SIBCoin Coin, also known as Siberian Chervonets, is a DASH-Fork that was founded two years ago in Russia.
It should be understood as an alternative to Bitcoin, which was developed especially for the Russian market.
As a derivative of DASH, SIBCoin Coin uses additional encryption algorithms developed by Russian cryptocurrency.
Since the beginning of the first block in May 2015, the coin has rapidly gained popularity.
What are the company’s goals behind SIBCoin Coin?
The project team has stated that its primary goal has always been to develop a cryptocurrency that could be understood, accepted and used by average people.
The complexity required to handle most cryptocurrencies involves multi-level operations for supposedly simple activities such as transferring from the wallet to the exchange exchange or trading coins.
This procedure seems simple for experienced users in the cryptocurrency, but for beginners it can be a real challenge.
SIBCoin Coin aims to become the driving force behind the consolidation of the Russian blockchain community.
As a result, the SIBCoin Coin community is growing extremely fast in Russia and many other countries.
The big Russian online shops, but also online shops from other countries like Ali express, already accept the coin as a means of payment.
What is so special about SIBCoin Coin?
Unique hashing algorithm Stribog makes sibcoin ASIC-resistant ensuring high network decentralization and profitable mining. SIBCoin Coin uses three elements to protect customers’ privacy. These are the RingCT, ring signatures and stealth addresses.
The RingCT function hides transaction details.
The sending address is hidden by the ring signatures, while the receiving address is hidden by the stealth addresses. In this way, a completely anonymous transaction can be guaranteed.
The platform uses peer-to-peer connectivity, a decentralized communication model where both parties have the same capabilities.
This means that both parties can initiate communication sessions.
Check out our guide on the next big cryptocurrency.
This is very important because, unlike the client-server model in which the client makes a request and has to wait for the server, the peer-to-peer model used here allows each node to function both as a client and server.
It allows users to control the operating parameters.
In further mainstream adoption efforts, SIBCoin Coin has integrated with Moneypolo, an international payment processor that works with both crypto-efficient and traditional units.
This makes SIBCoin Coin, along with bitcoin, one of the few cryptocurrencies that can be used as an intermediate currency for trading real money with old coins.
About a month ago, the team introduced the SIB. Cards service.
This makes it possible to make mass payments of any complexity, including bank card payments, in just a few steps.
Members’ safety is also a major concern at SIBCoin Coin. SIBCoin has taken well thought-out security measures to ensure that the security of all members is well protected.
To protect its members’ investments, SIBCoin uses advanced encryption and a Tier 2 network.
The 2-tier network is an Internet service that works with other networks to ensure that only authorized members have access to the network.
You can’t buy it directly for fiat on any exchange. You can choose the best coin exchange for your region and buy BTC there, then trade it for SIB on exchanges. Read here how you can quickly convert other coins to bitcoin and the other way around.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is trustworthy and has acceptable fees and it is a leading platform for buying BTC.
If Coinbase doesn’t support your country, use Cex.io – read how Cex.io works – it is a good Coinbase alternative. Coinmama is also safe exchange for buying cryptocurrencies – click here to visit Coinmama.
If your country is not available on Coinbase – check for best Coinbase alternatives (such as Cexio and Indacoin – see here Indacoin exchange review) and buy BTC on one of those exchanges. You can always exchange your coins on Changelly (see if Changelly is legit place to trade crypto), instantly and directly to bitcoin.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet (if it is supported) – our recommendation is just go and buy Ledger Nano S or Trezor Wallet or KeepKey, those are the safest options. You can read our articles on how to use Ledger Nano S wallet and where to buy it and Trezor Wallet Review or check out other top hardware bitcoin wallets here. You can also create a paper wallet – learn here more about crypto wallets. We have also compared top 3 hardware wallets: Ledger vs Trezor vs KeepKey.
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com