Should You Buy Filecoin?

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When people hear the term cryptocurrency, they often think of Bitcoin. Since its 2008 release, Bitcoin has remained the most popular and valuable crypto asset in the market. 

The key to these cryptocurrency’s success is their blockchain technology. This network stores information in a digital format, allowing secure and decentralized transactions. However, Filecoin uses the blockchain to store data and information securely. 

When investors buy Filecoin, they can access top-notch data storage and transfer. However, the question for many is whether they should invest in Filecoin. Currently, this crypto asset has experienced a significant loss. 

If that’s what you’re wondering, keep reading! We’ll explore the pros and cons of Filecoin investing in the guide below. 

What Is Filecoin?

Let’s take a second to explore what problems Filecoin attempts to solve. This crypto asset focuses on resolving issues facing file sharing and cloud storage sectors. Currently, these spheres often suffer from centralization. 

Massive corporations like Amazon and Google hold significant market shares in the information world. So, these companies can dictate biased terms or excessive costs for people without substantial alternatives.

This way, leaders in the technology industry become gatekeepers. They decide what information the populace can access.

Filecoin exists to combat this centralization. Its storage systems allow computer operators to provide file sharing and storage services. This way, information becomes decentralized. 

Filecoin Price Prediction

You may share Filecoin’s conviction that information should become more decentralized. The question is, will this crypto asset be a worthwhile investment for you? 

The only way to determine this is through a Filecoin price prediction. Since the invasion of Ukraine by Russia, the FIL coin slipped back into a $19.43 value. Today (March 7), the coin’s price falls at $18.82. 

Unfortunately, the coin is at its lowest price since June 2020. Although it had rebounded by 29% after losses from the Ukrainian invasion, it has failed to keep those gains. 

Currently, experts have mixed predictions for the coin’s future.

However, other sources predict the FIL price will rise from $36.65 at the end of the year to higher values later. For example, the Coin Price Forecast predicts that Filecoin’s 2030 price will be $81. 

Should You Buy Filecoin?

As you can see, experts have ambivalent feelings about Filecoin’s future. So, should you buy Filecoin?

Only you can decide if you think Filecoin is best for your portfolio. However, we recommend investing a small amount. Afterward, keep a close eye on Filecoin’s fluctuations.

If you see the crypto coin gaining value, invest more. If it loses significant value, it may be best to sell it. 

Please note, though, that the cryptocurrency market is one of the most volatile out there. Prices and values fluctuate daily, sometimes entering astronomical highs or abysmal lows. 

Evaluating Whether or Not to Buy Filecoin

So, consider if you believe Filecoin is worth the risk.

For some, it might be the perfect addition to your growing crypto portfolio. If that’s the case, buy Filecoin on your preferred crypto exchange soon!

If you found this article helpful, be sure to check out our other content today.

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