11 September 2020

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If you’ve never heard of the Siacoin wallet you’re missing one of the best-decentralized cloud storage platform wallets in the blockchain technology and cryptocurrency world. Sia was developed to be a more affordable cost-effective cloud storage platform. The result was Sia becoming a viable and functional alternative to crypto and blockchain enthusiasts.

It also gave these new blockchain and crypto platform users ongoing challenges when trying to determine if there were any wallets around that could support the Sia token. The inherent problem revolved around the fact that Siacoins were never traded according to their market value. Rather, Siacoins which served as keys to private storage files were distributed throughout the Sia Network.

The result was that you had to have a collaborative wallet or platform if you wanted to store your Siacoin’s so it could work effectively and efficiently. Read on to learn about some of Siacoins most common wallets and how each of them is considered top of the line yet function in different ways.

Some Common Top-Tiered Siacoin Wallets

2020 has brought about some of the best innovations in the Siacoin wallet. Commonly wallets are either online in which they are considered hot or offline summarized as cold but in four categories. Those categories are software, hardware, paper, and online wallets.

There are many old-school cryptocurrency and blockchain technology professionals and hobbyists that want a blockchain platform that uses cold wallets in a hardware format.  That may be the time it’s realized you need a Siacoin wallet to assist you with all your Sia cloud and key network solutions.

Hardware Wallets: Ledger Nano S (or X)

If you’re more comfortable storing your Siacoins on a secure hardware wallet than the Ledger Nana S and X is for you. The Ledger Nano S and X are traditional and preferred by many cryptocurrency traders, users, buyers, and sellers. Hardware wallets always help the holder of such wallets to feel more secure in that they have a separate piece of hardware that gives them a sense of extra protection.

The Ledger Nano S and X is modeled after ledger wallets with its private keys that you need to access any of your cryptocurrencies. These cryptocurrencies are kept on a secure device unconnected from your internet which in theory makes it more secure. That’s why when Siacoin decided to create the Ledger Nano S and X they gave users the ability to store their Siacoins on its secure hardware.

For Desktop: Siacoin UI Client

If you’re using the Sia UI client for storing your Siacoins you may have gotten this recommendation by someone on the Siacoin team as most of them to conclude of this desktop wallet as one of the leading ones offered. Uniquely it is available to you whether you use Windows, macOS, or have a Siacoin Linux Wallet already. Siacoin has fashioned this wallet so it’s is accessible you can download it from their website and create a new one or restore one from seed an old one with a passphrase that unlocks your former Siacoin wallet.

If you create a new wallet it will provide you with a new secret seed that has twenty-four random words. Just like any other password in your technologically driven life, it’s essential to keep a copy of these words in a safe place, but one that you can access when you need it most. If you have a new wallet to set up it takes a bit of time because you’re downloading the blockchain to your computer so you can use the file manager to store and secure files on the platform.

For Cold Storage: Siacoin Paper Wallet

There’s no doubt that cold storage wallet serves a purpose for Siacoin storage. It’s free to download and is another application created by a Sia developer which means it is applicable and viable for all kinds of your Siacoin wallet needs. Whether you want to create a new cold storage seed as in a ‘recoverable wallet’ with a new seed component or you want to keep your Siacoins offline in a different yet new wallet for your own sense of security than this is a good one to consider.

This is the wallet that’s considered the most like a paper wallet. In other words, if you want to keep your Siacoins locked up tight and secure away from day-to-day temptations of moving them, selling them, growing them, or using them, then this is the one to zero in on. The reason this paper wallet is such a perfect spin-off is it is so secure is you can’t access your Siacoins from the wallet generator.

Picking the Best Siacoin Wallet for You

There are many types of Siacoin wallets you can choose from and once you know what functionality you want and need you can find the one that best meets your needs.

Interested in learning about similar coins and wallets? Join Dchained! Dchained subscribers get access to tons of great guides, expert analysis, and a community of passionate blockchain enthusiasts.

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Edmund McCormack
Tech industry veteran and blockchain technology investor. Simplifying cryptocurrency for almost a decade.

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