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Filecoin-Earn Crypto by Storing Files and Rent Out Storage

Filecoin is a peer-to-peer network that stores files, with built-in economic incentives to ensure files are stored reliably over time.

In Filecoin, users pay to store their files on storage miners. Storage miners are computers responsible for storing files and proving they have stored the files correctly over time. Anyone who wants to store their files or get paid for storing other users’ files can join Filecoin. Available storage, and the price of that storage, is not controlled by any single company. Instead, Filecoin facilitates open markets for storing and retrieving files and anyone with a computer can participate.

Filecoin includes a blockchain and native cryptocurrency (FIL). Storage miners earn units of FIL for storing files. Filecoin’s blockchain records transactions to send and receive FIL, along with proofs from storage miners that they are storing their files correctly.

Filecoin enables users to store their files at hypercompetitive prices and verify that their files are being stored correctly.

Users can choose their preferred trade-off between cost, redundancy, and speed by selecting the miner whose storage offer is best suited for their needs. Applications that implement Filecoin can negotiate storage with any miner on the network. Unlike centralized storage systems, there is no need to implement a different API for each provider.

At any time, users can verify that their files are being stored correctly by looking at proofs on Filecoin’s blockchain.

Filecoin enables storage providers to sell their storage on an open market.

Storage providers are people and organizations that run miners, earning Filecoin tokens for doing so. A miner could be any internet-connected computer with spare disk space or a dedicated system with lots of storage built specifically for Filecoin. Filecoin’s blockchain rewards miners for contributing useful storage to the internet, not for completing wasteful proof-of-work computations.

Once a storage provider implements the Filecoin protocol, they gain access to the entire market of Filecoin users. Providers don’t need to design their own storage API or advertise their offering themselves as this is handled by Filecoin’s protocol and network. Filecoin enables a thriving, decentralized ecosystem of independent storage providers by removing barriers to entry.

Storage Miners earn Filecoin by storing client data and providing proof of this storage over time. Retrieval miners, conversely, earn Filecoin by bidding and mining fees for a particular file, determined by market value.

Since Filecoin launched it Mainnet in October 2020, the FIL token has been listed on a variety of popular exchange platforms as below:

1. Binance Exchange - you can purchase FIL on Binance using your mobile phone or desktop. You only need to follow the step as instructed. You can also receive a 25% discount on trading fees using Binance Coin (BNB) instead of cash. Use the link above for a bonus 10% discount

2. Coin Base - this is one of the most popular platforms because it is easy to use on your phone or tablet and is available in most countries. On CoinBase you will also find many of the top 100 coins. CoinBase will send email confirmations for another layer of security if you are using a PC. CoinBase also can be used on your phone. When you join CoinBase you can get AUD 13.84 in free Bitcoin when you buy or sell AUD 138.41 or more, by using the above link.

3. MCO/CRO - this is a favorite for many reasons, as you can earn interest on a wide variety of coins, as well as apply for a crypto debit card. This operates similar to a pre-paid Visa card, where you top up before use, however, you can choose to top up with cash or crypto. For example, you can transfer Bitcoin (BTC) to the card and spend it like cash, or let it sit in the account and earn interest. Rates of interest on deposits vary from 2% up to 10% or more. New investors may receive up to $50 when using the above link to create a new account.

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