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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 the future. Today I am going to talk about a cryptocurrency with the best future potential. IOTA Basic Beginners Guide
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. IOTA Basic Beginners Guide for beginners.
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 is their limit. It is fixed and no coins will be added. Beginners Guide for beginners.
How Does IOTA Work?
In IOTA, every transaction is required to validate two previous transactions, forming a web-like structure known as the Tangle. This approach ensures that each transaction contributes to the security and resilience of the network. Moreover, the Tangle’s design enables high scalability, as the network becomes faster and more efficient with increased activity. Beginners Guide for beginners.
The Tangle: IOTA’s Distributed Ledger
The Tangle is the underlying technology that powers IOTA. It is a directed acyclic graph (DAG) that consists of interconnected transactions. Each new transaction references two previous transactions, creating a decentralized and trustless network. This structure allows for parallel validation and confirmation of transactions, making IOTA highly scalable and resistant to centralization. Beginners Guide for beginners.
Benefits of IOTA
- Scalability: IOTA’s Tangle architecture ensures that the network becomes faster and more efficient as the number of transactions increases, making it highly scalable.
- Feeless Transactions: Unlike traditional cryptocurrencies that require transaction fees, IOTA enables feeless transactions, making micropayments and machine-to-machine transactions feasible.
- Secure and Efficient: The Tangle’s distributed ledger ensures the security and integrity of transactions, while parallel processing enhances transaction speeds and energy efficiency.
- No Mining: IOTA does not rely on miners or validators, eliminating the need for resource-intensive mining operations and reducing the environmental impact.
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 uses a new type of ledger technology named Tangle. It is defined as a 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 no 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. Beginners Guide for beginners.
Features of IOTA:
IOTA is 3rd generation cryptocurrency. Moreover, it brings more security to cryptocurrency. The system is also developed for smart machines and appliances for different purposes. Like your smart car can find the nearest charging station using IOTA. IOTA Basic Beginners Guide
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 then buy some other cryptocurrency then swap or exchange them for IOTA using exchange platforms. IOTA Basic Beginners Guide
To buy IOTA visit the website here
How to do 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 computers these days do not have 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’ reviews. Beginners Guide for beginners.
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 gives the best security. A platform that updates its features more often and lets 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. IOTA Basic Beginners Guide
Now the age of the internet and interconnected with the web. Personally, I prefer to store my crypto assert on the offline wallet it is a 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 gets down? So, if your crypto fund is stored in an offline wallet or any hardware wallet that is really highly secure with the private key. IOTA Basic Beginners Guide
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. IOTA Basic Beginners Guide
What is the future of IOTA?
With starting value of 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 surely give you profit if you invest at 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. IOTA Basic Beginners Guide