Have you ever heard about Google Drive, Amazon S3, Dropbox? Cloud storage is one of the things that people use regularly to get access to their files from multiple devices. Sia does the same but in a decentralized format. As we currently have decentralized finance and exchanges, it’s not surprising that decentralized cloud storage becomes our reality as well. And what is more, this decentralized storage solves all the concerns of users who considered Google Drive, Dropbox, and others not secure.
In this article we’ll talk about Siacoin in detail: what it is, is it a good investment, what is Sia wallet, and how to choose the one most suitable for your investment purposes.
What is Siacoin cryptocurrency?
Siacoin is a cryptocurrency created for Sia network support. It’s used for the purchase of storage space on the Sia cloud platform. Siacoin can be exchanged to other cryptocurrencies and then to fiat in case of necessity.
Sia is a decentralized cloud storage platform, which is secured by the Sia blockchain. This storage has a lower cost and higher level of security in comparison to other cloud storages. The history of the Sia blockchain goes back to 2013, although the launch of the project took place only two years later. The project’s main idea is to introduce a new form of cloud storage when you’re becoming a renter once storing your data on the platform.
Users who are providing space to your data are called hosts. You can store your files on the hard drives of hosts and once you decide to do that the system splits your files into thirty pieces in such a way that each piece is stored on one of the hard drives existent within the system. Such an approach guarantees the highest level of security for your assets because each host can only see one small piece of encrypted data and does not have any access to your data.
You’re the only person who can access your files on Sia cloud storage and that’s a moment when the magic of blockchain technology takes place. The cherry on top is the price of keeping your files on Sia. Compared to traditional storage like Dropbox, it does not exceed $1–2 per month and you pay for hosting your data by the end of the smart contract period, which typically lasts 90 days. All these advantages make Sia a unique project and have attracted a tremendous amount of attention from investors in recent years. Consequently, a common question among investors is “where to store Siacoin?”, which we’ll address within the scope of this article.
Where to store Siacoin?
A Crypto wallet is always a good choice for investors who plan to protect their crypto funds from hackers and scammers. Once you’ve decided to find a secure way to store your Siacoins it’s time to choose the crypto wallet fitting your requirements.
The important thing to know about Siacoin storage is that it’s a native token, which requires a dedicated wallet. It means that you have a limited choice of crypto wallets to choose from for its storage. Most multiple-currency crypto wallets will not be available. Keeping that in mind, there are still several options being developed by Siacoin itself and third-party developers. These wallets have various formats and will cover most of your requirements.
What is a Sia wallet?
Siacoin wallet is the specific software application that allows Siacoin (token) holders to send and receive Siacoin (SC), as well as to store and manage their private keys. These Siacoin wallets can be used as secure storage for your Sia tokens as they are protected with the password and hence your coins remain safe there. You can choose Sia wallets in different formats, including hardware, mobile, web, desktop.
How to Choose a Sia wallet?
As we’ve mentioned earlier there are several Sia wallets available on the market and each has its own unique features. So, which one do you have to choose? That depends on several factors:
- which type of wallet are you interested in
- how many Siacoins you plan to store in your portfolio
- how do you plan to use tokens in future
- how much are you ready to spend on a wallet
- do you prefer custodial or non-custodial wallets
First of all, you have to understand that any investment requires thoughtful planning and before you come to an idea to purchase the first Sia coins you have to determine what you are going to do with them. The other factor is the level of risk you’re ready to take.
For example, if you’re a conservative investor the most important factor for you is the wallet’s safety. In this case, your choice is a hardware wallet with offline storage and backup. But, remember that hardware wallets are more expensive in comparison to other types and require some expertise for their management. That means you should be not a newcomer to the crypto world, have enough technical knowledge to work with this wallet, and have a plan to store a sufficient amount of Sia in this wallet.
The other case is when you plan to make various operations with Sia, quickly and easily convert these tokens to other cryptos, and do not plan to store Siacoins for a long term. In this case, a mobile wallet might be your choice. Such a wallet is easy to install and manage. Besides, if you’re accustomed to regular online operations with cryptocurrencies through mobile apps like Binance this option will fit most of your requirements.
Finally, the cost of the wallet might be a deal-breaker for your choice. In this case, an online wallet is your choice. These wallets are free or are less pricey in comparison to other types. In addition, they are good for those who are working with small amounts of Siacoins and are trading regularly.
Below we present the best 4 Siacoin wallets available on the market for you to choose from.
List of five best Siacoin wallets
The most popular and natively developed Siacoin wallet on the market. The Sia team developed the wallet and can be downloaded from the official website, which makes it a preferable option for many users.
- secure desktop wallet
- works well with iOS devices
- downloadable from the Sia website
- created by the Sia team
How to get Sia.UI?:
- Go to the Sia website
- Download Sia.UI
- Create a new wallet for coins with secure passcode for access
Sia Android is a mobile wallet, known for its super easy interface and such advanced features as support of Blockchain integration and running Sia nodes on the wallet. You can also send and receive Siacoins through the wallet and store the files within the network.
Sia Android advantages:
- user-friendly interface
- fast operation
- used by many Siacoin users
- Created for mobile
- interacting with a platform through the re-enter module
- running Sia node on your device
How to get Sia Android?:
- Access Google Playmarket
- Download the app
- Fire the app up and perform the sync
- Create a wallet and set up a strong password
Siacoin cold storage
Siacoin cold storage is a wallet generator developed to create seeds and addresses for Sia Blockchain. This wallet generator doesn’t require a network connection, which means that your data is safe and not accessible by third parties. In addition, you can download the wallet for free.
Siacoin cold storage advantages:
- not connected to the network
- easy to use
You can download Siacoin cold wallet here and then start using it when your computer is not connected to a network or on an air-gapped CD to guarantee the safety of personal data.
Ledger Nano S
Ledger Nano S is the hardware wallet that guarantees the maximum security of personal data as the hardware does not have any internet connection and the private keys are stored there. That means no hacker attacks are possible — that’s the wallet’s major advantage. This wallet has a higher price in comparison to other options, but its safety is worth it.
The important thing to remember that for each operation with Siacoins you’ll require the Ledger Live app.
Sia Central Lite Wallet
One more Sia wallet, which is still in beta-testing for a year, is easy-to-use and has received positive user feedback so far. Sia Central Lite Wallet is in fact a web interface that is primarily useful for people wanting to use a Ledger Nano S, holding, exchanging, or managing multiple Siacoin wallets. People have been using it to transfer Siacoins between Ledger, host, renter, and exchange wallets.
Native mobile and desktop apps are in the works.
Final verdict on Sia wallets
So, you have read this review and are still trying to understand which Siacoin wallet to choose. If you’ve already decided to invest in Sia or at least plan to earn on it during the crypto hype you need a wallet for security. A Crypto wallet is always a good thing to have as hackers are near and are watching you. So which one should you go for? Let’s make it simple:
- If you consider Sia a long-term investment and plan to invest a sufficient amount of money there — use Ledger Nano S
- If you’re buying Sia for transaction purposes and don’t plan to hold it for long — choose a mobile wallet
- If you’re the one interested in other Sia services — use Sia.UI