Hello and welcome to this guide all about SiaCoin price prediction. In the following article, I’ll be looking at a few price predictions for this interesting cryptocurrency project.
SiaCoin stands out in the cryptocurrency space because of its solid use case. It can often be difficult to understand the purpose behind a project. This is not the case with Sia!
The guide will begin with a look at what is SiaCoin. It will then have a short section warning people of the dangers of trusting price predictions too much. After that, I’ll look at a few SiaCoin price predictions for 2021 and further into the future. Following this will be a quick explanation of the technical analysis and why it isn’t the best way to judge an investment’s potential. There will also be a section on the SiaCoin roadmap for the coming years. Finally, I’ll give a few thoughts as to whether or not SiaCoin is a good investment.
By the end of this guide, you should know a lot more about SiaCoin and be able to judge the various price predictions you come across online yourself.
As usual, we’ve loads to cover in this guide to SiaCoin predictions. So, let’s get started!
Table of Contents
- 1. What is SiaCoin?
- 2. A Quick Warning About Cryptocurrency Price Predictions
- 3. SiaCoin Price Prediction 2021?
- 3.1. The Closest Thing to an Expert?
- 3.2. Some More Fundamental Analysis?
- 3.3. Something for the Astronauts…
- 3.4. John McAfee and SiaCoin Price Prediction?
- 4. SiaCoin Price Predictions 2021 and Beyond!
- 4.1. A Negative SiaCoin Price Prediction?
- 4.2. Another Baseless SiaCoin Price Prediction?
- 5. The Problem with Using Technical Analysis for Price Predictions
- 6. Is SiaCoin a Good Investment?
- 7. Conclusion
What is SiaCoin?
In its simplest form, SiaCoin is a decentralized cloud storage service. It has been developed to compete with the likes of Google, DropBox, Apple, and Microsoft. The idea is that data stored using Sia will be encrypted and stored on other users’ computers. However, all the transactions will be verifiable using SiaCoin’s public ledger.
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Essentially, SiaCoin works by allowing its users to rent out space on their hard drives. People looking for cloud storage will be using the computer memory of others to store their files. This service is paid for using the native currency of the Sia blockchain, SiaCoin.
The providers of storage can set their own prices and advertise their reliability. They can also set standards and compensation should files be compromised whilst under their care. Finally, they can deny their services should the nature of data being stored make them uncomfortable in any way.
To help protect the users of the platform, there are a series of safeguards. For example, data can be split across different memory providers. This can help ensure that the data can actually be retrieved when needed.
A Quick Warning About Cryptocurrency Price Predictions
Before we get onto the SiaCoin price prediction, it’s first important to issue something of a warning. In this article, you’ll discover some of the top price predictions for this particular crypto. It’s important to not take these too seriously. After all, no one really knows for sure how a project will perform in the long-term.
There are quite a few reasons that make these cryptocurrency price predictions problematic. They include:
- Competition – Are other companies trying to deliver the same service. Obviously, competition makes it less likely that a certain project will succeed. SiaCoin has a lot of competition too. There are both traditional companies and blockchain companies working on better cloud-storage solutions.
- Regulatory issues – is the project going to be legal in a few years’ time? With storage, this could be problematic as helping someone store illicit material is already against the law.
- Technological issues – can the project’s team actually deliver on the goals they set for themselves?
SiaCoin Price Prediction 2021?
Introductions and warnings out of the way, I’ll get down to the point of this article – SiaCoin price prediction!
I’ll be starting with some shorter-term ones. The first group will be for the end of the year or around 12 months’ time. I’ve scoured the web to find the closest to expert SiaCoin predictions as possible. However, since digital currencies are such a new asset class, they’re tricky to find. The experts that there are in the field of cryptocurrencies often have much better things to do than guess at prices!
The Closest Thing to an Expert?
I’ll start with the closest thing to an expert price prediction I could find. Palwasha Saaim, B.Sc writes for a website called ProfitConfidential. Unlike many cryptocurrency price predictions, hers uses some fundamental analysis of the coin itself to determine what it might be worth in the future.
A lot of the text focuses on the past performance of SiaCoin, as well as its functions as a means of paying for decentralized digital storage.
As with many price prediction articles, she also explains how to buy SiaCoin. This includes a brief section on how to store it as well. She then delves into mining SiaCoin. All of this takes up a fair bit of the article that is, after all, meant to be about price predictions.
Finally, Saaim gets around to addressing the forecast for SiaCoin. She affirms the sentiment expressed in the title of the article. For her, a $1 SiaCoin remains a possibility. This would represent a lot of growth from the price today of just over $0.0046.
In explaining her reasoning as to why a $1 SiaCoin is a possibility, Saaim correctly identifies that the coin satisfies a different use case than Bitcoin. She states that the cloud network, Sia, “offers a very valuable utility.”
