Filecoin solves the storage problem by providing access to millions of storage devices (Peer to Peer networks) around the world. The storage devices could include your personal computer or something more dedicated just for this purpose.
Storage providers earn Filecoins to store other people’s files. The blockchain is used to track and validate these storage-related transactions, including if the providers are storing the
files correctly.
In the year 2021, Filecoin had 3600 storage providers.
According to Messari’s latest report
- Storage usage increased from 27 million gigabytes in the third quarter of 2021 to 231 million gigabytes in the third quarter of 2022
- Protocol revenues in $FIL increased from 1.39 million FIL to 1.77 million FIL
- However, in dollar terms, revenue fell from $95 million to $11 million.
Filecoin is better than Amazon AWS or Google Cloud in pricing on Filecoin because it’s an open marketplace for vendors.
FIL is the native token of the Filecoin network and is a deflationary asset, that is, FIL tokens are burned to pay network fees. As of today, 359,805,544 FIL tokens are in circulation. Below are the two use cases of FIL tokens
:
- FIL tokens are used for the purpose of paying fees on the Filecoin network.
- These tokens are used to incentivize users to ensure that data is stored reliably.
Who are FIL’s main competitors besides traditional cloud storage providers? -Arweave, STORJ, SIA etc
.
Here’s how Filecoin has performed in the last 5 years
- 2020: (-56.7%)
- 2021: +59.1%
- 2022: (-91.7%)
Filecoin $FIL is currently priced at the same levels as in 2019.
It seems that FIL is taking big steps forward in terms of solving the consumer problem. However, protocol revenues need to grow even faster for FIL to start recovering. The storage market is worth more than $50 billion and therefore the opportunity for Filecoin remains enormous
.
Given how much FIL is growing and the target market it is targeting, Filecoin has a bright future. Given the current liquidity issues in the market, Filecoin will remain under pressure for some time. But in the long term, it seems to be a suitable case for investments.
Competitor analysis: Filecoin vs BitTorrent
Filecoin is a decentralized storage system that provides an open market for storing various user files. Here, users have to pay to store their files. One of its main competitors is BitTorrent, which is one of the oldest decentralized data storage networks. It is a P2P and torrent file sharing platform
.
Filecoin failed to surpass BitTorrent for a year, despite the fact that both cryptocurrencies have declined over the past year.
Competitor analysis: Filecoin vs Render token
Render Network aims to revolutionize the digital creation process by allowing people to share their unused or extra GPU power with people who need GPUs.
The data shows that both cryptocurrencies have fallen by more than 90% a year ago and Filecoin, clearly, has not outperformed its competitor, namely the Render token.
Therefore, considering all of the above factors, FIL is a moderate case for investments.
Will Filecoin reach $100?
To reach $100, Filecoin must grow 19 times.
In addition, FIL reached its all-time high price of $192 in April 2021, where it grew 5.81 times in 6 months (i.e. from a lower price of $33 in October 2020).
Therefore, considering its growth of 0.97 times in a month, we can expect Filecoin to reach $100 in the next 19.58 months. However, it could take a little longer depending on market conditions
.
Can Filecoin reach $1000?
Filecoin will have to increase 190 times to reach a price level of $1000.
Considering its growth of 0.97 times in a month (as discussed above), we can say that the FIL token will need 195.8 months (more than 16 years) to reach $1000.
Filecoin Price Prediction 2023, 2025 and 2030 (Aggregate)
It is very likely that the global economy will recover in 2024 and 2025, increasing liquidity, which in turn will help Filecoin tokens that have an excellent business model.
Filecoin 2023 price prediction is $8.1
Filecoin 2025 price prediction is $13.8
Filecoin 2030 price prediction is $43.1
FIL Price Prediction: How to Buy Filecoin?
Before we talk about where to buy Filecoin, you should know how to buy it. Mentioned below are the steps that you need to follow.
Step 1: Compare different crypto exchanges that offer the services to buy Filecoin. This way, you’ll be able to find a site that will offer the best features and that too at affordable rates
.
Step 2: The next step would be to create your account on the exchange. You must verify your email address and identity.
Step 3: After the verification is complete, you must make a deposit using a suitable payment method.
Step 4: Now you’re ready to exchange your funds to buy Filecoin.
Where to buy Filecoin?
Most premium exchanges these days offer their services to people who want to buy, sell, and trade Filecoin. Some of the options are mentioned below
.
- SoFi
- Crypto.com
- Gemelli
- Kucoin
- Gate.io
- Support.
