The IOTA token was created to service the ‘Internet of things’: the billions of small computing devices that are increasingly being embedded into everyday objects, enabling them to send and receive data. If data is the new oil, than we need a currency for trading and since we are speaking about enormous amount of data transaction ( It is predicted by 2025 that more than 75 billion devices will be connected to the Internet of things), we surely need something that is simple, fast and secure – without man in the middle and additional fees. So, IOTA suppose to be the first open-source distributed ledger (called the Tangle and based on a directed acyclic graph data structure ) that is being built to power the future of the Internet of Things with feeless microtransactions and data integrity for machines. Currently there’s a coordinator is in place, so it’s still not decentralized – here you can find all detail up to date information about IOTA.
IOTA token was created in June 2017 and 2.78 quadrillion of IOTA coins was made available and additional IOTA coins will never be made. IOTA can be bought on major digital currency exchanges and IOTA Foundation does not have any means of recovering lost tokens or stabilizing the token value, buy at your own risk. IOTA tokens should be stored in private wallets, but be aware that they actually don’t store tokens – look at them as keychains that provide access to the tokens you store permanently on the ledger. IOTA recommends Trinity Wallet that can be used on mobile (iOS and Android) or desktop (Windows, Mac and Linux), but you can also use Ledger, Nostalgia or any other that you find supporting IOTA storage. Coins can also be left on an digital currency exchange but it is risky, as it depends on the security of your own password, your account, the exchange’s servers and wallets – be aware that IOTA tokens can be transferred by whoever knows the seed to the wallet.
So, how to buy it? In regards to choosing digital currency exchange, I decided for Binance (you can use Binance Jersey for trading with EUR or GBP) and bought Bitcoins with my credit card. Please note that there’s a minimum processing fee of 10 USD or 3,5% of the total order – whichever is more expensive. Also, you’ll need to confirm your billing information, e-mail address and your identity by uploading a picture of your ID. After up to 30 minutes Bitcoins should reach your Binance wallet and than you can exchanged them for IOTA – just go to Markets, select BTC Markets tab and search for IOTA. Trading interface looks a bit confusing but you’ll get use to it and it’s offering useful features like buy limit/stop-limit, etc. After submitting the order it will be processed and you should seen it at the bottom of the page with status “Filled”. Now go to Balance in your Biannce wallet to withdraw IOTA coins to private wallet. After hitting Withdraw you need to paste a receive IOTA address from chosen IOTA wallet, fill desired amount and hit withdraw – it takes also up to 30 minutes for processing of withdraw and after that IOTA coins should be safe within your wallet.
I thought of using Revoult card for a reason of additional security and control as well as the fact that they even offer exchange of cryptocurrency, but I learned that in fact Binance is not supported merchant nor you can move your coins from Revoult to it – options is just to hold your coins or exchange them for USD/EUR/GBP….
I’d also like to share with you this feeling of distrust I had the whole time, since you are sharing a bunch of personal information (name, surname, address, credit card, ID card, e-mail, personal picture, etc) – but the fact is that you are doing the same in a bank the only difference is that human touch that makes you feel more comfortable. This is something I’ll certainly will need to get familiar with, since this is the way world is heading – also there’s a bunch alerts/approvals/authentications in place which are a bit annoying but they do give you a feeling of confidence.
At the end I’d conclude that although IOTA still isn’t market ready it seems to have solid fundamentals and it already made some important strategical industry partnerships with Volkswagen, Fujitsu, Bosch and many others. So, it might have a bright future not just as a concept but as the the one that will made possible an advanced usage of data collected from the billions of IoT devices.
Using it in your solution, investing in it…it’s all up to you – I just wanted to bring you closer to this great concept.