How to buy Santiment Network (SAN)

A beginner's guide to buying and selling SAN in Australia.

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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.

How to buy SAN

Follow these steps to purchase your first SAN.

  1. Compare crypto exchanges
    The easiest way to buy SAN is from a cryptocurrency exchange. Use our comparison table to find an exchange with the features you want such as low fees, ease of use or 24-hour customer support.
  2. Create an account
    To create an account on an exchange you will need to verify your email address and identity. Have some photo ID and your phone ready.
  3. Make a deposit
    Once verified, you can deposit AUD using the payment method that best suits you – Bank transfer, debit card, wire transfer and credit cards are all widely accepted.
  4. Buy SAN
    You can now exchange your funds for SAN. On easier-to-use exchanges, this is as easy as entering the amount you want to purchase and clicking "buy." If you like you can now withdraw your SAN to your personal wallet.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.

Where to buy SAN in Australia

You can buy and trade SAN on various cryptocurrency exchanges, including the following:

Name Product Deposit methods Fiat currencies Cryptocurrencies
Bitfinex Professional Trading Exchange
Credit card, Cryptocurrency, Bank Wire
USD, EUR, GBP, JPY

164
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A step-by-step guide to buying SAN

Want to buy SAN? Follow these simple steps:

Step 1. Create an account on a cryptocurrency exchange that allows you to trade SAN

Compare exchanges that support SAN, then determine if the exchange you choose supports buying SAN with Australian dollars (AUD), Bitcoin (BTC) or Ethereum (ETH). You'll need to provide your email address and create a password to register for an account.

  • Note: It's also recommended that you set up two-factor authentication to provide an extra level of security.

Step 2. Deposit funds into your account

Many cryptocurrency exchanges only allow trading between cryptocurrencies and don't allow the direct deposit of fiat currency, such as AUD, so you'll usually need to own or buy BTC or ETH first.

  • Note:The exact process for depositing funds into your account varies depending on the exchange you choose.

Step 3. Buying SAN

The final step is to trade your chosen currency for SAN on the exchange. Once again, the exact process you need to follow may vary slightly depending on the exchange you choose.

Which wallets can I use to hold SAN?

Unless you're looking to place a trade, storing cryptocurrency in an account on an exchange is not recommended. Instead, it's generally much safer to store your SAN in a secure wallet.

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.

What does the SAN cryptocurrency do?

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.

How to sell SAN

To sell the native SAN token find a cryptocurrency exchange that it is listed on. This could be a centralised or decentralised exchange. You will then need to follow a similar process to that depicted in Step 3 above. Select the cryptocurrency, stablecoin or fiat currency you would like to exchange your SAN tokens for. Once you have found an exchange pairing you are happy with, look for the 'Sell SAN' button and enter the amount you wish to sell.

FAQs

Disclaimer: Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

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