|Circulating Supply||2,779,530,283 MIOTA|
|Max Supply||2,779,530,283 MIOTA|
IOTA is yet another cryptocurrency that has been earning favourable mentions over the coming months. With an aim to aid real-time microtransactions to perform faster and cheaper than ever before, this cryptocurrency has quickly gained in value on the many cryptocurrency exchanges since its release.
This currency has a trading volume that is almost reaching the $90 million mark on a daily basis and with a $3.9 billion market cap, it can be considered as one of the more valuable and tradable coins on the market.
It certainly sounds like an exciting project and cryptocurrency right? So let’s take a closer look at IOTA to see if they are worth some investment.
What is The IOTA Coin (MIOTA)?
IOTA is among the top fifteen cryptocurrencies in terms of market cap and uses some of the same technology that powers the Bitcoin. As a decentralized currency, their ultimate aim is to provide users with the ability to send transactions quickly, efficiently, securely and at a much lower cost than what it takes using centralized fiat currencies.
Where it differs from Bitcoin is the fact that it doesn’t actually run on a blockchain. Instead, it uses a different type of ledger that is said to be something of an upgrade to blockchain architecture.
Called the Tangle ledger, this ledger is said to be indefinitely scalable, lightweight and there will even be no fees at all on any transactions.
Whats Special About IOTA (MIOTA)
While there are many advantages to the system that IOTA has created, there are three that will really stick out in the mind for traders that are looking for a new cryptocurrency to invest in and these are:
- No Transaction fees – IOTA does not use miners like other cryptocurrencies like Bitcoin do. In fact, there is no blockchain, so no need for miners and therefore no small fee is
required to go to these miners. Leaving no transactions fee to be paid.
- Scalable on an Indefinite Scale – As IOTA is a blockless blockchain network, the scalability of the network is predominantly indefinite due to there being no chance of
congestion. No congestion means consistent fast speeds during transactions at all times.
- Quick and With Advanced Security – IOTA uses different cryptography signatures compared to many other currencies and is, therefore, faster and more secure. They use Winternitz instead of ECC which stands for Elliptic Curve Cryptography.
We are sure you will agree that those are some pretty impressive features. They seem to have a very solid cryptocurrency based on what makes them special and we can only see them earning further favourable reviews should they work on it more and polish it up.
A concern is a lack of incentive for miners to complete transactions, something that has recently caused a few disgruntled users. Whether they implement a transaction fee or provide some other kind of incentive, they really do need something if they want to maximise the potential of this project.
Where to Buy IOTA (MIOTA)
The MIOTA coin is certainly a promising project and one that many obviously believe in due to the sharp increase value and trade volume since it was launched back in April of 2016. Finding itself just outside the top ten when it comes to market cap, this coin is one that has been added to a number of good quality currency exchanges in recent times.
Below are just a few places where you will find the coin and be able to trade it:
One of your best options will be to use Binance, a cryptocurrency exchange that only allows the trading of cryptocurrencies and not fiat currencies. This means there is complete anonymity as you will not have to verify your account.
Gate.io is another promising option to have and here you will have the ability to trade with a wide variety of different cryptocurrencies. Fees are also pretty competitive as well.
Another crypto-to-cryptocurrency exchange, Bitfinex allows the trading of some of the more popular coins and also has some more than competitive fees.
Coinone only launched in 2017 but it is already earning a very good reputation among traders. There are dozens of cryptocurrencies that can be traded and some fairly decent transaction fees.
With very impressive low fees, OKex offers crypto-to-crypto trading using a good selection of trading pairs using YSD and CNY against the many cryptocurrencies that it supports.
When searching for cryptocurrency exchanges, make sure you do a bit of your own homework on each of them. You can save yourself the time and hassle of creating accounts only to find they are not suited to you by reading reviews and listening to the opinions of others.
Investing in IOTA (MIOTA)
There is plenty of choice for those of you that are looking for a coin and vision to invest in and IOTA is one that is gaining massively in popularity. If they are confident that their architecture is so much more polished compared to that of the BTC, there is certainly a reason to show some interest in what they are doing.
They had a great 2017 with many updates but according to their website, 2018 is going to involve far more that will no doubt raise the value of their currency once again. Whether you are looking for something medium to long term to invest in, IOTA might just be the coin to provide a good return on that investment.
Do I Need an IOTA Wallet?
As a short answer, yes you should definitely be using a wallet for any cryptocurrency that you have if at all possible. Unfortunately, there is only one that you can use for your MIOTA and that is the official wallet from the developers of IOTA.
If you have read about the hackings that have occurred at a number of different online cryptocurrency exchanges over the years and the hundreds of millions worth of cryptocurrencies that have gone missing, you will quickly agree with us that a wallet should always be used for the storage of your portfolio.
There are different types of wallets to choose from with them usually being hardware-based that can be plugged into your computer or software based that can be download. You will also find a number of different paper wallets too for many of the larger cryptocurrencies.
As there are no hardware wallets around that support the MIOTA right now, you basically have two choices. You can either keep your funds in the wallets on your cryptocurrency exchange or make use of the official MIOTA wallet. The latter will be what we recommend as while security at the online exchanges is constantly improving, so are the techniques that are hackers are using to gain access to their servers.
- IOTA Ledger Wallet
Your best and probably only option right now is to use the official IOTA wallet for storing your MIOTA. This can be downloaded from their website and it will give you plenty of functionality and the ability to manage your current balance of the currency. Until there are other suitable wallets developed, this really is the best choice.
The only option you have is to use some of the wallets at the cryptocurrency exchanges that you are using. While there is always the chance of these sites and servers being hacked, you really should be doing your research on which of them are the safest. Some offer more protection than others.
The two below are probably the safest option if you do decide to leave your currencies on an exchange:
Bitfinex is a long-running cryptocurrency exchange that does seem to put a large focus on their security. They always recommend that users make use of two-factor authentication, something that we always suggest that you do too.
Binance is an incredibly popular cryptocurrency exchange that also aims to provide one of the safest places for to store your cryptocurrencies. Two-factor authentication is again recommended and we suggest not leaving all of your currencies there if at all possible.
Pros & Cons
We love IOTA due to its Tangle, no transaction fees and the indefinite scalability that it offers. However, to us, there is a little bit of flawed logic through having no transaction fees. The architecture requires miners but if there is no incentive for them, why would they mine?
We have seen complaints about the fact that transactions are taking far too long to be confirmed and this must be as a direct result of the above. If they can find a way around this problem they have a great system but they do need to do something or the might get left behind.
- The ability to be able to say ‘Blockless blockchain’
- No transaction fees
- Transactions performed faster
- With no fees on transactions, miners are not paid.
- Can it compete with the more well-known brands?