A Beginner's Guide To Investing In Iota In India

IOTA is a cryptocurrency that stands for Internet of Things Application. It is a decentralised form of cryptocurrency that facilitates communication between businesses and online transactions. Unlike most other cryptocurrencies, it is not based on blockchain technology. Instead, it uses an alternative consensus algorithm called Tangle, which is short for Direct Acrylic Graph Tangle (DAG). IOTA does not incur any transaction fees and has infinite scalability. It also does not require mining, which means there are no environmental issues associated with it. In this guide, we will discuss how to invest in IOTA in India.

IOTA wallet options

IOTA is a decentralised, open-source, distributed ledger protocol that goes 'beyond blockchain' through its core invention of the blockless 'Tangle'. The IOTA Tangle is a Directed Acyclic Graph (DAG). IOTA aims to be the backbone of the emerging machine-to-machine (m2m) economy, focusing on the Internet of Things (IoT), data integrity, and micro-/nano-payments.

When it comes to storing your IOTA, it is recommended to use a wallet, as this gives you full control over your coins. The current wallet options for IOTA include:

• The Official IOTA Wallet: This wallet can be downloaded from the IOTA website. It is available for Windows, macOS, Linux (DEB and RPM), and as a command-line wallet. It is important to note that this wallet has received some criticism for being difficult to use and not very user-friendly. However, a new wallet version is released from time to time, which may address these issues.
• Trinity Wallet: This wallet is recommended by the IOTA community as a replacement for the legacy wallet. It is available for desktop and mobile devices.
• Exodus: A third-party wallet that supports a wide range of cryptocurrencies, including IOTA. It offers a user-friendly interface and is available for Windows, macOS, Linux, and mobile devices.
• Ledger Nano S: A hardware wallet that supports a variety of cryptocurrencies. While it does not currently support IOTA, there is optimism that it may be added in the future.
• Bitfinex: A cryptocurrency exchange that allows you to buy, sell, and store IOTA. However, it is generally not recommended to store your coins on an exchange, as it is safer to have full control over your assets.

When setting up an IOTA wallet, it is important to generate a secure seed, which serves as your password. This seed should be a random sequence of 81 characters, including uppercase letters and the number 9. Keep this seed safe, as it is the key to accessing your IOTA.

Exchanges that support IOTA trading

IOTA tokens are freely traded on most major digital asset exchanges. However, it is worth noting that almost no U.S.-based exchanges host IOTA, and it is not possible to buy IOTA directly with a credit card or bank transfer.

• Binance: This is a global exchange available in almost every country. It supports almost every altcoin, including IOTA, and features over 100 cryptocurrencies and a wide range of pairs. It is easy to use and reliable, servicing over 1.4 million transactions per second.
• Huobi Global: This is the international edition of Huobi, a major Chinese exchange. It offers 190 cryptocurrency pairs, including IOTA, and supports trades between IOTA and Tether (USDT) and Ethereum (ETH).
• Voyager: One of the only U.S.-based exchanges that host IOTA. It allows users to directly fund their accounts with USD and buy IOTA in a single app. It uses a "smart order router" technology to give access to trades on international exchanges.
• Tokyo-based exchange, Binance: This exchange offers the trade of IOTA in exchange for Bitcoin or Ethereum.

It is important to conduct your own research and due diligence when selecting an exchange to ensure it meets your specific needs and has adequate security measures in place.

How to buy IOTA with INR

Step 1: Sign up for an Exchange

Firstly, you need to sign up for an exchange that supports INR and IOTA trading. One option is to use Koinex, which is a popular Indian exchange with low fees. You will need to complete the verification process and deposit the amount of INR you wish to invest.

Step 2: Buy Ethereum (ETH)

Next, you need to buy a cryptocurrency that can be traded for IOTA. In this case, we will use ETH. On Koinex, select Ether from the drop-down menu and choose the 'Buy Ether' option. Enter the amount of INR you wish to spend and calculate the quantity of ETH you can purchase. Confirm the transaction and wait for it to be executed.

Step 3: Sign up for Binance and Get your ETH Wallet Address

Now, you need to transfer your ETH to an exchange that supports IOTA trading, such as Binance. Sign up for Binance, download the app, and log in. Go to the 'Funds' tab and click the 'Deposit' button to get your ETH wallet address. Make sure to switch from BTC to ETH before copying the address.

Step 4: Transfer ETH to Binance and Buy IOTA

Go back to Koinex and send the ETH you purchased to your Binance wallet. Go to the 'Balance' tab, select 'Ether' as the wallet, and choose the 'Withdraw' option. Enter the amount of ETH you wish to transfer and paste the Binance wallet address. Confirm the transaction and wait for it to be processed.

