How To Buy IOTA (MIOTA)?

How To Buy  IOTA (MIOTA)

A common question you often see on social media from crypto beginners is “Where can I buy IOTA?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. 

Step 1: Create an account on an exchange that supports IOTA (MIOTA)

First, you will need to open an account on a cryptocurrency exchange that supports IOTA (MIOTA).
We recommend the following based on functionality, reputation, security, support and fees:

1

 Binance

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 Bittrex

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In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.

Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.

Step 2: Deposit funds into your account

Many cryptocurrency exchanges will allow you to purchase IOTA (MIOTA) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.

Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.

Step 3: Buy IOTA (MIOTA)

This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for IOTA (MIOTA) or IOTA (MIOTA) trading pairs. Look for the section that will allow you to buy IOTA (MIOTA), and enter the amount of the cryptocurrency that you want to spend for IOTA (MIOTA) or the amount of fiat currency that you want to spend towards buying IOTA (MIOTA). The exchange will then calculate the equivalent amount of IOTA (MIOTA) based on the current market rate.

Note: Make sure to always double-check your transaction details, such as the amount of IOTA (MIOTA) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.

For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out. 

Simplecryptoguide.com

What Is IOTA (MIOTA)?

The name IOTA denotes various elements of the IOTA Foundation’s distributed ledger technology (DLT) solutions. IOTA is a distributed ledger technology built on a proprietary directed acyclic graph (DAG) called the Tangle, which you can picture as a multi-dimensional blockchain. It allows for the exchange of information and value on a decentralized platform that enables direct and secure transfers, which are executed through and recorded immutably on the network. The base layer, referred to either as “IOTA” or “the Tangle,” allows for feeless micro-payment transactions between devices. This provides the basis for what the IOTA Foundation dubs a “machine economy” and supports multiple other use cases. 
Iota is also the name of the native currency on this protocol, distinguishable from the name of the protocol by its lowercase formatting. One iota is the smallest unit of currency available for purchase. A finite number of approximately 2.7 quadrillion iotas exist. You can think of one iota as being similar to the smallest available unit of Bitcoin (BTC), one satoshi. All of the iotas in circulation were created by the very first transaction on the Tangle, called the “genesis transaction.” IOTA is non-inflationary by design, meaning that its value cannot be diluted by exponentially increasing the amount of tokens in order to, for example, reward miners or stakers for their services. 

What Is the IOTA Foundation?

The IOTA Foundation is a global charitable non-profit organization that develops the IOTA protocol and steers open-source governance to bring this technology to production maturity. Headquartered in Berlin, the IOTA Foundation aims to build a standardized protocol for the Internet of Things (IoT). 

The IOTA Foundation is a global network of developers, designers, engineers and entrepreneurs working to make IOTA a comprehensive and secure distributed ledger technology. The Foundation aims to transform IOTA into an enabling technology that will be adopted and customized by enterprises and individuals across industries and use cases. 

As the internet evolves and more aspects of our world become digitally connected, the Foundation aims to use the IOTA protocol to enable a new form of value exchange and establish a web of trust between devices and people, as well as between the devices (“things”) themselves. This evolution of value and data exchange will optimize manufacturing, supply chains, civic engineering, transportation, finance and other industries. This new form of exchange is what we call the “machine economy.” Applications in e-commerce or for human-to-human purposes, however, can still be provided for with a fee-less cryptocurrency like IOTA.

The founding principles of the IOTA Foundation revolve around open-source and community-centered ethics. The Foundation believes the machine economy should be built on a feeless protocol, be scalable and ecologically friendly, and allow for a low-energy exchange of value and information. The IOTA Foundation’s Board of Directors includes Dominik Schiener, Dr. Serguei Popov and Dr. Navin Ramachandran. 

The IOTA Foundation was founded in 2015 to address some universally perceived shortcomings of blockchain technology. IOTA’s founders saw an opportunity for a technology that could scale to the level of enterprise and civic projects while simultaneously reducing or eliminating the fees associated with blockchain transactions.

Scalability and fee-less transactions remain the guiding principles behind most of the developments at IOTA. These principles have positioned IOTA to become a standardized network protocol for applications like the Internet of Things, in which “transactions” can involve something as small as one tiny sensor in a vehicle. In order for the IoT to scale to the level of a city or a traffic system, these millions of transactions would need to be unencumbered by the fees inherent to nearly all public blockchains currently in existence. 

In terms of scalability and flexibility, IOTA’s founders also sought to improve upon existing blockchain transaction speeds. Blockchain transactions are typically limited by the speed at which miners can discover new blocks, called block timing. This precludes any applications that require near-real time settlement, such as traffic management that is secured directly on the base layer of a DLT. IOTA uses a much lighter transaction consensus model, which dramatically improves transaction speed and its finality, allowing actors to secure any transaction or data on-chain instead of having to outsource them to a second layer solution

What Does IOTA Mean?

