Why Siacoin is a Fantastic Longterm Investment
Siacoin is a cryptocurrency made for the actively developed cloud-based storage platform referred to as Sia. Typically, users contribute disk storage from their PCs to fashion a decentralized network. This cryptocurrency is specifically designed to facilitate decentralized payments made for the platform. Like Bitcoin, it utilizes a blockchain and is powered by ‘proof of work’ mining.
How many Siacoin exist, and how can you obtain them?
The number of Siacoin which are made for each block stands a height of 300,000. The genesis block in particular has a height of 0. After achieving a height of 270,000, all blocks get a reward of 30,000 of the Siacoin cryptocurrency. For exact figures of the exact number of Sia network currency, visit http://sia.tech/.
Siacoin is avaliable on many of the online cryptocurrency exchanges, such as Bittrex and Poloniex.
The benefits of Siacoin
The distributed nature of Sia's Cloud-based platform allows numerous optimizations in terms of latency, dependability, security and throughput. Sia's decentralized aspects allow anyone with storage to get paid, this reduces the total cost of cloud storage and also heavily increases interest in the platform.
Why Siacoin is a fantastic longterm investment
In a Reddit AMA (Ask me anything) five months ago, by the founders and developers of Sia, the question; " Where do you see Sia in 3 years?" was asked. In response to this, Sia Co-Founder David Vorvick answered the following:
" I think that realistically in 3 years Sia will be used almost ubiquitously among privacy focused communities. I think we will also be seeing the first major names such as Netflix announcing that they will be migrating their content distribution to Sia. Most people at this point will be comfortable with Bitcoin, and will understand that Sia is the data-version of this, even if they don't use it themselves.The tech itself will be miles ahead of where it is today. We've only been in development for 2.5 years to date. Speeds will be universally regarded as unbeatable, scale will be billions of terabytes, and anyone using Sia will have access to their data from any machine by using just a master password. "
This answer is really telling of Sia's ambition and potential future rise to power as they aim to be direct suppliers and of the corporate "big dogs" Netflix and YouTube. If and/or when this happens, the price of Siacoin along with the lucrativeness of the Sia platform would surely surge. It's important to note that a development as large as a partnership with a company like Netflix is still months if not multiple years away, so if you do decide to invest in Siacoin, then you'd surely need to hold on to it for a long time, which is exactly what I'd recommend.
Interesting article. Thanks for bringing this to my attention. Cryptos will probably go through a more extreme pattern that bitcoin went though. High ups and high downs before it becomes stable. We do need more indept investment analysis. Do you know this interesting site? https://www.coincheckup.com The site lets you check all there is to know about the team, product, communication transparency, advisors and investment statistics on every crypto. For example: https://www.coincheckup.com/coins/Siacoin#analysis To watch Siacoin Research report
Great post! I've made several Siacoin trades and all were profitable. For my first one I bought Sia at 67 satoshis! I should have just held and would have essentially 10x my money instead of trades where I simply take profits and exit. I plan on waiting for a nice entrance and keeping some Sia in my long term portfolio with Litecoin and Ripple.
Cheers :)
Thank you, much appreciated! I find Sia and it's cryptocurrency super exciting, and it's very good to see when members of our community have had positive experiences with it. You shouldn't worry about potential profit lost, it's all avaliable to be earnt back in the end ;) You should definetely look to keep Siacoin on as a potential longterm investment, yes! Good luck.
Nice thanks for sharing this information I'm loking forward to get some siacoin soon :)
No problem, I'm glad you liked it! Good luck with your Siacoins!
Sia is a coin I've already made good returns on and continue to hold a good potion of my investment in. I agree that the future is strong for Sia!
Indeed! Hold on to Sia, I really do believe in it's future.
Netflix needs speed. They built out their own CDN to accommodate and even just gave content boxes to ISPs to adapt. Claiming they'd use a 3-4 year old storage technology is a bold dream. Maybe the future Netflix does, but I doubt oyu'll get a Netflix.
Outside of that bold dream, what are your thoughts on Sia vs MaidSafe and Storj and IPFS?
Its not exactly an isolated space.
Certainly, a Netflix development would require years of work, hence the longterm investment.
As for Sia vs MaidSafe and Storj and IPFS, I don't really think any of the competitors a part from MaidSafe are really interesting. Sia seems like the more stable and tested, with developers working constantly, whilst MaidSafe seems really ambitious, going beyond just decentralizing.
It's not an isolated space, no, but Sia seems like the overall winner of the "race", atleast thus far.
Sia is still insanely cheap compared to the potential it's platform holds. In the longrun, it doesn't really matter whether or not Netflix and YouTube utilize Sia. What I'm trying to highlight is that Sia's Developers and Founders are constantly striving and working for better developments and opportunities, and I think that's a great thing, especially for a coin that's undervalued and could be considered a sleeping giant.
Nice article. I added some more to my Siacoin position recently. Since it seems there is not that much major buzz right now compared to some other cryptocurrencies plus the potential, I might as well take a chance at these bargain prices.