A decentralized data storage is a convenient and secure way to save any type of information. This is exactly the service offered by the Filecoin blockchain project. A detailed review of the Filecoin cryptocurrency (FIL) will allow you to determine the prospects of altcoin for trading and long-term investments.
What is Filecoin (FIL)?
Filecoin is a decentralized system for data exchange and cloud storage. It is a blockchain based on IPFS (Interplanetary File System). The Filecoin network is based on: Proof-of-replication (PoRep) and Proof-of-Spacetime (PoST). FIL is the network’s own cryptocurrency, acting as a payment instrument connecting buyers and sellers of the network.
The meaning of the Filecoin peer-to-peer network is the possibility of distributed data storage on the Internet and obtaining economic incentives for providing free hard disk space. A cloud-based decentralized network can be used to store data: videos, personal files, security archives, dApps, websites. The main thing is that this ensures the protection, backup and transfer of important information to future generations. The platform has:
- Storage miners. They receive data from clients. They receive a fee for storing data on hard drives.
- Customers. Individuals, corporations, companies that want to transfer their data for storage.
Why should I trade Filecoin?
To date, the FIL cryptocurrency occupies the 24th place by market capitalization. The main reasons for trading FIL are:
- Filecoin is one of the hottest topics in the crypto industry. It is considered the key to Web 3.0 and a high-potential project in the field of decentralized storage.
- The demand for storage in the market is growing, and the cloud storage industry will also become a market that brings in hundreds of billions.
- The project’s services are used by such well-known companies as Wikipedia, gnomAD, OpenAQ. This has a positive effect on the capitalization of the asset, making FIL a reliable investment.
As of August 1, 2021, the price per one FIL coin is $55. The market capitalization of the project reaches $5,100,822,643. On April 1, 2021, after the announcement of cooperation with world-famous companies, the price soared to a record $237.24. The minimum cost of the asset was recorded on August 29, 2019, when the price fell to $1.83.
Where to trade FIL?
The FIL cryptocurrency is quietly traded on many well-known crypto exchanges and brokers. The list of the most popular platforms for buying and selling FIL includes:
- Binance — the most liquid exchange in the world. Provides an opportunity to trade a wide variety of coins in a safe manner. Low trading fees.
- Huobi — verified users have access to margin trading with 5x leverage. In order to get a loan, you need to leave a request in the Margin section.
- 7b crypto broker — a simple and easy-to-use service. Provides trading of coins that have been listed on Finance. Competitive trading fees.
How to trade Filecoin using the 7b crypto broker app?
7b is the best broker for FIL trading. The 7b team strives to create the best conditions to provide a pleasant trading experience for both beginners and experienced traders. There are no hidden fees and security issues on 7b. For a perfect FIL trading, follow the instructions:
- Create a verified account on 7b.
- Top up your balance with any available cryptocurrency.
- Select cryptocurrencies to trade.
- Enter the amount to buy or sell.
- Place a market order.
- That’s it! The funds will be credited to your account soon.
Filecoin (FIL) Exchange
Where to exchange Filecoin?
FIL is a freely exchangeable asset. Therefore, there will be no problems with finding a platform for exchanging cryptocurrency. Base your choice on the advantages and disadvantages of the types of exchange service:
ProsConsSafetyHigh fees for servicesNo hidden feesCoins are transferred to your account A large variety of cryptocurrencies and pairs for exchangeIntuitive interface
ProsConsSimplicity and convenienceReserve of tokens is limitedIncreased level of anonymityExchange pairs are limitedTransfers cryptocurrency directly to the wallet
The list of popular platforms for FIL exchange includes:
- Changelly — a well-known and reliable exchanger, with support for fiat. You can exchange at a fixed (not available for FIL) or floating exchange rate.
- ChangeNOW — a non-cathode exchanger, with a good reputation. There is no upper limit when exchanging coins, there are no hidden fees.
- CoinSpot — an Australian exchanger with a simple and clear interface. More than 300 coins to exchange. Low exchange rates.
What to know before exchanging Filecoin?
Before you exchange FIL or any other cryptocurrency, we highly recommend that you:
- Explore the selected platform for the convenience and speed of support work.
- Read reviews about the reliability of the services provided.
- Perform an operation with a small amount of funds first.
- Double-check the entered address of your wallet.
- Find out the limits of the platform.
How to buy Filecoin for fiat?
Today, investing in cryptocurrency is the most popular and profitable activity, but at the same time it is very risky. The first step for a person who has just plunged into this world: the exchange of fiat for cryptocurrency. In order to choose a platform for buying FIL for fiat, pay attention to security, reputation, fees, as well as limits on deposits and withdrawals. You can exchange your national currency for FIL using services such as Changelly (you can view the fiat list for buying FIL on the website), ChangeNOW, and Fiat2Cryp.to. For purchase:
- Select FIL and fiat for purchase.
- Enter the desired amount.
- Enter the wallet address.
Filecoin use cases
FIL is a native token of the Filecoin network used for:
- Coin mining. There are 2 unique algorithms provided: Proof-of-replication (PoRep) and Proof-of-Spacetime (PoST). You can receive coins both for storing other people’s data on hard drives, and for extraction and transfer operations.
- Сonducting transactions on the network.
- In 2021, there are still few platforms and services that accept FIL for payment for goods, but as coin is popularized, their number is increasing. For example, one of the already concluded partnerships is with the main messenger in China, WeChat.
Is Filecoin a good investment?
The digital currency is included in the list of the TOP 50 according to CoinMarketCap. It is interesting for investors and miners. Not much time has passed since the launch of the main network, but progress is already visible (increasing storage capacity, regular system updates, acquiring new partners, developing applications and programs using IPFS). The coin is a promising option for investment.
How do I invest in Filecoin?
When investing in cryptocurrency, keep in mind the possible risks. Be smart about choosing an exchange, broker, or other service for buying FIL. Study the fees charged, reviews, and purchase limits. To buy FIL for fiat, select a platform with support for a fiat gateway, select the currencies to exchange, enter the amount, enter the recipient’s address.
How to trade FIL for beginners?
Remember the golden rule for novice traders: do not trade on the eve of some important world events. You can not be sure of the profitability of this activity, since the market is extremely unpredictable. In order to trade on 7b, you need a verified account: transfer coins to your account, enter how much you want to buy or sell, and place a market order.
What is Filecoin Blockchain?
The Filecoin (FIL) project is conceived as a decentralized data storage that uses the innovative IPFS protocol instead of the usual for all of us HTTP. The platform offers users to earn money by providing their own free space on hard drives. Two consensus algorithms are used: proof-of-replication and proof-of-spacetime.
Original source — https://sevenb.io/blog/how-to-trade-filecoin/