πŸ”₯ IOTA (MIOTA) wallet put to the test: our experiences in 2021!

IOTA website

Who is not intensely involved with digital currencies disputes, he might think that there would be the top crypto currencies - so Bitcoin, Ether, Binance Coin or Dogecoin. But if you dig deeper into the matter, you come across relatively unknown names. Interestingly, this also includes IOTA, although many crypto fans and experts would now say that IOTA is an interesting, promising and well-known digital currency. Mainly because this is not about blockchain technology, but about tangle.

Anyone with IOTA you will notice by now that there are a few points to consider. This means that IOTA is not just any crypto currency, but actually the alternative for all those who do not want to work with the blockchain. And since the blockchain is the technology that is behind almost every crypto currency, it may not be so easy to find an alternative - with the exception of IOTA.

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What is IOTA?

IOTA Internet of Things overview

The "Internet of Things", in short: IOT, translated: Internet of Things, should make it possible for technical devices to communicate with one another. This means that the refrigerator communicates with the lighting, the lighting then with the printer and all devices with the installed home security system. This may sound more like a science fiction film now, but it has already become as good as reality. And IOTA will play the biggest role in the finalization. Because IOTA owns, like that also with Bitcoin or other cryptocurrencies is the case, a ledger that can be viewed. That's not the blockchain, it's Tangle.

IOTA Tangle website

The differences to the blockchain? As the number of users grows, Tangle is improving. The exact opposite occurs here that can be observed with the blockchain. Because here, higher user numbers mean that the system becomes slower and more cumbersome. However, to be fair, it should be noted that the blockchain has achieved a significantly different status than Tangle. Because the blockchain may already have arrived at the center of society to a large extent and has already revolutionized one or the other industry. Although the Internet of Things project is on the home straight, Tangle is still at the beginning. Especially with a view to the role in society.

IOTA team

IOTA was founded by David Otherwiseebo. Otherwiseebo was also the co-chairman at IOTA until the end of 2020. However, the co-founder, who also had an influence on the overall development of the project that should not be underestimated, was dismissed. Some disagreements have meant that Andereebo and the IOTA Foundation had to go their separate ways. Today Dominik Schieder, co-founder of IOTA, is co-chairman. Ultimately, you have a full professional on the front line who has already gained experience with Bithaus GmbH. Even if Bithaus GmbH did not bring the hoped-for success, the experience that was gained was instructive - and led to the fact that IOTA could then work much better. In addition, there is Rolf Rottmann, an entrepreneur who has been active in the market for 20 years and who has not only earned his money with technology blogs, but has also worked as an IT strategy.

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The wallet: what to look out for?

Within the Wallet it is a software or app for the computer with which the management of digital currencies, i.e. crypto currencies, can be taken over. This usually involves receiving, sending and managing the keys, these are the passwords that you need when you have access to your digital ones Coins wants. Due to the fact that there are different wallets, it is advisable to make a comparison in advance in order to get an overview.

 

Firefly wallet

Firefly Wallet website

This wallet is the official digital wallet of the IOTA Foundation. The Firefly Wallet is the successor to the Trinity wallets. At the moment the Firefly Wallet is only available as a desktop version for the computer.

The wallet includes best practices for a very secure wallet architecture. All those who deal with IOTA should therefore deal with the Firefly Wallet. The wallet is very user-friendly, scores with several functions and is ideal for professionals, as individual setting options can be made here.

 

Ledger Nano X

Ledger Nano X in the online shop

With Ledger Nano X, a hardware wallet can also be recommended at this point. It is a rather small and inconspicuous device that is reminiscent of a USB stick. The Ledger Nano X is actually plugged in via the USB port, whereby a connection or a connection via Bluetooth is also possible. Even if the acquisition costs are in the range of 100 euros, the Ledger Nano X is definitely recommended. Because it is a very safe way of storing coins from the IOTA crypto currency. Ledger Nano S, the "little brother", can also be used if you want to buy and store IOTA.

However, the Ledger Nano X scores with a larger display, is also bluetooth-enabled and has an extensive memory, so that different crypto currencies can be managed with it.

 

Buy IOTA: The step by step guide

IOTA EHealth website

So with IOTA there is a digital currency that you definitely shouldn't ignore. Around Buy coins or to be able to speculate only with the price movement of the crypto currency, one needs access to the crypto market. Access to the crypto market is available either through the Crypto exchange, whereby there are also online brokers who offer trading or pure speculation with crypto currencies. However, it should be mentioned at this point that there is a serious difference between investing, i.e. buying coins, or speculating, i.e. only dealing with classic price speculation.

Because a crypto exchange is first and foremost an access to the crypto market in order to then access the favored one Invest in cryptocurrency to be able to. This means that you buy coins of the crypto currency, then transfer them to the desired one Wallet is the digital wallet, and is happy when the price of the cryptocurrency rises, as the invested assets also rise. If the crypto currency then reaches the desired price, you can then sell your coins. You can only sell part of the coins here and keep the rest and only sell when another milestone has been skipped.

