What is IOTA?
Before learning how to buy IOTA, let’s make sure you have a full understanding of what IOTA is. IOTA has been derived from the Internet of Things (IoT). IOTA is an innovatively next-generation public distributed ledger that makes use of a novel invention, known as a “Tangle”, which is based on Directed Acyclic Graph (DAG). It can be referred to as a “Blockchain without Blocks and Chains”. This unique architecture enables IOTA to work differently from other Blockchains. As IOTA has no miners, each participant in the network who wants to make a transaction needs to participate in the consensus of the network by approving two previous transactions without paying any transaction fees. This confirmation on the validating of two past transactions ensures that the whole network achieves consensus and offers a wide range of unique features.
Benefits of IOTA
- IOTA is a decentralized peer-to-peer network that solves the problem of scalability and transaction fees as faced by Bitcoin and other cryptocurrencies.
- With Tangle ledger at its core, IOTA securely transfers data from one party to another and this data is shared only between authenticated devices.
- IOTA is designed to serve as an e-governance system, which means it works as an e-voting system. This voting system through Tangle ledger on the IOTA network is similar to ballots, which are accomplished in an accurate way to record and tally votes.
- The module of IOTA core offers an advanced Masked Authenticated Messaging (MAM) to have an encrypted, authenticated and secure data exchange.
- Another incomparable service offered by IOTA is to lease out all things that employ a chip such as appliances, tools, drones, computer storage, computing power, and Wi-Fi bandwidth to others, helping individuals to earn a profit with these unused devices.
- With these extensive advantages, IOTA is distinctive from other cryptocurrencies as it provides a comprehensive solution for microtransactions without fees.
How To Buy IOTA
Cryptocurrencies are purchased from a wide range of exchanges. Currently, Bitfinex, Binance, OkEx, Coinone, Coinspot, and Coinfalcon are the major platforms that allow the trading of IOTA. These exchanges help users to purchase IOTA with BTC, ETH, and USD. With BTC and ETH being the traditional cryptocurrencies, these are readily available in all exchanges and users can buy these at a fiat currency and transfer these to a preferred IOTA exchange.
These exchanges need users to sign up, which helps them to know if these exchanges provide services in their country and currency they accept.
Step by Step to Guide On How To Buy IOTA:
- Register at an Exchange – First, a user should register at any reputable currency exchange that accepts USD deposits and offers BTC or ETH. To buy IOTA with these crypto-coins, users should register with any IOTA exchange. Also, users need to have accounts in both fiat and IOTA exchanges and they must ensure that these exchanges offer the best prices.
- Buy BTC or ETH with a Bank Account– Exchanges like Coinbase allow a user to buy digital currency like BTC or ETH with a credit card from any country – then these bitcoins can be exchanged for IOTA on Binance in about 10 minutes. CoinMama is another exchange that allows users to buy bitcoins with a credit card from any country and again the Binance exchange can be used to convert these bitcoins to MIOTA. For customers residing outside of Australia, Singapore and the United States; The Homepage of the Coinbase website can help to find a bitcoin exchange service in their respective country that accepts bank transfer. After purchasing bitcoins, a user can exchange it with IOTA within 10 minutes.
- How To Buy IOTA with PayPal – PayPal does not provide an option to buy IOTA directly, rather require users to buy bitcoin with PayPal and convert these to MIOTA using a Binance exchange service.
- How To Buy IOTA with Cash – Purchasing bitcoins with cash and converting BTCs to MIOTA is possible through Changelly. Since there is no option to buy IOTA directly with cash and no ATMs support buying IOTA, users can buy bitcoins and exchange it for IOTA.
- Buy MIOTA with Skrill – BitPanda is a bitcoin exchange platform located in Austria and it allows Europeans to buy bitcoins with Skrill within 10 seconds. After purchasing bitcoins on Bitpanda, users can go to Binance to exchange them for IOTA.
- Buy IOTA with Ethereum – Ethereum is exchanged for IOTA using Binance exchange service.
Transfer IOTA to a Local Wallet
As IOTA is a new digital currency, wallets to store IOTA are still in their infancy stages; therefore people have started storing IOTA on exchanges and this is strongly not recommended as coins can be lost or stolen. Individuals can set up a desktop wallet or paper wallet to safely secure their coins.
This desktop wallet offers to download and install OTA GUI client directly from IOTA to store IOTA. This wallet operates efficiently with different operating systems like Windows, Mac, and Linux. To set up this wallet, choose “light node” and a host and generate an 81-character seed that contains only uppercase letters and the number 9. This seed should be stored safely.
The IOTA mobile wallets support both Android and iOS, but it exists in beta version. The Android version is released with a disclaimer to use it at owner’s risk, so users are advised to be cautious. Based on feedback provided by some users, an iOS IOTA mobile wallet performs excellently in storing IOTA, but it should not be used to store large amounts of IOTA because this wallet has not been launched officially until now.
The IOTA paper wallet needs 81 characters with uppercase letters and the number 9 that is similar to a desktop wallet. After generating the paper wallet, a user can print it and send IOTA to it. This paper wallet needs a safe storage.
Another type of paper wallet is one which automatically generates an IOTA seed by simply moving the mouse around at a random speed. This generates a random seed and is encoded in mnemonic words.
With an aim to provide the frictionless method of exchanging value, IOTA with the Tangle architecture offers microtransactions with zero fees. As the Internet-of-Things keeps expanding, IOTA is enabling companies to explore new B2B opportunities and every top-notch company is utilizing this fast-evolving technology so as to keep on top of the pyramid.
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