IOTA (MIOTA) Buy Instructions | Paypal, Credit Card & SEPA
What is IOTA? If you like the idea of the Internet of Things, no transaction fees and a cryptocurrency that blockchain has abandoned for a completely new technology, then IOTA could be the cryptocurrency for you. Maybe the blockchain is old hat and the new technology from IOTA will be the technology that really changes the world? We'll find out in the IOTA guide below.
IOTA definition: what's behind the name?
IOTA is derived from a Greek word and means an extremely small amount of something. This refers to the ability of cryptocurrencies to process microtransactions both quickly and for free.
However, the IOTA team would say that this is part of the meaning behind the name and that it officially stands for "Internet Of Things Application". If "Internet of Things" is new to you, then you will find it here the definition.
IOTA also refers to the smallest unit in cryptocurrency. One 'kilo of IOTA' would consist of 1.000 IOTA. This system of units extends to the Peta IOTA. Take a look at the following visualization to understand the whole system of units in this cryptocurrency:
You should also note that the IOTA ticker symbol is MIOTA. This is important in finding the right cryptocurrency exchange market.
What is IOTA?
It is important to understand what the Internet of Things is all about. In short, it connects different devices together and allows you to talk to each other. Would you want to control your printer, lighting, entertainment system, and home security system from a single device like your phone? We bet most people would say this sounds amazing and want that kind of networking. The world is already moving towards the Internet of Things. We don't think it's a question of whether or not the Internet of Things will expand in the future, but rather whether IOTA will be the cryptocurrency for it.
Like Bitcoin, IOTA is a public ledger. However, it has no fees and does not use the blockchain. Instead, it uses a new technology called "Tangle". This system actually gets better as the number of users increases and is designed to handle microtransactions exceptionally well. The idea is that this efficient micropayment system will be used to run the Internet of Things.
The Internet of Things: Why IOTA?
There is little doubt that blockchain has value. Therefore So many big companies are investing millions of dollars into the research and development of blockchain. However, blockchain-based cryptocurrencies have major disadvantages, such as relatively high minimum transaction fees. When it comes to the Internet of Things, most people agree that the fees need to be exceptionally low. Microtransactions don't make sense if the fees are higher than the actual payment amount. In this regard, IOTA can create added value.
With the Internet of Things, devices will communicate with each other and different devices will be required to perform functions. This requires a kind of base currency between the devices. IOTA is trying to solve exactly this problem. Thanks to Tangle technology, IOTA can process transactions for free and the network will get stronger as it grows. Therefore, the cryptocurrency is well suited to be the solution to this problem.
The IOTA Tangle technology
Tangle is able to both verify transactions and process them immediately. Incredibly, it can do this without the use of miners (unlike other cryptocurrencies like Bitcoin). This means that no rewards have to be paid to the miners and thus no transaction fee is incurred. IOTA Tangle achieves this by creating a system where a user, by processing a transaction, verifies the two previous transactions. This past transaction verification must take place before the user can send their payment. This means that the more users act on the system, the stronger the Tangle system.
The way IOTA Tangle checks transactions creates a network or 'tangle' of transactions (hence the name). This is illustrated in the following visualization:
IOTA was also developed with a view to future security. There is a lot of talk in the cryptocurrency space about whether quantum computing could affect the Bitcoin network. Because of this threat, IOTA actually uses so-called Winternez hash-based signatures. In short, these signatures enable transactions to be sent.
Research has Winternez hash-based signatures classified as resistant to quantum computers, which is why the team decided to use them. While quantum computing is not currently a serious threat to cryptocurrencies, it is widely viewed as a threat that could compromise the security of most cryptocurrencies. It remains to be seen whether quantum computing will pose a threat to cryptocurrencies in the future. However, IOTA has seized the chance and created an already quantum safe cryptocurrency.
