There has been quite a lot of craze about IOTA cryptocurrency in the Blockchain industry through the recent times. By now, I consider you know almost all about it. Still, in order to begin with, I would want my fellow readers or rather the newbies in the industry to make their concept a little more precise.
IOTA cryptocurrency has become one of the hottest cryptocurrencies in the present time, and currently, it has been holding a good place in terms of the market capitalization. If you are a daily follower of crypto news, I am sure you can witness that from the way, IOTA cryptocurrency is morning day by day. Aren’t you curious about learning its specialty and how come it is becoming so famous? So, the fact is IOTA cryptocurrency is being regarded as the revolutionary step after Ethereum and Bitcoin. It is a third generation crypto. Just like Ethereum or Bitcoin, IOTA cryptocurrency is an open source distributed ledger, but the only difference is that it does not use a Blockchain. Instead, Tangle, a quantum proof protocol is considered as the technological backbone of this cryptocurrency. Tangle enables it to avail all the features that any other cryptocurrencies own, such as infinite scalability, zero fees, secure data transfer and fast transactions.
It is being run by a Linux non-profit foundation based in Berlin, called the IOTA Foundation. The foundation hub is dedicated to develop and maintain the technology in a way that could serve the interest of all. The users get it as a license-free source. The growing popularity of IOTA currency could be tracked from its progress towards being the backbone of the Internet-of-Things, commonly abbreviated as IoT. Thus, we can expect IOTA cryptocurrency to be used in all sorts of connected devices, where any user can buy, sell and transfer data were automatically without having to worry about any kind of security issues.
If you are looking for a pre-mined cryptocurrency, IOTA is certainly the one for you as unlike Bitcoin; it does not require any dedicated miners to validate transactions or issue new coins. In order to prevent spamming the network, IOTA uses a proof of work-concept that is somewhat comparable to Hashcash. Tangle guess users and miners wherein miners keep on making attempt doing download to beat one another in adding blocks. The users’ transaction fees are generally the reward that these miners are paid for.
- IOTA offers zero transaction fees
- Infinite scalability
- A user is allowed to make infinite transfers
- This crypto is built with the purpose for IoT
How to buy IOTA?
IOTA is referred to in various ways, such as Mi, Ki, MIOTA, KIOTA, etc. These are simply referred as the different amounts of IOTA. MIOTA is the most common unit of trade on exchanges.
Trading units are as follows:
- IOTA – A single IOTA
- Ki, KIOTA – One thousand IOTA
- Mi, MIOTA – One million IOTA
- Gi, GIOTA – One thousand MIOTA
- Ti, TIOTA – One thousand GIOTA
- Pi, PIOTA – One thousand TIOTA
You need to get hold of an IOTA wallet in order to consider purchasing any of these IOTA units. You can obviously keep IOTA on the exchange itself, but certainly, if you are looking for a safer idea, it is better if you withdraw and store the same in your own secure wallet.
- Purchase IOTA with Credit Card or Debit Card
In countries like USA, Europe, Singapore and Australia, one can commonly use Coinbase to buy cryptocurrencies. It is the easiest way so far and you can, but BTC at first and then make use of Binance to convert the same into IOTA. You can even use CoinMama for that matter as it is accessible for almost all countries.
- Getting IOTA with Bank account
Use Coinbase or similar other services to get Bitcoins and then use Binance to make the conversion from BTC to IOTA. The conversion would not require more than ten minutes, and you will be done!
- Buying IOTA with PayPal
You can use PayPal to buy bitcoin and then convert your BTC to IOTA by making the exchange through Binance.
- Buy IOTA with cash
- Buy IOTA with Skrill
You can buy Bitcoin on BitPanda, one of the largest digital currency trading platform and once you have done it, you can convert your BTC to IOTA in just a matter of ten minutes or so!
Before you jump on to purchase IOTA, here are a few tips that you must keep in mind:
- Remain on the frontline of innovation
IOTA is doing quite well in the present market and is expected to be specialized for various hardware that accesses IoT. Tangle is giving a good competition to blockchain and ensures making all features available to the users.
- Be smart enough to analyze your investments
Before you actually make the investment, make sure you have absorbed adequate knowledge about the technology in hand. Know how the things work and the inventors behind it. Talk to them and learn more information about the same. Your hunger will decide the way you earn.
- Be wise enough to make your own judgment
Do not compare DAG with Blockchain or IOTA with Bitcoin. Keep in mind that both of them uses different technological base, and thus, the aspects of either of these cryptos are separate. Focus on both the upside as well as the downside for making the investment.
- Know that the crypto world is a 24 / 7 global market
The market never sleeps. Thus, it is your responsibility to keep updating yourself with investment strategies and remain automated with APIs, limit orders and stops.
- Aim to sell at high and buy at low
If you are looking forward to making money in this trading industry, the first and foremost thing to take care is about the market status. You must purchase when the market seems to break and think of selling when it is at the peak.
A wide number of stakeholders are found to take interest on IOTA cryptocurrencies and with the growing partnerships of this foundation with some high profile brands, the future of IOTA seems to be quite bright! If you are in search of a cryptocurrency that has got some really strong ties and is doing quite well in the market cap with an awesome real-world application, you must definitely keep your eye in this emerging crypto and think of investing some bucks on the same.