What is IOTA?
IOTA is a cryptocurrency designed for the Internet of Things. As the Internet-of-Things keep expanding, the need for interoperability and sharing of resources become a necessity. IOTA allows companies to explore new business-2-business models by making every technological resource a potential service to be traded on an open market in real time, with no fees.
How to Buy IOTA?
- First of all, we need to set up a wallet to store the IOTA coins you are going to buy.
- Then go to the IOTA official wallet client page at Github. Then select the file that works for your computer and download it. After the file downloaded then install the wallet onto your computer. Then you have to disable your antivirus program to install it.
- Once the wallet has run, then you need to choose which wallet type you would like to install-light node or full node.Then choose light node.
- IOTA blockchain won’t be downloaded to your computer as we are using the light node wallet. This means that the wallet needs to reference the blockchain using a node. Now you will be asked which node you would like to use. Then press ‘start.’
- Then you are asked to input a seed which is you wallet login and password in one. If you got your unique see, paste it into the wallet and press ‘login.’
- Then press ‘receive.’ Now you get your wallet address, and it is where we are going to send coins. Copy this address as we are going to need it soon.
- Now we will purchase the popular cryptocurrency Ethereum so we can trade it for IOTA.
- Now you can choose which Ethereum exchange you would like to use.
How to Buy IOTA by using Coinbase
- Click ‘sign up’ button and fill out your name and email, password and location. Coinbase is regulated by US government, and it has strict rules. They verify your identity very seriously. You must give a phone number, upload an image of your photo ID and verify a credit/debit card or bank account to verify your account.
- After your payment details are verified, click ‘buy/Sell’ on the top menu. Then select the ‘Ethereum’ and then choose how many coins you want to buy. Then click ‘Buy’ button.
- Then press ‘Confirm Buy’ button. Now you own some Ethereum.
- Now we will use the site named Binance to exchange your Ethereum for IOTA. Then move to the official website of the site, and click ‘Register’ at the top right menu.
- Now enter your email and strong password, then click ‘Register.’
- Then you will be sent an email to confirm your email address, then click the link in the email.
- Then you will be taken back to Binance as your email is confirmed. Then click ‘Login.’ After that enter the email and password, then press login’.
- Then you have to set up 2FA on your account. Then go to ‘FUNDS’ from the top menu and click on ‘Deposits Withdrawals.’ Then write Ethereum in the search box. Then press ‘Deposit.’ After that, you will be given an Ethereum deposit address. Then copy this address and keep it somewhere safe as we are going to need it again.
- Then return to Coinbase, then get your Ethereum wallet listed on the left, once you have done that click ‘send.’
- In the ‘Recipient’ box, paste the Ethereum wallet address that we copied from Binance. In amount, fill how much Ethereum you wish to send. Then press ‘Continue.’ Then Coinbase will ask you to confirm your password/phone. Then follow the instructions until it confirms the Ethereum are sent.
- After that, you have to wait for a while as the coins move across the network. Usually, it takes between 20 and 60 minutes to appear in your Binance wallet.
- Get ready to trade for IOTA if the Ethereum shows in your ‘available balance.’ Jump straight to the TRX/ETH exchange market on Binance.
- We can buy coins through A ‘Limit’ order, and A ‘Market’ buy. We can select Market buy option as it is the simpler one.
- In the input box marked ‘Amount’ you need to fill in how many TRX you’d like to buy.
- Then press buy button, then your order will be filled immediately.
- Then press ‘Funds’ from the top menu, then ‘Deposits Withdrawals.’ In the search box, type IOTA. You will now see your new IOTA in your IOTA wallet.
- You can leave your coins on Binance if you are comfortable with it
- Then click the ‘Withdrawal’ button
- Fill in this information in the boxes: Label: Write ‘My wallet’ Address: Put the wallet address that you copied from MyEtherWallet (in step 5).Amount: Press the ‘Max’ button to send all your TRX.
- Then press submits button; then you will be sent an email to confirm the withdrawal.
- Then log into your email and click the link that has been sent to you.
- Now you have to wait for the IOTA to travel from Binance to your wallet.
- Once it has done, it will show your balance. IOTA price, IOTA mining, how to mine IOTA, IOTA price chart, mining IOTA, IOTA mining, IOTA mining software, current IOTA price, IOTA price today, IOTA price usd, IOTA price drop