What is Siberian Chervonets (SIB)?
Future of SIB Cryptocurrency and know how to buy SIB

#1 - What is Siberian Chervonets (SIB)?

Siberian Chervonets: The Basics

  1. SIBCoin is essentially a Dash fork that employs additional encryption algorithms designed by Russian specialist cryptographers.
  2. It works on principles similar to the Dash blockchain but is more advanced, it uses a reinforced hash technology along with being completely resistant to ASIC.
  3. The coin seeks to make the blockchain paradigm accessible to the general public and make crypto use almost a daily routine. Especially in Russia, where due to insular political views and the widespread mistrust towards western ideas, Bitcoin did not do so well as the people wanted something familiar and closer to home.
  4. While it was conceived in Siberia, over time it has expanded to Europe, Asia and the Americas and is still expanding.
  5. SIBCoin was launched with an aim to install fairness into the free economy and also help eliminate middlemen which can help improve people’s profits and build a trustless and secure environment.

SIB Development

  1. The coin was initially launched only in Siberia. This was because of the linguistic and the cultural barriers that it faced from the European countries. However, in the later years, the coin was adopted in the nearby countries as well as overseas. The majority of its users, however, continue to be in Russia.
  2. SIBCoin was seen as a local altcoin when it was first launched. As the popularity of the coin grew, it became more prominent that the coin is more of a decentralized blockchain. It acts as a ledger without an authority that is monitoring the transactions.
  3. The first block of SIBCoin blockchain was mined back in 2015. Since then, the coin has earned a lot of backing and its popularity has also grown exponentially. Ever since January 2017, SIBCoin's masternode network volume has exceeded that of its parent coin Dash and the gap has only increased from thereon.
  4. The SIBCoin community has been growing at a quick pace. There are many online stores such as Ali Express which have started to accept the coin.

 

#2 - What are the Benefits of Siberian Chervonets?

SIB Technology

  1. The algorithms used in SIBCoin have been designed in Russia. Streebog is one of these algorithms, which is a successor to another algorithm called GOST. It has been developed to ensure that the coin remains ASIC-resistant, and that it offers high network decentralization. Streebog also enables profitable mining.
  2. The privacy of a SIB customer is maintained with the help of three major protocols. These protocols are RingCT, Ring Signatures, and Stealth Addresses. RingCT acts as a privacy barrier and hides the transaction information on the network. The ring signatures are designed to hide the address of the sender, and the stealth address is used to hide the address of the receiver.
  3. Another technology that is used by SIBCoin is the X-Layer. X-Layer was developed by Nokia in the year 2014. It is used in applications that are designing to transact large data in real-time. SIBCoin uses this to efficiently transfer funds in from sender to receiver in case of buying and selling of goods.

Features

  1. Privacy: Privacy is the main motto of the SIB blockchain. Its reliance on algorithms such as Streebog enhances its decentralized network, and ensures that you are not being tracked for your activity in the cryptocurrency market.
  2. PrivateSend: PrivateSend works in such a way to ensure that the payments that are being made are not traceable at all. The main principle used is the CoinJoin method. In this method, there are multiple transactions are coupled together which cannot be separated. This makes the method unbreakable and your transactions private.
  3. InsantSend: InstantSend is the product of a peer-to-peer mechanism. In this kind of system, irreversible transactions are made between two parties and are recorded on the chain within seconds.
  4. Exchange and Payment: This is a convenient feature that allows the users to pay their telecom bills via Coinex. The user can also buy EURO or USD by paying in terms of SIBCoins. SIBCoins can also be used to exchange for cash.
  5. Telegram Bot: The Telegram Bot can be understood as a personal assistant. It is programmed to carry out payment processes, update the users with day-to-day cryptocurrency market changes and vital information regarding the trading of the coins. The developers are continuously striving to make the coin as user-friendly as possible.

 

#3 - How to Buy and Store Siberian Chervonets?

How to buy SIB/ How to buy Siberian Chervonets?

