How to Buy Filecoin (FIL)

If you’re old enough to remember the halcyon days of the early internet, much of the potential and possibility has been overtaken by the rampant centralization of the web by a few massive companies. However, the same elements that make these services easier to scale also make them more hazardous when they fail. Meaning, that one outage can trigger a massive blackout across a significant piece of the network. Filecoin is looking to break apart the internet’s centralization and give it back to those who rely on the web for information: the people. Read along as we explore what filecoin (FIL) is, how it works, and how you can buy FIL with a credit/debit card on CEX.IO.

What is Filecoin (FIL)?

Remember Napster? Or Limewire? While undoubtedly the cause of many malwared home computers, and a few high-profile, shock-and-awe court cases, early peer-to-peer file sharing offered the promise of more readily available information without the hassle of intervening third parties. Now, as much of the internet’s computing power has been divided between a few corporate hosting companies, the pendulum has swung to the other end of the spectrum, with the same content being traded and hidden behind paywalls as more subscription services contort to carve up the culture. While Napster and Limewire perhaps skirted legality, the basic principle of peer-to-peer file sharing is in itself a revolutionary concept: a decentralized information database made accessible to its users through the shortest available pathways.

Filecoin is working to bring security and authenticity to peer-to-peer networks by utilizing blockchain technology, and unique interpretations of consensus mechanisms. By replicating the same trustless system enjoyed by crypto, filecoin is pioneering a decentralized file storage and information retrieval system that’s taking aim at misinformation, and attempting to combat network lag times with the same swift development.

How does Filecoin work?

Just like with other DeFi and dApp configurations, filecoin works on a decentralized network of nodes that band together to preserve and reinforce the information preserved on its blockchain. Unlike a traditional centralized system that’s vulnerable to blackouts and downed servers, decentralized networks store their information communally, and are thus impervious to denial of service, or DoS attacks, and other network weaknesses that can cause ongoing disruptions.

By utilizing an interlocking system of miners, clients, developers, token holders, and ecosystem partners, filecoin users come to agreements on how the information will be exchanged, and how much FIL will be required to change hands to facilitate the transfer. From here, clients are able to request information from storage miner nodes who compete to fill their contracts and earn FIL. Once the terms of the agreement are settled, the transfer is initiated in such a way that ensures all the users, and their information, are protected.

To share information across the network, retrieval miners will duplicate the requested information and “seal” the copy on their node. Due to the immutable nature of blockchain technology, clients can rest assured that the authenticity of the information they are requesting is cemented in the digital ledger, and available for reference at any point in time. In turn, the network runs proof-of-replication and proof-of-spacetime consensus mechanisms to reinforce both the network and the information contained within: if all the copies don’t align, users are immediately notified of discrepancies within the network, while isolating and weeding out bad actors. Once all parties have verified that information is minted correctly on the blockchain, FIL is then doled out per the terms of the transaction.

Now that we understand a little bit more about how filecoin works, let’s learn how to buy filecoin (FIL) online in the USA using a credit/debit card. We’ll discuss how to complete transactions on CEX.IO using both a desktop web browser and the new CEX.IO App.

How to buy FIL with a credit card

Your first step on the way to participating in decentralized file storage is to make an account and get verified on a reputable exchange like CEX.IO. When you’ve completed all the required Identity Verification steps in the Know Your Customer, or KYC process, you can save preferred payment methods to your account for later use across our products and services.

Once your payment methods are stored in your account, you can securely buy and sell crypto with those credit/debit cards and/or bank routing numbers from anywhere you can connect to your CEX.IO accounts. This same principle applies to Apple Pay, Google Pay, and PayPal: getting each method set up ahead of time will ensure your CEX.IO account knows to suggest them as valid forms of payment.

Buying FIL step-by-step guide

Now that your CEX.IO account and a credit card are ready to go, let’s learn how to buy filecoin cryptocurrency using a credit card:

Login to your CEX.IO account.
Click the dropdown menu on the upper left, and choose Instant Buy from the center column.
Click on BTC to open the list of available digital assets. Scroll through the list and choose FIL.
Select the amount of FIL you wish to purchase or enter the custom amount in the last box.
Once you’re satisfied with the amount, click Buy to proceed with the transaction.
Double check the pricing, then select the credit card you wish to use to complete the transaction.
Enter your CVV/CVC code, and click the box to confirm you understand the terms and conditions of the transaction.
When you’re all set, click Buy to confirm the transaction.

