What Is Filecoin? How to Buy FIL

What if we tell you about a crypto asset that would help you store files? It will also be the easiest way to store files over the internet. It would not be regulated by the government for privacy, thus ensuring that you are the only one accessing it. In this blog, let’s explore all about FIL.

Advantages of FIL? 

 The advantage of FIL is that for the first time, you will store your crypto data inside your PC hardware. This has been made possible with the help of blockchain technology that helps the transformation of cloud storage in the algorithmic market. 

FIL supports several types of files. Like podcasts, chats, company data, videos, and websites. If you are wondering whether FIL would be a profile trading option in 2022, then let us look at a few market statistics that may help you decide. 

Market status 

When Juan Benet launched Filecoin, it was an instant hit. Within 30 minutes of its launch, it raised $200 million. Now, every bitcoin has its ups and lows. Filecoin had it too. In January 2020, FIL was priced at $10.30; when November came along, it went down to $09.20. 

By June 2020 end, it recovered marginally and showed the pricing at $12.10. From 2018-to 2022, FIL had a breaking point. In 2019, it came as a blessing for the investors as the Filecoin price shot up to $19.35 

If you compare this with other crypto coins like Ethereum and Stellar, Filecoin prices maintained their stability despite the changes happening in the market.  

Where to buy FIL?

There are several good platforms where you can purchase FIL. One of the most trusted global exchanges is Kraken; then there is Zebpay. We have named these two platforms since robust security is a priority with them. Since you lose your unique key to FIL, it’s practically impossible to recover your funds.

How to buy FIL?

Buying FIL in Kraken and Zebpay is very easy. All you have to do is sign in with your credentials and get verified. Once done, you will be allowed to buy FIL with your existing cryptos like BTC and ETH. Now, all that is left for you to do is fill your account with cash. Once cash reflects in your account, your FIL is ready to purchase 

Where can I keep my FIL?

There are numerous ways to keep your FIL. For Indian users, Zebpay can be a good option for storage since it is the best crypto exchange in India. If you are looking for other options, you can store FIL in wallets like web and mobile wallets. We believe using hardware wallets is the best way to ensure long-term storage. Also, before deciding on a wallet for FIL, understand what you can do with your token. 

How does FIL networking work? 

The Filecoin network works in the form of peer-to-peer. So that means as a Filecoin user, you can talk to other Filecoin users by transferring your data, blocks, and messages very quickly.

What are Filecoin nodes? 

These are gateways where messages are received. For example, if one Filecoin has sent you a message, you can retrieve that message, by opening a Filecoin node. Once the node is open and the message is retrieved, you can pay the Filecoin storage provider.  

What are deals in Filecoin? 

It’s an agreement between the client and the provider. For example, a client has decided to store large amounts of funds in a decentralised data storage network because the client is interested in a deal for a particular price and time frame. 

Once the provider locks the deal, the deal will get generated between the client and provider. The client will pay the chain, and the provider will supply information to the chain, ensuring that all the information available for the deal is authenticated. If the information is false, the provider will be penalised. 

Conclusion

Investing in Filecoin through Zebpay would be the best deal you can get in 2022. Filecoin has always sustained itself through market changes time and again. To know more about Filecoin and how it works, click here.

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