Iota is a popular blockchain network being adopted by lots of companies and organizations. Due to Iota’s value and popularity, many crypto beginners started asking questions like “how to buy Iota (MIOTA)” and “where to buy IOTA.”
If you want to buy MIOTA but don’t know where to start, you should read this article from start to finish. We will cover the basic steps of buying MIOTA, as well as some important topics about the token.
Iota (MIOTA) Buying Guide
Step 1: Find An Exchange That Supports MIOTA
To start buying MIOTA, you must create an account in a compatible crypto exchange. Finding this exchange is easy because there are numerous active marketplaces that support MIOTA.
Cryptocurrency platforms may be similar in purposes but different in operation. Some crypto exchanges have seamless functionality while others have premium security with reasonable transaction fees.
- 500+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.075%*-0.1%*
- Sign-up bonus: 10% reduced trading fees*
- Available in Europe, Asia, Oceania, Africa
- 1000+ Cryptocurrencies Available for Trade
- Fees (Maker/Taker) : 0.2%*-0.2%*
- Sign-up bonus : Up to $500 in USDT vouchers*
- Available in North America, South America, Europe, Asia, Oceania, Africa
Registering to a crypto exchange will take only a few minutes. To start, you must enter your basic personal details like full name, email address, and password. The crypto exchange may also require you to add a home address and a phone number for verification.
You probably need to fill up a KYC (Know Your Customer) form before proceeding with any transaction. The KYC process is a security option implemented by heavily regulated exchanges and financial websites.
Step 2: Deposit Funds to Your Exchange Account
Before buying MIOTA, you must add funds to your new crypto account. Depositing funds is easy because most exchanges allow crypto-to-fiat transactions. Some of the popular examples of fiat currency are USD, CAD, AUD, and EUR. You can fund your account through debit cards, credit cards, bank transfers, and e-wallet transfers.
Crypto exchanges have different payment methods for transactions. These methods probably have higher fees than the ones you’re commonly using. So, before depositing funds to your crypto account, you should do your own research.
Step 3: How to Buy MIOTA Officially?
Learning how to buy MIOTA is not difficult. First, you must go to a crypto exchange’s search bar. Oftentimes, the search bar is located on top of the website page. Once you’ve located the search bar, start looking for the MIOTA ticker. You can also look directly for MIOTA trading pairs to save time. Afterwards, just enter the amount of the MIOTA tokens that you want to buy.
You must always double-check the transaction details to avoid errors or inconsistencies. Additionally, before the transaction, crypto exchanges might refer you to their exclusive wallet software. This wallet is essential for storing your cryptocurrencies, but it is optional since you can always create an individual software wallet. If you have money to spare, you can even purchase a hardware wallet with competitive security encryption.
Everything You Have to Know About Iota (MIOTA)
The Iota network is a decentralized ‘blockchainless blockchain’ network that relies on a general data structure called the Tangle system. Under this system, nodes must process transactions in a linear or a directed acyclic graph method. The directed acyclic graph simply means that current transactions can’t return to previous ones. There is no cycle – everything is just moving towards the edge.
Based on the Tangle protocol, a participating node must verify two other nodes within the network. Since every node is linked and cross-verified, there’s no need for an extra layered service to handle fees. If you’re a consistent trader or platform user, you will soon realize the fees that you can save.
Iota is still on the path of continuous development. Additional features will be rolled out in the future, based on community governance. Despite its current developing stage, Iota already has wide applications like smart city integration, advanced digital signatures, and better data security.
How Does MIOTA Work?
MIOTA is the equivalent of one million iotas. It’s common to see MIOTA as the listed currency ticker of the Iota platform. The reason is simple – listing MIOTA is easier than listing one million iotas in any exchange. Traders also have the tendencies to remember MIOTA easily.
Regular people (especially crypto beginners) can use MIOTA for speculative trading and HODLing (hold on for dear life, sell later). However, serious investors can run a node in the Iota network to start earning incentives like direct network access and full data security.
What Makes Iota (MIOTA) Unique?
A blockchainless blockchain – this statement alone should define Iota’s general uniqueness. Iota’s Tangle System ensures feeless transactions all over the network while maintaining efficiency and reliability. Iota’s system also doesn’t allow mining but it supports MIOTA staking.
Recently, the Iota platform introduced three key products: Assembly, Shimmer, and Firefly. Assembly allows users to stake IOTA and gain rewards in the form of ASMB tokens. Shimmer, on the other hand, is responsible for ensuring the stability of the IOTA tokenization framework. Lastly, the Firefly wallet has been updated to support Assembly, Shimmer, and Iota tokens. Firefly also has a fast and efficient dashboard now.
Who Are the Founders of Iota?
