Siacoin is the native cryptocurrency of the Sia cloud storage network, where users lease out storage and get Siacoin as a reward.
On this platform, your data is encrypted and divided into 30 pieces that are stored separately. This way no individual user has access to your documents. Sia costs $1-2 per month, which is what separates Sia from the more popular cloud storage systems. This insanely low price and no storage limits is the essence of the crypto project.
In this article, we will show you how to select an optimal Siacoin wallet for your needs and provide a few popular options you can consider.
How to Choose the Best Coin Wallet
To store your coins, you will need a reliable Sia wallet. There are several factors you should consider before choosing one:
This is a must when dealing with any form of money. Strong security protocols and PIN/fingerprint lock on the wallet are usually enough to keep your coins safe.
Read reviews on Reddit, Trustpilot, Google Play, and App store, as well as online forums and Telegram channels to see whether other people are satisfied with the wallet you are considering.
Managing multiple private keys for different coins and wallets can be tricky. That is why a backup feature for your keys is convenient because you don’t need to type in 12 word-long keys — they are saved in an encrypted form. Wallets usually use some type of cloud service as storage for the keys.
Cold vs Hot Wallets
Which is better: a hot wallet or a cold one? It depends on your crypto goals.
If you own large amounts of crypto and need the most secure storage option, it is certainly a cold wallet. It is not connected to the Internet unless you are making a transaction, which is their primary safety advantage.
At the same time, cold wallets are expensive: prices start at about $80. They are also easy to lose, as they are small in size. Most options are also a bit complex to use, but they usually come with a how-to install guide.
Hot wallets, on the other hand, are free. They offer easy-to-use, intuitive platforms available for all devices (iOs, Android) and are much faster. If you need a wallet that you will use for making daily transactions, a hot wallet is a way to go.
The one big disadvantage that hot wallets have is reduced security. They are constantly connected to the Internet, so skilled hackers could easily get into the wallet and steal your coins.
Our Top Siacoin Wallet Choices
Not all wallets out there support such a specific coin as Siacoin. Let’s see what options you can consider for storing your crypto.
1. Ledger Nano S
- Has Bluetooth and USB connectivity
- Supports 1,000+ cryptocurrencies, including Siacoin
- High security
- Not restricted to a country — you can use it anywhere on Earth
- Transactions take seconds to complete
- Complex to use in comparison to hot wallets
- A smaller selection of cryptos than hot wallets
- Requires latest browser version
- Storage and reliability issues — the wallet is prone to telling users they are out of storage space when it actually isn’t the case
- High price tag — around $86
Although some users experience reliability issues, most are satisfied with this wallet. Good reviews on Amazon, App Store, and web forums support the wallet’s good reputation.
2. Sia Android
- Your private key is encrypted.
- The wallet is completely decentralized, and no third party has access.
- It’s open-source and lets you send, receive, and hold tokens.
- It takes days to download the whole blockchain as the wallet is a full node.
- It has a small storage space.
The wallet is designed for Android devices, but it is an independently developed application. It was not created by the Sia team. Overall, it is a good wallet for basic use. However, it is time-consuming in the beginning and not officially approved by the Sia team.
- Phishing and hacking attacks can’t trace your transactions back to your wallet address.
- You can become a miner in a mining rig.
- You can convert your SC to Bitcoin.
- It is an offline application that is downloadable to your computer where you can store your coins.
- You don’t need to buy a hardware wallet.
- If you store the coins on your computer, you may lose the coins if your computer shuts down.
- It takes time to install since Sia-UI is a full-node wallet, which will allow you to store files for rewards as well.
It is the official Sia wallet with over a million downloads. It’s reputable, safe, and comes from the makers of Siacoin.
A physical hardware wallet might be more expensive in the short run, but if you plan to invest for longer periods of time, then it will pay off in the long run. A wallet like Ledger is very popular, and we have seen mostly positive reviews. Try to determine which factor you consider relevant when choosing a Siacoin wallet — whether its security, speed, reliability or all of them.