How to buy IOTA in India? Is it good to invest in IOTA? Can IOTA rise like bitcoin in coming years say like 7-8 year

Nitish Gujjar

Nitish Gujjar, studies at Indian Institute of Technology, Roorkee (2020)

Mise à jour il y a 41w

IOTA is the cryptocurrency designed for Internet Of Things, which makes use of distributed ledgers.But if it like any other cryptocurrency why is it rising like anything?

Because it is not like any other cryptocurrency. Let me explain it in detail. Unlike most cryptos it does not use a blockchain, instead, it uses a technology known as “The Tangle” which is based on other mathematical concepts known as directed acyclic graphs. This was a purposeful move from the developers as within this design is what separates IOTA from every other cryptocurrency. Within the design, it has the removal of miners without sacrificing decentralization with the need for miners to be removed so what are the need for fees?

How to buy IOTA in India? Is it good to invest in IOTA? Can IOTA rise like bitcoin in coming years say like 7-8 year

Yes, Iota is completely free to use. This is because everyone plays an equal role in the network. Any time a transaction is made the issuer must help authenticate to previous and random transactions. It uses a series of cryptographic algorithms along with many other sophisticated techniques to do this work. This work is done behind the scenes on such a small scale that any device could manage it without efforts. Ultimately a network like this allows for 2 important features :

  1. Microtransaction – Microtransactions are the transactions that can be worth fraction of a cent. And cryptos like bitcoin faced many issues with this largely due to the necessity of miners. In short, you couldn’t buy a burger with most blockchain based cryptos.

2. La vitesse– In cryptocurrency speed is measured by TPS (transactions per second). In simple words, none of us want to wait for hours for a transaction. Ultimately with IOTA more people that use the network the faster it becomes.

Overcoming the issues blockchain based cryptocurrency faced today, It is these two features which give rise to IOTA’s purpose which is to be implemented to be underlying protocol behind the Internet Of Things. And these two things also make IOTA better than any other cryptocurrency then whether it is bitcoin or any other altcoin. It would take time to grow but the rate expected would be much higher than that was of Bitcoin.

HOW CAN YOU BUY IOTA?

To purchase IOTA coins, you need to have Ethereum, Bitcoins, or any other top altcoins. It is better to buy Bitcoins or Ethereum in the market and then you can easily use it in Binance to purchase IOTA crypto coins.

  • The first thing you need to do is you need to buy Bitcoins from websites likeCoinBase, ZebPay, BlockChain (UnoCoin). All these websites would ask you to verify your account with your real identity. So signup and immediately upload your verification documents. I personally use Coinbase as it is very easy to use and it is widely recognized wallet.
  • Once you received your bitcoins, signup on Binance.com which is an Official crypto exchange website. This is one of the most popular websites for crypto trading. IOTA is only available on Binance and Bitfinex websites as this is a new cryptocurrency. Cliquer ici to signup on Binance to buy IOTA cryptocurrency at the best price.
  • Now go to the “Deposit Withdrawal” section and click on the Bitcoin (BTC). It will show you a unique BTC address. You need copy this and go back to your wallet where you bought bitcoins/etherium. Now, send an amount of BTC you would like to transfer to Binance.
  • Once you have completed the transaction, Added BTC will show up in your Binance account within an hour. Yes, it takes some time to complete the transaction.
  • Check your account after around an hour and you will see your BTC in your Binance account. Now click on the Exchange “Basic” and search for IOTA/BTC exchange. There are hundreds of other cryptocurrencies also listed over there.

How to buy IOTA in India? Is it good to invest in IOTA? Can IOTA rise like bitcoin in coming years say like 7-8 year

  • Enter the amount of IOTA coins you want to purchase and it will show the total amount of BTC in the column below. Once you click on the Acheter button, amount of IOTA will instantly get exchanged from your Bitcoins and you can check this onDes fonds –> Deposit Withdrawal option again to make sure you have received the IOTA coins.
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Well, this was all from my side, hope you guys enjoyed reading this answer and have started thinking of investing in IOTA cryptocurrency. Share this article with your friends and if you any comments and suggestions feel free to write them in the comment section.

Cheers.

Tej Lahoti

Tej Lahoti, Financial markets enthusiast

Répondu il y a 45w

IOTA:

IOTA is a cryptocurrency closely associated with the Internet of Things (IoT). IoT would involve network connectivity of nearly all internet based electronic items with one another. Now, interconnectivity between machines would enable interaction between them. To facilitate financial interaction or also known as Machine to Machine payments (M2M), the IOTA comes into picture.

Investing in IOTA:

After the kind of rally seen in all cryptos, everyone is on the lookout for “The next Bitcoin”.

