Is IOTA (MIOTA) a Good Investment
IOTA (MIOTA) Cryptocurrency Overview For 2024
Being the leading IoT focused cryptocurrency project has certainly put IOTA into the limelight. If nothing else, it’s well known and regarded for its function as internet-connected devices’ preeminent distributed network.
As revolutionary as this approach may be, the lifespan of the initiative so far has seen numerous ups and downs and there has even been quite a bit of criticism levied at it.
What is IOTA (MIOTA)
As indicated before, while IOTA is a unique public distributed ledger as many of its contemporaries are, there is no blockchain forming a part of the foundation.
This works because of the expert implementation directed acyclic graph technology in accordance with Tangle, allowing consensus provision without any need to get miners involved.
The goal of the project is to enable a growing machine economy, achieving this through powering all machine-to-machine payments that the Internet of Things needs to function.
The History of IOTA (MIOTA)
Though IOTA’s development dates to 2015, it began to take off between late 2017 and early 2018. Of course, this would’ve been during one of the biggest highs of the crypto market, which represented a perfect time to capitalize.
It made a roughly 500% price jump in a month between November and December 2017, which was quite the leap.
Unfortunately, by mid-2018, it would see a loss of about 400%, landing it around the $1 mark. By March 2020, the drops would take it even further down, as it plummeted and eventually reached a low of $0.137891.
A steady climb would follow, with a jump to above $1 by February 2021 and a further ascent to over $2 in April of the same year. Between then and the end of the year, it would find itself falling and trading at just over $1 by the start of 2022.
How Does IOTA (MIOTA) Work?
By using its proprietary Tangle algorithm, which only requires users to validate two transactions for IOTA transactions to be complete, the platform negates the need for miners. This method, in turn, not only means no blocks, but it also symbolizes an absence of transaction fees for users.
The idea behind this workflow is to get rid of the cost and scalability challenges that come with blockchain-based implementations. Furthermore, this means lower computational costs and the leveraging of IoT connections.
IOTA (MIOTA) Price Prediction
On the one hand, you want to bear in mind that IoT implementations continue to gain traction, which fits right into the IOTA ballpark. On the other hand, you must remember that you’re still dealing with a cryptocurrency here and that volatility means the prices here are not indicative of the absolute truth.
Nevertheless, it is useful to see what analysts have to say about a crypto’s future, especially since there would be trend analysis and other tools that lead to the eventual prediction.
DigitalCoinPrice sees IOTA closing out 2022 at the $1.13 mark and ending up at $1.36 by 2025.
WalletInvestor has predicted a closing price of $6.352 for MIOTA in 2027.
CoinSwitch indicates that based on all the upcoming projects and the number already completed by IOTA, MIOTA is expected to hit $9.847 by 2025’s end.
Is IOTA (MIOTA) worth Buying?
The doubt surrounding this question comes from the relatively low price of MIOTA and the fact that it hasn’t necessarily managed stability. Nevertheless, these are the kinds of investments that are made for long-term gain, and if you apply this principle here, then it becomes more appealing.
Remember that IoT system demand is only going to continue to appreciate and DAG systems are also going to be right alongside them. Therefore, it wouldn’t be surprising if you start seeing a lot more mainstream adoption in the future.
While nothing is certain, these factors would indicate that your IOTA investment could certainly be worth it.
IOTA (MIOTA) Forecast
The IOTA forecast is based heavily on what has been said before and experts agree that things are looking up in the industry that IOTA specializes in. For example, experts predict that by 2025, there are expected to be well over 75 billion IoT devices globally.
This kind of uptick, especially given the fact that IOTA plans to power the behind-the-scenes payment exchanges certainly indicates a wealth of potential for the project.
It’s a big part of why all expert analyses have MIOTA on the rise going forward.
Where to Buy IOTA (MIOTA)
So now that you have a better idea of what IOTA is all about, you may be concerned about how to buy MIOTA when you’re ready to invest. There are several solid options that you can choose from as far as exchanges go. The ones highlighted below are Binance, KuCoin, eToro, and Bitfinex.
