Wednesday, December 7, 2022

Filecoin v MINA – Which is a better web 3.0 bet short term?

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MINA is newer and cheaper and could draw more investors short term

  • Mina is a web 3 cryptocurrency that is focused on data privacy and security.

  • Filecoin is a web 3 cryptocurrency that is decentralizing the cloud storage market.

  • While both are good investments, MINA stands to outperform FIL in the short term.

Mina MINA/USD is one of the fastest-growing Web 3 cryptocurrencies in the market today. Mina has shot up in popularity due to its introduction of privacy features in Web 3 applications. This is a big deal considering that online privacy and security are some of the reasons why Web 3.0 is gaining traction today.

Besides its privacy capabilities, Mina is gaining traction for its technical capabilities. Mina is one of the lightest blockchains in the market today. While other blockchains take up to 300 GB2 of space, Mina only takes 22Kb, and the memory uptake is fixed. This means Mina services can easily be accessed through a smartphone. 

Filecoin FIL/USD is also a Web 3.0 cryptocurrency that aims to decentralize the cloud storage market. Rather than sending data out for storage to centralized companies, Filecoin incentivizes anyone with some extra space on their PC to rent it out for storage in exchange for FIL tokens. So far, FIL has experienced increased adoption, and the value of FIL tokens incentives users to rent out space. 

Which one is a better buy?

While both FIL and Mina are high potential Web 3.0 cryptocurrencies, Mina wins the game in the short term. It is newer and has a much more exciting value proposition – protecting data security and privacy. Mina is also nominally cheaper than Filecoin, which could draw in more investors looking for parabolic gains in the short term.

Summary 

Mina is much cheaper and has a more exciting use case than Filecoin. This gives it a significant edge over Filecoin in the short to medium term. However, in the long run, both have the potential to perform well.

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