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A step by step guide on how to buy & store the Siacoin (SC) cryptocurrency

What is Siacoin?

Sia is a decentralized cloud storage platform that uses a blockchain to facilitate payments.

What are SC coins?

Sia uses Siacoin, to enable decentralized payments across the network.

Disclaimer

This guide is not, and should not be interpreted as 'investment advice', a 'recommendation' regarding a course of action, or as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Getcrypto, or the author, may have holdings in the cryptocurrencies discussed.

How to buy Siacoin
Important: The links in this guide are correct as to the best of our knowledge. It is your own responsibility to double check that clicked links look correct in your browser bar, and that any wallet you install on your computer is from a legitimate source.

Note: Images can be clicked to see a larger version. If you're confused by any terms used, a glossary can be found here.

There are three parts to this guide (click to skip to them): Setting up a Siacoin wallet, buying Ethereum and then exchanging Ethereum for Siacoin.

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To start, let's download the official Siacoin wallet, where we'll keep your coins safe on your computer. Once installed, the wallet takes a few hours to synchronise with the Sia network, so best to start now.

If you wish to speed this process up, you can follow the instructions here.

Download Sia wallet
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Open the downloaded .zip file and extract the files to a new folder. Rename the folder 'Sia' and place it somewhere on your computer where it won't get accidentally deleted.

Extract Sia
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In the folder, double click the file named 'Sia-UI.exe' - a security warning may pop up- click run.

Open Sia
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The Sia user interface will now be open. Your firewall may issue a warning- press the button 'allow access' to allow Sia to connect to the internet.

Windows firewall
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Now it's time to create a Siacoin wallet. Click the 'wallet' option on the left sidebar. Click 'create a new wallet'.

If you wish, choose the option to use a custom passphrase- which simply means you'll input your own password on the next screen rather than use the one Sia generates for you.

Sia wallet
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You will now see your wallet 'seed' and 'password'. If you chose not to input your own password, these will be identical. It is very important to back up these pieces of information somewhere safe and private. They are the key to your wallet. If anyone gets ahold of this information, they can access your wallet too.

Note: the seed and password in this image are for example only. Do not use them yourself.

Once you have the seed and password safely stored, click the button 'I have written these down in a safe place'.

Sia seed and password
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Now it's time to test that you have your password written down correctly. Type your password into the prompt and press 'unlock'.

Sia password
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Your wallet is now open and ready to receive Siacoin. Notice the 'synchronizing' status bar in the top right corner- leave Sia running until this reaches 100% or the wallet won't register any of the Siacoin's we're about to buy and send to it.

At this point it's good form to backup the wallet files that Sia has created on your hard drive stored at:

(WIN) %UserProfile%\AppData\Roaming\Sia-UI\sia\
(LINUX) ~/.config/Sia-UI/sia/
(Mac) ~/Library/Application Support/Sia-UI/sia/

Copy all the files inside that folder and back them up on a USB stick or external hard drive, and keep that somewhere safe. These wallet files aren't strictly necessary in recovering your Siacoin wallet, but they are another layer of security.

Sia sync
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Even though your wallet hasn't finished syncing with the Sia network you can still safely receive coins to it.

Click 'Receive Siacoin'. The wallet will give you an address to send your Siacoin to. Copy this somewhere safe as we're going to need it soon.

Important note: Each time your click the receive button in the Sia wallet it will give you a new address. This is a security feature of Siacoin and nothing to panic about.

Siacoin wallet address
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Now we'll purchase the popular cryptocurrency Ethereum, so that we can exchange it for Siacoin (if you already own Ethereum you can skip ahead).

Choose which Ethereum exchange you'd like to use (by clicking on the logo), and the guide will continue:

Choose your exchange
#
Coinbase
  • Operates in 32 countries.
  • Accepts debit & credit cards and bank transfers.
  • Can have low buy limits at first, increases with use.
  • ID verification required.
#
Cex.io
  • Worldwide coverage, 99% of countries.
  • Accepts debit/credit cards and bank transfers.
  • High initial buy limits compared to other exchanges.
  • ID verification required.
#
Coinmama
There are also some other exchanges (but without step by step guides) listed here.
11

If you use this link to sign up to Coinbase we'll both receive ten dollars of free coins when you spend over $100 (or the equivalent in your currency).