The word iota refers to the Greek letter Iota and its contemporary definition, meaning a minuscule amount of something. The name was chosen by the IOTA Foundation because the Internet of Things will consist of billions of tiny transactions and exchanges per day. Although tiny transactions are not the only thing that the Tangle can facilitate, the ability to scale from tiny machine sensors to the largest networks of civic architecture is a distinguishing feature of the IOTA ledger.

What Is MIOTA?

When purchasing iotas or analyzing market activity, it is much more common to see MIOTA listed as the unit of currency. One Miota is equal to one million iotas. (Miota means mega-iota, in the same way that a megabyte is equal to one million bytes.) Miota is used as the unit of trade to keep the numbers manageable. On most crypto exchanges, one Miota (one million iotas) is the unit that is being bought or sold. 

What Is the Tangle?

The Tangle is the name of IOTA’s underlying architecture of a directed acyclic graph (DAG). It allows for a multitude of individual transactions to connect with each other, rather than collecting them into sequential blocks, as in blockchains. Visually, this overlapping network of tiny connected transactions looks like a tangled web, with a single direction, rather than a single line, as in blockchains. Hence, the name “the Tangle.”
The Tangle is IOTA’s version of a blockchain network protocol. Every new transaction is required to confirm two or more previous transactions, as opposed to miners or validators (in proof-of-stake systems) confirming aggregated blocks of new transactions in predefined intervals. 
Since the Tangle is a DAG, it can potentially confirm tiny transactions much faster than conventional blockchain technology. Because there are no miners, transactions on IOTA do not have to wait to be included in newly generated blocks, nor do they require any fees in order to be processed by the network. These factors give IOTA scaling properties that allow the network to both process the transactions of large-scale businesses and, equally, transactions that are based on data from a tiny sensor within a device. The Tangle is a scalable distributed ledger technology with one of the smallest – if not the smallest – energy footprint of any public DLT. 

What Is Distributed Ledger Technology?

Distributed ledger technology (DLT) is the general term for what is commonly referred to as blockchain. Blockchain is one type of DLT and IOTA’s directed acyclic graph (DAG) is another specific type of DLT. 

A DLT is a database: picture a large number of Excel sheets distributed between nodes in a peer-to-peer network. Whereas most databases are centrally located, DLTs are (as the name suggests) distributed databases that share information amongst multiple nodes in a network. These nodes can be personal computers, servers, or the gigantic warehouses of computers commonly used for blockchain mining farms.

The validity check for any transaction — and the test for whether it will be recorded in the ledger – is preprogrammed in the DLT’s code. Transactions validated on a blockchain or on a DAG are automatically vetted by multiple network nodes, making them trustworthy and secure. The vast majority of nodes agree on the validity of a ledger state, providing a trustworthy record of transactions of the past and thereby enabling trustworthy transactions in the future.

This means that DLTs are more public and transparent than private databases. There is still privacy due to data encryption, yet, crucially, all involved parties are able to view all the transactions that have ever occurred on a given DLT, by design. The ledger in a DLT is immutable, meaning that the ledger state cannot be changed. This is because all of the nodes have agreed to one common record, which will be adhered to as long as the majority continues to accept it. 

DLTs can be either permissioned or permissionless. In the first case, the networks are public environments in which anyone can participate; in the latter, they are non-public, invitation-only networks. As IOTA is an open-source framework, networks can be deployed in either configuration. However, the gold standard for DLT developers (and the area that still presents the highest number of unsolved challenges) is a permissionless DLT for an open, machine-to-machine economy, which could automatically target the largest possible addressable market.

What can you use IOTA (MIOTA) for?

A long list of individuals and organizations are already leveraging IOTA for their purposes. At the same time, work remains to be done for IOTA to achieve true decentralization. The IOTA Foundation’s research and engineering departments are both devoting their energies to meeting this goal, in tandem with the wider public and academic community.
The potential applications for IOTA are numerous. As an IOTA transaction does not require a fee to be paid, business models on a sub-cent level become viable. In the future, most instances of the IOTA protocol will most likely be running in a system’s background, invisible to end users. IOTA will be the enabling infrastructure for a vast number of different scenarios, from smart cities to bridge networks between various cryptocurrency exchanges, as well as digital identities, automation and data markets.

The IOTA Foundation is building and enabling the technologies necessary for this future to become a reality. This demands a dizzying toolset and frameworks that would allow enterprise partners and individuals to make full use of the benefits of the Tangle. 

