Filecoin has one of the most interesting real-world applications in the crypto sector
Filecoin (FIL) has surged in price today, achieving a 20% increase over the last 24 hours as the crypto market managed to pump out a strong weekend rally. The decentralised file storage system has been steadily gaining traction over the last six months or so, and has now entered the top 20 coins with this most recent price hike.
Learn more about Filecoin in this article, as well as finding links to the best places to buy FIL.
How & where to buy Filecoin in the UK and elsewhere
You can buy Filecoin from many of the most reputable and popular cryptocurrency exchanges, as well as a variety of brokers, too. Sign up with one of the sites we’ve recommended below to get started, before making a deposit and gearing up for your first trade.
Make sure to use only regulated platforms, as DEXs and unlicensed brokers are prone to causing investors problems down the line.
eToro is one of the world’s leading multi-asset trading platforms offering some of the lowest commission and fee rates in the industry. It’s social copy trading features make it a great choice for those getting started.
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
What is Filecoin?
Filecoin is a decentralised file hosting system that aims to disrupt the prevailing cloud storage model by moving storage away from big centralised servers and into a blockchain-oriented peer-to-peer system. Major file hosts such as Amazon Web Services and Google have led to a highly centralised global storage networkSingle points of failure and censorship concerns are among a whole host of problems with this system, and Filecoin hopes to remedy this. The system essentially works by distributing FIL tokens to users who make a part of their storage drives available to their peers, hosting data in an encrypted manner in exchange for digital tokens. In this way, storage is resilient and not vulnerable to single-point attacks in the same way as centralised systems. If one node goes down, the data is not necessarily lost.
Should I buy FIL today?
Filecoin certainly shows potential as a project with a demonstrable use case and has already begun picking up users. Investors have no doubt been attracted by this proven real-world track record, which stands in stark contrast to many of the more speculative projects in the cryptocurrency space.
The price of FIL is currently around $114 and appears to be building a strong upside campaign in an effort to reclaim April’s all-time high of $237.24. Should investors believe in the use case of Filecoin, however, they will likely forecast a much higher target following the completion of price discovery.