Internet of Things Application as known as IOTA is a new type of cryptocurrency to emerge in the market which is very similar in its applications to the Bitcoin though there are some points of difference to take note of.
Bitcoins do not involve any kind of printing as is witnessed with the euro, dollars, or pounds, but they happen to be created by people. An increasing number of businesses are taking to the use of Bitcoins, especially the ones involved in operating computers across the world. Bitcoin transactions are processed with the help of a procedure known as “mining” where a computer solves a hard mathematical problem using a 64 digit correct solution. Every time a problem gets solved, a single Bitcoin block gets processed.
At the same time, IOTA removes the demand for such kind of problem solving by checking anyone who submits a digital transaction to verify a couple of random transactions. All of this may sound far too technical – in essence, it means that the whole process is decentralized with no fee involved for transactions. Also, more the number of IOTA users faster will be the network.
HOW TO BUY IOTA
IOTA can be purchased using the crypto exchange which is similar to buying any other cryptocurrencies. One of the major differences is the fact that it cannot be bought directly using traditional cash but can only be traded for a different crypto currency. So for those wanting to get their hands on IOTA they first need to own some other form of crypto currencies such as Ethereum or Bitcoin. There are many popular options online where these can be bought with the likes of Blockchain.info, Xapo, and Coinbase among the top units. Cryptocurrencies purchased on these sites can be further traded on certain crypto exchanges for IOTA.
IOTA currently experiences significant trade volume on only two exchanges, namely Binance and Bitfinex .
Those planning to make an investment in cryptocurrencies such as IOTA should be extra careful since the values are highly volatile and they can fall as quickly as they rise up. Also, investors often find themselves in the crosshairs of hackers and cybercriminals who can possibly steal the online crypto-cash.
IOTA IN THE NEWS
In what has been termed as an extravagant prediction, Bitcoin is expected to touch the $1 million mark within the next three years. However, there is a bigger story doing the rounds in recent times. Undoubtedly one of the most talked about assets at present, Bitcoin has witnessed a huge spurt over 1500 percent on a year-date-basis and as much as 115 percent in the last one month. Yet, there is a little known cryptocurrency that has seemingly put this meteoric rise of Bitcoin to shame.
Driven by an astounding rally of nearly 1000 percent alone in the past one month, IOTA now stakes a claim to being the fourth biggest cryptocurrency behind Bitcoin cash, Ethereum, and Bitcoin in terms of market capitalization. IOTA prices witnessed a surge of 980 percent from $0.38 on November 7 to $4.14 on December 7. In the month of December alone the e-currency has experienced a surge of over 180 percent.
Coingecko.com regards IOTA as a distributed ledger for the Internet of Things and is perhaps the first ledger with micro-transactions that allows secure data transfer and does not attract any fees. This recent surge in the price of IOTA has been attributed to its announcement of the partnership with numerous major companies such as Microsoft, among a host of other reasons.
“We are excited to get into a partnership with IOTA foundation and it gives us immense pride to be associated with their new initiative around data marketplace. This next generation technology is sure to accelerate the connected, intelligent world and go far beyond Blockchain which will help foster innovative pilots, applications, and real world solutions for the customers,” Microsoft’s Omar Naik explained in a statement that was published on the IOTA Foundation website.
As far as market capitalization goes, Bitcoin enjoys the highest market cap followed by Ethereum, Bitcoin Cash, and IOTA. It is expected that the IOTA prices will hover somewhere around the $2.55 mark in the next 24-48 hours with a hold on the upward support. The base price of this cryptocurrency has definitely moved up and over the $2.50 levels and one can expect this rally to hold. Moving forward, any kind of solid rebound in the prices from close to the $2.50 levels could translate into a rally of fresh record highs reaching up to the $5.55 mark.
IOTA Purchase – A Step By Step Guide
The following guide will help those looking to invest with the IOTA cryptocurrency.
Investors need to open an Exchange Account with a cryptocurrency exchange service
The account has to be funded with Bitcoin as a deposit. Those who don’t have Bitcoin can purchase the same from various places online
Once the account starts getting its Bitcoin funding, the exchange process can start
It is not safe to leave the virtual coins or funds in an exchange so investors should take care of their IOTA and have them stored in their respective digital wallets
Iota Coin explain in 2 minutes
Nowadays, there are many cryptocurrency platforms available in the market, so it becomes tough to choose the best platform out of all those options. In this article, I will discuss CoinFalcon which is a UK based cryptocurrency exchange which is launched in August 2017. This website offers 32 cryptocurrencies such as Bitcoin, Ethereum, Litecoin, IOTA COIN etc. The chief executive officer of this website is Jordan steeves whose mission is to liberate the users from government rules and regulations. The company supports SEPA Bank Transfers and EUR is the only fiat currency available. It mostly focuses on European clients.
