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Web3  · 05/17/22

IOTA (MIOTA): The Complete Guide

Altcoin Trading Blog
04/14/22 · Crypto trading 101

About This Blog Post

  1. IOTA is an IoT focused coin
  2. The tangle technology allows for lower tx fees
  3. MIOTA is a unit of IOTA
  4. Uses bitfinex  ( + more posts) 
  5. Filed as Toolbox
  6. On the same topic: PSA - Don't send ETH or ERC20 tokens between exchanges
  7. On the same topic: 3 Tips For Trading Crypto In Australia
  8. On the same topic: 3 Things Are A BIG NO If You Are New To Crypto Investing
Full noob intro to IOTA / MIOTA, why is it still interesting and how to buy.
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Years of effort on digital currency technology saw hundreds of cryptocurrencies on the financial markets. But if you are looking for the IOTA coin specifically, this complete guide should be your best choice.

This content will tell you all about the IOTA coin, including how much is one IOTA to BTC. Let's get started.

Basics of IOTA

Defining IOTA

Unlike most other cryptocurrencies, IOTA does not use a traditional blockchain-type of ledger. IOTA has a tangle technology which works better with IoT, because it is more scalable and allows for lower transaction fees.

The transfer of data inside tangle technology is quite safe, although it is important to remember that tangle is a new concept and hiccups may occur.

Thanks to tangle’s microtransaction capacity, you can easily transfer without charges.

The most recent practical application of the advantages of tangle is in automated KYC and solutions for identity verification.

MIOTA vs IOTA

Is it MIOTA or IOTA? If you are new to IOTA or cryptocurrency as a whole, this may look confusing.

MIOTA is a unit of IOTA. This is why you will see MIOTA on almost all alt coin exchanges, and the price of IOTA is usually quoted in MIOTA. The “M” stands for “million”, because 1 MIOTA is the equivalent of 1,000,000 IOTA.

All crypto trading platforms currently use the MIOTA scale to trade the IOTA cryptocurrency.

History of IOTA

This digital coin technology relates to the use of the IoT ecosystem. It started as a project to save money and energy from hardware. IOTA had three co-founders making a big shift in digital currency technology without the need for blockchain as a structure.

Why IOTA?

Alliances

The IOTA coin aims to spread through application in day-to-day small, routine transactions. That is why the IOTA team focuses on creating alliances with the business world.

They managed to get some large and famous companies as their partners, including DELL or The Linux Foundation.

A Bright Future

With all the investments in technology-based structures, the Internet of Things (IoT) is expected to cross the $250 billion mark in the years to come.

The IOTA coin is targeting this market and actively working towards getting a good share of it.

Advanced Tech

As explained before, IOTA uses the tangle technology, which provides infinite scalability and enables microtransaction fees to be zero.

Because tangle enables such drastically lower fees than both traditional proof-of-work and the new proof-of-stake algorithms, adding some IOTA can be a reasonable way to approach portfolio diversification.

Environment

To generate an energetic populace, IOTA has created an effective environment to speed up its technology development and adoption.

Top IOTA Exchanges

Godex.io

Created around three years ago, it is a platform that enables swift and anonymous conversion between cryptocurrencies, providing a simple yet efficient user experience.

Pros

  • Offers over 200 different coins
  • No limits on order sizes and types
  • High-speed transactions
  • Bonuses awarded by its affiliate program

Cons

  • Currently, the platform doesn't allow fiat currency trading

eToro

eToro is a renowned Israeli exchange platform that has been operating for more than a decade. It serves clients from the UK and Australia through better financial regulatory bodies. As for its other clients, it uses a unit operated by a commission in Cyprus.

Pros

  • No charges for stock and ETF trading
  • Swift account opening
  • You can observe and learn from strategies used by other traders

Cons

  • Apart from trading, fees related to withdrawal and inactivity are high
  • Cash is only available in U.S. dollars
  • Contacting customer support is hard

Binance

Finance is an exchange that got popular fast. It has now become one of the most renowned exchanges in the world of cryptocurrency.

Pros

  • Charges lower fees than other cryptocurrency exchanges
  • Provides more than 100 cryptocurrency and trading pairs
  • With its two-factor authentication, it has more advanced trading tools

Cons

  • It is not supported in seven U.S. states, including New York.
  • Compared to other countries, it provides fewer trading pairs in the U.S.

Final Words

This was a brief intro into the IOTA coin and the technology it uses. For more information on where to store it, read our full guide to the Trinity wallet.


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