Want to jump straight to the answer? You can buy MIOTA on eToro.
Cryptocurrency is an emerging industry. This status makes investing in this asset class riskier than traditional investments. However, it also presents opportunities for higher returns compared to traditional markets. In the realm of digital assets, Bitcoin and Ethereum are regarded as "Blue-Chip" cryptocurrencies. They are more established and pose less risk than altcoins. One altcoin worth considering for its favorable risk-to-reward ratio is IOTA. Here's how to buy IOTA in a few simple steps.
How to Buy IOTA in 2 Steps
Buying IOTA isn’t hard, but there are a couple of steps you need to take.
1. Open an Online Account
IOTA is a relatively small project, so not all crypto exchanges have listed the digital asset for investors to buy and sell. The largest U.S based exchange that gives users access to IOTA is eToro. eToro has several great features and is a top crypto exchange for several types of investors. The platform also offers dozens of other cryptocurrencies, as well as unique features like CopyTrading for large investors.
To create an account on eToro, visit the website or app and click "Join Now." Enter your email, username, and password, then provide personal information like your name and address. After completing the registration, verify your account through an email link. Once verified, you can log in, explore the platform, and fund your account using a bank account or card, while reviewing terms and trading policies before investing.
2. Make Your Purchase
All exchanges accept bitcoin for a deposit, so bitcoin can be used as the source of funds in order to purchase MIOTA. You can also fund an eToro account with other altcoins or a bank transfer. Once your account is funded, simply move the funds into USD and then select the IOTA/USD pair. After selecting the pair, go ahead and choose the amount you'd like to purchase and set either a market or limit buy order.
What Is IOTA?
IOTA is a cryptocurrency and open-source distributed ledger technology designed specifically for the Internet of Things (IoT). It is not tied to the blockchain. Rather than a chain of transaction blocks, Iota uses a tree of transactions called a tangle.
Iota confirms each individual transaction is linking with two other transactions in its tangle. No mining is necessary because validators of transactions are rewarded with the ability to process a new transaction.
IOTA's Tangle
Because Iota does not need to form blocks of transactions before validation, the Iota tangle is faster at processing individual transactions. The technical name for Iota’s mix of trunk, limbs, branches, and twigs is a directed acyclic graph (DAG).
Transactions with the longest and most often validated lengths to the root genesis transaction carry the most weight for validation of other transactions. Because Iota allows machine-to-machine communication, it holds promise for IoT applications like connecting washing machines to online repairmen or autonomous vehicles to computerized mechanics.
Brief History of IOTA
IOTA was launched in 2015 by a team of developers including David Sønstebø, Dominik Schiener, Sergey Ivancheglo, and Serguei Popov as a solution for the Internet of Things (IoT) ecosystem. IOTA gained significant attention for its innovative approach and partnerships with major corporations and institutions. However, it faced challenges, including security issues and market competition, which led to various changes and upgrades in its technology over the years, including the launch of the Coordicide project, aimed at removing the central coordinator to enhance decentralization.
With a market capitalization of over $431 million, IOTA is ranking 123rd in the top cryptocurrencies by market cap. The current price of $0.1267 is over 97% down from its all-time high of $5.69 which was achieved on December 2017.
Where to Buy IOTA
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Current Crypto Prices
The cryptocurrency market is known for its volatility. Daily price changes are common, particularly with smaller cryptocurrencies such as IOTA. Therefore, it's crucial to monitor market trends each morning before making any investment decisions.
Is IOTA a Good Investment?
Outside factors may come into play after you invest. Even if IOTA is making all the right moves to expand its acceptance as the common currency for the Internet of things, the cryptocurrency market can still have a negative impact on its price. An exchange could be hacked, a bitcoin “whale” could decide to sell or a gigantic ICO like EOS could fail. The world economy could enter a recession as it did in 1929 or 2009 and everyone, everywhere could decide to sell everything.
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About Luke Jacobi
Luke Jacobi is a distinguished professional known for his role as President at Benzinga, a renowned financial media outlet. With a background in business operations and management, Luke brings valuable expertise to his position, overseeing various aspects of Benzinga’s operations. His contributions play a crucial role in the company’s success, ensuring efficiency and effectiveness across different departments. Prior to his role at Benzinga, Luke has held positions that have honed his skills in leadership and strategic decision-making. With a keen understanding of the financial industry and a commitment to driving innovation, Luke continues to make significant contributions to Benzinga’s mission of providing high-quality financial news and analysis.