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How to Buy Filecoin (FIL) in 3 Simple Steps

Filecoin (FIL)
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How to Buy Filecoin (FIL) in 3 Simple Steps

Filecoin is a blockchain-based data storage marketplace where users earn crypto rewards for hosting data. Whereas traditional cloud storage runs on central servers run by private companies, Filecoin uses a decentralised network of computers that anyone can join in order to earn Filecoin (FIL). 

This article will tell you about the dynamics of Filecoin in more detail and instruct you on how you can buy, sell, and trade Filecoin. 

3 Steps to Buy Filecoin 

1. Choose a broker or exchange

The first thing you’ll have to do to set up a crypto account is to pick a broker or exchange that is secure, easy to use, and charges low transaction fees. We recommend you choose from one of the trusted brokers or exchanges listed below. 

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eToro is a multi-asset investment platform with more than 2000 assets, including stocks, ETF’s, indices, commodities and Cryptoassets. eToro offers over 20+ Cryptoassets to invest or invest in their CryptoPortfolio where investors can benefit from the accumulated growth of Bitcoin, Ethereum, XRP, Litecoin and other leading cryptocurrencies. eToro users can connect with, learn from, and copy or get copied by other users.
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2. Create and fund your account

Create an account by filling out your details and uploading your driving license or passport to verify your identity. After this, you can make a fiat deposit to your account using payment methods such as bank transfer, Mastercard, Visa, and PayPal.

3. Buy Filecoin 

After this, you’ll be able to buy Filecoin by looking for it in the search bar of your chosen platform. You will need to buy Filecoin using your local currency; if you are a US-based user, for example, select the FIL/USD trading pair. 

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Buy Filecoin in just a few minutes

Create a free account

Set up your trading account with eToro for free with your name, an email address and telephone number

Fund your account

Choose your preferred payment method and activate the account with the minimum deposit into your account

Start trading Filecoin

Choose your cryptocurrency by clicking ‘Trading Markets’, set your risk limit and click ‘Get Started’ to start your investment strategy
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Why trade Filecoin with a broker?

1

Fast and simple.

Trades are instant and easy to execute.

2

Pay your way.

Brokers accept a range of payment options including credit/debit cards and even PayPal.

3

No wallet needed.

No need to set up and maintain a wallet—you can manage your crypto directly from your account.

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Buy Filecoin Today!

What Is Filecoin?

Filecoin is a digital storage marketplace that lets anyone rent out or buy storage space with the use of its native cryptocurrency, FIL. It decentralises data by splitting and storing it across independent computer users or “nodes” spread around the world. 

Filecoin aims to disrupt online storage by acting as a cheap alternative to cloud storage providers like Amazon and DropBox that can dictate unfair fees and terms because of their dominance in the sector.

Because Filecoin is a decentralised platform for cloud storage, it also looks to address the excessive centralisation of storage found in the sector. Decentralisation also means that data breaches and privacy leaks experienced among global companies are far less likely to occur on Filecoin’s network.

The FIL token powers the economic incentives on the network. Users are able to pay FIL to have their data hosted, and anyone with spare storage space on their computer or server can rent it out to earn FIL. 

Ways to Invest in Filecoin

There are a number of ways through which you can invest in Filecoin. You should base your investment strategy on your financial position and ask yourself whether you’re looking to see potential returns in the short-term or hold out for larger gains in the long-term. 

Buy and hold Filecoin

Buying and holding on to Filecoin is the most popular strategy among investors because it allows you to accumulate profits in the long-term, and is a relatively risk-free approach compared to trading FIL. 

Best Filecoin wallets

You can either store your Filecoin in a web wallet provided by your preferred exchange platform or take self-custody by using private software wallets or trusted hardware wallets like Trezor, BitBox, and Ledger

Filecoin recommends storing your FIL in web wallets like Lotus, Gilf, and Filfox that can be linked to physical wallets like Ledger

Trade Filecoin

Rather than holding on to their FIL for the long-term, some investors choose to trade their coins by speculating on the volatility of Filecoin. This method requires more time, effort, and skill than simply buying and holding, but can generate more frequent profits. 

Web wallets integrated with exchanges are potentially more convenient locations to store FIL for traders because regularly transferring tokens in and out of private wallets can be a painstaking task and may incur unwanted transaction charges.

Should I Buy Filecoin Now?

Before buying Filecoin, it is worth considering the potential risks and benefits tied to your investment. While it is possible that you may see long-term profits through your investment, it is equally possible that you may see losses in the short-term.

Unlike the centralised data storage space, decentralised and free storage marketplaces like Filecoin are hyper-competitive and offer users the most fair prices — creating more demand for their services. As the service is paid for using FIL, this could in turn force up the token’s price.

Filecoin has also overshadowed its competitors in the decentralised storage space since it launched its mainnet in 2020 because of the mammoth funding it has received from its investors. This means Filecoin has more revenue at its disposal to make upgrades to its platform that may, in turn, lead to a rise in the project’s value. 

Eventually, Filecoin aims not just to store user data but plans to become a storage layer for all Web3 data found on blockchains like Ethereum. If Filecoin does move toward this goal and become a central piece of Web3 infrastructure,it is possible that the worth of its native FIL token will rise with it. 

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Frequently Asked Questions

  1. Cloud computing refers to services offered by IT companies to users that involve things like the online storage of data through central servers located in different parts of the world.

  2. Decentralised data storage is a more democratic method of data storage that moves away from the services provided by large private and centralised companies like Amazon or Apple, by storing data across multiple hosts.

  3. Nodes are independent computer users that verify the blockchain.

  4. Web3 is the idea of a completely decentralised internet based on peer-to-peer technology and exchanges of information using blockchains.

  5. A mainnet is the final stage of a blockchain project and constitutes the release of features that were otherwise unavailable during the testnet phase.

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