The real uses of crypto
IOTA is some impressive Partnerships with leading industrial companies entered into. These include partnerships with automobile manufacturers such as Volkswagen, the kitchenware manufacturer Bosch and the telecommunications provider Cisco. The cryptocurrency is making waves in the realm of traditional business. This interest is certainly key to bringing cryptocurrency to the forefront of the Internet of Things revolution.
The fact that IOTA has been able to partner with some of the titans in the industry shows that cryptocurrency has a real use case. If the concept had no value, would those like Cisco choose to work with the cryptocurrency?
In essence, IOTA is trying to be the glue that enables this new economy to work. In fact, if cryptocurrency and the Internet of Things are successful and widespread, then having at least a few IOTA coins is not a bad idea.
The rise of the machines?
IOTA and the Internet of Things have the potential to change the world. It could be a change on a scale we've never seen before. For example, it would impact the way business is done, the legal system works, and the acceleration of automation.
Let's look at the humble one "Roomba" robot vacuum cleaner. If you don't know him, you can just watch YouTube videos of him. Imagine if it were now connected to the Internet of Things. Technology already exists that allows devices to know if they are faulty and which part of the device is having a problem. A Roomba with a broken wheel may know it needs a wheel change. When connected to the Internet of Things, Roomba also has the option to contact a Roomba bike repair shop, order a new bike and pay for it with IOTA.
This technological shift begs the question of whether machines should be able to enter into legally binding contracts like the purchase of a product. For example, imagine someone banned their Roomba and parked it somewhere in the wilderness of the United States, but it still had many IOTA coins loaded on it. Would companies be able to accept payments with this device?
Technically, it would not be owned by anyone and any company that accepted the Roomba's IOTA would make an arrangement with a machine. It therefore seems very likely that the Internet of Things will usher in a new era in which machines actively participate in the economy. Exceptionally, this is likely to lead to legal systems changing and taking this increasing phenomenon into account.
Maybe we don't want the Internet of Things to be too successful. In the short term, most would agree that IOTA has the potential to make our lives easier. However, when we think of this technology combined with artificial intelligence and machine learning, is the rise of machines perhaps a very real risk?
IOTA has positioned itself as one of the largest cryptocurrencies in the Internet of Things. In fact, the project is already in the top ten crypto currencies. Perhaps that's not surprising as IOTA could be used to connect every device on the planet. If the solution that IOTA is proposing actually works, then cryptocurrency will be of incredible importance.
There is no doubt that this is an extremely ambitious project. It's not just about the technology behind IOTA, but also about the team. Without large corporate partnerships for mass adaptation and proper leadership, this project won't work. We have that 50-person team from IOTA respected and think it is exceptionally balanced and filled with high performers. The team consists of members who specialize in everything from engineering and research to partnership forging and ecosystem development to public relations and business development. In the following, however, we will only deal with the three members of the Executive Board.
Co-Chairman & Founder - David Sønstebø
David is a serial entrepreneur whose mission is to create technology that can drive progress. Prior to founding the IOTA project, David was the founder and CEO of Stealth. This was a company that focused on developing a low-power processor for the Internet of Things.
Co-Chairman & Founder - Dominik Schiener
Dominik "Fileyyy" was the first company to specialize in connecting companies. Then he co-founded the Bithaus GmbH, which was intended as a crypto currency for Fiat exchange in Switzerland. Unfortunately this project failed. Not deterred by this setback, Dominik then founded Finhaus, which focused on the application of blockchain in the financial sector. Then he joined the IOTA project.
Board of Directors - Ralf Rottmann
Ralf has taken many different stations with him on his twenty-year business trip. Among other things, he was head of IT strategy, editor for tech blogs, partner and investor in a tech incubator. Ralf brings a lot of experience and technical know-how to the IOTA team and we are sure that he is a very valuable member.
The future of IOTA
IOTA is certainly well positioned to power the Internet of Things. The cryptocurrency already has some particularly impressive corporate partnerships. What's even more exciting is that Taipei in Taiwan has announced that it will transform into a smart city and has finally decided to partner with the cryptocurrency. Even if Taipei is a relatively small city with around three million inhabitants, this project could pave the way for other cities and offer a model of the smart city that can be copied. This has fueled some speculation that MIOTA might be the cryptocurrency that powers the world.