To get involved immediately with IOTA, you might consider setting up a node on your own computer or server. This will allow you to interact directly with the Tangle in its current state. You can find a wealth of information and community-driven projects on IOTA blogs and official github repositories, as well as in many community github repositories. 

Why Doesn’t IOTA Have Miners or Blocks?

IOTA’s underlying protocol, the Tangle, is not a blockchain. The consensus mechanism of the Tangle does not rely on miners to determine the set of approved transactions. A bonus of not having any miners is that IOTA does not need the huge mining farms that are used in conventional blockchain operations. In fact, IOTA is a much more environmentally friendly DLT. It uses fractions of a penny’s worth of electricity for basic network processing, whereas blockchains can require enough energy to power a small country (at the time of writing, Bitcoin uses more energy than Norway.) 

Rather than mining operations that rely on power-hungry computational processing, IOTA’s transactions are confirmed every time a new transaction is conducted on the network. Until IOTA 2.0 will be deployed on the mainnet, all new transactions must confirm at least two previous transactions that have recently taken place on the network. A cryptographically-enabled computation prevents double spending, and the confirmations are transmitted to all the other nodes on the network. In this way, all the nodes participate and share the exact same view of what has been approved on the network.

What Is the Coordinator?

The Coordinator is a specialized client that is owned and controlled by the IOTA Foundation. By issuing specialized transactions called milestones, the Coordinator client allows all the nodes in an IOTA network to verify the integrity of the ledger. The Coordinator achieves this security processing through a complex mechanism of transaction indexes, accepted collectively by all nodes in the network. 

What Is Coordicide? 

The term Coordicide refers to the killing off of the Coordinator: the day that the IOTA Foundation will no longer rely on a centralized issuer of milestones to provide a secondary security feature and network security element. 

Once Coordicide is implemented, IOTA will be a protocol that has achieved not only significant scalability and security but also decentralization. The problem of solving all of these three aspects is often referred to as the “crypto trilemma.”

For example, with Bitcoin and its parent DLT, blockchain, the two aspects of the crypto trilemma that are most fully satisfied are security, followed by decentralization. The Bitcoin network is highly secure thanks to its robust cryptographic architecture and system of miners that execute proof-of-work (PoW) computational processes in order to establish and link up new blocks in the network’s chain. However, this PoW mechanism denies Bitcoin any meaningful scalability. New transactions must wait too long and their initiators must pay fees for network inclusion. Both of these consequences limit the viability of blockchain being used in IoT, to take one example.

IOTA, on the other hand, offers top-level security thanks to its cryptographic consensus mechanism. It also offers tremendous scalability, and the consensus mechanism itself is feeless and low-energy. However, the security provided by the Coordinator, in its issuing of milestones that other nodes reference periodically, means that IOTA is not yet truly decentralized. There is a single point of failure that can potentially shut down the entire network. 

With the removal of this secondary and centralized security measure via Coordicide, the IOTA protocol will reach its full maturity as a technology and become fully decentralized. Barring any major developments in the crypto world, this network evolution would make IOTA the first DLT that offers scalability, security and decentralization, without incurring any fees. 

What Is the Transactions per Second Rate of IOTA?

Prior to Coordicide, the Transactions per Second (TPS) rate remains limited by the processing power of the nodes in the Tangle. Tests performed on the Tangle show that this number is above 1000 transactions per second, and likely much more if nodes themselves are run on powerful hardware. When Coordicide and the concept of sharding are implemented, the upper bound of the network’s potential throughput will be dictated by the amount of logical shards in the network. Each shard will have its own isolated throughput properties. The scalability properties of IOTA will then facilitate the scenarios for the network architecture of the Internet of Things.  

What Is Trinity?

Trinity was the first crypto wallet released by the IOTA Foundation. It has been phased out and replaced by Firefly.

What Is Firefly?

Firefly is the second and latest version of IOTA’s crypto wallet. The Firefly Wallet is the official entry point and home base for anyone holding IOTA tokens. The architecture behind the Firefly Wallet is modular, meaning that new modules will be made available with further advances in the ecosystem and old modules will be updated or replaced as necessary.

What Is Mana?

Mana is part of IOTA’s consensus model and provides a technical solution for congestion control and Sybil attacks – two problems any cryptocurrency-based DLT must face. A Sybil attack happens when a malicious actor assumes a large number of identities in order to undermine the authority of the system. Congestion control refers to managing the problems arising from heavy traffic that degrades the normal functioning of a network.

The Mana solution is quite complex. In short, Mana acts as a “shadow currency,” a scarce resource within the IOTA network. It can be acquired by holding IOTA tokens, processing transactions as a node, or renting it from other users. Its scarcity makes it difficult to acquire, so the security of the IOTA network is effectively based on the reputation of nodes within the network holding Mana that is generated by value transactions that are issued through them. 

