IOTA Basic Beginners Guide!!!
Starting with bitcoin in 2008 today we have more than 1600+ cryptocurrencies. It is almost changing the way we see digital money. Making the transaction easier and more private every day. It is more like securing your money and turning it into an investment for future. Today I am going to talk about a cryptocurrency with best future potential. Our topic for today is IOTA cryptocurrency. It is holding a 12th position in the crypto market with a reasonable market capital. Let us move into IOTA Basic Beginners Guide. Thank you for spending your research time on this guide.
IOTA is totally something different in the cryptocurrency market. It is not involved in the blockchain system. IOTA is eco-friendly and its algorithm system makes it more secure than other cryptocurrencies. It is the 3rd generation cryptocurrency without any mining system.
The beginning of IOTA:
IOTA was released in 2015 by the founders David Sonstebo, Alon Elmaliah, Sergey Ivancheglo, Dominik Schiener, and Serguei Popov. After beta testing, the trading began in 2016. When it comes to IOTA there is no mining. In 2015 the developers of IOTA created 2,779,530,283 MIOTA or IOTA coins and this their limit. It is fixed and no coins will be add.
IOTA and Blockchain technology:
IOTA came up with a new concept and it is not related to our regular blockchain technology. Instead of that IOTA using a new type of ledger technology named Tangle. It is defined as Directed Acyclic Graph. In this system, there are no blocks. Transactions are verified by one or more other following transactions. So how actually transaction works? without any blocks or any miners.
There are three steps for each transaction. First, you have to confirm the transaction with your secret key. Second, the system MCMC (Markov chain Monte Carlo) algorithm is used to select two unconfirmed transactions and make sure they are not different. Third, the connection must solve a cryptocurrency puzzle.
After all these three steps the transaction will proceed and become a part of the network. Since there are no miners in IOTA, there are no transaction fees either. It is more like you have to verify two other transactions to make your own transaction successful. That is your fee right there.
Features of IOTA:
IOTA is 3rd generation cryptocurrency. Moreover it bring more security on cryptocurrency. The system is also developed for smart machines and appliances for a different purpose. Like your smart car can find the nearest charge station using IOTA.
IOTA transactions are fast, as an improvement the developers added flash channels. This happens with two trusting nodes that can communicate with each other directly. Since there is no mining, lots of electricity will not be wasted for IOTA like miners burn coals so mine is China. IOTA is eco-friendly.
How to buy IOTA?
The possible way to buy IOTA right now is with your credit or debit card. You also need to use a coinbase website for that. Or you can also buy IOTA with other cryptocurrencies. There is almost no way to buy IOTA using hard cash. So if you are interested to buy this crypto with hard cash than buy some other cryptocurrency then swap or exchange them for IOTA using exchange platforms.
To buy IOTA visit the website here
How to mine IOTA?
You cannot mine IOTA. But you can mine other coins and exchange them later for IOTA. That is the only way if you are looking for mining. You need the best mining system to mine other currencies. Normal computer these days are not that much strength to get blocks. Or you can spend money on ASIC chips and that way you can mine solo.
The best system used for IOTA is mining Monero. There are platforms that convert your Monero mining rewards to IOTA. Whenever you are about to spend a big amount of cash on the mining system always do your own research and check miners review.
Where to store IOTA?
Whenever you are looking for a wallet for IOTA always check it has IOTA compatibility. Choose a platform that is easy to use and give to the best security. A platform that updates its features more often and let you handle your own private key is always the best. When it comes to customer support, make sure they are intelligent and reliable. Some other things you need to see like two-step verification and backup capability.
Now the age of internet and interconnected with web. Personally I prefer to store my crypto assert on the offline wallet it it is big amount. Like in your desktop wallet your private keys are not owned by any third party servers. Only you know those keys. For any reason if the server get down? So, if your crypto fund store in offline wallet or any hardware wallet that is really high secure with privet key.
Where to spend IOTA?
When you finally have IOTA you gotta spend it somewhere right? There are some best places to spend IOTA. Mostly based in the UK and Europe but there are some in the US too. There are merchants like Elemental coffee, Datschi trachten, Jade bloom, Volamo, Monster cleaning Crypto bar and others. If these are not enough for you, you can always convert a little amount of IOTA to bitcoin and have more advantage in spending.
What is the future of IOTA?
With starting value around $0.5 IOTA’s recent value is around $0.3 which looks bad. But sincerely the trading started in 2017 with its full features meaning we need to give it a little bit more time to settle its place in the market. When more merchants and developers come toward IOTA the market value will change, it will eventually change for sure.
If you are looking forward to investing in IOTA for profit, this may not be the right time. My best suggestion is to wait until mid-2019. IOTA once gave its investor profits and it will sure give you profit if you invest in the right time. Timing is the most important thing in crypto investment. Do not forget to do more research on the market before you invest in any kind of cryptocurrency. You can also check Top Cryptocurrency List.