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Filecoin is considered a decentralized cloud storage network. It was created by an anonymous person who goes under “Satoshi Nakamoto” and has worked on this project for over ten years. The main aim behind creating such a platform is to provide users with secure, private, and fast data-sharing services without any third-party involvement or interference. This will be achieved by using blockchain technology to record all transactions in a public ledger called Blockchain.
Filecoin uses the Proof Of Stake consensus algorithm where each node holds some coins and stakes them according to their contribution towards maintaining the system. To stake your coins, you need to have at least 100k FFC tokens. Once staked, these nodes can vote for new blocks and get rewarded accordingly. The total supply of five coins is 1 billion units. Each unit represents one gigabyte of space. There are currently around 2 million active wallets holding about 500 thousand files.
How can I buy Filecoin
You can purchase Filecoin from various exchanges like Bittrex, Poloniex, HitBTC, etc. You can also use credit cards directly, but we don’t recommend doing so because there might be additional charges depending upon the exchange used. We suggest purchasing via Bitcoin first before moving onto fiat currency purchases. The current market cap of Filecoin stands at USD 1.2 Billion. As per CoinMarketCap, its trading volume is approximately USD 5 Million daily. Its 24-hour trade volume is estimated at USD 10 Million.
PayPal
Filecoin accepts payments via Paypal. Then select FileCoin as the recipient’s wallet address. Enter the amount paid into the field provided and press “Continue.” Click the “Pay Now” button. Your funds should arrive within three days. If not received after seven business days, please contact us. If your transaction does not go through due to insufficient balance or other reasons, then you may receive a refund. Please note that refunds take up to 5 business days to process. Refunds are processed based on the following criteria:
Buying file coin with a credit card
Filecoin accepts payment via Credit Cards. To do a purchase, simply click the ‘Add Funds’ tab located above the table header. Select the desired amount of FileCoins and enter the required information. Press Continue once done. Note that if you do not pay attention while entering details during checkout, you could end up paying more than what you intended. Also, you need to keep in mind that when purchasing with a credit card, the seller cannot see your actual location nor IP address.
Bank Transfer
Filecoin accepts bank transfers. This method of payment requires a minimum deposit of 50$. Bank Transfer has no fees associated with it. However, it takes longer compared to credit/debit card methods. For example, transferring money from US banks usually takes between 4-7 business days. After receiving the confirmation email, transfer time varies between 2-4 hours.
Where to buy Filecoin
The following are some of the best places where you can purchase filecoin. They include
- Coinbase, this is a platform that allows users to easily convert cryptocurrency such as bitcoin to dollars. It offers an easy way to store digital currencies safely without exposing private keys. Users can fund their accounts using debit /credit cards, wire transfers, SEPA transfers, cashier’s cheques, pre-paid vouchers, and even gift cards. They offer several different ways to invest, including margin lending, short selling, options contracts, futures contracts, and over-the-counter trades. Coinbase supports many popular coins, including Filecoin, Litecoin, Ripple.
- Binance – This is among the most trusted crypto platforms for traders around the world. With high liquidity and low slippage rates, this is a great place to start out investing in cryptos. Their customer support team is available round the clock to help resolve any issues faced by customers.
- Bitfinex – A well-known peer-to-peer trading platform that provides access to major altcoins, including Filecoin. Bitfinex was founded back in 2012 and since then has become one of the largest alternative trading systems in the industry.
- Gemini – Another leading ATS offering services across multiple asset classes. Gemini currently holds USD deposits at FDIC insured levels. The company also operates regulated Bitcoin spot markets which provide investors with exposure to price movements in BTCUSD.
Conclusion
Filecoin is still relatively new, but its popularity seems to be growing rapidly. Its future looks bright because of its unique features like decentralized storage and secure data sharing. In addition, there are plans to integrate blockchain technology into everyday life.