What Is Stronghold?

Stronghold is a security protocol that was built to protect IOTA seeds in the Firefly Wallet environment. However, like most products built by IOTA, Stronghold is open-source and its software library is available for anyone that needs to protect secrets, digital assets or personal information. Stronghold contains a peer-to-peer communication layer, allowing various apps to exchange secure information. Stronghold will also be built into the IOTA Identity framework. Its main security feature is to protect the processing and handling of cryptographic secrets in a memory-safe fashion, not unlike popular hardware wallets. 

What Is IOTA Access?

IOTA Access is an open-source framework that allows enterprises, organizations and individuals to develop access control systems for the use of IoT-enabled devices. IOTA Access utilizes the power of the Tangle to provide anyone with a detailed level of control over a given smart device network. 

Such a network could take many forms, from building door access systems for employees that take into account specific doors, times of day and building areas, to the controlled access of the WiFi network at a coffee shop. The framework is designed to be lightweight and secure with very low energy requirements, so that the configuration of smart devices remains as flexible as possible.

What Is IOTA Identity?

IOTA Identity is an open-source framework that gives any online entity a secure and verifiable signature. This allows for the creation of networked systems that build trust between individuals, organizations and even things (such as machines). IOTA Identity can be thought of as a digital passport for individuals and things, allowing the certification and verification of online identity for any number of use cases. It can also be thought of as a regulatory control point for any networked entities that are bound to regulatory control, such as GDPR or security clearances. 

In the future, rather than a byzantine and chaotic collection of usernames and passwords, IOTA Identity will be a single source of trust for online interactions.

Official website: https://www.iota.org/

Best cryptocurrency wallet for iota (miota)

There are plenty of different crypto wallets available. The best one for you depends on your general trading habits and which provides the most security in your situation. There are two main types of wallets: hot storage wallets (digital) and cold storage or hardware wallets (physical). Both have their pros and cons, and there is not necessarily a right or wrong answer when it comes to figuring out which crypto wallet is best for you.

HOW DO I DECIDE WHICH cryptocurrency WALLET TO USE for iota (miota)?

Deciding which type of wallet to use depends on a variety of factors, including:

  • How often you trade. In general, hot wallets are better for more active cryptocurrency traders. Quick login ability means you are only a few clicks and taps away from buying and selling crypto. Cold wallets are better suited for those looking to make less frequent trades. 
  • What you want to trade. As mentioned earlier, not all wallets support all types of cryptocurrencies. However, some of the best crypto wallets have the power to trade hundreds of different currencies, providing more of a one-size-fits-all experience.
  • Your peace of mind. For those worried about hacking, having a physical cold wallet stored in a safe deposit box at the bank or somewhere at home, provides the safest, most secure option. Others might be confident in their ability to keep their hot wallets secure.
  • How much it costs. It is important to investigate the costs associated with each wallet. Many hot wallets will be free to set up. Meanwhile, cold wallets, like any piece of hardware, will cost money to purchase.
  • What it can do. While the basics of each cryptocurrency wallet are the same, additional features can help set them apart. This is especially true of hot wallets, many of which come with advanced reporting features, insights into the crypto market, the ability to convert cryptocurrencies and more. Security features can also be a good differentiator.

For a more in-depth overview of cryptocurrency wallets visit our “Cryptocurrency Wallets Explained” guide.

If you’re going to be dealing in larger volumes of crypto, investing in cold storage might prove advantageous.
Most widespead examples of this being the Ledger Nano and the Trezor.

Ledger manufactures cold storage wallets designed for users who want increased security. Their wallets are a physical device that connects to your computer. Only when the device is connected can you send your cryptocurrency from it. Ledger offers a variety of products, such as the Ledger Nano S and the Ledger Nano X (a bluetooth connected hardware wallet).

Trezor is a pioneering hardware wallet company. The combination of world-class security with an intuitive interface and compatibility with other desktop wallets, makes it ideal for beginners and experts alike. The company has gained a lot of the Bitcoin community’s respect over the years. Trezor offers two main models – The Trezor One and Trezor Model T (which has a built in touch screen).

Ledger Hardware Wallet
Trezor Hardware Wallet

Market Overview

Coinmarketcap.com

Find the latest IOTA (MIOTA) price chart, trade volume, market cap, and other vital information to help you with your cryptocurrency trading and investing.

Coinmarketcap will be your cryptocurrency go-to for just about everything. Here you can see the following:

Market Capitalization And Daily Trading Volume

Current Market Price Of Every Cryptocurrency Relative To USD (And Some Local Currencies)

Circulating And Total Supply

Historical Charts With Prices Relative To USD, Bitcoin (BTC), And Ethereum (ETH).

CMC - How To Buy IOTA

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