Cryptocurrencies have spread across the entire globe to become a phenomenon that we have hardly ever seen before, and with so many fans across the world and so many different variations, cryptocurrencies are most certainly here to stay. Of course, we know that Bitcoin is what started this whole thing off and has become the most valuable virtual currency, but not necessarily the most sought out because for the past few years there have been what seems like a never-ending stream of different digital currencies that have been released. As many of these different cryptocurrencies have been released, they have become extremely popular for their functionality and purpose but mostly because of the explosive growth that can occur. Cryptocurrencies like IOTA on the other hand have a very strong purpose and have a place in the world of cryptocurrencies. The name IOTA comes from the Internet of Things (IoT). IOTA is a crypto that was specifically designed for the Internet of Things and has two major advantages over many other blockchain-based cryptocurrencies, in that it is:
Scalable – IOTA is more than capable of handling significant growth, or the potential to implement significant changes in its core and still be able to function to its full capacity. Other cryptocurrencies aren’t so lucky and face major hurdles when it comes to implementing important changes or dealing with a period of extreme growth.
Decentralized – Blockchain is a decentralized network that houses nodes that each hold a copy of the data that is being passed and shared on this network. The benefits of holding data on a decentralised network are beyond those of centralised networks, because if a node goes offline on a decentralized network the data can still be accessed via other nodes, whereas on a centralized network, if the host node goes offline the data cannot be accessed.
Choosing an IOTA wallet
As IOTA is relatively new, there are a lack of digital wallets to store IOTA in. If you want to buy IOTA, you’ll need to find a secure wallet. However, there’s only a limited range of wallets available. The most common option for storing IOTA is downloading and installing the IOTA GUI client which is a desktop client. It is available for Windows, Linux and Mac. When setting up the HUI client wallet, make sure to choose the Light node and a host. You will then need to generate 81 character seed that includers the number 9 and only uppercase letters.
At the moment all android and IOS wallets are in Beta mode, so caution is advised.
- The paper wallet for the IOTA coin can be printed out and sent to IOTA.
- When looking for an IOTA wallet, consider the following criteria:
- IOTA compatibility. You’ll need to find a wallet that specifically supports the IOTA cryptocurrency.
- Ease of use. make sure any wallet you choose is simple and has an easy-to-understand user interface.
- Security features. Check to see what security features are included and importantly if it has the ability to retain control of your private keys at all times.
- Backup options. Can you create a backup of your private keys?
- Customer support and ongoing development. Research the team behind a wallet to find out whether the wallet is continually being developed and improved.
For further information and more in-depth digital wallet reviews, please visit our Crypto Wallets page.
Choose Your IOTA Exchange
Despite the lack of digital wallets available for IOTA storage, there is a good and growing choice of IOTA exchanges.
Exchanges are the easiest and most automated method of how to buy IOTA. All the exchanges operate with slight differences, so it is important that you do the research to make sure the exchange is right for you.
- Check that the exchange permits customers from your country.
- Check which payment methods are available.
- Check the deposit, transaction and withdrawal fees
- Compare the exchange rates as exchanges often ‘hide’ fees within the exchange rates
- Undersatnd what is required within the Know Your Customer (KYC) process.
Recommended IOTA Crypto Exchanges
Always check out the exchange’s online reputation. For full in-depth reviews, check out our best crypto exchanges.
Make an IOTA Trade
Anyone wanting to move their IOTA from the exchange may want to use a paper wallet, as this appears to be the easiest solution for long-term storage.