Siacoin isn't technically a new name in the world of crypto but it got popular only in the last few years. Originally announced in 2014 and launched in 2015, this coin is easy to buy in the UK and is used for a variety of purposes. In this Siacoin buying guide, we’ll tell you all there is to know about Siacoin including where to buy Siacoin, how to buy Siacoin, and why it is used. Now without much ado, let’s get started:
What is Siacoin (SC)?
Siacoin, also called SC, is a digital currency created by Nebulous Labs, a software development company that specializes in blockchain. Founded by Luke Champine and David Vorick, the company is stationed in Boston, Massachusetts, and is working on various blockchain projects. Siacoin is essentially a cooperative file storage network platform that uses a variety of blockchain-related tools including the Siacoin token and smart contracts to store data on hosts found throughout the world. Developed by Nebulous Incorporation, the platform uses the language Go and is meant to make the distribution of decentralized networks for cloud data storage an easy task. SC is the Sia blockchain platform’s native currency and a way for users to pay hosts for using their storage space. The platform works just like Google Drive and Dropbox, but with the option to rent out available space.
How to buy Siacoin in the UK – Step by Step Guide
SC isn’t the most popular coin out there, hence it isn’t available on every platform. Very selected exchanges offer SC, but the good thing is that you will still have many options to buy Siacoin UK. Since it is a digital coin, you will only be able to buy it online. There are a number of exchanges or brokerage houses offering Siacoin for buy in the UK. We’ll cover these later in detail. While the process depends on the platform, it typically follows the same pattern as explained below:
1. Create an Account
The first step is to select an exchange and create an account. Some platforms may allow you to buy Siacoin without signing up for an account but it’s usually a prerequisite and since account creation is free, we suggest that you go ahead with the process. You will be asked to provide details such as your email and name. Make sure to enter correct information as you will be asked to verify your identity and your account will not get approved if the information doesn’t match your submitted documents. Based on the platform, you might also have to activate 2FA that may require you to enter your phone number. You will be able to use your UK number when trying to buy Siacoin UK. Pay special attention when selecting a platform as not all brokerage houses that offer SC to buy are available in the UK. Merely having an account doesn’t mean you will be able to buy Siacoin. The platform must be reliable and registered to offer services in the UK.
2. Verify Your Account
Once you sign up for an account, you will be asked to verify your identity. This is a legal requirement and companies are usually not allowed to offer full privileges to a user till they get verified. Some websites even have multiple tiers based on your account type (verified or not verified). The verification process can take up to 72 hours. The website will require you to verify two things:
- Your name
- Your location
Your name can be verified by submitting a valid identity document like your valid passport or ID card. Similarly, your address can be verified by submitting a utility bill or bank statement that contains your full name and address. The document must not be older than 90 days. In most cases, you will be able to login and check the platform but not buy or sell Siacoin till you have verified your account. This is due to Know Your Customer (KYC) requirements.
3. Get a Siacoin Wallet
You will need a wallet that supports the Siacoin coin. Since it’s not a top coin, not all wallets support it so do some research and look for suitable options. Most platforms that offer Siacoin in the UK will give you the option to use their own wallet but you may also select a third-party wallet.
4. Choose and Add a Payment Method
You will need money to buy Siacoin UK. Available methods change from company to company and options include bank transfers, digital wallets such as PayPal, and credit cards. Each option has its own advantages and disadvantages. Some are instant, such as debit cards, and some come with extra charges, such as wire transfers.
5. Buy GBP
Once you have added money to your account, it is time to make a transaction. Since you’re in the UK, you should ideally go ahead and purchase GBP. It’s a popular currency and most platforms support it. If not, you will have to buy another currency and pay the conversion fee.
6. Convert GBP to Your Preferred Coin
Once you have money in your account, go ahead and make a purchase. Some exchanges will allow you to directly buy SC and some may require you to first purchase a more popular coin such as ETH and then convert it into SC. Some platforms may have requirements on how many SC you can buy (minimum and minimum). Transactions can take a few minutes to get approved. Once done, you will see SC in your wallet.
Where Can You Buy SC in the UK?
