Cryptocurrency Iota vs Bitcoins
Bitcoin has firmly taken a niche in the cryptocurrency market. To compete with him on his field is an absolutely hopeless task at the moment. However, the Iota went a different way. They made their coin solve the problems that bitcoin can solve only by completely changing its system from scratch. Let’s see what makes the prospects for Iota very positive.
Bitcoin problems that are solved in iota:
- Combining miners into pools. As practice has shown, to increase income, miners are actively united in groups that merge into larger communities. Such centralization makes possible a “51% attack,” which is completely unacceptable. In iota, such a union is impossible.
- Bitcoins use outdated cryptography. So far this is not a problem, but with the advent of quantum computers, bitcoin will be in a critical position of technological lag.
- The convenience of micropayments. Iota owners do not suffer from high commissions and waiting for confirmation of the transfer.
- Network scaling. In bitcoins and analogs, there is a restriction on the transaction speed, which cannot be removed due to technical reasons for organizing the system.
- Bitcoin and similar currencies require very serious investment in hardware to process transactions.
- Database growth. Saving all transactions to an avalanche of growth in the amount of data needed for storage. Compression algorithms help partially restrain growth but do not solve the problem.
In addition, the newcomer to the market has one huge plus, which all currencies on blockchains are completely deprived of. You can pay using IOT while offline.
As you can see, Iota’s development prospects are incredibly high both technically and in exchange.
IOT Course Forecast
To date, the exchange rate of the coin ranges from $ 1 per IOT. The ability to make transfers without commissions made this cryptocurrency very attractive and user-friendly. Especially for small payments. In addition, the technical side also attracts investment and has the potential to increase the Iota rate. The fact is that the more users, the higher the throughput of the system. In the same bitcoin, a large number of simultaneous transactions increase the time delay for confirmation and sharply increases the commission. Iot transactions from congestion only accelerate, and the commission is, in principle, excluded by the organization of the system.
These factors in total guarantee almost one hundred percent that the Iota rate will grow. The question is only the dynamics. According to some estimates, in 2018 the coin will grow to 2.5 dollars. For more optimistic – up to $ 5.
Today, Iota’s capitalization has already exceeded $ 1.5 billion. According to forecasts for several years to come, as the Internet of Things develops, iota will actively replace and supplant bitcoins. No one wants to wait half an hour to wait for a payment to be transferred to stores, and Bitcoin cannot provide a faster transfer processing speed.
The interest in new cryptocurrencies from giants like Microsoft also hints at its bright future in cryptocurrency markets.
Automatic chart of the IOTA against the dollar:
Wallets for IOTA
You can download the wallet using the link located on the iota official website.
Next, you need to perform some simple operations:
- install the application by selecting the installation file for your OS from the list;
- choose a host;
- if necessary, change the language to a convenient one;
- come up with a key of at least 62 characters, preferably even longer;
- IMPORTANT! Write and save the key in a safe place, having lost it, you will lose access to your wallet;
- insert your key into the window, and the wallet is ready to go.
If you are using a foreign computer, then for access you just need to enter the key into the iota application installed on the foreign computer. True, in this convenience there is a minus. If the key falls into the hands of attackers, they will easily get to your coins by simply hammering your key into your computer.
In addition, not so long ago there was a version for smartphones, which can be downloaded on Google Play. At the moment, the application is marked as beta.
Where to buy and how to change
You can buy Iota on cryptocurrency exchanges such as Bitfinex. Unfortunately, in many countries of the former CIS, there is no direct purchase option from regular currency to an iota.
Therefore, to purchase the iota cryptocurrency, you will have to carry out a number of additional manipulations:
- register an account on Bitfinex or a similar exchange;
- through BestChange replenish the bitcoin account;
- exchange bitcoins for iota cryptocurrency on the exchange;
- withdraw coins to your Iota wallet.
With a waste of problems less. Many Western online stores are already quietly accepting Iota coins.
How to earn coins
For lovers of mining, the bad news. Iota mining is not possible. Since cryptocurrency does not use blockchains, there is no need for the people who service them. In fact, each member of the Iota network is both a client and a miner. A network member does not pay fees, because he himself confirms third-party transactions. Since this happens in automatic mode, it is invisible to a simple user. But, in fact, the client pays the commission by the fact that he himself performs the function of a miner for the next two clients.
Iota cranes, too, have not yet been noticed. However, it is too early to give up on Iota mining. Do not forget that the currency is very young. It is very likely that in the near future iota cranes will nevertheless appear. There is also a chance that ways to directly or indirectly mine Iota coins will be devised.
To summarize: despite the lack of mining, Iota is a very promising cryptocurrency. Good growth rates and infinite potential in technology niches not yet mastered make Iota much more attractive than coins based on blockchain technology.