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What is IOTA and How to Find the Best IOTA (MIOTA) rates?

What is IOTA and How to Find the Best IOTA (MIOTA) rates?
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Currently, there are a lot of upcoming and developing projects in the cryptocurrency space. The majority of these projects are being designed to make transactions and various crypto activities simple and easy. One such project is IOTA (MIOTA), a distributed ledger that’s specifically designed for the IoT (Internet of Things) industry.

Therefore, if you are interested in IOTA but aren’t sure where to begin or what IOTA is about, no worries. In this article, we decode what IOTA is, its key features, how you can exchange other cryptocurrencies to MIOTA, the best IOTA wallets in existence today.

Let’s dive in!

How to exchange Iota (MIOTA) at the best rates?

What is IOTA?

The IOTA coin, alternatively referred to as MIOTA, is IOTA’s native cryptocurrency that enables users to carry out transactions over the IOTA network. IOTA crypto appears on cryptocurrency exchanges under the MIOTA ticker. The total supply of the currency is 2,779,530,283 MIOTA coins and they’re all in circulation already.

IOTA can best be described as a scalable distributed ledger that’s created to both record and enable seamless data transfer between machines and humans in the IoT ecosystem. Unlike other cryptocurrencies that utilize blockchain technology, the IOTA network utilizes a proprietary technology referred to as the “Tangle.” Essentially, Tangle is a blockless technology. What does that mean?  It means that this technology doesn’t depend on blocks, miners, or chains.

What is IOTA?

IOTA aims at solving some of the major problems that affect Bitcoin and other major blockchain-based networks. Some of these problems include:

  • Low transaction speeds
  • Strong dependence on miners
  • Poor scalability
  • Slow work under heavy loads
  • Commission fees for payments

According to the IOTA foundation, Tangle is faster and more efficient than a majority of other blockchain platforms utilized by other cryptocurrencies. Under typical blockchains, there is usually a network of independent computers/nodes that work collectively to validate transactions and secure the network. Under Tangle, however, for every new transaction, nodes confirm two previous transactions instead of a block.

What is IOTA?

What is MIOTA?

As mentioned earlier, MIOTA is the native crypto of the IOTA network. Unlike other cryptocurrencies such as Bitcoin, MIOTA can’t be mined. Transactions on the Tangle network are validated via DAGs (Directed Acyclic Graphs) based on previous transactions on the ledger. Therefore, it makes MIOTA much faster and more highly scalable than traditional blockchains. Currently, MIOTA is supported by major popular exchanges such as Binance, HitBTC, eToro, Bitfinex, Huobi, Gemini, among others. Therefore, it’s pretty easy to get your hands on some of them as over $10 million worth of MIOTA gets exchanged on a daily basis.

Key Features

Some of the major features of IOTA include:

  • Scalability

This is IOTA Tangle’s most unique feature. For starters, it allows for transactions to be processed in parallel to each other. Therefore, in theory, it should be able to handle as many transactions as possible without overwhelming the network. Since every transaction is confirmed by two previous transactions, the time to confirm decreases more and more as users join the network.

  • No Fees

IOTA is built to be a solution for micropayments. Therefore, the need for eliminating transaction fees is critical. Since Tangle’s technology doesn’t bundle transactions into blocks and mining isn’t present, the network can execute more transactions per second, all while requiring less computing power. Therefore, it allows as many micro-transactions as possible.

What is IOTA?

  • Low Resource Requirement

Bitcoin mining is notorious for high resource requirements. Entrepreneurs are forced to set up power plants just to power up their Bitcoin mining farms. However, since IOTA doesn’t use blocks or miners, it can run on any device with low computing power. Even a personal computer can be enough.

  • Decentralization

Unlike other blockchain networks with dedicated miners or validators, everyone in IOTA acts as a validator every time they send a transaction. Since every user is validating others’ transactions each time they send a transaction, there are no block rewards or transaction fees. Therefore, there is practically no need for validators to compete.

IOTA Wallets

Due to its non-blockchain structure, IOTA isn’t as supported as other cryptocurrencies in existence today. However, there are enough IOTA wallets to pick and choose from. Depending on what you are looking for, there is a wallet to suit your every need.

Some of the most common IOTA wallets include:

  • Firefly Wallet
  • Coinbase Wallet
  • Binance Wallet
  • Guarda Wallet

IOTA Wallets

How to Exchange a MIOTA Coin?

Are you having trouble finding the best IOTA exchange? If yes, then you are lucky. Swapzone is one of the best IOTA exchanges in the market today. It offers some of the best IOTA exchange rates in the market. Not to mention, through Swapzone’s IOTA converter, you can find out the prices of other cryptocurrencies before making any decision.

BTC to MIOTA Exchange

Here is a step-by-step procedure on how to conduct a BTC to IOTA exchange on Swapzone:

Step 1. Simply launch the Swapzone website.

Step 2. On the “Select Pair” tab, enter BTC in the send section and in the “Get up to” section, choose MIOTA. Ensure you enter the amount of BTC that you want to convert to MIOTA.

Step 3. In the filter section, choose the kind of rate that you are looking for, whether floating, fixed, or floating with excluded TX fees.

Step 4. Go through the list of options and when you find one that suits you, click on it.

Step 5. Hit “Exchange” and enter your wallet details along with your email. Once done, hit “Proceed to exchange”.

Step 6. The transaction will begin. Wait for it to complete. When it does, rate the exchange partner and leave an honest review.

BTC to MIOTA Exchange

ETH to MIOTA Exchange

Here is a step-by-step procedure on how to conduct ETH to IOTA exchange on Swapzone:

Step 1. Simply launch the Swapzone website.

Step 2. On the “Select Pair” tab, enter ETH in the send section and in the “Get up to” section, choose MIOTA. Ensure you enter the amount of ETH that you want to convert to MIOTA

Step 3. In the filter section, choose the kind of rate that you are looking for, whether floating, fixed, or floating with excluded TX fees.

Step 4. Go through the list of options and when you find one that suits you, click on it.

Step 5. Hit “Exchange” and enter your wallet details along with your email. Once done, hit “Proceed to exchange”.

Step 6. The transaction will begin. Wait for it to complete. When it does, rate the exchange partner and leave an honest review.

LTC to MIOTA Exchange

Here is a step-by-step procedure on how to conduct LTC to IOTA exchange on Swapzone:

Step 1. Simply launch the Swapzone website.

Step 2. On the “Select Pair” tab, enter LTC in the send section and in the “Get up to” section, choose MIOTA. Ensure you enter the amount of LTC that you want to convert to MIOTA

Step 3. In the filter section, choose the kind of rate that you are looking for, whether floating, fixed, or floating with excluded TX fees.

Step 4. Go through the list of options and when you find one that suits you, click on it.

Step 5. Hit “Exchange” and enter your wallet details along with your email. Once done, hit “Proceed to exchange”.

Step 6. The transaction will begin. Wait for it to complete. When it does, rate the exchange partner and leave behind an honest review.

Other Currencies to Exchange to MIOTA. 

The same procedure applies to any kind of cryptocurrency that you want to convert to MIOTA, e.g. Cardano or VeChain.

LTC to MIOTA Exchange