Now to just give a brief comparison about Bitcoin vis-à-vis IOTA:

  1. IOTA was founded in 2015, while Bitcoin was invented in 2009.
  2. IOTA uses Tangle while Bitcoin is based on block chain.
  3. IOTA is formed by a non-profit organization called IOTA foundation, while the identity of Satoshi Nakamoto is still shrouded in mystery, which in my opinion makes IOTA a little trustworthy.

With the IoT still being in early stages, IOTA seems to be a good bet for now. Also, recently companies like Microsoft, Samsung, Accenture and others have tied up with IOTA which makes it all the more attractive.1So IOTA looks undervalued at the current stage and seems to have a bright outlook. However, daily fluctuations in IOTA just like any other crypto are massive. Hence, you should stick with the “Buy and forget” strategy because tracking the prices on a daily basis will just keep you doubting your investment.

Buying IOTA in India:

There is no direct way to purchase IOTA in India yet. The best bet would be using either Zebpay or Unocoin for first buying bitcoins.

Then you could use another app like Bitfinex2 to receive the bitcoins in the Bitfinex wallet from either Zebpay or Unocoin and then proceed to buy IOTA.

There are also other sources such as Shapeshift3or Poloniex4instead of Bitfinex, though I've personally not used the others.

Also, on a personal level, I think you should invest only so much of the amount that you'd be willing to lose right now and sit on the investment for the long term. The returns in IOTA in the long run could be great.

Remember, nobody can become a millionaire in a day or two and investments need time and patience to grow. Bitcoins did not reach close to USD 15,000 from scratch in a matter of months either.

PS: This is not an investment advice and you should carry out your own research before making any actual investments.

Notes de bas de page

1 IOTA Price Explodes After Microsoft Partnership Announcement

2 https://www.bitfinex.com/

3 Changement de forme | Cryptocurrency Exchange | Conversion de pièce simple

4 Poloniex - Bitcoin / Échange d'actifs numériques

Ashish Singhal

Ashish Singhal, travaille chez Amazon

Répondu il y a 24w · L'auteur dispose de réponses 216 et de vues de réponses 590k

The main goal of the IOTA project it to create a technology to enable machine-to-machine (m2m) transactions for Internet-of-Things (IoT) applications.

IOTA can allow systems to share information among the IoT devices and anyone who wants to buy it, maintaining the integrity of the data by securing it in a tamper-proof decentralised ledger. And providing a fee-free exchange medium by using the “Tangle”, its own take on the blockchain.

How to buy IOTA in India? Is it good to invest in IOTA? Can IOTA rise like bitcoin in coming years say like 7-8 year

Enchevêtrement is based on a mathematical concept called a directed acyclic graph instead of the blockchain that is used by majority of the cryptocurrencies.

Every transaction on the IOTA platform does not require a miner for verification, but when a user issues a transaction, that user also validates two randomly selected previous transactions, each of which refer to two other previous transactions, and so on.

Using tangle, IOTA promises Fee-free transactions which make micro and nano transactions a possibility.

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Current Problems with the project:

  1. The IOTA system is built on a ternary counting system(-1,0,1), as opposed to the binary system(0,1) that is the native language of computers.
  2. IOTA team invented its own hashing algorithm, Curl. Unfortunately, inventing an attack-proof hash function is an overly difficult task. Even Bitcoin and Ethereum rely on hash algorithms discovered by others.
  3. Security of the tangle(IOTA network) directly depends on the number of transactions being processed as unlike blockchain-based systems, such as Ethereum and Bitcoin, the difficulty of the proof of work is not adaptive.

Although the above problems exists, the team is working hard to address the issues. They have partnered with scientists to improve the system. The Imperial College of London will partner with the IOTA foundation to bring the IOTA protocol closer to real-world adoption.

If IOTA is able to solve the above mentioned problems and able to showcase a Fee-Free transaction platform then i don’t think anyone can stop IOTA from becoming one of the best assets.

You can purchase IOTA from CoinSwitch

CoinSwitch is a crypto currency exchange aggregator and supports over 300+ coins and compares all major exchanges.

How to buy IOTA in India? Is it good to invest in IOTA? Can IOTA rise like bitcoin in coming years say like 7-8 year

Avertissement: This is just my personal opinion and should not be considered an investment advise.

Ravi Kumar

Ravi Kumar

Répondu il y a 45w

IOTA is indeed a promising cryptocurrency that could give good returns in 7–8 years if you could hold on to it.

BUT WHY?