Coinbase
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Press the 'sign up' button and fill out your name (make sure this is exactly how it's written on your photo ID), email and a password.

Just like a US bank, Coinbase is regulated by the US government, and has to follow strict financial rules. So they take verifying your identity very seriously. It's a pain, but it does give Coinbase a reputation for being the most trusted way to convert fiat currency to cryptocurrency.

To verify your account you must supply a phone number, upload an image of your photo ID and verify a credit/debit card or bank account before you can buy.

Note: If you have problems verifiying your ID using your computer, try downloading the Coinbase app (on Iphone or Android), signing into your Coinbase account and verifying your ID using your phone camera.

Signing up to Coinbase
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Using a credit/debit card on Coinbase means higher fees but offers instant purchasing. Using a bank transfer is cheaper but slower (taking up to a week to get your coins).

Once your payment details are verified, click 'buy/sell' on the top menu.

Select 'Ethereum', and at the bottom of the page choose how much to spend in your local currency / how many coins you want to buy.

Once you're happy with the amount, click the big 'Buy' button.

Buying Ethereum on Coinbase
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You'll be asked to confirm your purchase.

Press the 'Confirm Buy' button.

Congratulations! You now own some Ethereum. But don't close Coinbase yet, we're going to need it again in a few minutes.

Confirm buying Ethereum on Coinbase
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Click here to go to Coinmama.

In the sign up form, enter your email address and first and last name (make sure these are exactly the same as on your photo ID).

Enter a strong password (that you won't forget!).

Select your country, tick the box to show you understand their terms and conditions and press 'Register'.

Coinmama
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You will be sent an email to confirm your email address.

Go find that email and click the link in it.

You will be informed that your email is now confirmed. Press 'Continue'.

You will be prompted to log in. Enter your email and password and press 'Login'.

Signing up to Coinmama
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You won't be able to buy any Ethereum until you verify your account.

In the left-hand menu, click 'Verify your account'.

You will be asked to fill in your personal details. Once you have, press 'Next'.

Signing up to Coinmama
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Here you need to upload some pictures of your ID.

You're also asked to take a selfie of yourself holding your ID, as well as writing 'Coinmama' on a piece of paper with today's date.

Make sure none of these pictures are blurry, or they will be rejected.

Once you've uploaded the files you'll be informed your documents are under review- unfortunately you'll have to wait until you're verified to continue your purchase.

Signing up to Coinmama
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Click here to go to Cex.io

Click the 'Register' button along the top menu.

Cex.io
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Enter your email address and a secure password. Click the checkbox to agree to the terms.

Click 'Register'.

Signing up to Cex.io
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You will now be asked to set up 2-factor authentication for your new account. It is strongly advised not to skip this step, as 2-factor authentication makes your account far more secure.

We recommend using the 'Smartphone App' option.

Signing up to Cex.io
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Once your security has been set up, you'll be taken to your account dashboard.

Before we do anything else, head on over to your personal email account- there will be an email from Cex.io asking you to click a link to verify your account. Click it.

You will be taken to a page telling you your email has been confirmed. Click 'Go back to the site'.

Signing up to Cex.io
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Look for your user ID in the top menu, hover your mouse over it and in the drop down menu click 'Verification'.

Signing up to Cex.io
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Every exchange that lets your buy cryptocurrencies for cash require you to verify your identification before doing so.

Complete the Cex.io verification process by supplying your personal information and uploading your ID.

Signing up to Cex.io
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Once you're verified, click the 'Deposit' button along the top menu.

You now get to choose how you'd like to deposit money:

Via credit/debit card

If you choose credit/debit card you can buy instantly, but you pay commission on the money you deposit.

Via bank transfer

This option takes a few days for the transfer to arrive but has no commission fees.

Choose the method you prefer and follow the instructions to deposit your money.

Signing up to Cex.io
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Once your money is in your account, click 'BUY/SELL' on the top menu.

Choose 'ETH' and the currency you'd like to buy it in (Dollars, Euros, Pounds or Rubles).

