I got it you want to buy IOTA. It is a new decentralized or distributed ledger technology. Unlike blockchain, this new technology works on tangles. It is like blockchain because it is also decentralized but blocks are not in Tangle. Therefore, there is no miner because it is not working on the blockchain.
Also, there are no miners, therefore, no transaction fee is applicable in IOTA. It is a decentralized and peer-to-peer system. IOTA was launched on 11 June 2016. MIOTA coins are the native currency of IOTA.
Where to Buy IOTA
As IOTA new crypto, initially, it is not available on a lot of exchanges. Binance Exchange is the largest and easiest way to buy IOTA but it is banned in the USA. Therefore, another option for users of the United States to purchase IOTA cryptocurrency is eToro.
Some exchanges where you can buy IOTA easily: –
How to Buy IOTA
The steps to buying IOTA are: –
- First of all, you need an IOTA wallet
- After that, you need IOTA crypto exchange to exchange your cryptocurrency in IOTA
- Finally, take the IOTA back to your IOTA wallet
These are the simple steps that you need to take to buy IOTA. But if you need more information on how to purchase IOTA, continue to keep an eye on this article until the end of the page.
If you know more about the IOAT cryptocurrency then read this Blog What is IOTA (MIOTA) | A Bitcoin Beating Technology
1. Choose an IOTA wallet
Now there are lots of wallets is available online. Some wallets supported by a specific currency. Like Trinity wallet is dedicated to IOTA only. You can also choose a multi-crypto wallet to store your MIOTA coins. We are giving a brief explanation of its native wallet.
Trinity (Software Wallet)
The Trinity Wallet is developed by the IOTA foundation. In this wallet you can store only MIOTA coins or currency, it is a single currency wallet. It is available for all platforms such as Mobile (Android, iOS) and Desktop (Linux, Windows, Mac).
Trinity Wallet Download Links:-
To use Trinity all you need to do is download and install it by following the link provided and create a seed after sign up and use it easily.
2. Select an IOTA Exchange
You cannot buy MIOTA directly in your fiat currency. First of all, you have to buy bitcoin and convert it to MIOTA with the help of any cryptocurrency exchange that supports IOTA.
Today there are a lot of exchanges that support IOTA token MIOTA. You can choose any of them to exchange your crypto coins in MIOTA. Some of them are given below:
- eToro
- Binance
- Bitfinex
- CoinSwitch
- Huobi
See how to buy IOTA with the help of Binance. Because Binance is the largest in volume and is mostly a trading exchange.
Buy IOTA Through Binance
You cannot buy IOTA directly at Binance. First of all, you need to buy any altcoin for yourself, which you can do through fiat currency, you can use your credit card or debit card at Binance. Assume that you buy bitcoins. After purchasing Bitcoin you can exchange it in IOTA.
One more thing you can do. You can buy bitcoin from any other exchange which gives you a discount and a comparatively low price. After that you need to send bitcoin to your Binance Exchange Wallet, then you can exchange it in IOTA (MIOTS).
But before doing so you will have to sign up on Binace and set up your account. You can read our A Step by Step Beginner’s Guide to Binance Exchange blog to understand Binance Exchange and learn how to sign up and more. We discussed that with full of images and the step by step process in a very easy way.
3. Send you IOTA currency in your wallet
Now the last step is to withdraw your MIOTA in your wallet. This means to remind your first step where you have chosen a wallet. It is time to take your MIOTA back in your wallet, chosen in the first step.
To withdraw, you have to click on withdrawals in your Binance account. Then carefully paste your wallet address to send your IOTA coin in your wallet. Then click on Continue.
It takes some time to transfer your funds from Binance to your wallet. It takes a few minutes to be credited to your wallet. Theoretically, it would be completed within seconds.
Future of IOTA
Because of IOTA, there are many features like fast transaction, no transaction fees, besides removing the limitation of the blockchain. I think it may beat bitcoin in the future, with its frictionless microtransaction features. Therefore, IOTA has a bright future ahead.
Conclusion
Initially, I think you are wondering where and how to buy IOTA. But after reading this you have a clear vision about buying IOTA.
Now you have a separate exchange of lists where you can buy IOTA, you can use any of them at your convenience. Binance is the best if you take my opinion, as it is an easy and attractive UI. One Plus Point is, it is also available on the mobile app so that you can easily manage from everywhere.