How to Buy Filecoin (FIL) in Australia

1. Choose a crypto exchange

First things first, you need an exchange that both has Filecoin, and is trustworthy!

You can find our top 3 exchanges for buying Filecoin here, alternatively you can also check our comparison of the best Australian crypto exchanges if you’re generally interested in seeing which exchanges work for Australians.

2. Sign up with the crypto exchange

Once you’ve chosen your crypto exchange, it’s just a matter of signing up and getting your account verified. Most exchanges have streamlined this process very well so it shouldn’t take long.

3. Fund your account

The next step is to transfer AUD or another cryptocurrency into your account. Most top crypto exchanges offer various payment methods. From bank transfer to PayID, POLi pay and credit cards, it’s very straightforward.

4. Buy Filecoin

And of course, the final step is to find Filecoin on the exchange and buy it. A lot of exchanges offer different ways of buying cryptocurrencies, like market orders and limit orders.

Where to Buy Filecoin (FIL)

ExchangeRatingAvailable CryptocurrenciesFeesVisit Site
Swyftx Logo5/5350+0.6%VISIT SITE
Binance Logo4.5/5300+0.1%VISIT SITE
Digital Surge Logo4/5200+VariesVISIT SITE

How to Sell Filecoin

  1. Sign into the exchange
  2. Find where you stored your Filecoin, either on a hardware wallet or on the exchange.
  3. Transfer your Filecoin to the right place on the exchange, it could just be the same wallet or a dedicated trading account.
  4. Sell Filecoin.
Businessman looking at crypto trend

Considerations when looking to buy Filecoin.

Filecoin, a decentralized storage platform that aims "to store humanity's most valuable information," raised $205 million in an initial coin offer (ICO) in 2017. The initial launch date was set for mid-2019. The launch date of the Filecoin mainnet was moved to block 148,888. This is expected in mid October 2020.In 2014, the project was described as an incentive layer for Interplanetary File System (IPFS), which is a peer to peer storage network. Filecoin uses an open protocol. It is backed by a Blockchain that records the commitments of the network's participants. Transactions are made using FIL (the blockchain's native currency). The blockchain relies on proof-of–replication as well as proof-of–spacetime.

Filecoin is a blockchain-based storage platform that stores data in a distributed manner. Filecoin is a decentralized cloud storage company that does not have the same problems as Cloudflare or Amazon Web Services. Filecoin uses its decentralized nature and protects the integrity of data. It makes it easy to retrieve and difficult to censor.

Filecoin is a decentralized storage system that allows people to manage their data and makes the internet more accessible for everyone. Participation in Filecoin's network through mining and storage is directly tied to receiving more block rewards. Filecoin encourages participants to be honest and to store as much data possible

Proof-of-replication is used to secure Filecoin. Nodes in the Filecoin network are known as retrieval miners and are competing to provide data services as fast as possible for clients. FIL fees are paid to them, which encourages the creation of a network that wants to preserve and replicate files.

Nodes of storage miner nodes compete for contracts to store clients' data for a specified period. A storage miner is responsible for storing the client's data within a sector. The storage miner then "seals" that sector to create a copy of the sector's data. Clients pay storage miners FIL as deal fees. These miners also have the option to mine blocks and earn a block reward.