  1. Currency for machines : Iota is primarily designed to serve machine economics where a machine pays to another machine for the service it gets. Remember, Internet of things could be commonplace by 2025, 50 billion devices interacting with each other as well as people.
  2. Free micro transactions: one major problem with existing blockchain based currencies like bitcoin or litecoin is that it is expensive to buy a can of coke or pizza because transaction itself costs more than the amount of the transaction. So you cannot use bitcoins and its ilks to buy day-to-day essentials. Whereas in case of IOTA, cost of your transaction is that you just have to verify two random transactions in the network i.e. You pay fee in the form of processing power of your device rather than in IOTA itself.
  3. Évolutivité: As more people adopt bitcoins or ethereum, transactions time and fee will increase i.e. There is a limit to scalability. But, for IOTA, scope of scalability is infinite and the more people join the network, the faster transaction processing gets.

Remember : sucess of a cryptocurrency depends on the community and continous development happening around it. This is the reason bitcoin and ethereum have been able to thrive because community and developer base for them is vast, actively practicing and improving the underlying technology.

In case of Iota, this is yet to see because IOTA is a new entrant in the crypto world.

Besides, chances are high some copycats may spring up in future, and pose themselves better than Iota(though unlikely, still depends on active development of iota ecosystem)

So invest that you can afford to lose and forget about your investment for 5–6 years, if IOTA survives next five year or so, return on investment can be astonishing.

Où acheter?

Right now it's available on only bitfinex exchange. So first buy bitcoin or ethereum amd use them to buy IOTA

Bitcoin is available on many Indian exchanges but there is only one ethereum exchange in Indian which is not accepting new user but you can ethereum on Bitcoin Exchange, Négoce BTC USD, BTC EUR - CEX.IO with Indian debit or credit card.

Puneet Gupta

Puneet Gupta, Blockchain Explorer, Marketer, Entrepreneur

Répondu il y a 45w · L'auteur dispose de réponses 814 et de vues de réponses 1.6m

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IOTA is promising. IOTA will enable nano payments. IoT devices can use IOTA to interact with each other and take actions if necessary. The devices will be able to transfer funds, keep records and send messages to each other without need of any centralised system.

In IOTA, the device initiating the transaction will do a little PoW of broadcast the transaction to the network. It gets linked to another two transactions. As no miners are involved, the transactions are free and fast.

But IOTA is not a blockchain. It uses another consensus protocol named Tangle. If you are looking for a blockchain project, IOTA is not the one for you.

La chaine de blocs en termes simples est une chaîne de blocs. Chaque bloc est constitué de plusieurs transactions. Ces transactions sont identifiées par leur hauteur de bloc. Tous les blocs sont liés les uns aux autres. Cela facilite la recherche et l'identification de transactions particulières. Cela augmente la sécurité lorsque vous modifiez une transaction particulière, vous aurez également les informations de modification dans les blocs précédents.

Tangle est un nouveau concept des développeurs IOTA. Ils voulaient une solution sans extraction, sans frais de transaction et rapide. Dans Tangle, les transactions sont liées les unes aux autres comme un grand enchevêtrement Web. Leur n'est pas un concept de blocs. Chaque transaction sera vérifiée par un petit PoW par le périphérique d'origine. Cela liera la transaction à deux autres transactions aléatoires.

Dans Tangle, vous n'avez pas besoin d'attendre que des blocs soient extraits. Les transactions sont vérifiées en parallèle. Cela aide à plus rapide et plus grand nombre de transactions à la fois.

Vous pouvez en savoir plus sur IOTA à Introduction à l'IOTA (avec présentation) - IOTA

How to buy IOTA in India? Is it good to invest in IOTA? Can IOTA rise like bitcoin in coming years say like 7-8 year

Source de l'image: guides sur la façon d'utiliser et d'acheter IOTA

You cannot directly buy IOTA. You will need to buy Bitcoin or Ethereum and get it exchanged to IOTA. Currently there is no Indian exchanges. You can use:

Poloniex - Bitcoin / Échange d'actifs numériques

Bittrex, la prochaine génération d’échange de devises numériques

Changement de forme | Cryptocurrency Exchange | Conversion de pièce simple

IOTA for some people is Blockhain2.0. It has a very strong team behind it. We cannot be sure if it will survive or thrive for next 8 years. It looks promising today for sure now.

PS: I am not a financial advisor. Invest after doing your own research.

Vishnu Talanki

Vishnu Talanki, Finance Geek, Trader sur les marchés financiers et un Bitcoiner.

Répondu il y a 45w · L'auteur dispose de réponses 141 et de vues de réponses 222.8k

IOTA is a very promising cryptocurrency. And it can probably give amazing returns in 3–4 years.

I’d say it is very fruitful to invest in IOTA.

As for buying IOTA in India, the simplest thing that can be done is -

Convert your INR to BTC - Acheter Bitcoin for INR.

Then use other online services such as changelly or Changement de forme | Cryptocurrency Exchange | Conversion de pièce simple

This way you can convert BTC to IOTA or any other currency for that matter!

Merci

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