Apart from learning about the ups and downs of going with each exchange, you also get an understanding of how to go about purchasing MIOTA on each.
Binance
Binance, which has its roots in the Cayman Islands, has the distinction of being one of the largest crypto exchanges on the market today. The market share is to be expected when you consider the fact that there are over 500 different cryptocurrencies available for purchase and trade.
Additionally, the presence of attractive pricing certainly helps the case.
Pros
- There is an incredibly broad selection of currency options including both common and obscure ones
- The design is incredibly comprehensive, allowing advanced traders to take their activity to the highest level with advanced tools and technical indicators
- Beyond being a trading platform, you can use Binance for a series of other transaction types
Cons
- Though the appeal to advanced traders is nice, the platform can be difficult to use Though the appeal to advanced traders is nice, the platform can be difficult to use
- Binance is not very regulated
How to Buy IOTA (MIOTA) with Binance
Registration
The first step is to create a Binance account. This is a straightforward process requiring nothing more than a couple of pieces of personal information followed by an identity verification.Fund Your Account
You have a few payment method options to choose from. However, if you go with a credit card, you cannot buy MIOTA directly and must choose another coin such as USDT or Tether then do a trade. Using another payment method, you simply indicate how much MIOTA you want, and you’re shown how much of your currency is needed for the purchase.Confirm Purchase
Confirm the parameters of your purchase to end your transaction.KuCoin
KuCoin is another very solid option for your cryptocurrency purchases, and it has certainly gained some traction since its debut in 2017. Fees represent KuCoin’s appeal to the market as it happens to be incredibly competitive compared to many of its contemporaries.Pros
- There are numerous cryptocurrencies on the exchange that you can purchase and trade
- Using the platform is incredibly straightforward, thanks to its intuitive design
- The fee structure is very attractive
- There is support for other asset types on KuCoin including futures.
Cons
- Trading volume is on the lower end of the spectrum
How to Buy IOTA (MIOTA) with KuCoin
Create Account
Your KuCoin experience starts with your creation of a user account. It’s your standard registration process, requiring you to provide some personal information before you can proceed. Simply fill out the short registration form, followed by your submission of a government-issued ID to get started.Choose Funding Source and MIOTA
Click on the “buy crypto” option in the upper left corner of the screen and select either “quick buy” or “third party.” Note that there’s also a P2P option if you want to do a direct trade with another member. Choose your payment method from the 70+ available, then indicate the amount of MIOTA you’re interested in.Confirm Purchase
After you enter your desired amount, you’re shown the corresponding cost in your purchase currency. Once you’re comfortable with the amount, you can then confirm the purchase.eToro
eToro is often very well regarded for the perception of safety while using it, particularly thanks to its status as a regulated entity by FCA, ASIC, and CySEC. One of its most outstanding features is a provision that allows casual traders to copy strategies used by top-performing experts.Pros
- Social trading allows you to copy the trading strategies of top performers, which is great for newer entrants to the industry.
- The user experience is quite attractive and straightforward
- Stock and ETF trading are available on the platform at no cost.
Cons
- Non-trading fees can be very exorbitant
How to Buy IOTA (MIOTA) with eToro
Create Your eToro Account
The process begins when you click the “join now” button to indicate your interest in an eToro account. Provide the three items requested, tick the checkboxes to accept the related policies, and then click on “create account.” Note that Google and Facebook authentication are supported.
Click on the verification link sent to the provided email address and complete the KYC process.
Fund Your Account
Choosing your designated payment method, you then make your initial deposit, which has a minimum requirement of $200. No transaction fees are present.
Buy MIOTA
Once the funds have been reflected in your account, you can select IOTA and choose to purchase it at the current market price. There is an option for attempting to buy it at a price you want, but it’s a bit convoluted.
Confirm your purchase to complete the transaction.
Bitfinex
Bitfinex is the final option covered here and it happens to be one of the older exchanges on the market, having made its debut in 2012. It’s headquartered in Hong Kong and happens to be a very liquid exchange.
