The Ultimate Guide to Trading IOTA With eToro
MIOTA is the cryptocurrency of the distributed ledger IOTA. IOTA is designed to execute and record transactions in the Internet of Things (IoT). Because IOTA relies on the IoT applications, it is different than other cryptocurrencies that utilizes the blockchain technology.
What sets IOTA apart is its "Tangle" technology which uses a system of nodes in confirming transactions. According to the developers of IOTA and its users, the Tangle makes it possible to process transactions at a faster speed and in an efficient manner than most blockchains used in the world of cryptocurrency.
Considering to trade MIOTA?
You might be considering of trading IOTA at this point but in case you do, just click the button below and this will redirect you to eToro's platform for MIOTA trading. This will give you a preview on how it looks like and should you decide to go on a trade, all you have to do is click the "Sign up" button on that page to quickly register.
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78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money.
What is the Internet of Things (IoT)?
The term "Internet of Things" was coined in 2008 to describe the concept of making a device smarter by adding sensors capable of communicating with the internet. Simply said, the term refers to the billions of smart devices existing in the world today.
The IoT sensors today is also being used by companies and organizations to save money in data transmission costs.
According to recent statistic, the IoT technology covers a total of 20.4 billion devices worldwide. This account for more than $200 billion in the market. An example of IoT presence in the market today is the over 100 million Alexa-enabled gadgets sold by Amazon to its worldwide clients in the 1st quarter of 2019. To put it clearly, IOTA communicates and does transactions with these smart devices.
How Does IOTA (MIOTA) Work?
In simple explanation, IOTA provides a new standard in relaying information while providing an affordable method for smart devices to communicate and transact with other sensor-enabled devices in its network.
For example, you have a smart fridge that can identify whether you are running out of supply in eggs. Your smart fridge will send a request for or an order of a dozen of egg to a grocery store's online store platform. The store will in turn send your order via a delivery drone straight to your door. All these transactions can be tracked from your smart phone.
History of IOTA
IOTA (MIOTA) was created in 2015 by Sergey Ivancheglo, Serguei Popov, David Sønstebø and Dominik Schiener before it went live in 2016. According to the whitepaper they released, the IOTA represents a new generation of DLT or the Distributed Ledger Technology that does not rely on blockchain and miners.
The IOTA (MIOTA), which is the network's unit of value, has 2,779,530,283,277,761 tokens in circulation today. MIOTA is traded by megaIOTA units (1 million MIOTA) on digital currency exchanges like Bitfinex and Binance and CFD trading platforms such as eToro.
Pros of Using IOTA (MIOTA)
- Highly scalable
- No transaction fees
- Offline Transactions are allowed
- Secure date transfer
- Low software and hardware resource requirements
- Resilient to next-gen computing technology
Is IOTA (MIOTA) a Good Investment?
Analysts has forecasted the Internet-of-Things industry to balloon to almost $1.6 billion by 2025. Therefore, with MIOTA becoming the main cryptocurrency serving as the leading token of this IoT market, chances are MIOTA will be worth the investment for long-term despite the volatile cryptocurrency market.
Also, another positive forecast about MIOTA is that it has a big chance of becoming one of the main payment option for end-to-end users because of its secured transactions and zero-fee transaction.
Difference of MIOTA and Bitcoin (BTC)
While both are types for digital currency, there are slight differences between the two. MIOTA is not hosted on a blockchain technology, while Bitcoin and many other cryptocurrencies are. MIOTA has no transaction fees, and processes 250 transactions per second as compared to Bitcoin's 7. Another difference of MIOTA with BTC is the fact that it is a whole lot energy efficient than BTC.
How to Buy MIOTA?
Buying or trading MIOTA is the same as one would do when purchasing a Bitcoin cryptocurrency. There are several crypto exchanges trading and listing MIOTA. These includes OKEx, Binance, Bitfinex Bittrex and Bitpanda just to name a few.
MIOTA is also available for trading on CFD trading applications like eToro.
How to Store MIOTA
Other than simply keeping your MIOTA on your eToro portfolio or storing it on an eToro Money Crypto Wallet, you can also store your MIOTA on a hardware wallet. Hardware wallets are referred to as "cold storage", as these are devices not connected to the internet thus making it impossible for hackers to access it. The popular hardware wallets are the Ledger Nano S and the Ledger Nano X which both supports the MIOTA.
How to Open a MIOTA Wallet with eToro?
To use store your MIOTA on the eToro Money Crypto Wallet, you will need to transfer MIOTA position via the eToro trading platform under your name to the crypto wallet under the same account. The good news is that you won't incur any fees opening a MIOTA wallet and transferring the MIOTA crypto to this wallet.
IOTA (MIOTA) Uses
In a former theory that is quickly being proven today, it is becoming apparent that IOTA (MIOTA) is being increasingly used in these growing sectors: Smart Cities, Smart Energy, eHealth, Manufacturing and Supply Chains and Automotive and Mobility.
How to Trade MIOTA on eToro?
- On your eToro dashboard, click "Trade Markets".
- Select "Crypto".
- Scroll down to look for "MIOTA".
- Click "Buy" and set the amount you want to invest.
- "Click "Open Trade".
Thinking of Trading MIOTA with eToro?
If you're planning on investing or trading MIOTA then it would be simpler to click the button below. This will take you to the eToro MIOTA trading page where you can easily check the current price of MIOTA and buy MIOTA of any value you plan to invest.
Before trading MIOTA on eToro, just simply open an account with them. Don't worry, the whole process will only take a few minutes.
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Please note that CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 78% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Past performance is not an indication of future results. Trading history presented is less than 5 complete years and may not suffice as basis for investment decision.
Copy trading is a portfolio management service, provided by eToro (Europe) Ltd., which is authorised and regulated by the Cyprus Securities and Exchange Commission.
Cryptoasset investing is unregulated in some EU countries and the UK. No consumer protection. Your capital is at risk.
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