Congratulations – you just purchased FIL using Instant Buy. Please note that you can repeat the process above to buy Solana, buy Ethereum, buy Dogecoin, or any other crypto listed in the Instant Buy feature. Now that you feel comfortable buying FIL with a credit card, you should have no trouble learning how to complete the same transaction using a debit card.

How to buy FIL with a debit card

Similar to our tutorial outlining how to buy filecoin coin with a credit card, CEX.IO allows you to store debit card information in your account for later access across our products and services. Plus, debit card users still have the luxury of using Apple Pay, Google Pay, and PayPal services, since those providers also integrate with most debit card providers. However, you must still have an active and verified account on CEX.IO before you can use a debit card to purchase crypto. But remember – whether you’re paying with a credit or debit card, always use sound judgment when making purchases or conducting financial transactions in the crypto ecosystem.

FAQ

Where can I buy FIL?

You can buy FIL at a crypto exchange like CEX.IO, which offers users a wide array of products, tools, and services to fit their individual crypto needs. Exchanges like CEX.IO are great places to buy and sell crypto, get live crypto prices, utilize a bitcoin converter to turn BTC to USD, and take advantage of crypto staking to put your digital assets to work. If you’re curious about how to maximize your CEX.IO experience, how to open a crypto savings account, or want to learn more about how to customize your unique crypto journey, visit CEX.IO, or check out CEX.IO University to expand your crypto knowledge.

Where can I store FIL?

CEX.IO App is your passport to the crypto ecosystem. Not only will it allow you to store FIL, but you are also able to access a whole slew of tools and services to accommodate you on your crypto journey. Explore Buy, Sell, and Convert features, as well as no-hassle staking, up-to-the-minute crypto pricing, effortless withdrawals, and funds transfer, all at your fingertips.

CEX.IO App is available for both iOS and Android, and in turn, offers a wide range of trusted payment options to engage with the ecosystem and grow your holdings. Plus, once you purchase crypto using either the desktop or mobile features available to CEX.IO Wallet users, your crypto is immediately available and accessible to you across platforms with one streamlined account.

By combining convenience with an intuitive design, we’ve dialed down the complexity, and leveled the playing field to ensure that first-time crypto buyers feel just as comfortable navigating the ecosystem as seasoned veterans of the DeFi scene. Where users once had to have individual wallets for each crypto, the CEX.IO Wallet functions as an online bitcoin wallet, while also being capable of storing an ever-expanding cadre of other digital assets in one convenient location.

Additionally, CEX.IO’s custodial wallet services are accessible wherever you get an internet connection. Once you register on CEX.IO and verify your account, you have unlimited access to your digital assets. Use the mobile app or any browser window to view your portfolio, sell bitcoin, or explore over 100+ coins and tokens to add to your collection. Plus with up to 23% APY available for over a dozen popular assets. You can put your crypto to work and earn staking rewards just for maintaining an active wallet.

What to consider before buying FIL

Whenever you choose to purchase new crypto, it’s always important to do your own research, and learn as much as possible to ensure you are making an informed decision. Due to the fact that each crypto has its own unique use-cases, and potential within the broader spheres of the ecosystem, only by digging into the stats, websites, and white papers of a particular coin or token can you hope to have the best picture of its overall health.

For a crypto like filecoin, it’s important to consider how you imagine interacting with the community of users. If you’re interested in the evolution of decentralized file storage, or curious about the ongoing innovation happening around the future of peer-to-peer networks, then FIL is worth the research. Whatever your reasoning for showing interest in a given crypto, it’s imperative that you always conduct a personal risk assessment before putting your money on the line. Since the crypto landscape is in a constant state of flux, knowing what you can safely absorb by way of a financial loss is critical to keeping your head above water when exploring the crypto ecosystem.

If you’re curious about other resources available to you to aid in your DeFi journey, check out CEX.IO University to learn more about the ecosystem, and the many products, tools, and services CEX.IO has to offer.