Filecoin is a decentralized storage system launched with the goal to bridge the gap between buyers and sellers within the digital storage space. Its native Filecoin cryptocurrency has recently secured the status of the seventeenth-largest cryptocurrency in terms of market capitalization and is heading towards the top 10.
Filecoin is a blockchain-based open-source cloud storage marketplace. It is a public digital currency whose main creation line lies along with developing a digital storage method. Filecoin buyers rent unused space on someone else’s hard drive. Filecoin can be considered a ‘decentralized strongbox’ which sole purpose is to protect your data and keep it encrypted. Privacy and security are the most wanted features of blockchain, and the Filecoin platform deeply cares about both of those. The infrastructure of the currency’s blockchain technology is based on two advanced mechanismes: proof of replication and proof of spacetime. Proof of replication ensures that a copy of a piece of data held for the network is 100% unique while proof of spacetime proves that storing is ongoing.
The data via Filecoin is stored in a decentralized manner. It surpasses all the hurdles faced by centralized companies such as Amazon Web Services, Cloudflare, and so on. The decentralized storage protects the integrity of the data, its location and makes it easy to retrieve and protect it. It has allowed the users to be the only owners of their data and has brought down the troubles for finding cheap and manageable storage space. It encourages its users to be as honest and store as much as they want. Therefore, the feasibility and usability of the system make it a suitable fit for the users.
Anyone around the world can join the Filecoin network, and that is why it is gaining more popularity across the world. The fact that it is very accessible has created trouble for many centralized space providers. The users of this network are termed storage miners. It was launched by Protocol Labs, and raised a huge sum of 257$ million in 2017 with its Initial Coin Offering (ICO). The core of the Filecoin project is the native currency FIL.
Although considered a newborn on the market, there are many advantages of Filecoin over other centralized storage spaces we know:
There are a lot of custodial and non-custodial Filecoin exchanges that support FIL exchanges. Overall, it is not that difficult to exchange BTC to FIL. The major problem comes when we have to compare rates and prices and decide where to exchange Filecoin at the best rates. It is crucial to check transaction speed, best rates, and reviews of each exchange before buying. It seems problematic and time-consuming. That’s where Swapzone steps in.
As an exchange aggregator, it compiles real-time data from trusted partners and shows it to you on a single page so that you can find the best Filecoin exchange rates.
In the discussion of Filecoin vs. Bitcoin, it is important to understand that two things that make one cryptocurrency more lucrative than the other are its use cases and its accessibility.
Filecoin is a lot more inexpensive than Bitcoin. It is easy to mine, which is a bit complicated when it comes to mining Bitcoin. Soon, Bitcoin mining will become highly unsustainable and many experts fear that it will not be suitable to mine. However, Filecoin has an inexpensive mining mechanism and can prove to be a sustainable cryptocurrency in the longer run.
According to the Filecoin team, the Filecoin network has two types of miners:
The project also plans to introduce repair mining.
You can convert BTC to FIL easily by following the below-mentioned steps:
Decentralized storage spaces are becoming a new trend. You can expect to see more blockchain-based storage protocols in the future. It can be the next big thing in the crypto market. As the price of cryptocurrency is governed majorly by its supply and demand, FIL will probably see a surge in price in the near future that now definitely looks bright, so you might want to consider investing in FIL cryptocurrency if you have faith in the project.
This impressive growth in the near future is an indication that we cannot limit Filecoin to just a storage network. While centralized storage providers are asking for a lot of money, many users are taking shelter in the cheaper services like Filecoin.
Join the Filecoin ecosystem and use Swapzone to convert Bitcoin to Filecoin or Filecoin to Bitcoin if you earned too many at the most favorable rates, and with minimal time consumption.