable.
Price Development to Date
You only need glance at value and trading information to feel confident in Siacoin. Since its market launch in June 2015, the currency has enjoyed a consistent climb in value.
Currently, attainable trade prices are now only slightly below previously seen all-time record highs. There is no doubt that Siacoin has benefited from the general boom in cryptocurrencies.
However, this isn’t the only reason for its popularity. Other factors that should not be disregarded include the innovative concept behind it all and the simplicity of transactions.
After registration on a stock exchange, units of currency can be purchased and sent directly. The coin is stored in cryptocurrency wallets. This term refers to a kind of depository that has been designed exclusively for cryptographic currency.
Coins can not only be stored in the wallet but can also be sent and received from it. Thanks to the blockchain, third parties cannot steal the data via attacks.
Data storage on central servers does not take place either, further enhancing security and providing peace of mind. Users don’t have to worry about the security of their private content on the cloud.
Apart from the physical advantages, the coin serves as an excellent investment with further price increases likely in the future.
Peer-to-Peer Data Transfer Security
The entire concept of the coin and similar cryptocurrencies is based on peer-to-peer data transfers, whereby two servers working together communicate directly with each other.
A detour via central servers is therefore not required. What this means in simple terms is that a hacker attack cannot be carried out on a single point. Instead, criminals would have to launch multiple simultaneous attacks on many individual servers.
However, this is not possible due to the fact that the different addresses are anonymous. This is a principal selling point of such networks. After all, most users don’t like the idea of third parties having visibility of their purchases and transactions.
In addition to impressive levels of security, cryptocurrency also serves as a worthwhile investment opportunity. In contrast to traditional savings accounts and deposit accounts, high returns can still be enjoyed.
Finally, investors can participate in an incredibly interesting project. It’s invigorating to consider how cryptocurrency will likely develop into the dominant currency type and stand as the preferred means of payment for most individuals.
Traditional investments, such as precious stones, minerals and jewellery once served as currency. Then came conventional coins and cash, followed by electronic payment cards and credit.
Cryptographic currency is almost guaranteed to become the next enduring means of investment and payment.
It’s worth pointing out that currently, Siacoin is way ahead of many competitors in several key areas. Its integration into an innovative cloud environment offers high levels of security, while there’s a huge commitment to furthering the peer-to-peer concept.
It also allows for users to enjoy prompt transactions. Since its launch in 2015, the price of the coin has only risen. Relatively little awareness of the cryptocurrency at present means that bigger price jumps are highly likely in the future.