IOTA Cryptocurrency: How & Where 2 Buy & 2 Store

IOTA Cryptocurrency: How & Where 2 Buy & 2 Store

in Altcoins, Newbie

IOTA is a crypto token (IOT) specially designed and optimized for the Internet-of-Things (IoT). The team behind the project developed a new distribution ledger architecture which aims to support the 4th industrial revolution and machine economy, where machines trade resources and services with each other without third party involvement.  

 

IOTA Market Cap


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How to Get an IOTA Wallet

Since IOTA is a relatively new project, there aren’t any real user-friendly wallets to choose from, so many people are storing IOTA on exchanges. Though many beginners who don’t have a solid understanding of the technical details are opting to do this, it doesn’t mean that storing IOTA on an exchange is a good idea. Individuals who can set up a desktop wallet should use that or print out a paper wallet in order to secure their coins.  

 

IOTA Desktop Wallet

The most common option for storing IOTA is downloading and installing the IOTA GUI client directly from IOTA. This wallet is available for Windows, Mac, and Linux. When you’re setting up this wallet, choose “light node” and a host. Then generate an 81-character seed that contains only uppercase letters and the number 9.  Keep this seed in a safe spot. Truthfully, setting up the Lightwallet shouldn’t be too hard, but some beginners might not be able to complete the task. 

 

 

IOTA Mobile Wallet

There are IOTA mobile wallets for both Android and iOS, but they’re both in beta. The Android version comes with a disclaimer to use it at your own risk, so keep that in mind. According to users, the iOS IOTA mobile wallet appears to be functional, but it probably shouldn’t be used to hold a large number of IOTA because it hasn’t officially been released yet.

 

IOTA Mobile Wallet
 

IOTA Paper Wallet

The IOTA paper wallet requires 81 characters with uppercase letters and the number 9 just like the desktop wallet. After generating the paper wallet, you can print it out and send IOTA to it. This paper wallet should be stored in a safe place for future use.
 

Where Can You Buy IOTA?

IOTA can be purchased on a number of different exchanges. Currently, the exchange that offers the greatest liquidity is Bitfinex, where it can be purchased with BTC, USD, and ETH. However, Bitfinex is no longer verifying US users, so these individuals will have to look for another option. 

Iota desktop wallet


  Anyone who is located in the United States and has IOTA on Bitfinex should get them off the exchange as soon as possible. IOTA can also be purchased on Binance, the IOTA Exchange, and Bit520. Anyone who wants to move their IOTA off the exchange may want to use a paper wallet, as this appears to be the easiest solution for long-term storage. Holders who are technically savvy may want to set up a desktop wallet. For the most part, avoid using the web and mobile wallets, as they’re still in beta. 

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Can I make money with IOTA?

The information we publish about IOTA should not be interpreted as either an endorsement of the currency or a recommendation to invest. As an investment class, cryptocurrencies are speculative investments and investing in cryptocurrencies involves significant risks – they are highly volatile, vulnerable to hacking and capital loss and sensitive to secondary activity. Historical performance is no guarantee of future returns. Before investing you should obtain advice and decide whether the potential return outweighs the risks. At this phase of IOTA’s development, investors located in a country with access to an exchange that offers IOTA may buy into the currency. Particularly because the project is still very new, it’s possible that early investors may earn a profit as the technology develops. As with any cryptocurrency, it’s important to be aware that there’s risk involved, there are no guarantees, and the cryptocurrency market is notoriously unstable. When the IOTA network is ready for mass distribution, users will have the potential to earn money by allowing others to harness the unused power of their connected devices. While the project is not currently at this stage, IOTA launched a public test-net in May of 2017 to give people a chance to interact with the platform. A “bug-bounty” program is ongoing, which pays rewards to individuals who find bugs within the IOTA framework.  

 

Concerns, Weaknesses, & Critiques

A number of crypto technology experts have questioned IOTA’s viability as a platform. Implementing so many new technologies at once, it’s difficult to believe that there are no weaknesses or flaws in IOTA’s implementation. The technology behind IOTA simply hasn’t been tested enough to know how it will work at scale, and how it will hold up to attacks. This overall lack of testing and peer review is the biggest concern for IOTA’s detractors.   Earlier this year, MIT and Boston University made waves when they published a scathing paper outlining critical security flaws in the Curl hashing function. The idea that you can “roll your own crypto” is strongly looked down upon in the community and among experts. Good cryptography takes years to develop, test, and review. The SHA-3 hashing algorithm took nine years to complete, and experts have shown concern that IOTA’s developers chose to try to write their own cryptography instead of using established standards. These concerns have led to a fairly unstable price for the IOTA token.
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  It’s easy to forget, however, that every new technology goes through technical hurdles and growing pains. Bitcoin had the Mt. Gox scandal, and Ethereum weathered the DAO hack. While the technology and implementation behind IOTA will certainly change, potential investors should consider the overall architecture of the IOTA cryptocurrency and the history of the development team when considering whether to invest.  

 

Conclusion

IOTA is one of the most innovative projects ever seen in the crypto world. Not a lot of information is known about certain aspects of the project, and the information that is available is highly technical. The main network was launched in July of last year and seems to be running smoothly and making steady progress. However, it’s important to note that in its current form IOTA is not decentralized. There is a special node called Coordinator that is run by Iota Foundation, and its main purpose is to protect the network until it grows strong enough to sustain against large-scale attacks. The team behind IOTA has been growing as of late and counts with many experienced individuals. If everything goes well, and if the team is able to accomplish their plans, then the sky is the limit for IOTA. We could be on a brink of seeing a superior technology to the blockchain.  

 

What are your reasons to invest in IOTA cryptocurrency? Let us know your thoughts in the comments section below. 

   


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