She is, of course, correct in this. Cloud storage is useful. However, she does state that SiaCoin offers “unique utility.” This simply isn’t true. There are plenty of other decentralized cloud storage projects working towards the same goal. STORJ, Filecoin, and MaidSafe are just three of them.
To make matters even worse, the industry that SiaCoin is trying to disrupt has some of the largest companies on the planet working towards better solutions too. Microsoft, Apple, and Google won’t go down without a fight!
Some More Fundamental Analysis?
Next, in this guide to SiaCoin predictions, we have another piece of fundamental analysis. This one from InvestingPR doesn’t give a potential future price, however. Personally, I find that encouraging!
The unnamed author of the piece in InvestingPR starts by looking at the fundamentals of the coin. They state the utility of SiaCoin itself – to pay for the storage of files on the Sia network. Following this, they discuss how active the Sia network is. According to them, there are currently 162 terabytes of data stored there.
Next, they address how Sia is priced versus some of the competition. They estimate that it’s around 10% cheaper than traditional cloud storage. They correctly assert that such a competitively priced service could easily drive demand for SiaCoin. This would mean an increase in the price of it.
The author goes on to discuss that there is “a very high ceiling” on the potential of a successful decentralized cloud storage option. This is because the current storage capacity of the network is much larger than is currently being used. According to the article, the current capacity is a massive 4.5 petabytes. As awareness grows about SiaCoin, this will likely increase too. For those that don’t know, a petabyte is 1,000 terabytes.
Our anonymous author then goes on to talk about the future of SiaCoin. Here he mentions that the co-founder of SiaCoin, David Vorick, has spoken about a collaboration with Netflix. If such a deal is formed, it would be massive for the platform.
In concluding the piece, the author states that “SiaCoin is a token that finds itself in the right place at the right time.” This is because it’s market-ready and has a solid use case. Finally, they state that “SiaCoin price prediction for 2021 is very positive indeed.”
Something for the Astronauts…
Next, in this guide to SiaCoin price predictions, I’ll turn my attention to one of the more typical predictions that float around the internet.
CoinLiker is a website that offers price calls for almost every cryptocurrency imaginable. SiaCoin is no exception. This website typically offers the most optimistic price predictions around. They also usually don’t bother with any fundamental analysis…
Why would they bother with fundamentals when they have their own “custom forecast algorithm” to work out what SiaCoin will be worth in 12 months’ time?
As you can see from the graphic above, CoinLiker really likes SiaCoin. In fact, their one-year price prediction calls for gains of over 32 times its current price in just a year.
Let’s put that another way for you. Suppose you invested $100 today. You would receive Just over 5,800 coins. Now, according to CoinLiker, this time next year, this investment will be worth over $3,190.
In the section following, CoinLiker answers a few frequently asked questions. One of these is: “Will SiaCoin moon?” To this, they answer:
“Given the prediction, we do think that Siacoin will moon so hold tight.”
Whilst CoinLiker is certainly not shy about their optimism for just about every cryptocurrency project that exists, they are less open about where their figures come from. Apart from their “algorithm”, there is literally no indication given as to how their SiaCoin price prediction has been made.
As a general rule, price predictions should be treated with caution, and those that make no effort to explain their calls should be treated with extreme caution!
John McAfee and SiaCoin Price Prediction?
Finally, we come to another supposed expert on cryptocurrencies. John McAfee has been a vocal supporter of many digital currency projects in the past. He has even claimed that Bitcoin itself will reach $1,000,000 by 2020.
McAfee’s early Tweets about projects might have been genuine. However, after seeing how the market responded to his support, they quickly became paid-for adverts. It recently emerged that McAfee received up to $100,000 for each time he positively made a cryptocurrency the subject of one of his Tweets.
SiaCoin has not had such attention. However, McAfee has mentioned it in the past. This, we must assume, is because John quite likes the project but hasn’t been paid to pump it in the way he has other projects. Anyway, below is the mention he made of Sia:
SiaCoin Price Predictions 2021 and Beyond!
Next, in our guide to SiaCoin price prediction, I will look slightly further into the future. All the problems with 2021 price predictions remain true for this next lot. However, these issues actually magnify the further into the future they focus on.
A Negative SiaCoin Price Prediction?
For our first longer-term SiaCoin price prediction, we return to ProfitConfidential. Again, they present the views of a supposed expert!
Patrick Brik CFA, BAS, wrote in November 2017 that he doesn’t see a future for SiaCoin. However, his opinion of the project could easily be nonsense since he doesn’t even seem to grasp how to market capitalizations work.
“The SC price currently stands at around $0.0036, meaning it trades at a fraction of a cent. At this price, why would anyone even bother with a Siacoin wallet? Perhaps I am missing something.”
