trying out siacoin software
This is my first post on Steemit, I been watching bitcoin and cryptocurrency in general since it's inception. I even setup my own mining rig around 2014 to mine litecoin but have to stop due to he price drop and i though that was the end of it, I wish i have kept going until now I would have plenty of litecoin.
Now i am looking at various blockchain project and siacoin catch my eyes, it's a great concept where i be able to store my family photo, video etc and knowing it be private and no one else can access it. So the first thing i did, download sia software and give it a whirl.
The software it pretty easy to install and config. I was able to get it up and running quiet easily. But the first hurdle was where to get siacoin so I can start hosting or backup my file to the sia cloud. I have a few exchanges account setup already but only a few support Siacoin trading. I have coinspot.com.au, btcmarkets and bittrex.com account opened already so coinspot.com.au was setup but i am still waiting for verification that's a couple weeks ago not sure how long for them to verify might have to shoot them another email. So that leave me with bittrex, but bittrex have no option for me to buy siacoin with fiat which mean I have to have other crypto namely bitcoin, etherium, litecoin etc.. in order to buy Siacoin. So i have to use btcmarkets to buy some Etherium and then transfer that into bittrex to buy some Siacoin.
Once i got the Siacoin i was able to start setup for hosting, which is pretty straight forward. I continue to tinker with the setup and do some research to improve my chance of getting a contract. This is where people start sending files to your server and hopefully start to earn some Siacoin. I been running for a week now and i yet to receive any contract at all. I been follow some best practice guide and lower my price down each day and still got nothing.
So base on what I seen so far the demand for cloud storage isn't where i though it was or is it the payment method with Siacoin that stop the average mum and dad up take this. I will continue to run my host for awhile, i will also drop my price down to almost free to see if i am getting anything and will report back here of what I found.
The reason I want to do this was to see how attractive this is so I can invest in Siacoin, but after the playing around and the slow up take i am a bit skeptical about putting my money into this. What are you though guys, feed back and let me know what you guys think.
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