Filecoin (FIL) is a decentralized file storage and sharing network that makes use of blockchain technology to offer users a wide range of fresh opportunities in the market. Platforms for decentralized file sharing are more common than ever. Filecoin combines various technologies to give users a distinctive experience that translates into more opportunities to earn cryptocurrency. Visit our Investing in Filecoin guide for more information.
What Is Filecoin?
Blockchain technology is used by Filecoin, a decentralized file storage system, to address the issues with centralized cloud storage services. Unlike most other cryptos, Filecoin’s Interplanetary File System (IPFS) blockchain enables hosting of decentralized data storage. The platform is currently the largest decentralized storage solution in the market with a network capacity of over 2.5 billion gigabytes.
Filecoin provides grants to developers who make use of its network in an effort to strengthen the ecosystem. Filecoin has awarded 45 grants to developers thus far. Additionally, Grayscale announced its Filecoin Trust this year and has already contributed $1.5 million to the endeavor. Filecoin is positioned to prosper in this cryptocurrency bull market thanks to a rapidly expanding ecosystem.
Both storage providers and storage consumers use the coin on the Filecoin platform. Data providers must stake Filecoin to join the network, and buyers must pay the providers in Filecoin to store their data. The network has the power to penalize bad actors on the network financially by mandating that storage providers stake FIL.
Brief History Of Filecoin
In 2014, Juan Benet launched Filecoin. Additionally, he created the IPFS blockchain, which enabled the Filecoin network. Filecoin’s initial coin offering (ICO) took place in 2017, but the mainnet didn’t go live until October 2020.
Despite having a 2 billion coin maximum supply, there are currently only 73 million in use. Filecoin has a plan to distribute these coins over the long term, despite the fact that this is typically a sign that the cryptocurrency may lose value due to inflation. The network won’t reach its maximum supply in the shortest time frame, which is 30 years.
The project has raised more than $200 million since the 2017 ICO. When Filecoin first launched, each coin cost $5, and since then, it has returned more than 14,000%. The fact that Filecoin has outperformed both Bitcoin and Ethereum during this time period is arguably even more impressive. At the moment, Filecoin is worth around $5 billion when trading for around $70 per coin.
Why Buy Fil?
FIL is essential for using Filecoin and for getting access to its services.
To pay for storage, retrieval, and other network transactions as well as to store files on Filecoin, users must use the platform’s cryptocurrency.
How To Buy Filecoin?
How To Buy Filecoin On Coinbase
Create A Coinbase Account
Start the registration process by registering or downloading the Coinbase app. To transact, you will need a valid ID, and you might also be asked for proof of your address, so be prepared with both. Depending on where you live, verifying your ID might require more time than a few minutes.
Add A Payment Method
Connect a payment method by tapping the payment method box. You can start a wire, use your bank account, or debit card.
Start A Trade
Select Buy & Sell on Coinbase.com. On the Home tab of the Coinbase mobile app, tap (+).
Select Filecoin From List Of Assets
Search for and choose Filecoin using Coinbase.com’s Buy panel. On Coinbase mobile app, search for Filecoin by typing “Filecoin” into the search bar. Tap Filecoin to bring up the purchase screen when you see it in the search results.
Enter The Amount You Want To Buy
The amount you want to spend in local currency should be entered using the number pad. That will be automatically converted to a Filecoin amount by the app. You can tap the arrow buttons to the right of the amount of money you want to spend to switch the number to the equivalent amount of Filecoin
Finalize Your Purchase Of Filecoin
Tap “Preview buy” when ready. The specifics of your purchase will be shown to you. Make sure everything looks good and then confirm your purchase by clicking “Buy now”.
You will be directed to the confirmation screen once the order has been processed. You now own Filecoin, that’s all.
How To Buy Fil On Kraken
Follow the steps below to start buying FIL on Kraken:
Sign Up For A Kraken Account
To protect your account, you should first enter a valid email address, create a new username, and choose a strong password.
Verify Your Account
You can buy FIL with cryptocurrencies like ETH and BTC after entering your name, birthdate, residence nation, and phone number. Utilizing money (i.e. Additional supporting documentation proving your identity is required to be given to our experts (in USD, EUR, or CHF). Click here to read more about our verification procedures.
