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Frequently asked questions

If you’re looking to invest in Filecoin, you’ll need to find an exchange that allows for your preferred method of payment. Some will only allow a direct bank transfer, others will allow you to use services like PayPal. With the help of Cryptoradar, you can pick out the exchange that best suits your needs when you come to buy Filecoin.

Filecoin is a decentralised storage network which aims to change the way we store our data. Rather than trusting our files to a server somewhere like Dropbox or Google Drive, you can store your data in a distributed storage network, where you basically rent drive space from the community. The technology is based on the peer-to-peer storage network, Interplanetary File System, or IPFS.

On the ticker, you’ll see Filecoin referred to as FIL. The symbol for the currency is ⨎.

Filecoin’s price is set by supply and demand. The more buyers are willing to pay for it, the more expensive it will be. With that said, the biggest predictor of the health of Filecoin is the broader trends in the crypto market. If crypto is on the rise, then Filecoin is likely to be as well.

Filecoin can be bought on crypto exchanges.

A crypto exchange (or cryptocurrency exchange) is a marketplace where buyers and sellers trade cryptocurrencies. Just like regular stock exchanges, a cryptocurrency exchange serves as a middleman who sets the market price at which an equal number of buyers and sellers can be found.

Is now a good time to buy crypto? Frankly, we don’t know. But there are several strategies when it comes to crypto investing. One approach is to buy in when price slips. In the crypto community this strategy is known as "buying the dip" (BTD). Another strategy is dollar-cost averaging: investing a certain amount of money on a set schedule, say $100 every Monday morning. Dollar-cost averaging seeks to average out the lows and highs over time. No matter which strategy you choose, Cryptoradar’s price alerts help you to not miss a dip, and adhere to your investment schedule.

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