Where To Buy IOTA
Everyone wants to find the next big cryptocurrency – the next Bitcoin, the next Ethereum, the next Cardano. But as the world of cryptocurrencies continues to expand, it can be harder and harder to figure out where to put your investments. Which cryptocurrency provides a model with long-term potential? Does IOTA?
What Is IOTA?
IOTA is a unique kind of cryptocurrency. Unlike other cryptocurrencies, IOTA does not use blockchain. IOTA uses Tangle, a separate distributed ledger.
Tangle is a node system that IOTA uses to approve its transactions the same way other cryptocurrencies like bitcoin use blockchains. Tangle claims to be more efficient and faster when compared to blockchain technology. This makes Tangle more scalable and gives it different case scenarios.
IOTA was launched in 2015 to enhance data sharing and make it easier for IoT devices to transact. The IOTA network also hosts an IOTA token (MIOTA). IOTA’s unique structure with Tangle allows it to operate on a feeless basis – there are no transaction fees.
How Does IOTA Work?
In simple terms, IOTA bridges all the IoT devices in a given network. It facilitates and controls the data transmission between these devices. IOTA can also be used to implement multiple-device intelligent arrangements. IOTA uses Tangle, a Directed Acyclic Graph (DAG), as a distributed ledger to perform these operations.
There is no token mining with IOTA. IOTA uses one coordinator node to ensure that the network stays in sync with itself.
When implemented, IOTA can connect a variety of different IoT devices in new and exciting ways. Assume that you have a grocery store food chain, a refrigerator, and a driverless car connected to the internet of things. IOTA allows these devices to communicate in the following ways;
- IOTA prompts your smart refrigerator to detect that your milk stock is running out and automatically places an order using your grocery store food chain.
- To complete the transaction, IOTA pays for the milk through MIOTA.
- Simultaneously, the IOTA network communicates with your driverless car and gives it a command to pick milk at a specific store.
In this example, you ensure an automatic supply of milk by leveraging the IOTA network.
IOTA’s tokens, also known as MIOTA, can be bought, sold, and traded. IOTA as a cryptocurrency works differently. The IOTA token, like the XRP token, is pre-mined and approved using Tangle. The unique Tangle network structure also eliminates transaction fees – none of the infamous “gas fees” often found in other tokens.
In addition, as Tangle receives more nodes, it tightens its security and increases its efficiency. These tokens are cheaper than other cryptocurrency tokens since the IOTA doesn’t involve any full node miners.
What’s IOTA’s Price History?
While IOTA is relatively new in the crypto market, it has been performing well. For instance, according to a CNBC report, IOTA’s value drastically increased between late November and late December 2017. That marked IOTA’s peak; towards the end of 2018, IOTA was trading at less than $1.
The coronavirus pandemic has not spared it too, and by mid-march 2020, IOTA was trading at
$0.137891. Luckily, as 2020 ended, IOTA’s prices were already rising again, and in February 2021, IOTA’s price got to over $2. Today, the cost of IOTA is slightly above $1.
Additionally, IOTA’s 2021 prices have been reasonably high, and if you’re thinking about investing in IOTA, 2021 is the best year to get started. With the steady rise in smart home automation systems, the prices of IOTA are likely to rise further.
How Do I Invest In IOTA?
You have at least three options to choose from when you want to invest in IOTA. However, it will help if you study the predictions on IOTA’s price fluctuations before you invest. Once you decide on investing in IOTA, you can choose to either make a long-term investment, invest in the IOTA startups, or invest short-term.
Invest In IOTA Holdings
You can buy and hold IOTA as you would do with other cryptocurrencies like Bitcoin. Therefore, if you’re new to trading with cryptocurrency, purchasing and holding IOTA is a better option for you. This will allow you to study the market and the price fluctuations, including the best time to sell your IOTA.
You’ll also need an external wallet to store this currency until the prices are unreasonably high. However, you must be willing to wait as there’s no accurate prediction on when the IOTA prices will get to your target amount. Having a target price to sell your IOTA can also encourage you to store it longer until you meet your target.
To reap better from your holding, you must buy IOTA when the prices are too low. Holding is also safer than active trading as you don’t have to bother yourself after buying IOTA tokens. You’ll only have to store them and wait for as long as you can, and if you can, hold your token until finance experts assimilate IOTA into the primary financial markets.
How Do I Transfer MIOTA To An External Wallet?
It’s safer to transfer your IOTA tokens to an external wallet as soon as you purchase them. Depending on where you buy your tokens, you can copy the address or public key after setting up your preferred wallet. For instance, if you purchase your tokens from eToro, you’ll need to log into your eToro app on the smartphone.
While on the app, navigate it and select crypto. Proceed to choose MIOTA and click send. Ensure you specify the amount of money you want to send and enter the address you had previously copied from the wallet.