Once the ETH is in your Binance wallet, search for the IOTA/ETH trading pair on the Binance app. Analyze the price changes and decide if you want to buy. If you wish to proceed, press the 'Buy' button and enter the desired amount.

Important Considerations:

• It is important to note that the information provided here may be subject to change, as cryptocurrency exchanges and regulations can evolve rapidly. Always conduct your own research and ensure you understand the risks involved before investing.
• Additionally, keep in mind that cryptocurrency investments are subject to market risk and volatility. The value of cryptocurrencies can fluctuate significantly, and there is a potential for loss as well as gain.
• Remember to securely store your IOTA in a compatible wallet that you control. This helps ensure the safety of your digital assets.
• Finally, be aware of any fees associated with the transactions, as they can impact your overall investment and returns.

By following these steps, you can purchase IOTA with INR through a combination of exchanges and currency conversions.

IOTA's advantages over other cryptocurrencies

IOTAs Advantages Over Other Cryptocurrencies

IOTA is a cryptocurrency designed to operate as the backbone of the Internet of Things (IoT) economy. It is the first cryptocurrency to take advantage of devices connected to IoT. It is regarded as an attempt to move cryptocurrency beyond the blockchain.

IOTA has several advantages over other cryptocurrencies:

• No transaction fees: With IOTA, there is no need to pay for gas (like with Ethereum) or reward miners (like with Bitcoin) to complete transactions. This is because IOTA does not use miners or validators, which also helps to overcome the cost and scalability issues of blockchain.
• Faster transactions: Conventional blockchains often experience bottlenecks due to the time it takes to create new blocks. The Bitcoin blockchain can handle roughly five transactions per second (TPS), while Ethereum typically manages around 15 TPS. In contrast, IOTA's network can handle up to around 1,000 TPS.
• Energy efficiency: IOTA is designed to accommodate devices such as sensors that operate in a low-energy environment. Even IoT devices with minimal computing power, like toasters, can write data to IOTA's Tangle.
• Adaptability to different use cases: Large corporations may adapt IOTA for individual use cases. For example, with IOTA Access, a car owner can allow someone remote access to their vehicle.
• Decentralization roadmap: IOTA's 2.0 version is fully decentralized, which helps to improve security issues.
• Near-infinite scaling: The Tangle processes each transaction individually, allowing for near-infinite scaling. This is in contrast to blockchain, which groups transactions together, leading to bottlenecks when there are a lot of outstanding transactions.
• Quantum Proof: This feature uses hash-based signatures that are generally faster than elliptic curve cryptography (ECC). Hash-based signatures also help simplify the signing and verification process and help reduce the overall complexity of the Tangle protocol.

IOTA's future price predictions

IOTAs Future Price Predictions

IOTA is a unique cryptocurrency that is not built on blockchain technology. Instead, it uses a distributed ledger technology called Tangle, which acts as a stream of individual transactions. This technology is designed to be the currency that powers microtransactions across all interconnected IoT devices, such as cars and home appliances. IOTA also offers a feeless structure, so the Internet of Things economy can grow without becoming overburdened by fees.

IOTA first exploded onto the scene in late 2017, reaching a price of $5.79 per MIOTA coin. However, the crypto hype bubble soon popped, and the altcoin found its price dropping fast. In 2019, it doubled in price, but in late 2020, it was one of the many assets that suffered during the Black Thursday crash.

IOTA has a bright future outlook, and its price is predicted to increase over the coming years. Here are some predictions for the end of each year:

• 2023 - $0.75
• 2024 - $1.02
• 2025 - $1.68 to 3.26
• 2030 - $6.5 to $7
• 2040 - $18

Other predictions for the future price of IOTA are:

• Smartereum predicts that IOTA might reach around $38 by the end of five years.
• Mega Crypto Price predicts that by 2023, IOTA can go up to $4.88.
• Crypto Ground believes that IOTA might reach $5.627 by 2023.
• Tradingbeasts.com predicts that the IOTA price in 2020 will vary between a minimum of $7.06 and a maximum of $10.38.
• Digital Coin Price predicts that by 2020, IOTA might go up to $0.60 and has the greatest possibility of reaching $1.22 by 2025.
• Long Forecast predicts that by 2020, the coin may be valued between $0.52-$0.60.
• Wallet Investor forecasts that IOTA will reach as high as $2.23 in 2025.
• Capital.com predicts that IOTA will be $8.74 in 2028.
• The Economy Forecast Agency predicts a fall back to $0.12.
• IOTA might reach $4.20 by the end of 2020.
• By the end of 2025, the IOTA price might reach $9.847.
• By 2030, IOTA might reach $12.43.

Frequently asked questions