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.( The official website of Iota, can you visit here.)
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 Binance, Coinbase, Kucoin, Falcon & Bitpanda 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 cryptocash.
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. (You can see the prices of each coins at CoinMarketCap)
IOTA Purchase – A Step By Step Guide
The following guide will help those looking to invest with the IOTA cryptocurrency.
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.
Buy IOTA COIN with AUD/USD/GBP/EURO & debit / credit card
If you don't want to use Coinbase or Binance as place to buy Iota, then you can BUY Iota at Coinfalcon & Bitpanda with you debit / credit card & EURO/USD/GBP. For US citizens is this not a options at the moment, but when Bitflyer opens up again for accepting new customer, then this will be a option again for US citizens. So US citizens may still use Coinbase to buy Litecoin or Ethereum and then transfer the crypto coins to Binance and buy Iota there. However for Aussie citizens they can use there debit / credit card & AUD at Coinspot an Aussie exchange only for Aussie ppl. There will come a review of Coinspot in near future.