Does Filecoin Have a Promising Future?

Introduction

In 2020, several cryptocurrencies shaped up the economic markets around the world. The astronomical growth of Bitcoin, the world’s largest cryptocurrency, helped millions of investors with quick profits during the COVID-19 pandemic. Traditional financial assets failed to match the growth of cryptocurrencies. Among these high-growing digital currencies, Filecoin (FIL) made significant waves in the past few months. In early-2021, the price of FIL cryptocurrency grew by more than 250%.

Such fast-paced growth has generated interest for Filecoin in the crypto investors community. Before jumping to the Cryptocurrency price prediction of Filecoin, let’s have to understand how this cryptocurrency works.

What is Filecoin (FIL)?

A peer-to-peer blockchain network called Filecoin encourages secure file storage. The Filecoin network’s fundamental workflow is driven by the network-based file storage mechanism it employs. FIL currency serves as the native governance token for the Filecoin ecosystem and its blockchain. This token aids users in paying for the platform’s file storage services. Each user provides FIL coins to the miners in accordance with the Filecoin protocols in exchange for the storage of their data. These files are sent to the miners, who agree to store them on the Filecoin public blockchain network. The miners check every file that is stored. The users ultimately pay these miners FIL currency to obtain their specific files.

A Brief History on Filecoin (Fil) Price

Let’s learn more about FIL’s past before diving into pricing predictions. In 2014, the Filecoin project was introduced. It was created to provide incentive levels for the Interplanetary File System, a peer-to-peer storage network. The FIL cryptocurrency was introduced by Filecoin using an open protocol. When users started storing massive amounts of data in a decentralised manner on the Filecoin network, the price history of FIL currencies commenced.

At its ICO, Filecoin was offered for $0.75 per coin. Organizations needed this decentralised data storage due to the expansion of cloud storage and the centralised control of data provided by AWS and Cloudflare. In the years that followed, it caused a huge increase in Filecoin’s price.

What Experts Say on Filecoin Future Price

To capitalise on this outstanding climb for FIL coin in the upcoming years, a number of cryptocurrency specialists share their Filecoin price predictions. The cost of the FIL coin is $155.09 as of May 2021. Expert cryptocurrency speculators predict that before the end of this year, the price of Filecoin will reach $199. These investors predict that within the next five years, the price of FIL will surpass $500.

The price of FIL is anticipated to reach $1,227 this year as a result of significant investments from Chinese institutions, according to a top market forecaster. According to this Filecoin price prediction, the price of FIL might possibly reach $2,566 by 2025. The majority of specialists view Filecoin as a safe and highly profitable investment.

When Will Be the Right Time to Invest in Filecoin?

Almost every Filecoin price forecast indicates 2021 as the right time to invest in FIL assets. A recent FIL price prediction for 2021 sees a promising future for Filecoin, estimating it to add nearly $350 to its value by 2021-end. This prediction also projects an $800 increment in FIL price within the next five years. By investing in Filecoin at $155 (current price) in 2021, investors can double their profits when it touches $500 in December or surpasses the $3,000 price by the end of 2025. 

Advantages of Filecoin (Fil)

Multiple factors are associated with supporting every Filecoin price forecast positively. The following advantages of Filecoin make FIL a fast-growing cryptocurrency in the market. 

• Users can choose where to store their files on the Filecoin network.
• Every user gets high bargaining power while using these services.
• The miners can optimize file storage based on redundancy, speed, and cost.
• Filecoin’s decentralized file storage offers hyper-competitive pricing. After finding the best-suited miner, the user can verify the storage of files independently.

The Filecoin network also rewards its miners with FIL assets for their decentralized storage of files.

Bottom Line

Each Filecoin price forecast available online showcases the bright potential of the FIL coin. The price of FIL is less likely to be affected by any adverse elements. Currently, the Filecoin network does not have any significant competitors. According to several crypto experts, Filecoin’s value will be reaching $2,000 in a few years, registering a 1000% increase in its price.