How to Buy and Sell Iota Online in Australia
There’s a new way of doing things in the cryptocurrency world. And it, perhaps, has enormous potential. Like all things in the cryptocurrency world though only time will really tell!
Because you’re familiar with Bitcoin and other popular cryptocurrencies you’ll understand the blockchain technology that they are built on. Blockchains have changed the computing landscape and are forging ahead and pushing their way into mainstream applications that are beginning to be utilised by major traditional companies. Think banks!
However, like all new things there are shortcomings. And there are those who find new ways around these issues as they come to light as more demands are placed on these new technologies.
IOTA (which stands for the Internet of Things Application) is a very unique cryptocurrency that has entered the scene - it could very well be the way things move forward in the future. It does not use the blockchain ledger design typical to other cryptocurrencies and, as its name indicates, was created for the Internet of Things. Its currency is called a MIOTA, and the system relies on architecture based on new technology called The Tangle.
The Tangle is quite different from blockchain. A blockchain is like a chain of blocks, while the tangle is more like a web. It is a Directed Acyclic Graph (DAG) that requires a sender in a transaction to also verify, or proof, another transaction at the same time. So, both making a transaction and validating another transaction occur together. Only users of the currency who are actively making transactions can interact with the currency.
Conversely, blockchain technology requires a miner, or a third party independent of the transaction, to authenticate the transaction before it can be approved to proceed. Naturally, miners are paid for their work and a fee is charged for this non-optional service. The prospect of a non fee charging option can only be of interest to the majority of people.
Is your interest piqued? You’ll probably be interested in knowing how to buy IOTA. It’s really quite a simply process. Do you already have an account with a cryptocurrency exchange? If not, having such an account is the first step in how to buy IOTA. There are many such exchanges to choose between. However, part of the how to buy IOTA research is ensuring that the exchange you like the look of actually sells IOTA. It’s still a new coin, so most exchanges don’t yet offer it. There are indications that this is likely to change in the future - particularly as IOTA is now the eleventh most popular cryptocurrency.
Ok - you have chosen an exchange and set up your account. What’s the next step in the how to buy IOTA process? You’ll need to deposit some funds! Part of the research you undertook in the how to buy IOTA and looking for a crypto exchange stage would have led you to discover what real world currencies each exchange accepted. If you want to eliminate fees best practice would be to choose one that accepts your real world currency.
Something to look for and consider as part of your how to buy IOTA requirements is whether the exchange you’re considering allows you to purchase IOTA directly or whether you have to buy bitcoin or another crypto currency first. In the how to buy IOTA world not all exchanges are equal.
If you want to know how to buy IOTA coins, you will also need an IOTA wallet. Your cryptocurrency exchange should provide you with this wallet. Part of the how to buy IOTA coins knowledge is having somewhere to store them!
So ... all these things are now in place. The last step in how to buy IOTA is to ... buy!