While it is easy to get carried away with the potential of IOTA, the truth is that we are not far off in terms of IOTA adoption. Yes, the cryptocurrency has great potential. However, it must first live up to its expectations. Until that happens, the cryptocurrency will face significant speculation and is likely to be volatile in its price action.
It is also possible that something better or wider will replace the IOTA. Of course, in that case it would be a disaster for the cryptocurrency and its investors. We have little doubt that the Internet of Things is coming. The real question is whether or not IOTA will become the IoT currency.
The IOTA ICO took place in November 2015 and raised more than $ 400,000. The project has proven that it doesn't take tens of millions in funding to be among the top ten cryptocurrencies.
In the summer of 2017, MIOTA was first presented at KuCoin exchange and it even went so far that the cryptocurrency was traded more heavily than Bitcoin.
ICO investors have paid fractions of a cent per token and even if the coin is worth only 98 cents, ICO investors still have a return of 226.182%. IOTA is currently one of the most profitable ICOs in cryptocurrency history.
Should You Invest?
- The cryptocurrency is exceptionally well positioned to be the currency of the Internet of Things. It has already partnered with some of the largest companies in the world and Taipei has announced that they will be using crypto in their new smart city.
- There are no transaction fees.
- The cryptocurrency is designed to be future-proof. Quantum resistance is proof of that.
- IOTA does not use blockchain technology. In the future, Tangle technology may become the new standard for distributed ledgers.
- In economic terms, the Internet of Things has the potential to be one of the largest markets we have ever seen. The potential is to connect every device on the planet via the Internet of Things (IoT). This revolution is likely to disrupt many traditional practices and result in significant efficiency gains worldwide.
- While the project is well positioned to become the currency for the Internet of Things, it is by no means secured.
- The Internet of Things could just be a concept that will never materialize. This would severely limit the potential of the cryptocurrency.
- The cryptocurrency needs to enter into significantly more partnerships with hardware manufacturers so that it can be used on a large scale.
- A better solution than IOTA could prevail. This would make the cryptocurrency obsolete.
Are you late to invest in IOTA?
IOTA has brought its ICO investors the second highest return in the history of cryptocurrency. If you had only invested a dollar in the ICO then you would now be sitting on a profit of $ 2,21. Since this type of return has already been generated, does it mean investors are now too late to buy IOTA coins?
The cryptocurrency was publicly traded on the stock exchanges in mid-June 2017. At that time, the IOTA coin could be bought for 64 cents. The coin’s profit potential is still respectable. Keep in mind that the IOTA price hit an all-time high of $ 2017 per coin back in December 5,23 and is now available at a much cheaper price. That means if the crypto market hits its all-time high again, investors would be making a 450% profit today.
The exciting thing about the Internet of Things is that it hasn't even started properly. In the future, virtually every device in the world could be connected via the IoT. The vision is that IOTA would be the currency for this new economy made up of billions of different devices. Even if this is only partially the case, there is no doubt that the IOTA coin would be well above its current all-time high.
In short, you are not too late to buy IOTA coins. The Internet of Things is just beginning and will likely take many years to develop properly. The team at Bitcoin-News believe that the cryptocurrency is well positioned to play a key role in this new economy and should do well in the bull market.
How high could IOTA go?
Although the Internet of Things is a new and emerging market, it is already valued at $ 157 billion, according to Forbes. The IoT market is forecast to be worth $ 2020 billion by 457. The exciting thing about the IoT is that its value will increase every year for the foreseeable future and it is very likely that it will become one of the most valuable markets in the world.
If IOTA successfully becomes the currency of the Internet of Things, it wouldn't be absurd to think that it will be used more than most major currencies. This would inevitably lead to a massive increase in the IOTA price.
