Buying and trading SAN
A comprehensive guide to Santiment and the Santiment Network Token (SAN).
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Santiment’s aim is to build a comprehensive and reputable market data feeds platform for the cryptocurrency market. The Santiment Network Token (SAN) is the Ethereum-based cryptocurrency that will be used to gain access to the platform’s premium services. Fund managers, exchanges, asset management platforms and small investors are among the platform’s target audience. SAN had its token sale in July 2017. It is only available for buying and trading on exchanges.
Where to buy SAN
You can buy and trade SAN on various cryptocurrency exchanges, including the following:
A step-by-step guide to buying SAN
Here’s an example of how you can buy SAN on an exchange.
Step 1. Create an account on a cryptocurrency exchange that allows trading with SAN
Look for a cryptocurrency exchange that allows trading with SAN, using either fiat currency or various cryptocurrencies. Select an appropriate exchange based on your funding preferences.
For example, on Bitfinex, SAN can be traded with US dollars as well as bitcoin (BTC) and Ethereum (ETC). Account verification is required when using fiat currency to deposit and trade on the exchange.
The usual way to sign up for an account on an exchange is to enter your email address and password, then submit the form. It’s always a good idea to add two-factor security to protect your coins. Most exchanges require two-factor authentication.
Step 2. Deposit funds into your account
Since you can only trade SAN on exchanges, you might need to have an exchange wallet to buy and sell SAN. Most exchanges require generating a receiving address on the exchange wallet first, allowing you to deposit funds into your account.
The steps for depositing funds to your account vary between exchanges. For example, if you have a Bitfinex account, you can deposit funds to your account by going to the deposit section on the top right, choosing the currency you want to deposit and entering the wallet address you previously generated as the receiving address for your deposit.
Step 3. Buying SAN
After your deposited amount appears in your account, you are ready to buy SAN. The steps for buying SAN may vary slightly between exchanges.
For example, to buy SAN on Bitfinex, go to the trading page, select the appropriate trading pair (such as SAN/ETC), specify the type, size and price of the order, then click the “Exchange Buy” button.
How to sell SAN
To sell SAN on exchanges, you normally follow the same procedures for buying it, except that you click a “Sell” button this time.
Using Bitfinex as an example, you can sell SAN by going to the trading page, selecting the appropriate trading pair (such as SAN/ETC), specifying the sale type, the number of SANs you want to sell and your preferred price, then clicking the “Exchange Sell” button.
Which wallets can I use to hold SAN?
As of 24 January 2018, SAN can be held on exchange wallets only, though the Santiment development team is working on MetaMask support for the token.
How does SAN work?
There is a dearth of reliable data concerning cryptocurrencies. Santiment hopes to address this by curating information from reliable sources, tapping crowd sentiment insights and getting data from the blockchains behind cryptocurrencies. The Santiment platform aims to help buyers make decisions based on the available data it pulls from these sources.
You can use fiat currency to pay for basic content services on the Santiment platform, but SAN is required for access to premium content. Santiment also hopes to attract individual and corporate contributors to its data collection efforts by rewarding them with SAN. People will be scored based on the reliability of their contributed information.
Institutional clients and exchanges willing to put up a stake on the platform would be able to offer services on the platform to their own clients, earning rewards of SAN in the process. These SAN tokens would be saved on the platform’s smart contract.
Real world applications for SAN
With SAN, Santiment has a cryptocurrency that is used as a stake to pay for its services. Stakers benefit from revenue sharing by getting more people to use Santiment services.
SAN can also be used to pay for subscriptions to and auctions on the platform, and as rewards for platform contributors.
What to consider when buying SAN
If you want to invest in SAN, make sure you’re aware of the risks in cryptocurrency trading. Buying cryptocurrency is a speculative move and cryptocurrency prices are volatile. Consider the following factors when buying SAN.
- Supply. Per CoinMarketCap, circulating supply of SAN as of 24 January 2018 was 62,660,371, while total supply is 83,337,000.
- Use. SAN is needed to avail of premium services on the Santiment market data feeds platform, which is still under development and anticipated to become fully operational in 2019.
- New developments. You should monitor the news for any details about Santiment. For example, in 2017, Santiment became involved in Project Transparency, which aims to make the blockchain and cryptocurrency community more transparent to investors.
- Future plans. The Santiment roadmap anticipates a busy 2018 for the development team behind the platform. Santiment is testing its first SANbase web application with financial and price information. More features are being planned for the first half of 2018. By the second half, Santiment hopes to sell its first subscriptions using both fiat and cryptocurrencies.
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