How to trade on CoinFalcon:
The process of buying and selling on CoinFalcon is quite simple.
1. The first step is to create an account on CoinFalcon and the login
2. Go to the dashboard, then click on the buy /sell tab on the top navigation bar.
3. You can choose your currency of exchange which is listed in the drop-down menu.
4. Then there is the option of pay with/paying with shown in the drop-down menu where the available currency is exchanged for another cryptocurrency.
5. Further, clicking on the buy button to complete the transaction.
Click on the profile from the top right corner, select settings then a link will open.
Select verify your account from left, and then you have to add your personal information.
You can upload your identification documents like passport, driving license or identity card.
Advantages of CoinFalcon:
Speed: The buying and selling in CoinFalcon are claimed to be instant.
Safety: CoinFalcon claims to store 98% of the funds in an offline cold storage which seems to be safer. However upon registering there is no such option.
Fund recovery: Sending coins to the wrong address is a common mistake but CoinFalcon provides the service of recovering these funds.
The deposits in cryptocurrencies are almost free. The withdrawal charges are only with network fees. All trades cost you only 0.25% fee.
CoinFalcon offers several other cryptocurrencies along with Bitcoin such as IOTA COIN, Ethereum, Bitcoin cash, Kin Coin, Dash Coin, Doge Coin. However, there are few but still better than those other who only offer to trade in Bitcoin. At Coin Falcon you buy the coins directy with your credit cars.
Lack of information: The main drawback of CoinFalcon is that only a little information is provided about the company. Only the name CEO and the address of operation is provided.
NO acceptance to US clients: The main disadvantage of CoinFalcon is that it does not accept US clients. While registering CoinFalcon requires the clients to state that they are not US citizens.
FIAT solution only for EU clients: There is a confusing situation of Fiat currencies with CoinFalcon. Upon first look it seems that they can buy and sell bitcoin and ether for euro and vice versa but actually this an illusion, it does not work with fiat currencies.
Card issues: As it does not accept the Fiat currency, likewise it does not accept payment with credit cards and any other fiat payment like PayPal or bank transfers.
This platform offers SEPA transfers which makes this platform unique and it also offers a wide variety of coins. CoinFalcon is a streamlined, easy and robust platform with fewer fees but due to lack of transparency like all other Bitcoin platforms, it also seems a Ponzi scheme and also its founder hides their identity. Overall it’s like other Bitcoin platforms who offer you more ROIs but at last, you might be lost your assets so be careful while investing in these kinds of platforms.
Binance is the new coin to coin exchange platform based in China which supports all types of cryptocurrencies. It mainly supports 50 coins and tokens such as EOS, Neo, Qtum, Stratis, Litecoin, Bitcoin Cash, Iota Coin, OmiseGO, and Walton.
Binance gives users trading tools, charts, and many security features. Binance offers both basic and advanced exchange interfaces and makes it easy for beginners to execute simple trades and also helps professional traders to more complex options such as margin trading. Binance is equipped with latest tools which makes it straightforward for everyone to buy and sell cryptocurrencies through binance exchanges, while additional features help the platform to handle more complex trading options as well.
Trading at Binance:
Binance offers two types of trading options: Basic and Advanced
Both options look same having not much difference but the advance option can give you the more advanced technical overview. In the dashboard, you can see charts, a candlestick chart, as well as the trade history, also a depth chart that you can view in a separate tab from the candlestick chart. To begin trading you have to first fund your account. You can fund your account with Bitcoin or Ethereum because only these two coins are best trading options. Once you fund your account then you can start investing.
Binance charges 0.1% fee for trading but if done with their token BNB, you will receive 50% discount and the fee will be 0.05% which is very less fee I have ever seen on any trading platform.
Binance offers a variety of coins options such as Bitcoin, Ethereum, and Tether and more others:
Ark, Bitcoin, Bitcoin Cash, Bitcoin Gold, Dash, EOS, Ethereum, Ethereum Classic, IOTA COIN, Litecoin, Neo, OmiseGo and 36 more coins.
