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# 🚧 Learn about Siacoins | ||
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## What are Siacoins? | ||
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Siacoins are the utility tokens that power the Sia network. This article is included early on because anything you want to do on the network requires Siacoins. | ||
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Siacoins are used in lots of ways but serve a single purpose – facilitating network operations. When you upload files to Sia, you pay for that storage in Siacoins. If you're a host and you're storing other people's data, you get paid for that in Siacoins. If you own Siafunds, your share of Sia network growth is paid out in, you guessed it, Siacoins. | ||
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You can send Siacoins to others, or receive them at your own wallet address. You can store them in our official software, or on a hardware or paper wallet. You can get Siacoins by having someone send them to you, buying them on an exchange, or mining them. | ||
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New Siacoins are made through proof-of-work mining. There are over 40 billion Siacoins out there right now, and that number will never stop growing. Sia is going to be the storage layer of the internet, and billions will be required for the petabytes and exabytes of data that will be stored on Sia. | ||
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## Where to buy Siacoins | ||
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Whether you want to upload files to the decentralized cloud or lend your extra storage space to the network, you need Siacoins to use Sia. Siacoins can be sent to you once you make a Sia address, or you can mine them. Otherwise, you’ll need to buy them. | ||
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Siacoins are available on a number of major exchanges like Binance, Kraken, Upbit, and Poloniex. Get the full list [here](https://sia.tech/community-ecosystem?software=exchanges#software). | ||
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Some exchanges support direct fiat (local currency) to Siacoin purchases, but others require you to buy Bitcoins, Ethereum, or other crypto to make your purchase. We’ll walk you through the process of buying your first Siacoins. | ||
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### Buy SC from an exchange | ||
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This option gets you the best prices but has a fairly intense on-ramp for a new user. | ||
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This example will use [Kraken](https://kraken.com), a US-based exchange that allows you to trade regular US dollars (USD), BTC, ETH, or USDT for Siacoins. But the general process will be similar no matter which exchange you use. | ||
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* [Sign up for an account](https://bittrex.zendesk.com/hc/en-us/articles/115005329167-Creating-a-Bittrex-Account-and-Performing-Verification) with Kraken. The process is simple, but fairly long and requires identity verification along the way. | ||
* Once signed up, find the market you’re interested in. Purchase directly with [USD](https://bittrex.com/Market/Index?MarketName=USD-SC) or [Bitcoin](https://bittrex.com/Market/Index?MarketName=BTC-SC). | ||
* Make a trade by specifying how many Siacoins you want to buy, and at what price. | ||
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{% hint style="warning" %} | ||
If this is your first time purchasing crypto, start with a small amount until you’re comfortable with it. | ||
{% endhint %} | ||
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* Now you have the Siacoins in your Kraken wallet, but exchange wallets aren’t a good place to store crypto, and you can’t use it for its intended purpose - using Sia. | ||
* Transfer to your Sia wallet by [making a Sia address](broken-reference) and then withdrawing from Kraken. | ||
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Then enter in your SC address [that you made](broken-reference), and click **Buy Now** again to proceed through the transaction process. | ||
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## |
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