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.
Here is a short method to explain you ” How To Buy IOTA”? [For those who aren’t new in crypto world]
- Open Coinmarketcap.com
- Type IOTA in SEARCH BOX ( or any other cryptocurrency you wish to buy), and press enter
- Click on “Markets” section and here you will get a complete list of cryptocurrency exchange supporting buying/selling of IOTA ( or other cryptocurrencies that you typed initially in search box).
- Visit the cryptocurrency exchange and buy it in exchange of Bitcoin/Ether
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”
What is 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:
- Fee Less
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.
Some of the partnerships that IOTA has made:-
- IOTA Foundation Partners Up With Taiwan To Explore Smart City Solutions
- BOSCH Invests In IOTA, Buys Significant Amount Of IOTA Tokens
- I“../iota-collaborates-with-volkswagen-and-samsung/”>OTA Collaborates With Volkswagen AG, Samsung Group and Cisco To Bring Changes Into Data Marketplace
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
Some of the areas where IOTA can be used by:
- Sensors that sell data in real time to computational stations
- Sensors that buy analytical capabilities of computational stations
- Consumers to buy electricity
- Devices to buy a storage space
- Ensuring data integrity for IoT devices
- E-governance and e-voting
How To Buy IOTA Cryptocurrency? ( Detailed Procdure)
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)
- Step 1:Visit Binance and set up an account
- Step 2: Deposit Bitcoin or Ether to your Binance Wallet. ( Bitcoin wallet has it’s own wallet address and Ether has it’s own seperate wallet address)
- Step 3: Buy IOTA in exchange of Bitcoin/Ether
Now let’s explain you in detail about each and every step for a hassle free way to buy IOTA Cryptocurrency
Step 1: Setting up a Binance Account
- Visit Binance.com
- Create an account with valid username and password as directed on the registration page. After registering, you would be required to verify your e-mail id.
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.
Step 2: Deposit your Bitcoin/Ether To Your Binance Wallet
- On Binance, go to your top right-hand corner tab, labeled “Wallets.” and click there.
- The cryptocurrency you plan to fund with will determine your next action, if Bitcoin, click on the “+” symbol by Bitcoin. Do the same if you are planning to deposit Ethereum.
- After a few minutes, the platform will generate a wallet address associated with your account. When that is displayed, copy it and go to your wallet where you have Ether or Bitcoin stored. Paste the Binance wallet address and send the desired quantity. You can also scan and send instead of copying,pasting the address.
- After a successful transfer, give some time for your Bitcoin or Ether to get credited in your Binance Wallet.
Step 3: Buy IOTA on Binance
- Once your Bitcoin or Ether is successfully transferred, you can easily view to confirm that in your “Wallets,” you are good to start the process of buying IOTA tokens.
- Click on Binance logo; this will take you to the page where you see all market assets available.
- Click on either BTC-IOTA or ETH-IOTA depending on what you funded your account at Binance.
- Locate the “Trading” section on the page and in the Buy IOTA box, enter the units of IOTA you will like to purchase in the Unit Box.
- Right in front of bid label, click on the price drop down and choose bid option.
- Once the Total section for Bitcoin or Ether auto fills, click on the Buy IOTA button at the bottom of that section.
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.
From Where To Buy IOTA Cryptocurrency
Following is a list of cryptocurrency exchanges from where you can buy IOTA cryptocurrency:
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