IOTA: The better alternative to Bitcoin?
In the world of cryptocurrencies, there has been a lot of talk about IOTA, especially in recent weeks and months. The price is currently still very low, so it may be worth investing.
IOTA is supposed to be faster and better than Bitcoin. But is that really true? We do the IOTA check!
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What is IOTA?
IOTA was founded in 2016 with the aim of enabling secure payment between two machines.
So the focus here is primarily on the exchange of cryptocurrency between computers (keyword: IoT - Internet of Things). Of course, you can also invest in the currency as a human being. Compared to Bitcoin, IOTA even offers some advantages that should not be underestimated.
Advantages of IOTA versus Bitcoin
- No transaction fees: Since there is no mining with IOTA, there are no fees for a transaction.
- No miners are needed: The confirmation of an IOTA transaction is taken over by other computers that are about to send a transaction. Each time a transaction is sent, the sender has to confirm 2 other transactions. The miners thus fall away.
- Fast transactions: The Bitcoin network is considered to be very slow. If there is a lot going on at the moment, a transaction can take more than 30 minutes. Not so with IOTA: The more transactions are carried out, the faster the transfer becomes. On average, a transaction takes a few seconds.
- Supported by the IOTA Foundation: IOTA was founded in Berlin, where the IOTA Foundation (non-profit) is also based.
What is the Tangle?
Most cryptocurrencies use the blockchain protocol. Not so IOTA. In IOTA, the blockchain is replaced by the tangle.
The tangle is also what makes IOTA so special: there are no miners and no transaction fees. Each sender must first confirm 2 transactions before their own transaction goes through.
The computing tasks are also much less computationally intensive than, for example, with Bitcoin's mining software. This means that transactions can also be confirmed and sent with a smartphone.
Is IOTA really the better Bitcoin?
This question cannot be answered so simply.
One thing is certain: IOTA solves many of Bitcoin's teething problems. IOTA enables very small transactions and is infinitely scalable.
In addition, no miners are needed, which could also be a major problem with Bitcoin in the future.
Should I invest in IOTA?
Currently (as of December 11, 2017), the price stands at around 3.50? This means that the value is still very low and it would theoretically still be worthwhile for private investors to buy IOTAs.
Of course, we can't give any exact information about the future of IOTA either, but we expect the price to continue to rise in the coming weeks.
Live info about IOTA can be found for example in the subreddit /r/IOTAmarketswhere many interested users discuss the future of the new cryptocurrency.
How can I buy IOTA?
Currently, IOTA is only on a few crypto exchanges.
We have purchased our IOTAs via Binance. To do this, however, you first have to purchase Bitcoins (e.g. at Coinbase), then send them to Binance and buy IOTAs for Bitcoins there.
Other exchanges where IOTA can be traded: Bitfinex, Coinone, CoinFalcon.
