Siacoin vs. Bitcoin; Should You Invest in Siacoin?
Is the altcoin that allows you to purchase encrypted cloud storage for a very cheap price worth an investment? Find out if you should stick with Bitcoin or try Siacoin here.
Siacoin vs. Bitcoin: What is Siacoin?
Siacoin is another altcoin. The major difference from other altcoins, however, is the fact that the actual Siacoin cryptocurrency is NOT the main focus of Sia, the platform the coins can be used on (not the singer). Sia is all about storage space. You use your SC on the Sia platform to buy storage/server space or use your own devices to lease out storage space that you’re not using. We are constantly adding more and more data to store and retrieve from servers around the globe. However, this costs a lot of money to run and retrieve. Sia’s founders believe that this is what will ultimately limit the growth of the Internet. So, they created Siacoin as a way for people to make transactions when renting their own storage space on devices like laptops and smartphones. We have so much unused storage space right at our fingertips, so why not use it?
Siacoin vs. Bitcoin: How is Siacoin different to Bitcoin?
It's like Bitcoin, but better and with a real purpose. Firstly, it’s a decentralized crypto, so you’re not going to end up with arguments and rifts that cause a lot of volatility like with BTC. Secondly, it has an actual purpose. It’s not just based on a theory. In some ways, it has the usability of a fiat currency (it actually is used to buy something), but the flexibility of a crypto that isn’t controlled by a government. Sia’s blockchains are also larger than Bitcoin’s, allowing them to store the data about transactions and hosts just as quickly.
Siacoin vs. Bitcoin: Which should I invest in?
It really depends on what you’re after. If you want to save up a crypto and watch it increase in value rapidly, BTC is your coin. If you want to put your coin towards a purpose, you’ll be better with SC. You should educate yourself with some of the problems with SC before investing, however—for example, a Sybil attack. Put simply, this is where low-quality providers, like your next door neighbor, have their storage devices stolen by thieves. As secure as Sia’s encryptions may be, they're no use if the actual storage device is missing. It would be wise to learn more about the pros and cons of both Siacoin and Bitcoin before investing! Check out the best cryptocurrency course "Cryptocurrency Universum" on YouToken.
