Article Index
1. Introduction
2. What is Siacoin (SC)?
3. Siacoin (SC) Price Prediction by market
4. Coinnounce’s Siacoin Price Prediction
- Siacoin Price Prediction 2020
- Siacoin Price Prediction 2025
- Siacoin Price Prediction 2018
5. Frequently Asked Questions (FAQ)
6. Conclusion
Introduction
With its introduction in the market on 7th June 2015, Siacoin was a project whose idea was conceived at HackMIT 2013. The idea behind the creation of this project was to leverage the blockchain capacity to provide distributed networks and reach a consensus securely. These smart contracts are secured and encrypted, and the data transfer takes place without any third party interference.
David Vorick and Luke Champine were the creators of the project, and they worked at Nebulous Inc., which was a startup from Boston. Sia is a platform that provides private, decentralized, distributed cloud storage at lower prices in comparison to other competitors.
Note: Siacoin has helped in reducing the costs of cloud storage for users with the introduction of this new process of “renting out” other user’s unused hard drive. Many people call Siacoin as the “Airbnb of hard drives.“
Currently, Siacoin is trading at $0.00201 with strong resistance at $0.00218, and immediate support is present at $0.00182. The adoption of Siacoin is increasing slowly as the price cryptocurrency has started climbing in the charts and move ahead. It has a market cap of $85,484,575, and the coin witnessed an increase of 3.44% in the past 24 hours. It is present in the 60th place in the chart and moving upwards.
What is Siacoin (SC)?
A decentralized blockchain-based platform, Sia is a cloud storage platform that enables users to rent out other people’s unused hard drive storage space for storing the data. The platform splits up the data, encrypts it, and then it is distributed across the decentralized network. Siacoin is the native cryptocurrency of the platform that helps in the functioning and powering of Siacoin.
Sia has changed the way cloud storage platforms work as it is a decentralized platform; this means that anyone can rent out their hard drives for other users to store and make money from it. The data stored is encrypted, and the owner of the data has the keys to access it, making the platform completely secure and private.
Advantages of Sia:
- private storage using encryption of data
- more affordable as compared to standard cloud storage services
- open-source platform helping developers build more applications on Sia API
Siacoin Price Prediction by market
1. Trading Beasts
This crypto price predicting website has predicted that the price of Siacoin can reach $0.02 by the end of 2019. The prediction is optimistic but realistic.
2. Wallet Investor
Wallet Investor is one of the very few platforms that have genuine and realistic price predictions for the cryptocurrencies. They have predicted that the price might reach $0.0426 by the end of 2019, and it might increase to $0.0500.
3. Crypto Ground
Crypto Ground has predicted that the price of SC might go through a bullish trend and reach $0.0027 levels by the end of 2019. They further added that in the coming five years, the price could reach $0.0476.
4. Crypto Rating
Another website known as Crypto Rating has predicted that the price for Siacoin can reach $0.00452 by the end of 2019, which is the closest to the current market price.
5. Digitalcoinprice
This price prediction platform has given the prediction that the price of SC can reach $0.00364 by the end of the year 2019. The platform is bullish with the predictions for the rest of the years as well.
Coinnounce’s Siacoin Price Prediction
The prediction of the price of a cryptocurrency is a matter of combining the previous trends with the current market situation and finding an average scenario for the coin. Predicting an accurate value for a coin is not possible, and these can vary depending on the market conditions.
Siacoin Price Prediction 2020
The market for Siacoin is gaining again as the price has seen slight upward trends in the charts. The trading volume is increasing as well as the market, and traders are giving positive reviews for the cryptocurrency.
The price is predicted to increase with time as the market adoption increases. The price might reach the levels of $0.00600-$0.00700 by the end of the year 2020.
Note: Sia has been stated as a promising platform, and the company started working with the long term goal of becoming the backbone of the storage layer of the internet.
Siacoin Price Prediction 2025
The bullish predictions over the years have shown massive changes in the cryptocurrency and the way it works. In the coming years as well, the cryptocurrency will go under several changes as it continues to climb the charts based on its market cap.
With an increasing trend in the market for altcoins, our analysts have predicted that the price can go further ahead and reach $0.060-$0.500 levels by the year 2025. In case of massive changes and adoption, it is possible that the price might go beyond $1.
Note: As the platform is decentralized, the hosts on the Sia network can determine their own prices for renting out the hard drives storage.
Siacoin Price Prediction 2018
Launched four years ago, Siacoin has performed well in the initial years as the market saw immense growth in the trading volumes. The increase in the price in the previous year gave high hopes for 2018 to the market. It was predicted that the price would reach the levels of $0.0500 and $0.0600 by the end of 2018.
However, the increase was short-lived as the price started declining and reached the levels of $0.00301 by the end of 2018. This bearish trend in the charts led to reduced trade in the market.
Note: The initial reward for mining of block was 300,000 Siacoins, and it will reduce down to 30,000 by the year 2023.
Frequently Asked Questions (FAQ)
1. How many Siacoins are there?
Siacoin has no supply limit, and as of October 2019, there are approximately 41 billion Siacoins in circulation.
2. Is Siacoin a good investment?
Depending on the price predictions and market trends, it can be considered as a good investment for the longer-term as the price is increasing.
3. Which wallet to use for Siacoin?
To store Siacoin, you’ll have to use one of their wallets that are available on the platform. Currently, they support Linux, Mac, and PC desktop wallets.
4. From where can we buy Siacoin?
Siacoin is available on a few known exchanges like Bittrex and HitBTC.
5. Can we mine Siacoin, and how?
Yes. Siacoin can be mined using GPUs and ASIC mining rigs, but it is recommended not to use GPUs.
6. When was Siacoin launched?
Siacoin launched on 7th June 2015. David Vorick and Luke Champine are the creators of the platform and its cryptocurrency.
Conclusion
With the long term goal of the company to become the backbone of the storage layers for the whole internet, Sia is a decentralized cloud storage platform that is here to stay. Siacoin has also seen a wider rate of adoption, and the market is positive about its value for the coming years as well.
