Siacoin is an alternative cryptocurrency to Bitcoin. The coin has been active since 2015 and has trading pairs on several popular Cryptocurrency exchanges. Its technology is a decentralized data storage network, and users can use its services, to free up space on their hard drives. The Siacoin team has great plans for the project and aims to increase the network’s speed, similar to that of Amazon S3, wherein the file transfer would become easier and faster. What sets Sia apart is its decentralization, encryption, and peer to peer cloud storage platform. The data you upload is secured, chopped into little bits, and then distributed across a bunch of different hosts.
When you need access to your file, the bits are recompiled, and you get your file. Sia also has reduced overheads dramatically by outsourcing the storage to anyone with an internet connection and a hard drive. The main aim of Siacoin is to become a backbone of cloud storage. Siacoin takes assistance from individuals around the world to commit their unused bits to the network, in turn, making the largest cloud storage over the internet.
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Siacoin Price Prediction for 2020
Trading Beasts is my favorite prediction website since it offers price forecasts for almost every cryptocurrency, using their own “custom forecast algorithm.” The site predicts that the price of Siacoin will enter the bearish territory, and its value will drop to $0.0003.
As per Gov Capital, a popular Cryptocurrency prediction provider, Siacoin will have a valuation of $0.01 before December 2020.
Another price target for Siacoin comes from Cryptoground, which estimates a price of $0.0027 for SC before the end of 2020.
Crypto Rating shows that SC will increase in value for the year 2020 and will reach $0.005448.
Digital Coin Price (DCP)
Siacoin Price Prediction by DCP estimates a positive yearly growth for the coin with the price reaching $0.0068.
Our Siacoin Price Prediction for 2020
It is difficult to make accurate predictions of any cryptocurrency because of technological, regulatory issues, government interference, and competition. Although Siacoin doesn’t have a direct competitor except for the little known FileCoin, its supply can be a hindrance in its growth. SC has a large supply that can keep its value low and be a factor for its slow growth. Despite this, Siacoin’s long-term forecast is optimistic, and the coin will likely see a favorable price development at the beginning of the second quarter.
The team is planning to reach out to more companies for collaborations and doing the utmost to solve the scalability problem on the network. Sia’s roadmap explicitly states that it aims to become the largest cloud storage network and aims to compete with Amazon S3, which is a big target. If the coin can gain support from more individuals and companies, it will gain a competitive advantage against its rivals. Hence, the year 2020 holds a lot of positive news and development for Siacoin, and the price of the coin will likely reach $0.038 before December.
Siacoin Price Prediction 2025
As per Crypto Ground’s long-term Siacoin price prediction, the value of one SC will reach $0.0568 by 2025.
Digital Coin Price (DCP)
DCP has a very bullish price projection for Siacoin and estimates that a single SC will worth $0.014 before the end of 2025.
The algorithm of Crypto Rating predicts that the worth of SC will reach $0.064291, making Siacoin worth the investment.
Although there are a lot of companies providing the same service, Siacoin still stands out. It is decentralized and has a good working product. By looking at their roadmap, it seems that the team has plans to make SC a strong competitor to Google and Amazon. With these positive signs, the coin is likely to increase in value and reach an all-time high of $0.2 before 2025.
Can Siacoin Reach $1?
When researching Siacoin price prediction, you should be cautious with claims that suggest the coin’s value of $1 or above. Siacoin has a huge supply, which will prevent it from reaching $1 before 2040. If Siacoin reaches a dollar before 2025, the coin will surpass Ethereum’s market cap, which seems quite impossible!
Siacoin consists of an active and dynamic team, working on the technology behind the project. It boasts itself as the decentralized cloud storage on the Blockchain, offering privacy and cost reduction to its users. The CEO of the coin has a BS Computer Science degree and is backed by several other team members. The coin has a working product that caters to a mass market. You can also use Siapulse to get instant information about different host locations. With the above positive developments and optimistic price predictions about Siacoin, the cryptocurrency is worth the investment both for the short and long term.