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how to buy siacoin

How to buy Siacoin (SC)

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Siacoin is one of the best performing cryptocurrencies by market value and is on the list of the most sought-after tokens. In view of the inherent value of Siacoin as an enabler of decentralized storage across the globe, it is attracting a huge global interest. Here’s how to buy Siacoin.

How to Buy Siacoin

It’s only possible to buy Siacoin via a two-step procedure.

  1. Buy Bitcoins
  2. Exchange Bitcoins for Siacoin

Buy Bitcoins

1. Buy with Bank Deposits

If you are going to buy Siacoin using a bank deposit, you need to identify a cryptocurrency marketplace like localbitcoins.com. You will be able to buy Bitcoins as a first step. On localbitcoins, these are the steps you need to follow:

Register an account

  • Go to the homepage and click on “sign up free” on the top right-hand corner of your screen
  • Click on the confirmation link that was sent to your Email inbox

Verification

  • To verify our account, go to your account dashboard
  • Click on the verification link on the top midsection of your dashboard
  • Follow the prompts and upload the ID documents required
  • You will receive a confirmation link in your inbox to confirm your ID verification
  • Verification can take between 1 to 7 days

Proceed with your transaction

  • On your dashboard, Click on the ‘buy bitcoins” tab to the left top corner
  • The listed ads will be displayed on the “Quick Buy” tab
  • Click on each of the ads to view the quotes available
  • Select the ad with the least quote and click on it
  • Enter the number of Bitcoins you are buying
  • The seller’s bank account details will appear
  • Copy the account details
  • Complete your transaction
  • Send payment notification to the seller on the messenger provided on your account dashboard

Confirm receipt

  • The seller will confirm receipt of your funds
  • Your Bitcoin is transferred to your wallet.

Observing safeguards on LocalBitcoins.com

  • Since localbitcoins.com is a peer-to-peer platform for cryptocurrency trading, you should know that you have a duty of care to avoid loss of funds to strangers.

Verify Seller Accounts

  • Click on the ads
  • Click on the seller‘s profile
  • Date and history of seller confirmation will be displayed
  • The data shown shows that the seller is verified.

Making payments

  • When making payments to a seller, always use a bank deposit
  • Do not opt for a physical meeting as this might be harmful
  • Take a screenshot of evidence of payment and upload to the seller.

Platform safeguards

Localbitcoins.com have safeguards in place to protect buyers and sellers alike. When a buyer lists a transaction, the corresponding Bitcoin amount is moved to an escrow account. A listing is removed if the Bitcoin is not available. The escrowed Bitcoin is released to the buyer when the seller confirms receipt of payment.

 

2. Buy Bitcoins with Debit/Credit Cards or PayPal

 

To buy Bitcoins using PayPal, Debit or Credit cards, you need to identify an exchange that accepts these payment methods. The common option is to use Coinbase, but, you can also use Spectrocoin exchange, as this is accessible globally unlike Coinbase.

Here are the steps you need to take to buy Bitcoins on Spectrocoin exchange:

Open an account

  • You need to register an account to be able to use the Spectrocoin exchange
  • Click on the ‘’sign up’’ link on the homepage
  • Follow the prompts and submit the account opening form
  • Click the verification link in your inbox

Verification

  • To verify your account, go to your account dashboard
  • Click on your profile
  • The ID options will be displayed
  • Click on the option that suits you
  • Upload your ID to verify your identity
  • Wait for 1-7 days for verification confirmation

Trading

  • To buy Bitcoin, go to your account dashboard
  • Click on wallets
  • The supported cryptocurrencies will be displayed
  • Click on the BTC tab,
  • ‘Send’, ‘Receive’, and the ‘Buy/Sell’ links will be displayed to the mid-center of your dashboard
  • Click on the “buy/sell link”
  • The transaction tab will appear
  • Enter the amount of Bitcoin you are buying
  • Select the currency you are using to buy the Bitcoin
  • Click on ‘exchange’
  • The payment options will display at this stage
  • Select your payment option
  • You might be navigated to a new window to complete the payment
  • On the Paypal, Visa, or Mastercard window, enter your details and confirm the purchase
  • Your account will be credited with the number of Bitcoins you bought.