In order for cryptocurrency to reach its full potential, it must continue to partner with IoT hardware manufacturers. The good news for IOTA investors is that the project already has significant partnerships with Cisco, Bosch and Volkswagen. If the team can continue to convince these titans of the industry to support the IOTA coin, then this would underpin its claim to be the currency of the IoT economy.
Cryptocurrencies are speculative investments and nobody can predict 100% how a cryptocurrency will develop in the future. However, IOTA is perhaps the best positioned cryptocurrency to play a key role in the IoT economy. So we wouldn't be surprised if we saw an IOTA price spike in the next cryptocurrency bullrun.
Buying IOTA coins - our top 2 options
With the many different cryptocurrency exchanges, it can be difficult to identify which to buy from IOTA to find a suitable exchange. We have researched for you and present our top 2 options below.
Our first way to buy IOTA cryptocurrency is perfect for investors looking to buy in conventional currency like the USD. You should be aware that it is difficult to buy IOTA directly from a single account on an exchange or broker. Instead, use best Coinbasewhere you can buy Bitcoin or Ethereum in normal currency. Once you have your Ethereum or Bitcoin, you can send it to another cryptocurrency exchange like Binance and trade it against IOTA. We think Coinbase is the easiest way to get into the cryptocurrency market due to its ease of use and top notch mobile app.
Those of you who already have Bitcoin or Ethereum can skip the chapter on Coinbase and immediately read our guide to exchanging IOTA coins on the Binance exchange.
Create a Coinbase account
- History: Coinbase was founded in 2012 and is the world's most popular cryptocurrency exchange
- investors: Coinbase has strong investors such as venture capital company IVP, the New York Stock Exchange, and more
- Easy: Coinbase is known and loved for its easy to use user interface
- Minimum deposit: You can already invest in cryptocurrencies on Coinbase with amounts from € 6
- Regulated: Coinbase is one of the few cryptocurrency exchanges that is regulated
- Insurance: Client funds are insured and segregated
- Deposit methods: Credit / Debit Card, Wire Transfer and PayPal for US customers
- Tradable cryptocurrencies: Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic. Litecoin, 0x and more coming
Do you need help setting up a Coinbase account? Just read our guide.
Now the first step is done and you are ready for your first cryptocurrencies. But you may be wondering where can I find IOTA on Coinbase? IOTA itself is not available to buy directly from Coinbase. To get to IOTA, you first need Bitcoin or Ethereum on Coinbase and then send these coins to an exchange to buy IOTA with BTC or ETH.
The fastest way to buy BTC or ETH on Coinbase
- Go to the Buy / Sell page on your account.
- Add a payment method to your Coinbase account.
- You can now choose between different payment methods: credit card payments or bank transfer. One factor to consider when making a decision is how badly you need your coins. A bank transfer has lower deposit fees, but it takes between 2 and 5 days for your cryptocurrencies to be credited to your Coinbase account.
- Option 2: You can deposit funds with a credit or debit card. You pay a fee of around 3%, but receive your coins directly.
Both methods are easy to perform and ensure that your money lands safely in your Coinbase account. After the deposit you will receive an email informing you when your deposit was successful.
- Once your account is funded, select Bitcoin or Ethereum in the “Buy / Sell” section.
- Enter the amount for which you want to buy Bitcoin, for example.
- As the payment method, select the currency wallet you have deposited into (in this example we used EUR).
- Complete your order by clicking "Confirm Purchase".
Do you want to buy cryptocurrencies even cheaper on Coinbase?
Then take a look at our Coinbase Guide. Here we show you how you can transfer your funds to the subsidiary with a little more effort Coinbase Pro can send. On Coinbase Pro you can save fees on every single purchase, trade or sending of coins.
Once you have successfully bought Ethereum or Bitcoin on Coinbase, you are ready for the next step.
Setting up an IOTA wallet
Since IOTA does not use blockchain and is based on its own unique Tangle technology, you will need to use a wallet specially designed for IOTA storage. We recommend that you use the official GUI wallet. Do you need help setting it up? We have a special article published that shows you all the steps.
