What is IOTA (MIOTA) and How to buy IOTA (MIOTA)

IOTA (MIOTA) is a cryptocurrency that aims to establish itself as the fuel for efficient machine-to-machine (M2M) transactions or Internet of Things (IOT). It uses directed acyclic graphs (DAG) instead of a regular blockchain, enabling various features like zero-cost transactions, infinite scalability or offline transaction. Iota is the first cryptocurrency without a blockchain.

Via the use of subtangles that reattach to the main Tangle at a later time (when a node comes back online), offline transactions can be carried out. This property offers high promises for applications in supply chain or other industries, as nodes don’t have to be online over a whole process.

IOTA Foundation is a German non-profit firm that oversees the virtual currency. The cryptocurrency has already enabled more than $10 billion in transactions and is currently being used for micropayment-based electric vehicle charging stations.

A. How to buy IOTA (MIOTA) coin

Step 1: Get Bitcoin / ETH:   

a) You can buy MIOTA using crypto currencies like BitCoin and Ethereum. I suggest to buy Ethereum as it will have lower transfer cost and it is faster than BitCoin transfer. You can buy Ethereum and BitCoin from Coinbase ( one of the the most popular exchange that allows purchase through debit card or credit card of bank account). If you use my referral link for opening account at CoinBase,  we both will get $10 as referral bonus.

If you are in country where CoinBase is not available, you can check other options to buy BitCoins and Ethereum – Read my post here.

b) You can also buy MIOTA (IOTA) using USD at BitFinex exchange. However, you need to have a verified account to deposit USD, and the account verification may tale upto 4 weeks.

Step 2:  Open an Account with Binance  and convert ETH to IOTA.

a) Now create an account with Binance (a crypto currency exchange that allows to convert one crypto coin into another). Binance supports the exchange of Ethereum to IOTA (ETH/IOTA),

b) After you open the account at Binance, you need to transfer the Ethereum from Coinbase (or other exchange) to Binance.

Go to the Funds Tab –> Select ETH wallet –> Choose “Deposit” option –> you will get an address to which you need to send ETH.

Go back to Coinbase and send the ETH to Binance address. It will take few minutes (10-15 minutes) before your ETH is reflected in Binance wallet.

c) Buy IOTA  – Go the “Markets” tab (or IOTA / ETH Link) and see in the middle of the page. You have option to buy IOTA there.  There are two option :

  • Limit order: Allows to manually set a price at which you want to buy IOTA 
  • Market Order: Buys IOTA automatically at the best available price.

You can go for the Market Order type to get your order filled instantly.

Step 3: Transfer IOTA (MIOTA) to your personal wallet (Optional)

a) This step is optional as you can keep your IOTA at Binance exchange so that you can sell it in future instantly or you can choose to transfer in to your personal wallet.  You can create free IOTA wallet through downloading the code from Github.

Download the relevant file – exe files work for Windows, .dmg files for Mac and run it and it will install the wallet onto your computer. Select “light” mode wallet type to install and set the Host as http://iota.bitfinex.com:80

Now you need to create a “seed” that is your wallet login and password. Seed needs to be 81 characters long  and allows only upper case letters and number 9.  Once you have created your seed, enter it into the wallet and click’login’.

Once the wallet is open, click on “Receive” and  you will see the wallet address to which IOTA can be sent.

b) Once you have created the wallet, login to Binance and click on “Funds” -> Deposits Withdrawal. Search for IOTA and click on Withdraw.

Enter your wallet details and set the amount as “Max”  and Submit. Make sure the details are correct. You will receive an email to confirm the withdrawal as well as code for the 2 factor authentication. Once it is done, IOTA (MIOTA) amount will be transferred from Binance to your personal wallet.

B. How does IOTA (MIOTA) compare with other Alt Coins

IOTA (MIOTA) ICO:   All IOTA tokens are premined and, as no mining is needed, no new coins are added to the system. In order to effectively enable micro-payments, 2779530283277761 IOTA were created.  IOTA held an ICO in Q4 2015 and was able to raise 3000 BTC (at that time worth around $1.2 million). These were sold at less than $0.001.

Listing:  IOTA started trading from June 2017 and it was listed at $0.63 (giving a valuation of $1.6 billion) i.e. return of over 1000 times.

Current price:  Current price is $3.70  with market capitalisation of $10 billion (means  500% returns since June 2017).

1. In first week of Dec 2017, the IOTA price surged by 90% after the news that it had partnered with the likes of Microsoft, Samsung and Fujitsu on a blockchain-based marketplace that lets them sell data. IOTA later clarified that these companies are participating in the marketplace and called participants rather then ‘partners”.
2. During last week of Dec 2017, Robert Bosch Venture Capital (RBVC), the venture arm of the German industrial giant Bosch, announced that it purchased a “significant number” of MIOTA tokens.

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