How to Buy IOTA (MIOTA) in 3 Simple Steps
IOTA connects Internet of Things devices, facilitating the exchange of data and value through technology it claims is even better than blockchain. Keep reading to find out how to buy IOTA (MIOTA) for yourself and how the project aims to improve people’s digital lives.
3 Steps to Buy IOTA
1. Choose a broker or exchange
Select which platform you would like to use to buy IOTA. If there are specific features you want, such as copy trading or derivatives trading, that is something to consider when making your choice. You can see the best platforms compared in a later section, or simply get started right now with our top choice.
2. Create and fund your account
Head to the account creation section of your platform and provide your personal details on the registration form. If your platform is regulated, it will have a KYC process which could mean you need to provide a photo ID. Once your account has been verified, you can choose a payment method with which to fund your account.
3. Buy IOTA
Now that you have a funded account, look for the trading pair for MIOTA and your local currency. If there isn’t one, you should first buy something you can trade for MIOTA, such as BTC or USDT. Create a market order to buy MIOTA immediately, or a limit order to buy it once it reaches your chosen price.
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Where to Buy IOTA: Compare the Top Platforms
Although there are lots of platforms that offer IOTA, they are not all the same. If you care about your safety and security, it is important to select a broker or exchange that is regulated and has a strong reputation. See below for our shortlist of the best options.
What Is IOTA?
IOTA is a next-generation network that is designed to support the frictionless exchange of value and data between humans and machines—without any fees. It is built for the Internet of Things (IoT)—the interconnection of computing devices in everyday objects—and enables new possibilities such as digital identities, in-built car wallets, supply chain management, and smart cities.
IOTA is a distributed ledger but it doesn’t use blockchain technology, so there are no blocks or miners. This makes the network faster than traditional blockchains. Every time someone makes a transaction with IOTA, they validate two previous transactions. This is what enables IOTA to be feeless and scalable.
Transactions on the network are facilitated through the project’s cryptocurrency, MIOTA. The token can be staked to take part in the distribution of new tokens. Any asset can be tokenised on IOTA as the network is programmable, meaning it can also be used to create decentralised applications (dApps).
Ways to Invest in IOTA
Whatever your investment preferences, IOTA may be a suitable investment as it can be purchased for both the short term and the long term. We’ll explore each option below.
Buy and hold IOTA
The buy-and-hold strategy is popular for its simplicity. Very little time or effort is required to buy MIOTA and hold onto it. There is also no need to acquire skills such as technical analysis to be successful.
In addition to the ease of implementing this strategy, it also allows for the staking of IOTA while you hold it, which can provide a form of passive income.
Best IOTA wallets
Investors holding tokens for the long term may prefer to take custody of their tokens themselves in a private wallet, which can provide true ownership of assets and a bit of extra security.
Hardware wallets such as Trezor, BitBox, and Ledger provide the best possible security but can be a bit expensive. A free alternative is software wallets, which are easy to use and can be downloaded to your computer or smartphone.
MIOTA also lends itself to trading as traders can take advantage of its price volatility by buying and selling it over shorter timeframes, generating profits more frequently. This strategy takes more time and effort though.
Many traders choose to store their tokens in the web wallet provided for free by their exchange. Although web wallets are less secure, they are much more convenient than trading from a private wallet.
Should I Buy IOTA Now?
This is something you will have to decide for yourself, once you have read all the available material about IOTA. There is a fixed maximum supply of MIOTA, all of which are already in circulation. This could make MIOTA a good long-term store of value and means increasing demand would raise the token’s price.
IOTA staking could drive demand for its token. New tokens can be created on the IOTA network and they can be distributed to those who participate in IOTA staking through “rolling airdrops”.
The project’s focus on the Internet of Things enables new possibilities that could revolutionise a range of industries. As devices and their interconnections become more important to our day-to-day lives, IOTA and its cryptocurrency could become more valuable.
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Frequently Asked Questions
Yes. The Firefly wallet was built to store MIOTA tokens and enable users to interact with the IOTA ecosystem. The IOTA 2.0 DevNet Wallet can also be used to create and manage digital assets such as non-fungible tokens (NFTs).
Those who stake IOTA can earn SMR and ASMB, which are the tokens for the Shimmer staging network and the Assembly trustless smart contract network respectively.
You can stake IOTA by downloading the Firefly wallet, navigating to the staking tab, and clicking “Stake”, after which rewards will accrue in your wallet.
Tangle is the name given to the distributed ledger network IOTA uses instead of blockchain.
As IOTA is not a blockchain, there are no miners to pay. Instead, new transactions are made by validating two previous transactions—a process that doesn’t require any fees.