On the other hand, while using a software wallet, scan the recipient QR code on your camera to automatically load the wallet’s address. After specifying the amount, tap send and confirm your transfer with the verification code that you’ll receive on your phone. Fill the code in the appropriate field and click verify.
After verification, the IOTA token managers will confirm your request. You can also verify your request status on the transactions tab of the app. After some time, the wallet managers will transfer your IOTA coins, where you’ll hold them for as long as you wish.
Actively Trade MIOTA
If you don’t have the patience to hold your IOTA coins, you can engage in active trading. This strategy is suitable for you if you desire to make an instant profit and if you want to make profits from both the fall and rise of prices through CFDs.
You can choose eToro as your trading broker. Once you’ve created an eToro account, proceed to deposit some funds. Then take these steps:
- Navigate the eToro app and select trade markets and the crypto option.
- Select MIOTA from the list of cryptocurrencies that will pop up.
- Click on buy
- Click on the trade option to purchase MIOTA at the current market price
- Specify the amount of money you want to spend
Choose other specific parameters if you find them helpful;
- Stop-loss to specify the maximum amount of loss you would accept. This option will allow eToro managers to automatically sell your coins when your desired price equals your particular stop-loss price.
- Take-profit to set a limited price at which the exchange should sell your coins to generate a profit. This will ensure they only sell your coins when they can generate a certain amount of profit.
After making your transactions, you can check your status on the portfolio icon on eToro.
IOTA-based Startups
You can also invest in IOTA-based startups. This option allows you to invest in IOTA startups without necessarily buying MIOTA. Such startups can range from intelligent refrigerator manufacturing companies to self-driving cars that use the IOTA network.
However, for this direct investment option, you must understand the market and the pros and cons of company investments. To start, select a highly profitable company and buy its shares from the stock market. Alternatively, you can join the company as an angel investor.
How Do I Start Investing In IOTA?
After identifying the method you want to use to invest in IOTA, it’s time to actualize it. Start by choosing a platform. Since IOTA offers its users high and efficient execution speed, it uses the use case. As a result, you can find IOTA’s coins listed on different platforms like eToro, coinbase, Binance, capital.com, or OKEx.
All these platforms have their advantages and disadvantages. However, eToro works more efficiently with IOTA. Should you choose eToro, this is the procedure you should follow to invest in IOTA:
Open an account with eToro by exploring their website and filling in some personal details. Upload your Identification number for eToro to verify you; otherwise, you cannot start trading. Deposit some funds into your eToro account using a credit or debit card.
You can also deposit money through PayPal, skrill or a bank wire. Proceed to search for an IOTA token and click on trade after the IOTA coin appears. Input the amount you want to spend and choose open trade to complete the procedure.
What Are The Ways Of Investing In IOTA?
You can invest in IOTA through a broker or a cryptocurrency exchange. This is how to go about each of these ways:
IOTA Broker
Binance, eToro, and coinbase are some of the legitimate brokers from whom you can buy and sell your IOTA. Cryptocurrency regulatory agencies such as SEC, FCA, and FINRA regulate cryptocurrency brokers to enhance your safety as you buy and sell IOTA. These financial institutions also require that the brokers be transparent.
With a licensed broker, you can invest in IOTA and increase your trading proceeds with fiat money. Licensed brokers also store clients’ money safely, which gives you as an investor some extra security. Different brokers have a limited starting capital, so choose a broker whose requirements you can comfortably manage.
IOTA Exchanges
If you don’t like investing in IOTA through brokers, you can exchange your IOTA tokens. Exchanges charge lower fees and are easy to use as you do not need to reveal your identity. OKEx is a typical exchange platform with over twenty million users.
What Are The Pros And Cons Of Investing In IOTA?
Before you invest in IOTA, carry out extensive market research. Understand its benefits and drawbacks and then make an informed decision. Don’t take our word for it – or anyone else’s, for that matter!
Pros
- IOTA is tremendously scalable
- IOTA’s data marketplace gives you access to agile data flows anytime
- IOTA is an established project has a good track record
Cons
- IOTA tokens are highly volatile
- IOTA has had security issues in the past (hacking)
What Is The Cost of Investing In IOTA?
There is no fixed amount to invest in IOTA. The minimum starting capital varies from one broker to another. Similarly, some regional broker platforms charge region-specific fees. However, the average investment cost ranges from 0.5% to 5% among different legitimate brokers.
The long and short of it is, there is no one answer to whether or not you should invest in IOTA. You have to research widely to understand the price history of IOTA and the various strategies you can use to invest in it. Also, read about the benefits and risks of investing in IOTA.
After all, the process of investing in IOTA is relatively straightforward. Therefore, get a legitimate broker whose startup fee you can manage and choose a good way to enter the business. Above all, IOTA is rapidly growing in prices, and experts project that its costs will continue to rise.