The Founders of Iota are Sergey Ivancheglo, Serguei Popov, David Sonstebo, and Dominik Schiener. These individuals have collective experience in the fields of blockchain development, software development, and cryptocurrency research. Ivancheglo, however, has resigned from the Iota Foundation to pursue new interests.
What Are the Use Cases of Iota?
IOTA is a ground-breaking platform that offers functionalities for different industries. Understanding IOTA’s use cases will help you determine if the token is aligned with your principles and risk appetite.
Here are the use cases of MIOTA:
- Smart city integration
- Smart energy integration
- EHEALTH (immutable medical records)
- IDOT (Identity of Things – unique signature)
- Manufacturing and supply chain integration
- Speculative trading
- IOTA Staking
Who Builds on Iota (MIOTA)?
The Iota platform is meant for project builders, developers, and everyday users who are already tired of paying hefty transaction fees. Iota’s Tangle system (linear transactions) guarantees feeless transactions without compromising speed and efficiency. Plus, Iota has numerous protocols related to digital identity creation and security.
Official website: https://www.iota.org/
Essential Points of the Iota (MIOTA) Whitepaper
The Iota Whitepaper explored the working concepts of the Iota platform such as the Tangle, Miota, and the centralized Coordinator block. Additionally, the paper explained some cryptic formulas that make up the entire Iota platform.
These are the strong points of the Iota (MIOTA) Whitepaper:
- The Tangle system (Directed Acyclic Graph)
- Security and scalability of Tangle
- IOTA Access (for developers and project builders)
- IOTA Identity (for creating digital signatures)
- Stronghold protocol (asset and data security)
- Mana – Iota sub-currency
- The Coordicide system
The Best Cryptocurrency Wallet for MIOTA
After knowing how to buy MIOTA, you should think about the security of your cryptos next. Fortunately, you can always choose from dozens of available crypto wallets. You should pick a crypto wallet based on your trading habits and security preferences.
You will likely begin your crypto journey with hot storage wallets. These digital wallets are connected online, allowing easy access whenever you want. Hot storage wallets are also cheaper than cold storage wallets. However, one downside of a hot wallet is its vulnerability to online theft. You may need to use additional security measures to keep your hot storage wallet safe.
On the other hand, cold storage wallets are physical hardware wallets. Since cold wallets are tangible, their security level is better than digital wallets. You can put a physical storage wallet in a separate deposit box for premium protection.
What Factors Affect My Choice of Crypto Wallet for MIOTA?
At first, you might get confused with the diverse choices of crypto wallets in the market today. Knowing the common buying factors for crypto wallets will help you make the right decision.
Check out the important factors affecting your choice of MIOTA wallet:
- Are you a regular trader? If so, then a hot storage wallet is the best choice for you. A hot wallet allows a quick and easy log-in method to your chosen platform. In less than a minute, the integrated hot wallet will let you trade MIOTA right away.
- Not all wallets support a wide range of cryptocurrencies. The best crypto wallets are those that will let you trade hundreds of cryptocurrencies without limitations.
- When it comes to security, a physical cold storage wallet is better than a hot wallet. You can simply store your cold wallet in a private safe deposit at home or the bank. Just make sure that your private seed phrase is safe and secured.
- Setting up a digital wallet is free. On the other hand, getting a cold storage wallet requires money because you need to buy the physical hardware.
- Do you want to see detailed technical analytics? In that case, you can never go wrong with hot wallets. In most cases, hot wallets generate technical analytics and semi-accurate market insights to help you make a trading decision. Cold wallets also have analytics capabilities that you can tweak freely.
Ledger vs. Trezor – The Best Crypto Wallet for Traders and Investors
Now that you already know how to buy MIOTA, you must protect your investment by choosing a cold storage wallet. As mentioned above, cold wallets offer better security levels than hot wallets.
When it comes to cold storage wallets, it’s best to start with Ledger or Trezor products.
Ledger is a popular cold wallet brand because of its reliable security features. The Ledger interface, for example, will only let you send cryptos if you’re connected to a personal computer or device.
If Ledger excels in security functions, Trezor wins in terms of intuitiveness and compatibility. Trezor’s interface is beginner-friendly, allowing fast and efficient trades once the device is ready. Trezor products are also compact and appealing to the eyes.
General Market Overview for Iota (MIOTA)
Do you want to learn more about Iota (MIOTA) and other crypto coins? Check out our crypto blog and expand your knowledge about cryptocurrencies!
Additionally, here are some important topics in our blog:
- Trading speculation about Iota (MIOTA)
- The current market prices of cryptos
- Detailed price charts with comprehensive histories
- Whitepaper summaries of cryptos
- Founder profiles and their related works
- Up-to-date cryptocurrency news and developments