There are many ways to fund your account. Your preferences and geographic location will determine how you do this.
You can buy FIL as soon as your account has enough money in it. At this point, you’ll also have access to our cutting-edge charting tools, around-the-clock customer service from anywhere in the world, and the ability to use spot trading on margin*, all of which contribute to the popularity of the Kraken experience among millions of traders worldwide.
How To Buy Filecoin On Binance
On The Binance App Or Website, Register For A Free Account.
Your Binance account serves as a portal for purchasing cryptocurrency. You must first open an account and provide proof of identification before you can purchase Filecoin (FIL).
- Register via the Binance App
- Register via the website using your email
- Register via the website using your mobile number
Decide How You Want To Purchase The Filecoin (fil) Asset.
Click on the “Buy Crypto” link on the top left of the The navigation on the Binance website will display the choices that are available in your nation.
Consider purchasing a stablecoin like USDT or BUSD first, and then use that coin to purchase Filecoin (FIL), for better coin compatibility.
A. Credit Card and Debit Card
The simplest way to buy Filecoin (FIL) for a beginner is through this method. Visa and MasterCard are both accepted by Binance.
B. Bank Deposit
Transfer fiat money from your bank account to Binance, then use that sum to purchase Filecoin (FIL).
C. P2P Trading
Using the peer-to-peer service offered by Binance, purchase Filecoin (FIL) directly from other users.
D. Third Party Payment
Channels for third-party payments come in a variety of choices. Please check the Binance FAQ to see which ones are offered in your area.
On The Binance Website Or App, Register For A Free Account.
To confirm your order at the current price, you have one minute. Your order will be recalculated after one minute using the most recent market price. The new order total can be seen by clicking Refresh.
Binance Is Where You Can Store Or Use Your Filecoin (fil).
Once you’ve purchased your cryptocurrency, you can keep it in your personal digital wallet or just keep it in your Binance account. As a passive income option, you can stake it on Binance Earn or trade it for other cryptocurrencies. Check out Trust Wallet, which supports millions of assets and blockchains, if you want to exchange your Filecoin (FIL) for something on a decentralized exchange.
Best Crypto Wallets For Filecoin
The safest way to store Filecoin is now that you know how to purchase it. Here are a few of the best cryptocurrency wallets on the market that support Filecoin:
Best Hardware Wallet: Ledger Nano S
Since 2014, Ledger, a market pioneer, has sold cryptocurrency wallets. The Ledger Nano S and the Ledger Nano X are the company’s two products. The purpose of both wallets is the same, but the Ledger Nano X has Bluetooth connectivity, which makes connecting to your laptop or smartphone much simpler.
But compared to the Nano S, the Ledger Nano X costs more. Given that the Ledger Nano S costs less than half as much as the Nano X, most cryptocurrency investors can afford it. If you must have Bluetooth connectivity, it might be worthwhile to spend more money on the Ledger Nano X.
Best Software Wallet: Exodus Wallet
One of the most cutting-edge software wallets out there is Exodus Wallet. It offers a wide variety of different cryptocurrencies, including Filecoin, and is available for free download on iOS and Android. It not only safely stores your Filecoin and other cryptocurrencies, but it also allows you to switch between a large number of more than 225 different cryptocurrencies.
Trade, Sell Or Convert Your Filecoin
Through SoFi or Exodus Wallet, you can exchange your Filecoin for other cryptocurrencies most easily. Investors can exchange their cryptocurrency for any supported altcoin on Exodus Wallet’s platform, all within the app. Keep in mind that exchanging your cryptocurrency is a taxable event, so be sure to record all of your transactions.
Sending your coins from your cryptocurrency wallet to your preferred exchange is required if you want to sell your Filecoin. As long as your bank account is connected to your crypto exchange, you’
Is Filecoin A Reliable Investment?
Over the past year, despite losing over 50% of its value, almost every other asset you could have invested in has underperformed Filecoin. Some investors believe it is too late to purchase the cryptocurrency given its $5 billion market cap. However, it’s likely that Filecoin’s market capitalization will keep rising if it is successful in its plans to decentralize data.