You will be offered some precalculated amounts of Ethereum, or you can scroll to the bottom of the page and input the amount of Ethereum you'd like to buy in the 'Custom amount' box.

Once you've decided, click 'Buy'.

Signing up to Cex.io
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You'll be asked to confirm your buy.

Check everything looks correct and click 'Confirm the order'.

Signing up to Cex.io
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Congratulations- you now own some Ethereum!

Press 'Ok'.

Signing up to Cex.io
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While you're waiting to be verified, we'll sign up for Binance, so you'll be ready to exchange your Ethereum for Siacoin.

We'll use the site Binance to exchange your Ethereum for Siacoin.

We'll use the site Binance to exchange your Ethereum for Siacoin.

We'll use the site Binance to exchange your Ethereum for Siacoin.

Click here to go to Binance, and click 'Register' on the top right menu.

Binance exchange
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Enter your email and a strong password (that you won't forget!).

Click 'Register'.

Setting up a Binance account
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You will be sent an email to confirm your email address.

Click the link in the email.

Setting up a Binance account
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You will be taken back to Binance as your email is confirmed.

Press 'Login'.

On the login form, enter the email and password you just used to sign up, then press 'Login'.

Setting up a Binance account
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A pop-up will advise you to set up 2FA (two factor authentication) on your account.

We strongly advise you to do this- in the event a hacker manages to get hold of your password, this second level of security makes it very unlikely they will be able to get into your Binance account.

We recommend using the Authy app on your mobile phone or web browser.

Setting up a Binance account
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Hover your mouse over 'FUNDS' on the top menu and click on 'Deposits Withdrawals'.

This screen displays any coins you have stored on Binance- obviously none at the moment.

Type 'Ethereum' in the search box.

This will narrow the wallets displayed to just a few- in those, find Ethereum.

Press 'Deposit'

You will be given a Ethereum deposit address (a long string of numbers and letters).

Copy this address and keep it somewhere safe as we're going to need it soon.

Note: Double check you've actually selected Ethereum (ETH)- if you send your coins to the wrong wallet you will lose them.

Setting up a Binance account
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Now, return to Coinbase.

Click 'Accounts' from the top menu, then find your Ethereum wallet listed on the left.

Click 'Send'.

Sending Ethereum on Coinbase
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In the 'Recipient' box, paste the Ethereum wallet address we just copied from Binance.

In amount, type how much Ethereum you wish to send (there is a 'use max' option if you wish to send it all).

Click 'Continue'.

Coinbase may ask you to confirm with your password/phone. Follow the instructions until it confirms the Ethereum are sent.

Sending Ethereum on Coinbase
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Go back to Cex.io

Press 'Withdraw' on the top menu.

Under 'Select currency and amount' click 'USD' and select 'ETH' in the drop down menu.

Input the amount of Ethereum you're sending.

In the box labelled 'Enter the recipient's address below' paste the Ethereum wallet address we just copied from Binance.

Once you've looked everything over, click the check box to confirm you've double checked everything is correct.

Press 'Withdraw'.

Signing up to Cex.io
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You will be asked for a 2-factor authentication number.

Use your selected method of authentication to generate the number and write it in the box. Press 'Confirm'.

Signing up to Cex.io
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You will be sent an email to confirm the withdrawal.

Go to your personal email and click the link Cex.io has sent you. This will send the coins on their way.

Signing up to Cex.io
7

Go back to LocalBitcoins.

You should still be in your wallet page.

In the box labelled 'Receiving Bitcoin address' paste the Ethereum wallet address we just copied from Binance.

Enter the amount of Bitcoin you're sending.

Press 'Continue'.

Signing up to LocalBitcoins
8

You will be asked to enter your password to confirm the send.

Once entered, press 'Send from wallet'.

Signing up to LocalBitcoins
9

You will be taken back to your wallet and a message will appear to confirm the Bitcoin has been sent.

Signing up to LocalBitcoins
21

Hopefully you're now verified on Coinmama, so log into your account and press 'Buy Ethereum'.

