Out of 400 cryptocurrencies, IOTA ranks number 12 in terms of market value in coinmarketcap.com. Before we tell you how to buy an IOTA coin, you should know a little bit that it was launched as an open-source, peer-to-peer decentralized network in 2015.
IOTA is centered on a novel distributed ledger technology, known as the Tangle, which overcomes the ineffectiveness of the current Blockchain designs. Instead, it launches an entirely new way of achieving consensus in a decentralized peer-to-peer system. Instead of a chain of transaction blocks, IOTA uses a tree of transactions known as a tangle. Suffice to say, Tangle is to IOTA what Blockchain is to Bitcoin.
Introduction to IOTA Cryptocurrency
● Zero-fee transactions
If you send 1 cent, you receive 1 cent. If you send $500,000, you receive $500,000.
● Highly scalable
A significant amount of network activity decreases transaction settlement times.
A worldwide distributed network, IOTA is robust and resilient against any attacks
● Low resource requirements
It is designed for small devices to participate, like sensors.
● Fast transactions
All IOTA transactions are verified within minutes.
For the first time ever, machines and people alike can transfer data and/or money without having to pay any transaction fee in a permissionless, trustless, and decentralized environment. We are part of a world where even nano-payments are possible without needing any kind of a trustworthy intermediary.
The token was made to service the Internet of Things: the millions of billions of tiny computing devices that are significantly rooted in everyday objects, allowing them to receive and send data.
IOTA transforms these machines into independent financial agents, thus enabling a totally new economy of things. Furthermore, it’s anticipated that over 75 billion devices will be associated with the IoT by 2025.
In June 2017, the token was introduced with its entire supply of roughly 2.78 quadrillion IOTA available right from the beginning, with a plan that no additional tokens will be created, ever. Until this adoption becomes widespread, 1 MIOTA (MegaIOTA) is currently the accepted base unit.
How to Buy IOTA Coins
Buying an is not that hard. In fact, you can buy IOTA coins through any reliable trading website using traditional payment methods, like your credit or debit cards or via a cryptocurrency exchange. However, there are a couple of steps you must follow:.
1. Buy another cryptocurrency
Before purchasing MegaIOTA (MIOTA), buyers must already possess other cryptocurrencies, such as Ethereum or Bitcoin. This is because you can only buy IOTA by exchanging another cryptocurrency for it.
For this, you can look for any reliable and convenient exchange for the initial acquisition of any cryptocurrency such as Bitcoin, Ethereum, or other cryptocurrencies, and one that accepts an initial fiat currency in terms of Euros, dollars, etc.
Then, you can simply deposit the amount via credit or debit card or make a direct money transfer from a bank account. However, you must take note and do your research since most banks no longer allow the purchase of cryptocurrencies with their debit or credit cards.
Another option is to withdraw the cash from your bank account and add it to a cryptocurrency ATM (automated teller machine). The ATM will then provide you with a receipt with an alphanumeric key to an online wallet.
2. Buy another cryptocurrency for IOTA on an exchange
All exchanges agree to take bitcoin for a deposit. Hence, you can use bitcoin as the primary source of funds to purchase IOTA. Since converting cryptocurrency back to fiat money can take a few days, IOTA can also be exchanged quickly back to bitcoin. Moreover, this might prove to be less unstable than any other cryptocurrency.
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