You can withdraw 2 BTC after verifying your details but for more like 100 BTC per day, you would need to enable either two-factor authentication or Google Authenticator.
Binance had low fee for both transactions and withdrawals
High liquidity - It’s top 5 exchange platform
Binance gives NeoGAS to its NEO Holders
Policies buy back and BNB
100+ currencies available
Beginner trading mode
It supports many languages
It’s capable of transferring huge numbers of transactions.
Binance offers an FAQ to answer it’s users for their quarries. Users can also submit the support ticket. You can also email them but it doesn’t offer live chat and phone support yet.
Binance, the fastest growing trading exchange platform is capable of processing 1.4 millions of orders each second which makes it top trading platform but it’s based in China and it’ doesn’t accept flat money. It is compatible with all tools such as PC client WeChat, HTML5, Android, iOS, Web etc. The major problem is that platform is new but due to its proven record it’s a great option for both beginners and professionals.
Kucoin is HongKong based cryptocurrency exchange which was launched in 2017. The currency exchange is based on crypto to crypto basis and there is no flat currency available through this business model. KuCoin uses its own token i.e KCS (KuCoinShares) and it works min similar to Binance. It offers trading in the form of BTC/DASH, BTC/NEO, BTC/ETH, BTC/RDN, BTC/LTC, BTC/CVC, BTC/KCS, BTC/RPX & BTC/IOTA COIN etc. Android and iOS-based apps are also provided by KuCoin for mobile-based users. It is also offered in eleven different languages and has thirty different currencies to choose from the list for trading.
KuCoin does not charge any deposit fee for trading although, it charges 0.1% fee on the buy or selling an asset. In addition to this, they also provide 1% discount on trading fees for every 1000KCS coins and maximum discount extends to 30%.
• It provides customers support 24/7 through WeChat and other web-based platforms. Even the KuCoin claim that it addressed the customers issues within 10 minutes.
• The engines from KuCoin can handle up to 2 million order-making requests per second and one million order requests per second in general.
• It provides up to 50% award and discounts on their trading.
• It provides fast exchange and
withdrawal service to customers; it can add blockchain assets to your account within two minutes of transaction and complete withdrawals within 10 minutes.
• KuCoin does not support the trading in fiat currencies i.e you cannot exchange dollars for Bitcoin or vice-versa.
• It does not provide the marginal trading
• It is not a well-regulated exchange. There are very limited exchanges using licenses due to no rule and regulation adopted by countries regarding such business.
The trading security is the propriety of KuCoin. It provides standard industry-based encryption security. Overall security features involve bank based encryption and secure facility. Further, KuCoin has multilayer and multi-cluster architecture platform that can handle multitask simultaneously with two locations and three centers at a time. KuCoin provides its wallets with multilayer encryption security, an offline storage facility in the bank and regular auditing using bank services.
Users can contact KuCoin by using Email and other another platform like WeChat and social networking sites likewise Facebook, Twitter, Reddit, and Telegram etc.
KuCoinis crypto-based exchange, business model which allows the traders to trade in cryptocurrencies. It is a good platform for the beginners due to its minimum trading cost and advanced security features. On the other hand, it does not support the fiat currencies for trading and limited information regarding company operations and authorities but still a good option for peoples to trade cryptocurrencies.
Coinbase is world’s largest Bitcoin broker so peoples have good and bad experiences about it but we will cover all important points here to give you accurate details about the platform and its working.
Coinbase, a digital currency platform was founded in June 2012 which deals with all cryptocurrencies like, bitcoin, ethereum, and litecoin etc. It is based in San Francisco, having flat currencies in 32 countries and Bitcoin storage and transactions in 190 countries worldwide. It is world’s largest Bitcoin broker platform where customers can buy and sell cryptocurrencies. The platform has a very simple interface to buy and sell Bitcoins where customers can easily buy Bitcoins through credit card, debit card, wire and via using bank transfer. Coinbase also provides your wallet and merchant services.
Coinbase charges 4% of fees for each transaction but fees can vary if you will transfer coins to an outside address. You can buy Cryptocurrencies easily via your credit or USD wallet but buy through bank account can take 3-5 business days, so the time can vary to receive Bitcoins in your wallet depending on which country you live.
Limits & Liquidity:
Coinbase offers very high limits; it can be $50,000 for a well verified US customers but its €30,000 for Europian customers.