Buying Siacoin

To complete the final step of buying Siacoin, you need to go to an exchange that supports the trade. On Coinmarketcap, some cryptocurrency platforms that support Siacoin trades are listed. The listed exchanges include the likes of Bitrex, HITBTC, UpBit, and Poloniex, among others. The advantage of using Poloniex is that all users are open to using the platform while Bitrex is no longer open to all users. Only invited users and institutional parties are allowed to open new accounts on Bitrex.

 

How to utilize Poloniex exchange to buy Siacoin:

 

Register

  • Go to Poloniex.com and register your account
  • Follow the prompts and submit the new account form
  • If the homepage says “new account opening on hold”, close the window and try again
  • When the new account page is accessible, complete your registration
  • Go to your Email inbox and click on the account creation verification link

Verifying Your Poloniex account

  • Congratulations if your Poloniex account is registered; you now have to verify it
  • Go to your account dashboard
  • Click on your profile link
  • Enable 2FA (factor authentication)
  • Enter your phone number in the space provided and submit

Enable Google Authenticator

  • Go to your profile page
  • Click on the Google Authenticator (GA) link
  • A barcode will display on the screen
  • Take your mobile phone and navigate to the Google Authenticator
  • Click on the ‘+’ sign beneath the app page
  • ‘Scan a barcode’ and ‘Enter a provided key’ will display
  • Select ‘Scan a barcode’
  • The rectangular barcode marker will show up on your mobile phone screen
  • Place the phone directly opposite the barcode on your desktop or laptop
  • An automatic prompt will ‘snap’ the barcode
  • On your Poloniex profile page, you will be prompted to enter a key
  • Look at the GA app page on your mobile phone and copy the code provided
  • Enter the code on your Poloniex profile page
  • ‘Success’ will appear on your profile page if you entered the correct code

Next, you will transfer your Bitcoin to Poloniex.

Now, you can buy your Siacoin as follows:

  • Go to your Poloniex dashboard
  • Click on the ‘BALANCES’ tab at the top right corner of your screen
  • The deposit/withdrawals tab will appear
  • Click on the deposit tab
  • A complete list of tokens will appear here
  • Go to the Bitcoin row and click on the deposit column
  • Your Bitcoin wallet address will display
  • Copy this wallet address

Final Step

Depending on the method you used when buying your Bitcoin, you need to go back to the marketplace that you used.

On Localbitcoins:

  • Go to your account dashboard
  • Click on wallets
  • A drop-down menu will be displayed
  • Enter in your Poloniex BTC wallet address
  • Complete the amount and reference rows
  • Click ‘continue’
  • Check on the confirm transaction tab and submit
  • The Bitcoins will be delivered to your Poloniex Bitcoin wallet

For Spectrocoin:

  • Go to your dashboard click on ‘wallet’
  • Go to your BTC Wallet
  • Click on send
  • Enter your Poloniex Bitcoin wallet address in the recipient’s wallet tab
  • Specify the amount of Bitcoin you are sending
  • Click on the submit tab
  • The Bitcoin will show up in your Poloniex wallet

Exchange Bitcoins for Siacoin

  • To exchange Bitcoin for Siacoin, you need to go to Poloniex and follow this process:
  • On your Poloniex account dashboard, click on your “BALANCES’ tab
  • Click on ‘History’, and you will find the BTC details under the Deposit history
  • Go back to your account dashboard
  • Click on ‘exchange’
  • To the right corner of your screen, the ‘MARKETS’ table will display
  • On the top row, click on BTC
  • The different pairs will display underneath the tab
  • Click on Siacoin and the exchange tab will display underneath the middle of your screen
  • ‘BUY SC’, ‘STOP-LIMIT’, and ‘SELL SC’ tabs will display
  • Enter the amount of Siacoin you want to buy using the ‘Buy’ tab
  • Click on ‘Buy’ underneath the tab
  • Click on your ‘ORDERS’ tab next to your BALANCES tab at the top right corner of your dashboard
  • The ‘My open orders’ and My Trade History & Analysis” tabs will display
  • Click on ‘My open orders’ and the order you made for Siacoin will be displayed.

When the transaction is completed, the amount of Siacoin you bought will be reflected in your ‘BALANCES’ tab. This can take one to two days, or a few hours. The ‘History’ tab under your ‘BALANCES’ will show the date, amount and references for your Siacoin.

With Siacoin growing in popularity, more and more people will look to invest in Siacoin. These steps will aid you in making it easier to buy Siacoins.

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