  1. SIBCoin can be purchased through a number of coin exchange platforms on the internet. An investor would ideally have to purchase Bitcoin, Ethereum or any other supported pair and then use SIBCoin supporting exchanges such as UPbit, Bittrex, Livecoin, Crytopia, C-CEX, BTC-Alpha, Trade Satoshi to exchange the former with the latter.
  2. SIBCoin is paired with BTC, ETH, RUB, DOGE and other common cryptocurrency on these exchanges majorly. Most, however, support only the pairing with Bitcoin.
  3. The exchanges mentioned above are only platforms on which you can trade and the prices of the tokens differ slightly on each of them. CoinSwitch, the best cryptocurrency exchange out there, helps you choose which platform to buy from. Supporting more than 140 coins and 45,000 pairs of cryptocurrencies. You can choose any pair you want with your token, and choose the best deal with the help of CoinSwitch! And these transactions can be accomplished at minimal transactional fees. The website is secure and the exchange can be completed in minutes.
  4. What’s more - with CoinSwitch, you do not need to create wallets on the exchange you’re buying from. Instead, all transactions can happen to and from your very own private wallets.

SIBCoin can be bought even without a crypto exchange

SIBCoin can also be bought from the SIB.SALE platform that helps cryptocurrency users conveniently purchase the coin using their Maestro, VISA, MasterCard and MIR cards.

Wallets

  1. SIBCoin can be stored in two ways: there is a software wallet and an online wallet available on the website. The online wallet comes with a Tor version making it anonymous and safe. The software wallet can be downloaded on the following platforms- Android, Windows, MacOS, Linux.
  2. Another form of storing SIBCoins is Cash Chervonets. It is a wallet with random secret codes which can be issued with a hard copy.

 

#4 - What is the future of Siberian Chervonets?

The SIBCoin surely has some visionary projects and efforts lined up that can likely work in their favour and catapult them into a far more popular position than they are at present.

  1. The project team has stuck to its primary objective of developing a cryptocurrency that can be understood, accepted and used by average people who don’t understand the complexities of cryptocurrencies.
  2. In line with this objective, SIBCoin rolled out Perevod.io, a service enabling people to remit money from anywhere to anywhere with little to no knowledge of cryptocurrencies by simply using a phone number, a password and a link. The recipient gets the transferred money in their local fiat currency. This could largely help eliminate the problem that is often faced by new users when trying to grasp the mechanics of cryptocurrency transfers.
  3. SIBCoin also announced an integration with Moneypolo, an international payments processor. Up until now, to an extent has been the only cryptocurrency solution well-linked to fiat money. With Sibcoin integrated into Moneypolo, payment go directly to a user’s card and are used as regularly done.
  4. The project team also announced work on another service that would enable the transfer of money to numerous cards at once, issued in any country of the world.

Also Read: Complete Analysis of Siberian Chervonets | Live Siberian Chervonets (SIB) Price Charts And Predictions

Price History

Date

Open

High

Low

Close

Volume

Market Cap

July 01, 2018

0.349563

0.257953

0.333982

0.338911

29,800

5,889,403

June 01, 2018

0.687837

0.708800

0.670859

0.684121

44,066

11,538,630

May 01, 2018

1.21

1.21

1.12

1.20

189,859

20,217,252

Apr 01, 2018

0.813614

0.854209

0.756253

0.798712

215,998

13,506,717

Dec 01, 2017

1.65

1.93

1.61

1.89

259,128

26,342,098

Oct 01, 2017

1.37

1.38

1.25

1.27

104,041

21,312,088

 

#5 - How is the SIBCoin different from other cryptocurrencies?

Siberian Chervonet is a decentralized blockchain which primarily aims to ensure privacy, speed and user-friendly adoption of cryptocurrency.

  1. The algorithm used by SIBCoin is to ensure that the privacy of its users is not compromised. The focus is on anonymity and security more than other parameters.
  2. The transfer of the funds from one party to the other is performed using CoinJoin method. This method of combining multiple transfers makes it unbreakable, and thus private.
  3. The future of the coin may see the addition of features such as a marketplace. This marketplace will be decentralized and will connect buyers and sellers from across the world to sell and purchase goods.

 

#6 - Should you Invest in Siberian Chervonets?

  1. SIBCoin has hitherto established a stronghold as the driving force behind the Russian blockchain community, serving the purpose of the gateway altcoin for all those cautious about investing in Bitcoin.
  2. Not only that, it has gotten sizeable coverage of other countries as well. Additionally, the frequent community meetups held by the SIBCoin community have also helped strengthen and contribute to the growth of the coin.
  3. As of August 2018, the coin sees average 24 hour volumes of USD 11,810 and a price of USD $0.286342. It is predicted to double in a years time and reach USD $1.282 USD in six years time.
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