This sentiment is amusing in its ignorance. The price being a fraction of a cent has no real bearing on anything. You’re not buying a single SiaCoin after all. Instead, investors will put $1,000, $10,000, $100,000, or however much they want into the project. How this “expert” can question the need for a secure storage solution for investment is absolutely beyond me.
However, we must get over this ridiculous statement as we approach the rest of this prediction. The author of this piece thinks that cryptocurrencies are in a bubble. He admits that Bitcoin is probably destined for higher prices but concludes that most projects will crash.
Brik seems to enjoy showing off that he knows some technical analysis later in the article. However, he does forget that he’s supposed to be looking at a long-term price prediction (TA is almost useless for such predictions, even if you’re an expert. I’ll get onto why shortly).
In his conclusion, he once again talks of technical analysis and using the previous trends in price to predict the next ones. He doesn’t even mention file storage or demand for it. This prediction shouldn’t be taken too seriously.
Another Baseless SiaCoin Price Prediction?
Finally, the only other longer-term price prediction I could find for SiaCoin was produced by a website called TradingBeasts. Like many other price predictions online, this one is backed up by absolutely nothing.
They offer a range of different price predictions that cover every month for the next three years. Below are their predictions for 2021:
They claim to have formed their SiaCoin price predictions by using “historical data and using a combination of linear and polynomial regressions.” This may very well be the case. However, since they haven’t made any effort to explain or show on a graph these polynomial regressions, I can only presume that they’ve used the word to try and confuse novice investors.
Whilst neglecting to offer any form of fundamental analysis, TradingBeasts do provide a disclaimer, however. This is useful because it is very important to not use the opinions of others as investment advice. It’s particularly relevant when those opinions aren’t backed up with solid reasoning!
“No one can, however, predict prices of cryptocurrencies with total certainty, thus it is crucial to understand that the following SC price predictions serve merely as a suggestion of possible price development and are not intended to be used as investment advice.”
The Problem with Using Technical Analysis for Price Predictions
Technical analysis is a great tool for traders that understand it well. It involves studying the past performance of an asset and using trends to try and identify where the price will move to next. There are a few problems with technical analysis that make it poorly suited for making cryptocurrency price predictions for investments, however.
Long-term technical analysis is constantly changing. You can look at a chart one day and it might look optimistic. However, in just a day or two, this can change to a pessimistic one. Just because the outlook appeared positive, doesn’t mean it will continue to do so.
This means that those using technical analysis must spend hours every day looking at charts. The speed with which trends can switch means that it is a great tool for traders and a poor one for those looking to buy and hold an asset.
The fundamental analysis makes a lot more sense than technical for those wanting to simply invest in a cryptocurrency. This involves looking at the team behind crypto, looking at the niche it fills, determining how well the coin fills satisfies that niche, looking at the competition it faces, and various other factors. This will give a general impression of how likely a project will be to succeed. If the fundamentals of the project are solid, it’s still a gamble but it’s a much more informed gamble. This is how good investors base their decisions. Technical analysis certainly does have a place in cryptocurrency. However, that place is in trading, not investing.
Is SiaCoin a Good Investment?
It’s very difficult to say whether SiaCoin is a good investment.
On one hand, it has a clear use case, a working product, and is priced to compete with the more established services covering the same niche. On the other hand, it is up against a lot of different services that already (or are hoping to) offer the same functionality. Some of these are amongst the largest companies on the planet too.
The roadmap itself seems to indicate that SiaCoin is working towards making a product that can compete with the likes of Amazon and Google. However, there is still a lot that could go wrong. If the market decides to go with a competitor or the lawmakers of the planet are determined to regulate it, the outlook for SiaCoin is less positive.
Whatever the future holds for Sia, like all cryptocurrencies, it is a high-risk, high-reward investment. This means that you shouldn’t invest more than you can afford to lose. If SiaCoin went to $0.00 tomorrow, would it affect the quality of your life? If the answer is yes, you’ve invested too much!
So that’s all there’s time for in this SiaCoin price prediction article. I hope you found it both entertaining and informative. Before I sign off, there’s just time for a quick recap of what you’ve learned today:
- What is SiaCoin?
- The dangers of trusting cryptocurrency price predictions.
- Some examples of SiaCoin price predictions for 2021.
- A look at technical analysis and why it’s not really the best way to make long-term price predictions.
- A look at the SiaCoin roadmap and how it might affect the price of the currency.
- A few of my opinions about SiaCoin and its prospects as an investment.
As with many cryptocurrency investments, SiaCoin is a project that could radically change an industry. However, nothing is certain. It’s very important to do as much research as you can on a project before investing any money.
Guides like this are a good start but it’s vital that you understand exactly what you’re buying and how to store it correctly. Also, never invest more money that you can afford to lose.
Now that we’re all done, what do you think? Will you be making an investment in this decentralized cloud storage solution? Do you have a SiaCoin price prediction of your own? We’d love to hear your thoughts!