Filecoin is an open-source cryptocurrency based on the proof-of-replication and proof-of-spacetime blockchain Filecoin. The token, represented by FIL, was initially launched in 2014. Developed by Protocol Labs, FIL builds on the InterPlanetary File System or IPFS, allowing data storage and sharing in a network file system.

Miners can also create storage capacity for the network by giving unused space on their hard drives. Filecoin gained a lot of popularity and is a great asset to invest in. Later, you can easily exchange your tokens for traditional money if needed. 

Use Filecoin Cryptocurrency Exchanges
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Use Filecoin Cryptocurrency Exchanges

People mostly seek cryptocurrency exchanges to get fiat currency for their FIL tokens. There are numerous crypto exchange websites and apps, and you can put any one of them to use. Just go through the steps mentioned below for a seamless transaction:

  • Create an account on the cryptocurrency exchange of your choice. 
  • Link a bank account to this account.
  • Select the fiat currency you want to exchange your FIL tokens for.
  • Select the number of tokens you want to exchange, and finalize the transaction.
  • The due amount in fiat currency will be added to your account after the transaction is processed.
Sell Filecoin to Another Person
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Sell Filecoin to Another Person

Another way to get traditional money for your FIL tokens is by selling your Filecoin tokens to another person. Many platforms allow you to do this, but they can be divided into two main types. 

You can use a P2P platform, allowing you to conduct your transactions directly with other people. There is no third-party institution in these transactions, so you can execute the transactions the way you want. 

You could also use a brokerage, where a third-party institution mediates the transactions. A broker is assigned to each transaction, and they make all the decisions regarding it. You just have to pay a brokerage fee.

Use Filecoin ATMs
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Use Filecoin ATMs

Filecoin ATMs would be cryptocurrency ATMs that allow people to conduct transactions using their Filecoin tokens to receive traditional money. Cryptocurrency ATMs are rising in popularity because of their ease of usage. But at the time of writing this article, Filecoin does not have any ATMs.

FAQs

Can I exchange my Filecoin coins for traditional currency?

Yes, you can exchange your Filecoin tokens for traditional money without hassles via cryptocurrency exchanges or by selling your coins to another person.

How do I sell my Filecoin tokens to another person?

Two kinds of platforms allow you to sell your tokens to another person: P2P platforms and brokerage platforms.

What do Filecoin storage providers do?  

The Filecoin network also enables miners to create storage capacity for the network. The storage providers carry out different deals to keep adding storage space every 30 seconds.

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