How to Buy IOTA
IOTA is an open-source cryptocurrency utilizing the Internet of Things (IoT). IOTA is currently ranked 27 out of 3,770 in coinmarketcap.com, having a market cap of $717,483,376. How to buy IOTA securely, and what are the best cryptocurrency apps? That’s what you will find out in this article.
How to Buy IOTA
Binance.US was launched in September 2019 by BAM Trading Services in San Francisco. It is a digital asset marketplace and is powered by matching engine and wallet technologies. Binance.US licenses those technologies from the world’s largest cryptocurrency exchange, Coinbase.
The average daily volume is currently at 2.0bn, with 1,400,000 transactions per second. Binance.US provides an inclusive and cutting-edge crypto ecosystem to investors. It is a reliable, secure, and fast platform to buy and sell cryptocurrencies in the United States.
The Binance account can be funded via wire transfer, credit card, and iDEAL. Binance doesn’t allow one to purchase IOTA directly with fiat money (USD, Euros, etc.). Instead, you can exchange other cryptocurrencies for IOTA.
eToro is more a brokerage house and trading platform focusing on all kinds of investment activities and not solely crypto-trading. Investors can go to eToro’s registration page and enter their personal information. A confirmation email is sent after you agreed to their terms of service, and a click on the link in the email starts the account verification process.
After that, you need to fill up your personal information to finish the profile. This includes verification information such as Social Security number. The company also asks questions to gauge one’s personality and financial situation. Questions could range from employment information, income level, and other investment choices. But, this is the standard Know-Your-Customer protocol and hence shouldn’t raise any alarm.
eToro requires a minimum starting deposit of $200. The platform offers a host of payment methods, including credit, debit, Paypal PYPL, or wire transfers, all with no fees. Once this is done, one can buy and sell IOTA (or any of its other coins) to their capacity.
Keep in mind that cryptocurrencies have historically seen highly volatile shifts in value. Roughly 66% of retail investor accounts have lost money trading through eToro.
Before investments, an investor should educate themselves. One should have a solid understanding of cryptocurrencies and the severe financial risks that could come with that.
Many websites, such as Coinmarketcap, show the best online portals to buy different coins. These portals also provide additional relevant information, such as the value and relative popularity of these coins.
Coinbase is one of the most popular crypto-trading platforms. Once someone has invested in other popular cryptocurrencies such as Bitcoin or Etherium, one can use those coins to buy IOTA on Binance.
It is easy to convert IOTA to USD and other currencies on Binance.
Bitpanda GmbH is a fintech company based in Vienna, Austria. The company specializes in selling and buying IOTA, Bitcoin, Ethereum, and other cryptocurrencies.
The company has shown massive growth over the last couple of years and has become Europe’s leading retail broker for IOTA. Bitpands sells other cryptocurrencies such as Ethereum, Litecoin, Bitcoin as well.
The surge in popularity of crypto coins and has led Bitpanda to get over 1 million users. It provides a lot of payment options to transact in crypto coins. SOFORT-Transfer, Visa/MasterCard, Euro wallet, and Skrill are only a couple of them.
Bitpanda provides a user-friendly interface to its customers. A one-tier verification process gives access to an intuitive, fast, and secure trading experience. It is a fully automated platform that provides new and experienced users with complete control over their portfolios. Bitpanda is the simplest and fastest way of buying, selling, or swapping various cryptocurrencies.
The platform supports fiat currencies such as Euro, British Pound Sterling, and USD. A wide range of choices provides a lot of flexibility to its users.
The company is known for innovation. Bitpanda continuously improves existing products while expanding the scope to introduce new services. This ensures that the company remains ahead of the curve compared to its competitors.
Liquid was founded in 2014 under the parent company of Liquid called Quoine, which also launched Quoinex. Liquid ranks at #38 with 138 currencies listed, 385 markets offered, having a market share of 0.51%. The valuation is estimated to be over $1 billion. Major investors such as IDG Capital and Bitmain have invested in the company. Coinbase and Ripple have also invested in the company.
OKEx is a Malta-based cryptocurrency exchange, which was founded in 2017. It is a crypto exchange that provides access to spot and derivatives trading. In February 2020, OKEx announced its blockchain called OKChain.
The company behind Omoku.io is registered as TRIMODA OÜ. The company is about two and a half years old and is located in Tallinn.
Omoku charges low transaction fees. Also, one can use fiat currency to buy IOTA, storing it in an IOTA wallet.
