IOTA Crypto: MIOTA Price Analysis and Review
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TRYTurkish Lira- 1. What Is IOTA
- 2. Where Best to Buy IOTA
- 3. IOTA Buying Guide
- 4. How to Sell IOTA
- 5. Where to Store MIOTA
- 6. FAQ
IOTA is an open-source crypto platform that operates on the directed acyclic graph (DAG) principle. The difference between this network organization and traditional blockchain is that it allows parallel chains of block formation (as opposed to linear chains in traditional blockchain). The platform’s coin is also called IOTA and is available for purchase on various platforms.
What Is IOTA
The IOTA project was founded in 2015 by an international team of developers, which later evolved into the IOTA Foundation, headquartered in Berlin. The maximum token issue is limited to about 2.78 trillion coins. Due to the network’s specific organization, the system does not support mining. The main advantages of the crypto-platform are the absence of commissions, the high transaction speed and the ability to use microtransactions.
In the early stages of development, the aim of the project was to organize fast and secure data transfer, as well as the absence of transaction fees. Today, the IOTA Foundation’s interests lie in the field of the Internet of things – the organization is working to unite all Internet-connected gadgets into a single network using a “parallel” blockchain.
The smallest unit of cryptocurrency in the IOTA ecosystem is called iota (after a letter of the Greek alphabet). A million base units are called MegaIota or MIOTA. Both IOTA and MIOTA tickers can be found on cryptocurrency platforms.
Where Best to Buy IOTA
Like most cryptocurrencies, IOTA is available for purchase on cryptocurrency exchanges, through cryptobots and payment systems. But the simplest, most convenient and profitable option is cryptocurrency exchanges.
IOTA Buying Guide
For a beginner, buying IOTA comes down to a step-by-step process. Detailed instructions on how to buy the coin consist of the following steps:
- Evaluation of the acceptable risk level;
- Choosing a cryptocurrency exchange;
- Account creation;
- Depositing cryptocurrency or fiat to your account;
- Buying IOTA.
Determine your risk level
Investing in cryptocurrency is very risky. The reason for this is the high volatility of the cryptocurrency market and its unpredictability. Therefore, it is important to determine the level of acceptable risk before taking the first steps.
Remember the main rule: invest as much money as you are willing/able to lose. In addition, it is also worth heeding the following advice:
- Do not buy an asset with all the money you have;
- Do not buy an asset with borrowed money;
- Do not put all your money in one asset;
- Do not buy an asset with the last of your money, counting on luck.
Select a crypto exchange
Cryptocurrency exchanges work on the same principle, but have different working conditions. When choosing a suitable option, it is necessary to pay attention to the following parameters:
- Methods of refilling the account;
- Trading conditions;
- Trading commissions;
- Deposit and withdrawal commissions;
- User account protection methods;
- Reviews, etc.
This information can be found on the websites of the trading platforms. For simplicity, you can choose any service from the table below.
Register an account
The next step on the path to buying IOTA is to register an account on the selected exchange. For example, let’s create a user account on the OKX platform. To do this:
- In the upper right corner of the official site, click Sign Up;
- Enter your email and password in the now opened window → enter your referral code (if any) and click Sign Up;
OKX registration form - Enter the 6-digit code sent to your email;
Window for entering a 6-digit code - An account has been created.
Fill account
The OKX exchange relates to trading platforms that do not support deposits in fiat currencies. To make a deposit on it, you have to use crypto. Let’s replenish the balance with the USDT cryptocurrency. To do this:
- In the top menu, click Assets → Deposit;
- Specify USDT as the deposit currency and select the desired network;
Selecting USDT and network - Select an account to transfer USDT (general or trading). After the choice is made, the exchange will show the address of the wallet to transfer the crypto (it is also encrypted in the QR-code);
Address and QR-code for USDT transfer - In the crypto wallet, select USDT as the transfer currency and enter the address obtained on the exchange page in the transfer field. Alternatively, you can scan the QR code;
- Confirm the transaction;
- Transaction completed.
Buy IOTA (MIOTA)
After the account has been filled with USDT coins, it is necessary to use the trading terminal of the exchange to buy IOTA. To do this, you need to perform the following actions:
- Login to the user account and click Trade → Basic Trade in the top menu;
Turning on the terminal to buy IOTA - The terminal window opens. Go to the search field and enter the IOTA ticker. The terminal will show the available trading pairs: select IOTA/USDT from the list;
Terminal and search field interface - Scroll through the terminal window until the Buy IOTA button appears. Select the type of order, for example, Market (order to buy IOTA at the current market price);
- Specify the amount of USDT to buy IOTA in the Amount field;
- Click Buy IOTA.
Buying IOTA through the OKX terminal
How to Sell IOTA
The process of selling IOTA through the terminal is identical to the buying process. The only difference is that the filling of the sell order takes place in the fields above the red Sell IOTA button.
Where to Store MIOTA
To decide on the type of storage for IOTA, you need to determine how the cryptocurrency will be used.
If you actively trade on an exchange or often use cryptocurrency as a payment method, then the best solution for storing IOTA is a hot wallet. They are constantly connected to the Internet and provide fast access to assets. There are not many hot wallets for MIOTA. We recommend using Firefly Wallet, the official app from the IOTA Foundation.
The disadvantages of hot storages include their susceptibility to hacking. When using them, it is worth remembering about security methods: strong passwords and 2FA authentication.
For long-term storage of cryptocurrency, hardware or cold wallets are suitable. They provide better protection and are not connected to the network all the time. IOTA Foundation recommends using Ledger Nano S or Ledger Nano X. The disadvantages of such wallets include their high cost.
How to withdraw IOTA to a wallet?
To withdraw IOTA, you need to create a withdrawal request on the cryptocurrency exchange. As an example, let’s look at withdrawing IOTA from OKX to Firefly Wallet. Follow these steps:
- While in your OKX account, click Assets → Withdrawal;
- Select IOTA from the list of cryptocurrencies→ specify the network → Continue;
The first step of withdrawing IOTA - In the next window, specify the address of the wallet to withdraw coins. The exchange will calculate the commission automatically;
- To get the address, log in to your Firefly Wallet and click Receive on the Balance tab;
Firefly Wallet interface - In the next window, the wallet will show the address to get IOTA and QR-code to scan;
Firefly Wallet interface - Go back to the exchanger interface, paste in the correct field copied from the wallet address and click Continue;
The second step of withdrawing IOTA - Enter the password to access the money (if set in the settings) and the code from SMS → click Confirm;
- IOTA will be withdrawn to the wallet.
FAQ
- Decide what exchange to use;
- Create an account and go through KYC procedures (if required by the exchange);
- Replenish balance;
- Enter the trading terminal and select the currency pair in which IOTA is traded;
- Fill in a purchase order;
- Specify the number of coins to buy and click Buy IOTA.
Remember that you alone are responsible for the outcome of your investment decisions.