It has a few unique quirks that increase its appeal to the market and it boasts a very respectable trading volume.
Pros
- Known to be ethical after compensating losses for all traders affected by a 2016 hack
- The platform bears an attractive level of liquidity
- There is support for over 100 cryptocurrencies, consisting of both well-known and obscure ones
Cons
- No credit/debit card or e-wallet payment method options present
- This is an unregulated exchange
How to Buy IOTA (MIOTA) with Bitfinex
Create Your Account
Head to the site’s homepage and click on the “sign up” button to get the account creation process underway. You’re asked for a few simple pieces of information, which you enter and click on “open account” thereafter.
If you want to be able to use fiat currencies, you must complete a verification exercise. It requires a bit more data and identification documentation to be submitted.
It’s a secure platform, so don’t be surprised if the verification takes a couple of weeks.
Select Your Desired Currency and Fund Your Account
Bank transfer is your only option if going the fiat route, and there’s a pretty steep $10,000 minimum deposit. Once you’ve entered your desired amount, you can execute the transfer.
Buy Your IOTA
Select “funding” in the upper left corner and enter “IOTA” in the search area. Select the relevant trading pair and confirm your order to complete the purchase.
Buy IOTA (MIOTA) with PayPal
eToro offers the ability to pay using PayPal, which means it is used for this section.
Create Account
The account creation process is covered in greater detail above under the eToro section. Simply complete the registration process and then you’re ready to fund your account.
Choose PayPal for your Funding Source
The $200 minimum mentioned above holds here as well. However, you want to ensure you select PayPal as your funding source for this process. Your browser is then going to give you a PayPal authentication pop-up for you to sign in and verify which of your linked payment methods you want to use.
Confirm Purchase
Complete your purchase as directed in the eToro section above.
Buy IOTA (MIOTA) with Credit Card
Since eToro offers credit card payment functionality, it’s used here.
Create Account
The account creation process is covered in greater detail above under the eToro section. Simply complete the registration process and then you’re ready to fund your account.
Choose Credit Card for your Funding Source
The $200 minimum mentioned above holds here as well. However, you want to ensure you select the credit card option as your funding source.
You’re then presented with the relevant fields to verify your card details.
Confirm Purchase
Complete your purchase as directed in the eToro section above.
Buy IOTA (MIOTA) with Debit Card
Online transaction enabled debit cards may also be used on eToro. This is the process referenced below.
Create Account
The account creation process is covered in greater detail above under the eToro section. Simply complete the registration process and then you’re ready to fund your account.
Choose Your Debit Card for your Funding Source
The $200 minimum mentioned above holds here as well. However, you want to ensure you select the card option as your funding source.
You’re then presented with the relevant fields to verify your card details.
Confirm Purchase
Complete your purchase as directed in the eToro section above.
Buy IOTA (MIOTA) with Bank Transfer
With eToro, you’re allowed to do a bank transfer to fund your purchases. Note that the transfer time depends on the bank you use.
Create Account
The account creation process is covered in greater detail above under the eToro section. Simply complete the registration process and then you’re ready to fund your account.
Choose Your Debit Card for your Funding Source
The $200 minimum mentioned above holds here as well. However, you want to ensure you select the bank transfer option as your funding source.
Fill out the fields with your bank details to complete the transaction
Confirm Purchase
Once the funds arrive, complete your purchase as directed in the eToro section above.
FAQs
How Would an Inflation Bug Be Detected without Stored Transaction History?
Is There a Reputable IOTA Information Resource?
Yes. You can visit the official IOTA wiki learning page here.
How Is IOTA Feeless?
This is rooted in the absence of a blockchain, which means gas costs are a non-factor
What Interesting Future Prospect Is There for IOTA?
IOTA intends to introduce smart contracts with Ethereum integration
Conclusion
IOTA most certainly chose a unique path forward. What makes it worth keeping an eye on is its focus on the massively building IoT industry. If you have the funds to risk, IOTA seems like a solid investment choice by all indications.
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