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Filecoin (FILUSD)

As of the 6th of January 2021, cryptocurrency instruments will not be available to retail clients in the UK.

Filecoin is a decentralised storage network "designed to store humanity's most important information". It's supported by a blockchain that records the commitments that network participants take on through transactions made using FIL, the blockchain's native currency.

Unlike other cloud storage companies like Amazon Web Services or Cloudflare, which are subject to all the problems of centralised, Filecoin uses its own decentralised nature to protect the integrity of the data's location, making it easier to retrieve and harder to censor.

Decentralised storage networks like Filecoin allow people to be their own data custodians and contributes to making the internet more accessible to people around the world. Since participating in the Filecoin network through mining and storing is directly linked to receiving a large number of rewards for blocks, Filecoin encourages participants to act honestly and store as much data as possible on the network.

Trading opportunities 

The project was first described in 2014 as a target blueprint for the InterPlanetary File System (IPFS), a peer-to-peer data storage network. In its 2017 initial coin offering (ICO), the project collected $205 million. The project's launch was initially planned for mid-2019. However, the launch date for the Filecoin mainnet was pushed back in order to begin at block 148,888 on 15 October 2020.

FILUSD's average intraday volatility is 8.2%.

How to buy and sell FILUSD

You can buy and sell FILUSD on specialised cryptocurrency exchanges, but the best way to trade it is through a broker or trading platforms, such as MetaTrader 4 or Libertex, where trades are easier to make, leverage can be used, and you can even earn if the cryptocurrency's value goes down.