Filecoin is a decentralized storage system that aims to incentivize users to participate in the IPFS, a peer-to-peer storage network. Miners provide storage space for users, who pay the miners to store and retrieve the data. The project was launched in 2017 and raised over 200 million dollars in an ICO. Filecoin's mainnet was launched in October 2020.
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store Filecoin. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
Storing Filecoin and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store Filecoin without any technical knowledge. Here is a brief overview of the existing wallet options to store your Filecoin:
Hosted wallets are wallets where the private keys to your Filecoin are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your Filecoin online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your Filecoin. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your Filecoin, and if malicious parties have access to your device, your private keys (and therefore your Filecoin) can be stolen.
A hardware wallet is a physical device on which you can store your Filecoin offline. It is one of the safest ways to store your Filecoin, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your Filecoin is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive Filecoin. Once you have purchased Filecoin on Bitvavo, you can choose to send your Filecoin from your Bitvavo wallet to your own software or hardware wallet.