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Wednesday, May 31, 2023

Filecoin (FIL) cryptocurrency: Overview, future, price, marketcap..

Filecoin (FIL) is a cryptocurrency that powers the Filecoin network, a decentralized peer-to-peer file storage network that aims to let anyone store, retrieve, and host digital information. FIL tokens are used as payment for these services and as an economic incentive to ensure files are stored reliably over time.

Who is the founder of Filecoin (FIL)?

Filecoin, a sub-organization of Protocol Labs, was founded in 2014. The company is headquartered in Palo Alto, California, United States. Founded by Juan Benet, Filecoin serves both as a data-storage network as well as a bitcoin-based electronic currency. Since its launch, Filecoin has been backed by 24 investors. It has raised 258.2 million to date.

Official Website: Click here.

Current stats of Filecoin (FIL)

Let’s have some stats of FIL.

Current price of FIL:

Current price of FIL is $69.86(it may be different as market fluctuations).

Market cap of FIL:

Market cap of FIL is 52.8 Billion tokens.

Maximum supply of FIL:

Maximum supply of FIL is 2 Billion tokens.

Pros and Cons of Filecoin (FIL)

Every Cryptocurrency has Pros and Cons. We will discuss some of them today.

Pros of Filecoin (FIL):

  1. Cost – By creating a larger free market for data storage, this should drive the price down.
  2. Scale – Bringing millions of computers around the world together will create a huge storage network.
  3. Economy – Instead of building new storage computers, Filecoin makes use of existing resources.
  4. Safety – While Dropbox and iCloud have been hacked, a decentralized network means there is no single point of attack, making it harder to compromise.

Cons of Filecoin (FIL):

  1. Speed – Instead of accessing one server, it needs to access multiple servers to piece together documents when required. This depends on servers being online and Internet speeds.
  2. Dapp – By processing transactions using the Filecoin cryptocurrency, it creates a barrier to entry, as someone has to buy another coin and exchange it to use the service.

What will be the future of Filecoin (FIL)?

Cloud storage providers like Amazon and Google rake in a lot of money. This demonstrates that there is big demand in the market.

If customers decide to trust decentralized services, they could find themselves saving a lot of money. This money would also go straight back into the economy as it would go to individuals and small businesses, which could have a significant positive impact on people’s lives.

From where you can buy Filecoin (FIL)?

There are many applications and platforms from where you can buy FIL. Some of them are

  1. Binance
  2. WazirX
  3. Coinbase
  4. Coinswitch Kuber
  5. Gemini
  6. Karen

Is Filecoin (FIL) is a good investment?

No doubt that the price changes of the FIL are highly unpredictable, being volatile for pattern recognition. It is expected that the token might show consistent growth in the year 2021, and it will be profitable to buy Filecoin. Shortly, Filecoin’s price is likely to rise if it breaks through the resistance levels. It is predicted from its trend that the crypto will experience a bullish trend in the coming few years.

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