At the time of writing this, there are 14 coins with a market capitalization of over 1 billion US dollars. While many of these 14 coins compete against each other, IOTA (MIOTA token) offers an architecture and a much more unique value proposition. Therefore, anyone wishing to have a varied portfolio or simply wanting to be confronted with an exciting technological evolution, should consider the idea of buying in IOTA.
This guide will show you how to buy your first MIOTA coins on one of the biggest bags in the world, Binance.
What is the IOTA?
IOTA is a distributed ledger platform that aims to power the Internet of Things (IoT) economy. Well … what is IoT?
Internet of Things is the network in which all types of devices communicate with each other, share data and perform automated actions. Smart TV, smart homes and Amazon's Alexa are just the beginning. Many believe that IoT has an almost unlimited potential to expand and understand everything in everyday life.
An ongoing obstacle to IoT's advancement is the ability of devices to perform transparent microtransactions with each other without significant commissions to pay for each transaction. This is the problem that IOTA is trying to solve, with the MIOTA coin.
To enable instantaneous microtransactions at no cost, you need to correct the scalability problem with traditional blockchain platforms. IOTA does this with a different architecture than the blockchain used by Bitcoin and Ethereum. Their DAG structure (Directed Acyclic Graph) (called "Tangle") allows transactions to be parallel and theoretically scalable to work faster with more activities on the network.
Now let's see how IOTA tokens can be purchased.
Step 1: Sign up for an account on Binance
Not many of the major Fiat stock exchanges still offer the possibility of buying IOTA tokens with Fiat currency (USD, EUR, JPY). So this guide will focus on trading Bitcoin or Ethereum for IOTA.
If you have not already done so, sign up for an account on Binance. The exchange is open to people in almost all areas of the world and should not take long.
Step 2: Verify your account
Binance will ask you to send several verification documents before you can start trading. The approval process is usually quick, but in some cases it can take up to a day.
Also, set up two-factor authentication to protect your account.
Step 3: Send BTC or ETH to your Binance account
Once registered, you will need to send Bitcoin or Ethereum to your Binance wallet. If you do not own any of these coins, you can buy with a credit or debit card from sites like Coinmama or Changelly, or from a Fiat exchange such as Coinbase.
To make a deposit, go to the menu at the top of the page, select "Funds", then "Deposits".
Look in the drop-down menu for the currency you wish to deposit. Binance will give you a wallet address to send your coins. Be sure to send only the right type of currency (for example, BTC to the BTC portfolio). Any other coin sent here could be lost.
Step 4: wait for confirmation
Transactions are often completed very quickly, but in some cases they may take several hours, depending on the network load at that time.
Make sure the transaction was completed successfully before continuing.
Step 5: Find and select the BTC or ETH pair
Once the deposit is successful, go to the Binance exchange section. Click on "Exchange" from the top menu, then "Basic".
From the exchange screen, find the box on the right side. In the search field, select the coin you previously deposited and search for IOTA. Click on the displayed pair (IOTA / BTC or IOTA / ETH).
Optional: Use the advanced Binance tools to buy at the right time
Binance offers lots of data, such as real-time charts and order history, to help you track a coin's performance and buy at the best time.
The exchange will also allow you to set purchase or sales limits. This means that you can put a price (in BTC or ETH) to which you want to buy. Once the price reaches that point, the exchange will automatically make your exchange.
Step 6: Choose the amount of IOTA to buy
Enter the price you want to buy for IOTA or select Market to buy at the current price (the market price is valid for beginners).
Now select how much IOTA to buy. You can choose a specific quantity in IOTA, or 25%, 50%, 75% or 100% of the BTC / ETH coins in your Binance portfolio.
Step 7: Buy IOTA!
Click on the big green button to complete your trade!
Step 8: Move your coins to a secure IOTA wallet
The best practice in crypto is to keep your coins in a safe wallet that you control, not on an exchange. So, when you're done trading, always withdraw your coins.
To do this, you will need a portfolio that supports IOTA. Because IOTA is a more recent project than many other high-value cryptocurrencies, there are not yet many portfolio options available. The Atomic Wallet and the IOTA Light Wallet GUI are both solid options for Desktop, while the Trinity Wallet or IOTA Android Official Wallet are two mobile options for Android users.
To withdraw coins in your wallet, click on "Funds" and then on "Withdrawals".
Select IOTA from the drop-down menu. Add the address from your IOTA wallet, verify it is correct and press enter. Check Binance to confirm that your withdrawal has been successful.
… stop! Now you know how to get your first IOTA token on Binance.