You will be presented with some buying options- you can either choose to purchase a preset amount, or at the bottom of the page enter the amount of Ethereum you want, or currency you want to convert to Ethereum.

Once you're satisfied with the amount, press the 'Buy Ethereum' button.

Signing up to Coinmama
22

You will be asked to supply your Ethereum wallet address. Input the wallet address that you copied from Binance.

Press 'Go to payment'.

Signing up to Coinmama
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You will be asked for your credit/debit card details. Input them and press 'Pay Now'.

Signing up to Coinmama
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You may be informed that Coinmama has received your order but 'are reviewing the order and making sure you're really you.' This just means they're double checking your credit/debit card information to your personal information to be sure this is a legitimate purchase.

Signing up to Coinmama
25

Once they've confirmed everything, you will be sent an email to confirm the purchase. Go to your inbox, find the email and double check it shows your correct Ethereum wallet address you copied from Binance. When you're happy, click the confirmation link in it.

Coinmama will now send your coins to your wallet address.

Signing up to Coinmama
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Now we've got to wait a few minutes for the coins to move across the network.

Unless there's an unusually large network backlog, the coins will take between 20 and 60 minutes to appear in your Binance wallet.

Binance will update automatically so there's no need to refresh the page.

While you're waiting, consider sharing this guide with your friends and followers to spread the word about Siacoin, encouraging its popularity and value to grow.

Here's some share buttons to make it easy:

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Once the Ethereum shows in your 'available balance' we're ready to trade for Siacoin.

Click here to jump straight to the SC/ETH exchange market on Binance.

Setting up a Binance account
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The exchange page can look overwhelming at first, but don't worry, we're only going to use a small part of it.

There are two ways of buying coins:

A 'Limit' order, which lets you manually set the price at which you want to buy SC.

A 'Market' buy, which fills your order automatically at the best price available.

As market buy is the simpler of the two options we'll go with that.

Look for the big green 'Buy SC' button.

Above it, click the 'Market' option.

In the input box marked 'Amount' you now need to fill in how many SC you'd like to buy. It may be easier to use the percentage buttons below the input box- for example, press 50% if you'd like to exchange 50% of your Ethereum for SC.

When you're happy with the amount, press the buy button.

Your order will be filled immediately.

Setting up a Binance account
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Press 'Funds' along the top menu, then 'Deposits Withdrawals'.

In the search box, type SC. You will now see your new SC in your SC wallet.

Setting up a Binance account
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If you're comfortable with it, you could just leave your coins on Binance and they would probably be safe. However, exchanges have been hacked in the past, and people have lost coins, so we do recommend you keep them in a personal wallet. Here's how:

Click the 'Withdrawal' button.

In the boxes that appear, fill in this information:

Label: Write 'My wallet'

Address: Put the wallet address that you copied from Siacoin (in step 9).

Amount: Press the 'Max' button to send all your SC.

Once you're sure all this information is correct (double check you've inputted the correct wallet address!), press 'Submit'.

If you've set up two-factor authentication, you will be asked for a code from your phone. Enter it and press 'Submit'.

You will be sent an email to confirm the withdrawal.

Go to your email and click the link that has been sent to you.

Setting up a Binance account
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Go back to the Sia application on your computer. Once it has 100% synchronised with the Sia blockchain you will see the coins in your wallet. Congratulations!

Note: Be sure you have saved the seed and password to your Siacoin wallet securely. If something horrible happens to your computer they would be the only way to get your coins back.

Coins in Sia wallet
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Now that you have coins in your wallet you may want to consider staking some of them and selling any unused space on your hard-drive. There's more details about this on the official Sia website.

When it comes time that you want to send your Siacoin to another wallet or exchange, it's as simple as pressing the 'send Siacoin' button in the Sia application, inputting the amount of Siacoin you wish to send and the wallet address you're sending it to.

Sending Siacoins
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What about when you're ready to sell your Siacoin?

You simply reverse the order of tasks you performed in this guide.

For example, you send your Siacoin to Binance, exchange it for Ethereum, send that Ethereum to Coinbase Cex.io Coinmama Local Bitcoins and sell it for your preferred currency.
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The Age of CryptocurrencyThe Age of Cryptocurrency
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