Changelly is a platform that provides one with a possibility to convert Bitcoin to IOTA seamlessly. The company acts as an intermediary between crypto exchanges and users. Currently, the company offers easy and fast swaps of 140+ cryptocurrencies online.
Gate.io team is security-savvy. It was rated one of the top exchanges for cybersecurity by CER. There are many ways users can secure their accounts. The platform has many built-in security mechanisms.
The cryptocurrency exchange Bitfinex is owned and operated by iFinex Inc. and headquartered in Hong Kong while being registered in the British Virgin Islands.
In 2015, the exchange’s customers were hacked, losing about 1,500 bitcoins. In 2016, about $72 million was stolen from its customers’ accounts, and Bitfinex halted withdrawals and trading of bitcoin. In October 2018, Bitfinex had difficulties with its banking relationships.
The issues the company had during this time makes the challenges every vendor faces transparent. It is crucial to keep the risk in mind when investing in alternative currencies.
Bittrex was founded in 2014 and is one of the more prominent U.S. exchanges for cryptocurrencies. A defrauding method called SIM swap was used to defraud a customer in 2019. A SIM swap is a dishonest procedure where a criminal requires the telecom provider to give them access to a SIM card by convincing them that they are the phone owner. The data on the card is then used to gain access to a cryptocurrency account. That’s yet another example of the risk involved in crypto-trading.
IOTA is a quantum-resistant distributed ledger technology protocol launched in 2015. It exploits the emerging m2m economy of Internet-of-Things (IoT), micro-/nano- payments, and nano payments.
The coin is based on the concept of decentralization, where users are also validators. IOTA uniquely offers zero fees, no scaling limitations, and decentralized consensus.
The digital currency ‘iota’ has a fixed money supply with zero inflationary cost and uses a directed acyclic graph to store transactions on a distributed ledger.
Since its’ launch, IOTA has dropped in rankings. This is due to the launch of Bitfinex’s new coin. Currently, Cosmos, Dash, and Tezos have been fighting with iota for investor money.
The downfall in ranking has also led to a reduction in valuation. However, if you believe in IOTA’s future, a low rank is a blessing in disguise. To put things in perspective, consider that the all-time high was at $5.69 on December 19, 2017, while it currently costs $0.25863. That’s a loss of approximately 95.45% for those who invested at the top.
The IOTA distributed ledger is called Tangle. The company confirms each transaction by linking with two other transactions in Tangle. This method ensures higher scalability over blockchain-based distributed ledgers. Tangle overcomes the inefficiencies of current Blockchain designs.
It introduces a new way of reaching consensus in a decentralized peer-to-peer system. IOTA does not need mining. Preferably the system depends on a list of validators of transactions. The human validators are rewarded with the ability to process a new transaction.
Cryptocurrencies bring a revolution to the payment transaction system. Now, money can be transferred without any transaction fees in a decentralized environment.
IOTA removes the need for an intermediary for transactions to happen. Thus, even nano transactions are possible without any concern for transaction fees. IOTA makes the payment transaction system more democratic compared to the existing systems.
IoT refers to the network of objects connected through the Internet. Modern objects are embedded with sensors to enable data exchange data with other devices. This network connected through the Internet creates immense opportunities for innovation. The latest innovations can make one’s life simple. For instance, one uses the payment system Venmo for an instant payment transaction. But, the challenge with the Venmo payment system is that it takes a while before the money gets transferred into one’s bank account.
Certain countries, such as India, have online payment systems such as Google Pay or PhonePe. These systems allow instant payment transactions between the bank accounts of two individuals. Hence, one doesn’t have to wait for a couple of days to receive payment from another individual. This makes payment transactions more efficient and makes the economy more productive. The example we gave is one of the advantages of IoT. The definition of IoT has evolved due to the convergence of many technologies. Fields such as embedded systems, real-time analytics, and wireless sensor networks all contribute to IoT.
What are the Benefits of IoT
IoT is bringing a revolution to the consumer electronics market. One might have heard of smart home security systems, smart speakers, and smartphones. IoT takes advantage of the billions of small computing devices that are embedded in everyday objects. The company enables them to send and receive data. IOTA transforms these machines into autonomous economic agents. This helps the company to form a new economy. It is predicted that by 2025 more than 75 billion devices will be connected to the Internet of Things.
When Did The IOTA Cryptocurrency Start?
IOTA was launched in June 2017 with a total supply of approximately 2.78 quadrillion units made available from the beginning. No extra units of IOTA will be created. Until the adoption becomes more widespread, 1 MegaIOTA (MIOTA) is currently accepted as the base unit.