Build a BinanceAccount
By now you should have set up Ethereum or Bitcoin on Coinbase and your IOTA wallet. Now is the time to set up your cryptocurrency exchange account so you can trade Bitcoin or Ethereum for IOTA coins. The most popular cryptocurrency exchange in the world and for IOTA is Binance. We don't believe that you can go wrong with Binance and therefore recommend the exchange to you.
- The largest exchange in the world: Binance has the highest crypto trading volume in the world.
- The one-stop shop: Over 100 different cryptocurrencies are available on the exchange.
- Easy to handle: The swap has received a lot of praise for being simple and straightforward.
- Customer support: Binance has invested in multi-language support.
Do you need help setting up a Binance account? Just take a look at our Binance Guide.
From Coinbase to Binance - Guide
You can start immediately as soon as your Binance account is set up. Regardless of whether you have your Bitcoin or Ethereum on Coinbase or in another wallet, you have to send your coins to Binance in order to trade them for IOTA.
- Log into your Binance account.
- Select "Funds" and click "Deposit".
- Make sure you select the cryptocurrency that you bought on Coinbase. If you choose the wrong cryptocurrency, you can lose your money!
- You will now see your Binance deposit address. This address is your new individual wallet address to which you will send your coins. Copy this address and go back to Coinbase. We used Bitcoin in the example.
- Log into Coinbase and go to the “Accounts” tab.
- Click on “Send” for the cryptocurrency from which you have just copied the wallet address (Binance).
- Paste your Binance deposit address into the recipient address field and enter the amount you wish to send.
- Click "Next" and complete the transaction. Your coins should appear on Binance shortly.
Do you have crypto in another wallet?
- Just send your crypto to your Binance deposit address.
Trade Bitcoin & Ethereum for IOTA on Binance
- Make sure you are signed in to Binance and go to the homepage. You will then see a list of markets and various cryptocurrencies. First you need to choose the right market. Choose "BTC Markets" for Bitcoin or "ETH Markets" for Ethereum. Then enter 'IOTA' in the search box.
- The "Binance Trading" screen appears. Select the “Market” button to buy the IOTA coin at the current market price. Then enter the number you want to buy. Binance also gives you the option to use a percentage of your balance on buying cryptos.
- After you have clicked on the "Buy IOTA" button, your purchase will be confirmed and your IOTA coins will be displayed on your account.
How do I send IOTA to my wallet?
If you do not want to continue trading with IOTA immediately, we recommend that you keep IOTA coins in a wallet. Binance is a natural target for hacker attacks and even if the exchange has top-notch security, you shouldn't take any chances.
To transfer your IOTA coins to your IOTA GUI wallet, just follow the steps below:
- Copy your public address from your GUI wallet.
- Make sure you are logged into your Binance account.
- Click on "Funds" in the top navigation bar and then on "Withdrawals".
- Select "IOTA" from the drop-down list. Then add your public address for the wallet in the "IOTA Withdrawal Address" field. Once you have entered the number of coins you want to withdraw, click "Send" and your coins will be sent to your wallet.
Important: Binance charges a fee for processing withdrawals. The fees change regularly. However, you can see the current withdrawal fee for IOTA coins here.
There you have our top 2 ways to buy IOTA. At Bitcoin-News.one, we are extremely excited to see how the Internet of Things will grow in the next few years. IOTA is certainly in pole position to be the crypto of the IoT. However, we believe that IOTA needs to expand its extensive list of partnerships with IoT hardware manufacturers. If the project manages to work with the dominant companies in the new Internet of Things economy, then we have no doubt that IOTA will play a key role in this new market.
We believe that the Internet of Things could be the largest market on the planet and the potential is almost limitless. It is very easy to get carried away by the possibilities of IOTA. However, it is likely that adopting the crypto will either be all or nothing. That means that investors in this cryptocurrency should be ready to lose their entire investment. On the other hand, IOTA also has this enormous potential. That would of course be good news for anyone who has invested in this project. We'll see in the future whether IOTA will actually become the currency of the IoT.