Coinbase has very high security according to their existing user's report and due to its high traffic which is almost 10m+ users and $50B+ Bitcoins traded. Users can create three types of wallets with Coinbase such as wallet, vault, and multisig vault. With these wallets, you can keep control of your Bitcoins, offer a unique solution to secure larger amounts of bitcoins. Coinbase also understands that users want to keep control on funds so in multisig vault Coinbase has one key, one key is shared, and the third key is held by the account holder, so two of the three keys allow spending of funds. If Coinbase goes down, you still have both the shared key and your own key. Funds cannot be held because the shared key is encrypted with your password.
Coinbase has Weekly purchase of up to $1000 BTC for verified card holders.
Variety of Fiat deposit and withdrawal options
Instant transfer of coins between users
A well-developed API for developers
Online and mobile baking services with high security
High liquidity and buying limits
Simple interface for beginners
Easy and faster than most exchanges
Limited payment methods
Tracking system for users how they will spend their bitcoins
High Transactions fees reported by users
Slow Customer Support
Coinabse has FAQs and also a support forum to answer its user’s questions. You can also ask your question in their community. Coinbase also has social pages like Facebook, Twitter etc. to get more interaction with the platform. In our experience from peoples, they mostly reply within 24-72 hours.
Coinbase is the biggest Bitcoin brokers having their network in all over the world. Due to their simple interface and high-security features, it can be a good trading platform for beginners and professionals. However, as compared with other similar platforms, Coinbase would be a great choice over security, full access to your wallets and easy to buy and sell Cryptocurrencies.
BitPanda or Coinimal GmbH is Austria based company started in August 2014 and now called as Bitpnada.com is top Bitcoin buying and selling company specializes in all types of Cryptocurrencies such as ETH, BTC, DASH, Litecoin, Miota (Iota coin), Komodo (KMD coin) & Ripple etc. You can buy Cryptocurrencies with your creditcard at Bitpanda. It is accessible in all European countries but not in the USA. Bitpanda is aimed at newcomers in the cryptocurrency. Due to its low Transaction which is less than 2 minutes anyone could be attracted to it and can start buying and selling their cryptocurrencies.
How you can Buy/Sell Bitcoins:
Sign Up using your credentials
Verify your ID Proofs (Approx. 3 minutes for verification)
After verification, you can start buying and selling Cryptocurrencies.
You can buy up to 50 EUR worth of Bitcoins daily with nothing more than a verified email address and verified the mobile number. They also provide wallet for your Bitcoins so you can store all of your cryptocurrencies here. There have many options such as you can use cloud wallet, desktop wallet and if you want more security then you can use hardware wallet. These wallets are essentially small computers in and of themselves. They look like flash drives or smartcards. You can withdraw Bitcoins from your comfort anytime in EUR. This offers four payout options: SEPA (same day), Amazon.de Voucher Code (up to 30 minutes), NETELLER (10 to 30 minutes) and Skrill (10 to 30 minutes)
Fast verification process
- They accept all cards for payment (VISA, MAESTRO etc.)
- Purchase system is easy to use
- They are different from Coinbase
- EURO wallet (insert money without a fee!
- High-security system and incredibly invasive verification procedure.
- They support all European Countries.
- Low fees for buying bitcoins with a credit/debit card in Europe
- Best customer support
- The verification process is very complex in which you have to verify your identity through face cam which seems little awkward.
-Fees are not displayed
- Credit Card is the most popular method of payment
- Low Privacy
- No support to other countries.
- no android and iOs apps.
Payment Methods and Security: BitPanda offers two-factor verification. There are 4 types of verification methods: Starter, Silver, Bronze and Gold and other best cryptocurrency payment methods such as:
Visa, Mastercard, Skrill, OKPay, PayPal, SOFORT, NETELLER, SEPA (European Bank Transfer), EPS (Austrian Instant Bank Transfer), Skrill OBT (Online Bank Transfer).
It also offers coupons and hosts occasional raffles.
There are many options available on the websites such as you can open a support ticket, emailing, calling etc. You can reach to them through Facebook and Twitter too. There is FAQ too for your help.
Bitpanda can be the best option for those who want to buy and sell Bitcoins in an easy way. They have many payment options and also have good customer support to help you at any time. BitPanda also has wallets to store your purchased Bitcoins, Their charges are very decent and security is high. They have modern design and easy features, although they don’t allow trading in other countries such as the USA etc.