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Filecoin (FIL) Tokens: Everything you Wanted to Know before Investing!

Filecoin (FIL) is one of the most popular cryptocurrencies currently. In terms of market cap, it is currently the 24th-largest cryptocurrency (over US$7.4 billion market capitalizations). Now, the question comes should you invest in it? Is it a good investment? To answer all your queries, let me walk you through Filecoin (FIL), its fundamentals, and the FIL price forecast.

What Is Filecoin (FIL)?

Filecoin is a decentralized storage system with the goal of storing most important information of humanity. In 2017, this project raised US$205 million through an ICO (Initial Coin Offering). Though it was initially decided to launch the Filecoin mainnet in mid-2019, the actual launch date was pushed back to mid-October 2020 until the 148,888th block was created. 

In 2014, the Filecoin project was conceptually described as an incentive layer for a P2P (peer-to-peer) storage network called IPFS (Interplanetary File System). The native currency of the Filecoin blockchain is FIL token. By using FIL, the transactions are made by the participants of the network. Commitments done by the participants of the Filecoin network are recorded by the blockchain, which backs the open protocol of Filecoin. 

Juan Benet is the founder of Filecoin. He had also developed the Interplanetary File System. 

Filecoin (FIL): Facts & Figures

All these facts and figures (as of Oct 15, 2021) will help you to make a decision on investing in Filecoin:

  • FIL Price: US$65.94
  • Trading Volume (24h volume): US$1,045,549,289
  • All-Time High (ATH) Price: US$237.24 (reached on Apr 01, 2021)
  • All Time Low (ATL) Price: US$1.83 (reached on Aug 29, 2019)
  • 24h Low: US$65.30
  • 7d Low: US$61.40
  • YTD (Year-To-Date) Return: 194.91% YTD (Year-To-Date)
  • Market Cap: US$7,429,104,008
  • Crypto Rank (in terms of market cap): 24
  • Fully Diluted Market Cap: US$7,481,952,578
  • Max Supply: ---
  • Total Supply: 112,663,155
  • Circulating Supply: 112,642,825.00 FIL

What’s So Special about Filecoin?

Filecoin solves the problems of centralization faced by cloud storage companies such as Cloudflare and Amazon Web Services. It leverages the decentralized storage system for protecting the integrity of location of a data. This, in turn, makes it easy to retrieve. It is this decentralized nature of this storing system that makes it tough to censor. 

On Filecoin’s decentralized storage system, you can become the custodian of your data. In fact, this also makes the web more accessible to people across the world. The participants of Filecoin are incentivized for acting honestly and storing more and more data. This is done through the participation of the participants in the Filecoin network through mining and storing. 

How Is the Filecoin Network Secured?

The Filecoin blockchain is based on:

  • Proof-Of-Replication
  • Proof-Of-Spacetime

It is these 2 aspects that secures the protocol. Nodes in the Filecoin network are called Retrieval Miners. These miners compete with each other to provide their clients with data as quickly as possible. Once the clients are served, the Retrieval Miners or nodes are rewarded with fees in the form of FIL tokens. This process encourages a node network to replicate and preserve files, thereby securing the network.

Where can you Buy FIL Tokens?

You can buy FIL coins in almost all reputed cryptocurrency exchanges including:

  1. Binance
  2. OKEx
  3. Huobi Global 
  4. Coinbase
  5. Kraken
  6. Gemini, and others.

You can use credit cards, debit cards, or money transfers from a bank account to fund your cryptocurrency trading or investing account in a leading cryptocurrency exchange. 

The most popular price pairs of FIL are:

  • FIL/HUSD, and many more.

Before investing, check out historical data of token FIL, crypto news, Filecoin price charts, FIL to BTC exchange rate, and others.

What are the Best Crypto Wallets to Store Filecoin Tokens?

The best Filecoin wallets to store FIL coins are:

  1. Ledger Nano X (Hardware Wallet)
  2. Trezor Model T (Hardware Wallet)

Invest in Filecoin (FIL) and Other Cryptocurrencies

You can buy and sell Filecoin FIL and other virtual currencies against various fiat currencies (US Dollar USD, British Pound, Canadian Dollar CAD, South Korean WON, Singapore Dollar, Chinese Yuan, Hong Kong Dollar, etc.) through a wide array of crypto exchanges (centralized or decentralized exchanges), crypto APIs, and bitcoin cash markets. Use Dollar Cost Averaging DCA strategy to invest in cryptos to minimize the risks associated with high volatility. 

If you want to increase your investment explosively in the coming 5-to-10 years, buy crypto coins now. Keep an eye on the market news, price statistics, block times, blockchain news, and others to time your trading of Defi protocols and tokens for maximum profit. 

You can also diversify your crypto coin portfolio by including other cryptocurrencies such as FIL, ETC, WBTC, BCH, BTC, AAVE, Ripple XRP, Bitcoin Ether ETH, Bitcoin Gold (also called Bit Gold), Bitcoin Cash BCH, Basic Attention Token, Ethereum Classic, Shiba Inu SHIB, Binance Coin, Wrapped Bitcoin (some also call it wrap bitcoin or wBTC), USD Coin, Gemini Dollar, ERC20 tokens (created on Ethereum blockchain), nonfungible tokens NFTs, and others. 

Also, invest in various types of stocks, mutual funds, index funds, real estate, and others to improve your personal finance. If possible, get help from a portfolio manager or wealth management firm for maximum return. 

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NapBots provides you various indices that include a basket of tokens with high market capitalization and are categorized by theme (such as Solana, NFT, DeFi, and others). This platform introduces an intuitive interface as well as advanced allocation tools for enabling new investors to create and manage advanced crypto indices easily.

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