Here are three top platforms to buy SC in UK:
BC Bitcoin is the go-to place for people who want to buy Siacoin in the UK. It is a UK based cryptocurrency exchange with more than 100 digital coins to choose from. Founded in 2017, the company operated globally but doesn't have a presence in the US. It’s a fully regulated platform, hence very safe to use. You will even have access to customer support but only during UK office hours. This can be an issue for some users as most large businesses offer 24/7 support. You will need to have an account to be able to complete your Siacoin buy endeavor. Beware because BC Bitcoin has a very high minimum deposit of £500. You will need at least £500 in your account before you can make your first transaction, however, you will not have to spend all this amount on SC buy and you can choose to buy other coins as well. Here’s how it works:
- The first step is to create an account. It will take a few minutes. You can even choose to import data from your Google or Facebook account.
- Verify your account by submitting identity documents. BC Bitcoin also has an additional verification process that involves holding certain documents and clicking a selfie. This helps ensure all documents are authentic and you own them.
- Next, you will be asked to add a payment method to your account. You can choose from different payment methods including bank transfers and debit cards. Add your desired method and continue.
- Use your deposit method to add money to your account. It will either show up instantly or take up to 48 hours based on your deposit method.
- Once added, you can use this money to buy Siacoin.
- The platform currently allows users to directly buy Siacoin. Go to the Buy Coin section and choose Siacoin. Enter the amount and it will show you the total cost including relevant fees.
- Review everything and complete the process.
- Your SC coin will appear in your wallet in a few minutes.
That’s it. It only takes a few minutes to buy Siacoin through BC Bitcoin. You will be able to sell these coins in the future or convert them to other digital currencies.
Kraken is one of the most popular crypto exchanges with a solid reputation and history. Originally unavailable in the UK, it registered with the Financial Conduct Authority (FCA) in the UK in 2021 and can now be used to buy Siacoin UK. Their minimum deposit is only 1 GBP, which will allow you to buy multiple SCs. Moreover, it can be a great option as it is very affordable. You will never pay more than 0.26 percent of the total amount in fees. Plus, there are discounts for bulk orders. This makes it one of the best places to buy Siacoin in the UK. Here’s a step by step buy Siacoin Kraken guide:
- Again, you will have to first create an account. Signing up is easy. Just be careful and enter the correct details.
- Next, verify your account by following the instructions given to you. Kraken can be a little slow to verify accounts due to a high volume of traffic so be a little patient. It can take up to 72 hours to hear back from the company.
- Link a payment account. We suggest using bank transfers as UK bank transfers are fast and free. Go to Settings and Payment Methods to set it up.
- Next, it is time to buy SC. You will not be able to buy Siacoin directly as Kraken doesn’t currently support GBP and SC pairs. You will have to buy another currency and then convert it into SC. You can choose fiat pairs such as Euro and SA or a digital currency such as ETH or BTC.
- Complete the transfer and your SC will appear in your account.
Kraken is one of the safest options and is known for going the extra mile to protect accounts.
Last on the list is Binance, another popular name that is unfortunately not presently available in the UK. The exchange entered the UK a few years ago but was shortly banned by regulators. Hence, you will not be able to buy SC through Binance if you are in the UK. You will, however, be able to use this option if you are in a country where Binance works. British users abroad will also be able to use it.
Best Ways to Buy Siacoin
We have covered some of the best options to buy Siacoin UK, let’s now get into details:
Buy Siacoin with Debit Card
It is possible to buy Siacoin with a debit card. You will need a card that’s enabled for online transactions. Almost all exchanges support debit cards but some may not work with prepaid cards. Debit card transactions are often a preferred option as they are fast and there’s no risk of going overboard since you can only spend the money that is in your account. Almost all platforms will allow you to save your card details for future use. However, be careful when using this option as not all exchanges are secure.
Buy Siacoin with Credit Card
Credit cards can be used to buy Siacoin in the UK but not all companies support this option and it’s also not the top choice due to fees associated with cards. Credit card deposits are instant but not all banks will support crypto buying.
Buy Siacoin with PayPal
PayPal now supports digital currencies and can be used to buy Siacoin. However, not all platforms currently have this option and some appear to be sticking to other e-wallets.
Buy Siacoin with Bitcoin
You can convert Bitcoin into any other digital currency including Siacoin. The process is simple – buy Bitcoin and choose a Bitcoin and Siacoin pair and convert your desired amount.
Where to Buy Siacoin – Conclusion
Siacoin may or may not be a good investment. Perform due diligence and use these methods to buy Siacoin UK.