The popularity of cryptocurrencies is increasing day by day and so is the interest of investors. With more than 1500 cryptocurrencies to buy/sell/trade/invest, there is one common question from newbies entering into crypto world, which is
“How to buy X coin? or Where to buy X coin?”
In this article, I will explain you to ” How to Buy IOTA Cryptocurrency”. The basic procedure to buy/sell for almost all the cryptocurrencies remains the same.It is just that, one must know which cryptocurrency is listed on which cryptocurrency exchange.
The above mentioned steps are for those who have basic knowledge of the crypto world and can register themselves on cryptocurrency exchange and buy/sell cryptocurrencies. If you did not understood the above process, I am sure you are new to the crypto world. For newbies, I have mentioned a detailed step-by-step guide on “How To Buy IOTA”
If you come down to read this section, them I am sure that you are a newbie. So before I explain you how to buy IOTA cryptocurrency, let me first gibe you a short explanation to IOTA.
IOTA is a cryptocurrency designed for the Internet of Things. But before we get into why the Internet of Things needs IOTA, lets look at what this cryptocurrency can offer to the existing cryptocurrency scene. (Don’t worry, we will return to the internet of things later). IOTA has 4 HUGE advantages over Blockchain cryptocurrencies in that it is:
The technological breakthrough that gives IOTA more advantages than other Blockchain cryptocurrencies is the Tangle (which looks something like this).
Unlike Bitcoin which uses a blockchain architecture for maintaining it’s ledger, IOTA uses the ‘Tangle’ which is a Directed Acyclic Graph, known as a DAG.
In summary the Tangle solves both the scalability and transaction fee issues faced by Bitcoin (And most other cryptocurrencies) by requiring the Sender in a transaction to perform a kind of proof of work which approves two transactions. Thus, the act of making a transaction and validating transactions are coupled. This removes dedicated miners and makes the system fully decenteralised – those making transactions (the systems ‘users’) are the only actors who can affect the system (whereas in bitcoin miners are not ‘using’ the system, rather they are simply enabling it to operate).
The remarkable result is that in IOTA, the network transaction speed INCREASES as the number of users increases (as opposed to blockchain cryptocurrencies which get slower with increased numbers of users). It also eliminates the need for users to pay ‘miners’ for doing the proof of work (because they do it themselves). Thus there is no Fee to make a transaction!
So far, so good. IOTA looks to be fee less and scalable. This alone makes IOTA incredibly promising as a technology for a huge number of applications.
But it doesn’t stop there. IOTA has been under development since 2015 and in that time industrial partnerships have been forged which will ensure that IOTA has practical, real world use.
All IOTA tokens were pre-mined so no mining is required and no more new coins will be added to the system. There were 2779530283277761 IOTAs created.
In Q4 of 2015, IOTA Foundation held and ICO and managed to raise 1337 BTC (at that time it was worth around $584.000). Currently, IOTA can only be traded for other cryptocurrencies.
IOTA fluctuates between 5-10 place, behind some of the most important currencies such as Bitcoin or Ethereum. Between August and December 2017, IOTA has significantly grown in price, from the mere $0.20 to almost $3
IOTA Cryptocurrency can be bought from cryptocurrency exchanges / cryptocurrency trading platforms in exchange of Bitcoin, Ether or even Fiat Currency. But first you need to register an account on the cryptocurrency exchange on which IOTA is listed for buying/selling.
We have mentioned below the list of cryptocurrency exchanges from where you can buy IOTA cryptocurrency. As of now, lets take the example of Binance cryptocurrency exchange, which has the most volume in trading of IOTA as compared to other cryptocurrency exchanges. ( The procedure for others remains the same)
Now let’s explain you in detail about each and every step for a hassle free way to buy IOTA Cryptocurrency
NOTE: I strongly recommend you to activate Two-Factor authentication (2FA) to your Binance Account. 2FA adds additional layer of security to the account. Make sure you keep a backup of the 2FA phrase before activating it.
Once bought, your IOTA tokens will be stored in Binance’s IOTA wallet. You can either store it here or transfer it to any other cryptocurrency exchange or IOTA wallet.
Following is a list of cryptocurrency exchanges from where you can buy IOTA cryptocurrency:
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