How to Buy IOTA Coin For Dummies (December 2017)

How to Buy IOTA

There’s a little-known coin that’s been making big waves recently. From the period of November 28 to December 2, this particular coin increased its market value by over $3 billion. On November 2 alone, the value of the coin went up over 70%. Which coin are we referring to?

IOTA.

IOTACOIN.JPG

IOTA sounds a little like Yoda, doesn’t it? And to borrow imagery from Star Wars, it seems like the mystical Force might be behind IOTA’s growth. However, the reality is, there’s nothing mystical about IOTA’s recent exponential growth.

What’s Behind the Remarkable Growth of IOTA Coin?

First, the technology behind the coin, the Tangle, is cream-of-the-crop when it comes to current-gen cryptocurrency. For example, its transaction speed is unmatched, transactions are feeless, and the Tangle network is extremely secure.

Second, the coin is built for the future. Futurists are predicting that within the next five to ten years, the Internet-of-things (IoT) will explode. For example, Cisco estimates that the IoT thing economy is a $19 trillion opportunity. Tens of billions of devices will be online—all interconnected and communicating with each other. Imagine a world where self-driving cars (which are already a reality) are pulling up to gas pumps and then communicating, paying, and filling up without the driver having to do anything. IOTA would be perfectly-suited to being the digital currency involved in such transactions because of the Tangle network’s transaction speed and lack of fees. Another aspect of the future that IOTA is supremely positioned to take advantage of is data exchange. Massive amounts of data are created every single day by private consumers—and the majority of it goes unused. This data consists of things such as weather stats, current traffic speeds on highways, and so on and so forth. This data could be sold by the private individual for a small fee to companies or organizations that have a need for said data, and the Tangle network would provide a secure network for these micro-transactions to take place.

Finally, IOTA’s partnerships with major companies seems to be a major factor in its recent growth. The IOTA Foundation behind the coin just announced a major partnership with massive companies like Microsoft, Samsung, Airbus, Fujitsu, and Volkswagen among others. Through this partnership a trial data exchange marketplace is bring created. Clearly, major players believe in the technology behind IOTA, and this helps to demonstrate that this coin’s growth has been fueled more by belief in its solid tech than by hype and frenzy.

How to Buy IOTA

Buying IOTA is a little tricky. But have no fear—the process will be broken down clearly and concisely for you.

Step One – Buy Some Bitcoin

The first step you will want to do is buy some Bitcoin. This will be far easier and much more affordable than wiring money from your bank account to whatever cryptocurrency exchange you might have (most banks charge $15-30 for wiring). Ok, so now where can you buy some Bitcoin?

I recommend heading over to Coinbase and creating a free account if you haven’t done so already. There you can add your checking account or a debit/credit card to purchase Bitcoin with. Pulling funds from your checking account will take a few days to process, so if you are looking to get onboard the IOTA train while it is still affordable to do so, you might want to use your card. Coinbase has a weekly cap on how much you can fund, but this can be easily raised by submitting verification documents like your driver’s license, government I.D., and/or a utility bill.

If you decide to buy Bitcoin with your card, the Bitcoin should appear instantly in your Coinbase wallet, which you can find here.

Step Two – Create a Binance Account

Once you have your Bitcoin, you’re going to want to transfer it to an exchange where you can actually buy IOTA, because for now, Coinbase only offers Bitcoin, Ethereum, and Litecoin. As of this moment, IOTA is currently listed on only two exchanges—Binance and Bitfinex. If you are in North America, you will want to use Binance because Bitfinex is currently off-limits to users in North America.

You can create a Binance account here. It’s very quick to do so. Here’s what the sign-up screen looks like.

Binance IOTA Coin

Step Three – Transfer Your Bitcoin from Coinbase to Binance

Once you’ve created an account, you’ll want to head over to your Binance account tab, click on “estimated value”, and then find your Bitcoin wallet. Open it up by clicking on “deposit.” This will bring up a screen that looks like this.

Binance IOTA wallet

Copy your Bitcoin address and head over to Coinbase to transfer your Bitcoin to Binance. There will you want to pull up your “accounts” tab.

Once you’re there, find your Coinbase Bitcoin wallet and select “send.” That’ll pull up a screen that looks like this.

Coinbase Send Iota Coin

Paste the Bitcoin addressed you previously copied into the recipient tab. This will direct your Bitcoin to Binance. Then enter the amount of USD/Bitcoin you want transferred to Binance. To complete the transfer, just click “continue” and follow any prompts that may appear.

This next part will be crucial to understand. Your Bitcoin will not appear in your Binance wallet immediately. It normally takes 2-3 hours for it to show up after a transfer, but it may take even 24-48 hours depending on the volume of trades being conducted on Coinbase. However that rarely occurs and so you can confident that you’ll receive your Bitcoin in your Binance account in the 2-3 hour timeframe.

Step Four – Exchange Your Bitcoin for IOTA Coin

After you receive your Bitcoin, head over to the Binance Exchange tab, select ‘basic,’ and you’ll end up on this screen.

IOTA coin exchange on Binance

On the upper right hand corner, type in IOTA and you will find the IOTA/BTC exchange. Now you can buy IOTA!

Trade Bitcoin for IOTA coin

You can execute a market or limit order. If you don’t what those are, you can read about it here.

Congratulations!

Now you have IOTA! The process to acquire IOTA coin was tedious, but it will all be worth it. Only now is IOTA getting the exposure it deserves, and as more and more individuals and companies buy into IOTA coin’s technology and vision, the greater the growth will be. Maybe at the end of 2018 we will all look back and see remarkable similarities between IOTA and Bitcoin’s growth (from a monetary standpoint) from December 2016 to December 2017. When it comes to cryptocurrency, there are no such things as guarantees—but if there were, IOTA coin would be a coin to hang your financial dreams on. 

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