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.
Types of Wallets
Siacoin is a cryptocurrency and not a token built on top of another blockchain, this means that SC requires a specific wallet, however, you can still find a good amount of variety between hardware wallets, web or cold storage.
The only downside of Siacoin is the lack of support by popular multi-cryptocurrency wallets.
All Cryptocurrencies usually use 5 types of wallets.
This type of wallet is for PC or laptop devices. The desktop wallet will only be accessible from there. These are generally safe wallets but not the safest option as your PC could easily get infected by a virus or hacked.
This is generally simpler and easier to use. It’s available on any device as long as it has internet access. This is a very convenient but risky method of using cryptocurrencies as your private keys are stored online and controlled by the third-party in question.
Similar to online wallets, these are generally easy-to-use and have to be downloaded on a smartphone. They also have fewer features as they are much lighter and don’t require as much space as the desktop model. It’s generally a safe method of handling cryptocurrencies although one could easily lose the phone and private keys.
This type of wallet stores private keys on a hardware device, usually a USB. A hardware wallet can support multiple cryptocurrencies and it’s fairly easy to use but can be costly. This is one of the safest wallets available as it helps users transact easily without much risk. Even if the user loses the hardware wallet, he will still have the ability to recover his wallet by recovering the seed.
This wallet provides the highest level of security and it’s fairly easy to use and understand. In essence, a paper wallet is a physical copy of both the public and private keys and it can be printed on a piece of paper. The only real danger or downside of this type of wallet is losing the physical copy. Other than that it’s virtually impossible for someone to ‘hack’ your paper wallet.
This is the official Siacoin Wallet developed by the Siacoin team. When it comes to storing your Siacoins on your desktop, this is by far the best choice, however, it is also quite difficult to install if you are a new user.
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.
Ledger Nano S
As usual, the ledger Nano is among the best hardware wallets for Siacoin. The ledger Nano is one of the most secure wallets in the market and ensures your private keys are never exposed. The Ledger Nano is protected by a secure chip locked by a Pin Code and offers customers an easy but safe way to backup the device in case of loss.
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.
This wallet 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 Sia Cold Storage
This is a platform that generates cold wallets, made by a former Sia developer. This is similar to paper wallets as you don’t need the blockchain to generate a seed.
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 coins
This 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.
SiaCoin Android Wallet
It’s important to note that there aren’t any official android wallets for Siacoin. This wallet was made by a third-party but due to API changes, the usability is not always great.
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.
So Which Wallet is the Best?
Clearly, there aren’t that many wallets available for Siacoin but it can still be difficult to decide which one to use. It all comes down to your personal needs. The official wallets will always have the biggest amount of community support as they are developed by the core team. This means you are not likely to get scammed unless the whole team decides to scam.
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.
As you can see, different types of wallets are used for different purposes and although there is clearly a lack of wallet support for Siacoin, users can still find one that suits them.
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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