How to Buy Iota
Iota, which stands for “Internet of Things Application” is a crypto technology that enables transactions between different devices on the Internet of Things (IoT). This cryptocurrency was developed in response to two major concerns that are associated with other blockchain technologies: scalability and transaction fees.
Iota addresses these concerns by removing both the block and the chain to submit transactions and replacing them with the verification of previously made transactions. As such, Iota doesn’t have a central ledger and the network isn’t powered by miners.
Currently, Iota can only be purchased with other cryptocurrencies, such as Bitcoin (BTC) and Ethereum (ETH).
What is Iota?
According to the Iota website, the cryptocurrency is a “permissionless distributed ledger for a new economy”. It’s the first cryptocurrency to offer an open-source distributed leger, and that distributed ledger powers “the future of the Internet of Things”. It does so with “microtransactions and data integrity for machines” and does not charge fees to do so.
Iota’s technology was developed to attend to the two major problems that confront the technologies used for other types of cryptocurrencies: fees and scalability. Iota’s technology addresses these issues by removing both the block and chain, which other cryptocurrencies use to verify transactions. Instead, to submit transactions on Iota’s ledger, users have to confirm two prior transactions.
Because of the verification method that Iota uses, this crypto network does not have a central ledger. Additionally, the network isn’t powered by miners. Instead, devices on the Iota network verify the transactions that other devices make at random. In doing so, they generate accord via the series of connections that occur between transactions, a process that is formally referred to as Directed Acylic Graph (DAG) in cryptography; however, Iota calls this process Tangle.
In the Tangle, as the network grows, so does computing power. As such, transactions on the Iota network are fast and free. Moreover, Iota processes payments and micropayments between devices on the network, which creates machine-to-machine (M2M) transactions.
According to the founders of Iota, to improve the usability of the Internet of Things (IoT), machines on the network have to efficiently share and assign resources. As such, the objective of Iota is to become the primary platform for M2M transactions.
The value of Iota has grown significantly in a short period of time. In a one month period, prices went from $0.35 per transaction to $4.17, and the market valuation grew from less than $1 billion US dollars to a total market capitalization of more than $11 billion. As of June, 2019, it became one of the top traded cryptocurrencies in the world, taking the 4th position.
Where to Buy Iota
Iota can be purchased on numerous exchanges, including:
How to Buy IOTA
In order to purchase IOTA tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for IOTA. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts Iota
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for Iota Coins
- When your ETH has arrived in your Binance account, you can exchange it for IOTA tokens
- Select ETH currency
- Search for IOTA in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of IOTA you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of IOTA you would like to purchase, select the “Buy button”
- Your IOTA order will be immediately filled; your ETH will be transferred into IOTA
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Why Buy Iota
There are numerous reasons to invest in Iota. The fact that it isn’t based on the blockchain but rather Directed Acylic Graph (DAG) verification (known as Tangle by Iota), and the transactions are fast and free, this cryptocurrency is highly appealing. Additionally, due to the massive increase in market capitalization Iota has experienced in such a short period of time, it offers a tremendous amount of value, which is poised to continue growing in the foreseeable future.
How to Sell Iota
Currently, Iota cannot be sold directly for fiat currencies. Therefore, if you would like to sell your Iota tokens for fiat (US dollars, Canadian dollars, Euros, etc), you have to exchange them for digital coins that can be exchanged for fiat.
To do so, open an account on the altcoin exchange and fund your account with Iota tokens. You can then sell your Iota tokens for digital coins that can be exchanged for fiat, such as BTC or ETH, and then sell those tokens for fiat. Finally, you can withdraw your fiat funds and deposit them in your bank account.
Which Wallets Can I Use for Iota?
Several wallets can be used to store Iota. Some popular options include:
The fast and free transactions and the rapid and significant increase in value that Iota has experienced in such a short period of time, whether you’re new to crypto investing or you’re an experienced investor who’s looking to diversify your portfolio, Iota is an excellent option.
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