IOTA markets overview CoinMarketCap

But you can also get access to the crypto market via an online broker. In this case, there is only speculation with the price of the cryptocurrency. This means that you don't buy any coins, you just bet your money on whether the price of the cryptocurrency will rise (in this case you open a long position) or fall (in this case you open a short position). It is important to be aware from the outset that the crypto market is very volatile.

What does that mean for the trader or investor? Anyone who misjudges the development of the market or the cryptocurrency here must take into account that there can be high losses. For this reason, it is important that you only invest capital that is freely available - in the end it may be lost. Anyone who invests money that has already been planned, for example for vacation, car repair or rent, is running an extremely high risk, since a wrong market investment threatens financial difficulties if the money is lost or significantly in the Value has shrunk.

eToro website

It is important that you clarify for yourself whether you want to invest or speculate with the price. Subsequently, you can make a comparison - that is, compare the different crypto exchanges or online brokers. If, on the other hand, you want an advantage, i.e. you want to use a platform through which you can invest in cryptocurrencies can, but speculation is also possible, should contact the provider eToro deal.

Because eToro is particularly interesting because the services of an online broker are made available here, and at the same time the offer of a Cryptocurrency exchange is presented. The advantage? So you can speculate about the price development of the crypto currency via the provider eToro, but you can also buy coins and use them in the internal wallet transfer.

eToro Wallet website

Furthermore, eToro scores with the fact that so-called social trading is offered here. That means, you take over the decisions like strategies of successful traders. So you can participate in their successes. However, to be fair, it should be noted at this point that there is of course no guarantee of profit in this case either. Even an experienced trader who even makes a living trading can be wrong. For this reason, you should also be careful here and not invest money that you need for certain expenses.

eToro Social Trading explained

The broker eToro is also regulated. The provider is based in Cyprus. That is also the reason why the CySEC - the Cyprus Securities and Exchange Commission - is behind the provider, which then checks whether the broker complies with all rules. However, this is not an indication that there are other requirements that the broker must meet. Cyprus is part of the European Union and therefore eToro has to meet the same requirements as if the broker were at home in Germany.

If you notice the offer of eToro If you have personal ideas, you can open an account.

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Step 1: Register with eToro

Create eToro account

Registration is easy and will not pose any difficulties even to beginners. Above all because eToro has been committed to targeting beginners with the product right from the start. That also explains why the registration process is self-explanatory. Just give a few personal details here. This includes the first and last name as well as the e-mail address and a user name of your choice. Finally, a password has to be generated. It is important that you create a combination of uppercase and lowercase letters, special characters and digits in order to increase security.

If the registration has been successfully completed, which usually takes less than five minutes, the first deposit can now be made. The verification only takes place in the course of the first payment - this is also the reason why the entire registration process only takes a few minutes. You can start the verification manually after registration or before the first deposit.

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Step 2: Deposit with PayPal, credit card or instant transfer 

Deposit money on eToro account

eToro scores with a variety of deposit options. Because some online brokers only accept credit cards or bank transfers. However, eToro also provides other services here - such as various eWallets and PayPal. Especially PayPal is a very interesting optionto be able to deposit money, as one benefits from the real-time transaction here. That means that the money is available immediately.

If you decide in favor of a bank transfer, for example, you have to be patient for around two to four working days until the money is available in the account. After the transaction has been completed, you can then Buy coins or speculate with the price movement.

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‍Step 3: buy and sell IOTA 

eToro markets overview

This process is also very self-explanatory with eToro. You can specify the amount you want to invest, and eToro shows how many coins you get for it. But you can also display the number of coins that you have Transfer to the wallet wants, the provider already calculates how high the amount to be invested must be. Incidentally, you do not have to transfer the purchased coins to the internal wallet, you can the wallet of an external provider choose.

If you click on "X2", however, the price speculation will start. In this case, no coins are purchased - so you don't need a wallet.

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Our conclusion: which IOTA wallet is the best?

IOTA price chart CoinMarketCap

There are promising forecasts, but they should be treated with caution. The crypto market is always good for surprises - and these don't always have to be of a positive nature. However, it should be noted that the crypto market is likely to continue to gain strength over time. Ultimately, this has the advantage that, as part of a long-term strategy, you will definitely benefit from investing in IOTA - even if the technology behind IOTA is different, a strengthening of the crypto market may of course have a positive effect on the price of the crypto currency IOTA.

We at Bitcoin-News.one find that the right wallet ultimately depends on how many MIOTA tokens you have and what exactly you want to do with them. If they are only used for trading, then it can make more sense to use eToro's internal wallet. If, on the other hand, you attach particular importance to security, then a hardware wallet like the Ledger Nano X can make more sense.

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Rebecca Tilden

There is no doubt that cryptocurrencies and the technology behind them are our future. Rebecca Tilden strives to make the transition easier for everyone by providing useful information to be part of the revolution.

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