Is Filecoin A Good Buy?

Last Updated January 14th 2022

6 Min Read

Is it worth buying Filecoin?

Filecoin launched its mainnet in October 2020, but many people are still unsure if it's a good buy. We will go over the basics of Filecoin and its future to let you decide for yourself.

Filecoin is a decentralized storage provider (similar to Siacoin and Storj). All the data that users upload gets split up into different chunks and then spread out across hundreds or thousands of different computers. This makes it much harder for hackers to target specific files since they would have to get through multiple computers before they could find any files worth stealing.

Filecoin is decentralized, so it doesn't have to go through any third party for control over your files. You are completely in charge of all your uploaded data.

Filecoin does offer a host of other features, including the ability to encrypt files before uploading them and also letting file owners price their own storage space.

The project is currently being developed by Protocol Labs. The Filecoin ICO raised $257 million in August 2017, making it one of the largest token sales ever at that time.

So, Should I Buy Filecoin?

Filecoin is a good long-term investment. It has a high market cap and a decent all-time high, making it a good buy if you believe that it will keep going up. Just keep in mind that this is better as a long-term investment, so don't expect any miracles anytime soon.

On the other hand, Filecoin isn't doing very well against BTC or ETH. This may be because people are still unsure about the future of Filecoin. It is best to invest in this coin when it has a surge in price because the team behind it isn't doing much currently to raise awareness for their platform.

Generally, there are several reasons why we think Filecoin is a good buy;

It has real-world application

Filecoin can be used to store important documents so that they won't get hacked or corrupted. As a result, there is a real demand for it. And as this demand grows, the value of the coin will also grow, making it a great buy right now.

It has a high market cap

Filecoin is the 38th largest cryptocurrency in the world at a market cap of over $4 billion. This means it can keep growing a lot more before it reaches its full potential.

The coin is sitting at about a more than 1400% increase from its all-time low. If it continues growing at this rate, then you could expect to see it reach around $100 or even higher by the end of 2022 or early 2023.

It has a great team

The team behind Filecoin is one of the most experienced in crypto. They have experience developing blockchain technologies, including IPFS (which is similar to Filecoin) and also Ethereum.

For these reasons, we think Filecoin is a good buy right now. Of course, there are always risks attached to any investment. That is why we recommend doing your own research before putting any money in it.

Don't Miss: Filecoin Price Prediction for 2025 and 2030

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

Why Is Filecoin So Popular Right Now?

Filecoin is one of the most popular cryptocurrencies right now. There are several reasons why this is so. One of these reasons is that Filecoin has already proven itself to be a viable project.

Instead of having one central server, where all the data would be stored, Filecoin spread out users’ files across thousands of different nodes. This makes it almost impossible for hackers to get your documents. It also prevents downtime since if one node goes down, then others can step in.

Filecoin also has an API, which allows developers to integrate it into their platforms more easily. Since people are becoming more and more interested in blockchain technologies, the API will make it even easier for people to use Filecoin.

The latest price surge that took Filecoin to over $200 per coin also contributed to its popularity. More investors are looking into this asset to see if they can get in on the action. This means that there is more demand, which naturally drives up prices.

All of these things have contributed to Filecoin's popularity. At the moment, there are a number of platforms that have started integrating Filecoin into their own ecosystems. And as the popularity of these platforms increases, so will Filecoin's value.

How Much Is Filecoin Worth Today?

At the time of writing, one Filecoin is worth $28.62 USD with a market cap of $4 billion. This makes it the 38th most valuable cryptocurrency in the world (according to market cap).

Filecoin's price reached an all-time high at the start of April 2021 when it hit $237.24 per coin. However, since then, there has been a downtrend, and the coin has lost over 88% of its peak price.

It is likely that the price will remain around this level for a while. This is because Filecoin hasn't been doing much recently to increase its profile or attract investors.

However, as more people become interested in blockchain technologies, then it may be able to continue its uptrend again - especially if it can continue partnering with platforms and attracting developers.

Check Out: Could Filecoin Be A Millionaire-Maker Coin?

Will Filecoin Reach $100 In 2022?

It is hard to say if Filecoin will reach $100 or higher by 2022. However, there are reasons to be optimistic about this possibility.

One of these reasons is that Filecoin is still relatively cheap at the moment. Right now, the price of one Filecoin is less than $30. This makes it a cheaper option than Bitcoin, Litecoin, and Ethereum.

If you compare it to these other cryptocurrencies, then Filecoin is a great deal. In fact, for the price of one Bitcoin, you can buy almost 2 million Filecoins. This means that if Filecoin reaches only 1/10th of its potential value (which we think is pretty conservative), then it would be worth a lot more.

Filecoin is also one of the most popular cryptocurrencies right now. This popularity has been increasing as more and more platforms look to Filecoin as a way to store their data. If this trend continues, then Filecoin's value could rise significantly by the end of 2022.

For these reasons, we think it is possible that Filecoin could reach $100 or even higher by the end of 2022. However, if it doesn't happen before January 1st, 2023, then this would be unlikely. By this time, it is likely that other cryptocurrencies will already have reached their peak value for the year, and Filecoin may not catch up.

How To Easily Buy Filecoin On eToro

eToro is one of the easiest places to buy Filecoin. It is a social trading platform that allows you to mirror the trades of other investors.

This means that if you sign up for an eToro account and deposit money, then you will be able to copy the trades of other users. That is why we recommend buying Filecoin on eToro - it allows you to buy cryptocurrency more easily

To do this;

Create an online account with eToro
Deposit some funds into your account
Search for Filecoin
Buy Filecoin and start trading or hold.

Conclusion: Is Filecoin A Good Buy?

At the moment, Filecoin is a great buy. It has lots of potential, and it is relatively cheap compared to other cryptocurrencies. Also, with time we think that its popularity will continue to grow, and this should also help its value increase.

However, if you are looking for more profitable coins, you might want to consider alternatives.

Otherwise, before you buy, make sure to do your own research. Decide which price you think Filecoin will reach by the end of 2022, and then figure out if it is a worthwhile investment for you.