Bitcoin adoption: Growing pains and the need for regulation
While legislation and decentralisation might not go hand-in-hand, Bitcoin adoption might thrive with more regulation.
What is Siacoin?
Siacoin was developed in 2013 by David Vorick and Luke Champine as a project based on blockchain technology. The idea behind the platform is to offer a completely decentralised marketplace supporting data storage which hosts compete for business. Using the platform, individuals or companies rent out space on their unused hard disk drives and earn Siacoin for the storage space.
How to create a Siacoin wallet
Sign up for a free Coindirect account and you will automatically get a free Siacoin online wallet. You can use your Siacoin wallet to buy, sell, store, send (withdraw) and receive (deposit) SC.
How to create a Siacoin address
Once you have signed up for a free Coindirect account all you need to do is press the ‘Receive’ button to reveal your Coindirect Siacoin wallet address.
How to buy Siacoin with a credit card
- Sign up for a free Coindirect account.
- Find your Siacoin Wallet and click the ‘Buy’ button in your Siacoin Wallet.
- Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria.
- Enter EUR value of Siacoin you want to purchase (more than the minimum limit) or the Siacoin amount you want to buy and then click ‘Preview Buy’.
- You will receive a quote, press ‘confirm’ before the timer runs out (counts down from 55 seconds).
- Type in your credit card details and pay.
- You will be taken to a page to verify your transaction.
- Finally, you will be redirected back to your Coindirect Wallet once the payment is successful.
How do I purchase Siacoin from my bank account?
If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively.
To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited:
- Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively, click the Fund tab in your Coindirect wallet and click on “Transfer Now”.
- Select the bank to transfer to from the drop-down menu to get payment details and the reference you should use (highlighted in blue).
- Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank).
- Once the funds reflect in your ZAR wallet, go to your Siacoin wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method.
Where can I sell my Siacoin?
You can sell Siacoin from your Coindirect wallet by clicking the ‘Sell’ button in your Siacoin wallet.
If you are in a SEPA region or South Africa. You can sell your Siacoin and instantly get money transferred to your Wallet (ZAR or EUR).
If you are in another region with no local currency wallet. You can sell your Siacoin by creating a sell offer on the marketplace.
You now know how to buy Siacoin instantly from almost anywhere in the world. Make sure to download the Coindirect App to trade Siacoin from the palm of your hands.
Credit card limits
Please note that Coindirect has limits for credit card purchases in place.
Make sure that your account is verified so that your credit card purchase limits are increased.
Currently, the limits for credit card purchases are:
Unverified users – €175 – €500
Verified users – €890 – €1000
Earn Ripple
Buy Siacoin using your credit card and invite your friends to join Coindirect through the Earn program. When they sign up and perform their first transaction, you will both receive 5 XRP.