Siacoin is a decentralized storage platform that uses the blockchain technology to become the most affordable and robust cloud storage provider. Siacoin uses SC, its cryptocurrency, to enable decentralized payments. The Siacoin blockchain ensures no one can censor access to data and creates a decentralized marketplace that requires no third-party.
Siacoin quickly became one of the most popular cryptocurrencies, ranked 65th by market capitalization and trading at $0.0016 with a circulating supply of 41 billion.
Today we are going to discuss the type of wallets for Siacoin, which is the best to store your Siacoins and the main differences between them.
The only downside of Siacoin is the lack of support by popular multi-cryptocurrency wallets.
Fortunately, the Siacoin website provides users with an extensive guide on how to download and install the application here.
The Sia.UI wallet is available for Windows, Linux, and Mac. It is also compatible with iOS devices.
This wallet works like most desktop wallets, to receive Siacoins, users simply need to share their address with the sender. It's important to note that addresses are not fixed permanently, they are generated every time, however, you can access old addresses too.
The Ledger Nano S supports multiple currencies including Bitcoin, Ethereum, Eos, and the ability to manage ERC-20 tokens with the Ledger Live application as well as the ability to use external wallets to manage other assets that are not supported.
The Ledger Nano S is quite cheap costing around $60. It's a small device that weighs almost nothing and is compatible with Windows, Mac, and Linux as well as Android 7+.
Most cryptocurrency users praise the Ledger Nano as one of the best cryptocurrency hardware wallets in the market. They usually emphasize how easy it is to use as well as a quick and sensitive response to the execution of commands.
The developer of the application states:
you can run this utility on an airgapped machine, write down the seed and the addresses, and send coins safely to any of the addresses without having to worry about malware stealing your coinsThis is being used by users to generate long-term storage accounts since it can be a hassle to send funds with it. This is by far the safest and most secure way to store your funds. Users can safely share their addresses to receive payments and send their funds from other wallets.
Users can make use of the Sia-UI to restore the seed to access the funds safely.
Unfortunately, the Siacoin app will take a long time to synchronize as it needs to download the entire blockchain. The developers of the app explain that this is a limitation of the Sia software and not their app.
The app itself is completely open-source and the developers are actively responding to complaints.
There is a $0.99 fee to actually unlock all the features of the wallet, something that users have been complaining about.
If you are looking to store Siacoins for a long period of time and want to use the most secure wallet, the Ledger Nano or the Sia Cold Storage are the best options. The Cold Storage option is by far the most secure as it allows users to send Siacoins to their wallet without the possibility of a malware infection.
The downside of this option is the hassle to send funds back from your wallet. It is also not a great option if you are looking to actively trade or use Siacoins. For that, the better option is to use the Ledger Nano as it allows you to easily send or receive funds and supports other cryptocurrencies.
If you are someone who uses a smartphone all the time, you might be interested in the android wallet option but keep in mind that this is pretty much the worst option. The code is open-source, which means anyone can check it out, the possibility of getting scammed is low, however, the functionality of the app itself is certainly not great and can give you a headache.
It is perhaps weird to only see really just one official Siacoin wallet considering the coin and platform have existed since 2015.
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