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How To Buy IOTA (MIOTA) and Everything You Need To Know

12 mins
Updated by Maria Petrova
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IOTA is a distributed ledger that differs from other networks in web3: it isn’t actually a blockchain. Instead, this Internet of Things (IoT) ecosystem offers faster speeds and a unique native coin in MIOTA via Tangle technology. But what does all this mean? Should you buy IOTA? Here’s what you need to know.

Our methodology for choosing the top platforms to buy and hold IOTA

Do you want to buy MIOTA? Use and test these exchanges

Best for altcoins

Best for altcoins
Explore Kucoin on Kucoin’s official website
Supported assets 700+
Deposit fees 0
Trading fees 0.1%

Best for security

Best for security
Explore Huobi on Huobi’s official website
Supported assets 600+
Deposit fees 0
Trading fees 0.20%

Best for staking

Best for staking
Explore Bitfinex on Bitfinex’s official website
Supported assets 10+
Deposit fees 0
Trading fees 0.1%-0.2%

What is IOTA?

IOTA is a distributed ledger technology (DLT) and cryptocurrency designed for the Internet of Things (IoT). It was created in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Serguei Popov.

IOTA is unique among cryptocurrencies because, as previously alluded to, it doesn’t use a traditional blockchain like Bitcoin or Ethereum. Instead, it utilizes a data structure called the Tangle.

How does IOTA work?

buy iota tangle iota wiki
IOTA Tangle: Iota Wiki

IOTA uses the Tangle. The Tangle is a directed acyclic graph (DAG) that is utilized on the IOTA network to validate and record transactions. Unlike typical blockchains, which aggregate transactions into blocks and add them to a chain, each Tangle transaction must confirm two prior transactions, resulting in a web-like structure.

Theoretically, this approach provides higher scalability and eliminates the need for miners or validators, potentially lowering transaction fees.

Why is IOTA popular?

IOTA became popular not only because it did not use a blockchain but because it strongly focused on the Internet of Things. It promised fee-less transactions, which is important for devices that need to transact data and value efficiently.

“Think of $IOTA as the rising phoenix, working its way back up to being one of the major L1s next to Ethereum and not stopping until the objective is achieved.”

@DomSchiener, co-founder of IOTA: X (Twitter)

IOTA vs. other cryptocurrencies

buy iota metrics CoinMarketCap
Iota metrics: CoinMarketCap

Compared to other cryptocurrencies, IOTA is number 77 in terms of largest market caps, sitting at $386 million. As far as 24-hour trading volume, IOTA currently sits at 97.

IOTA vs. Ethereum: An ultimate comparison

When compared to Ethereum, IOTA has many advantages and opportunities. Firstly, fees on IOTA are much lower than Ethereum, because IOTA does not have any fees at all.

However, Ethereum sits at the top in terms of trading volume, out of all cryptocurrencies no less. Moreover, IOTA can handle 1,000 transactions per second (tps), while Ethereum typically handles about 12 tps.

IOTA ecosystem 

buy iota ecosystem Industrial IoT Digital ID supply chain EHealth
IOTA ecosystem: iota.org

While many crypto projects tend to appeal to more financial applications, IOTA has chosen to take another direction. Here is a list of applications and businesses that are using IOTA.

  • Tusker Partner App: Transportation
  • SkyPark: Transportation
  • Future Farm: Agriculture
  • Skaly: Healthtech
  • SmartOptz: Healthtech

IOTA wallets 

A number of wallets store MIOTA, IOTA’s native cryptocurrency. Here are a few leading IOTA wallets:

  • Firefly Wallet: Designed with a focus on security and a user-friendly interface for the seamless management of digital assets.
  • TanglePay: A wallet solution that offers smooth transaction experiences.
  • Ledger: A hardware wallet providing top-tier security by keeping users’ private keys offline, compatible with a variety of digital currencies.
  • SafePal: A versatile wallet supporting a diverse range of cryptocurrencies, prioritizing secure and user-friendly asset management.
  • Exodus: Multi-currency wallet renowned for its intuitive design, enabling easy handling and exchange of various digital currencies.

IOTA staking

IOTA does not use traditional staking mechanisms like some other blockchain networks. Instead, IOTA’s consensus mechanism relies on the Coordinator, a node operated by the IOTA Foundation.

Where to buy IOTA

As we explore the digital currency landscape, the next topic zeroes in on the top five platforms for purchasing IOTA. These exchanges stand out for their reliability and ease of use, offering investors a secure pathway to join the IOTA movement.

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up to 700 USDT

How to buy IOTA from crypto exchanges

KuCoin presents a user-friendly platform that prioritizes security and legitimacy in digital asset trading. We’ll be using KuCoin as an example for buying IOTA. Firstly, you’ll have to sign up, and then you can add your payment method to buy IOTA.

Visit the official website and sign up for an account.

Create account KuCoin welcome gift pack

Check your email for a verification code from KuCoin and enter it on the sign-up page to confirm your email address.

2FA sign up page KuCoin Security

If you have an individual account, select Identity Verification and then Individual Verification, then click Verify Now to fill in your information and verify KYC.

individual identity verification KuCoin KYC

Upload required identity documents such as a passport, National ID, or driver’s license, along with a live portrait, as prompted by your region’s verification process.

Identity portrait KuCoin

After finalizing your details, the system promptly sends them for evaluation. Subsequently, upon a successful assessment, you’ll have completed the standard Identity Verification procedure. You can then add your preferred payment method, be it a debit card, credit card, or even your bank account. Finally, you can choose various payment options to buy IOTA on KuCoin. Moreover, the KuCoin spot market is one of the most popular places to buy IOTA.

How to buy IOTA with a credit card

Follow these steps to buy IOTA with a credit card on KuCoin:

  • Access buy crypto menu: Go to the “Buy crypto” menu located in the top left corner of the KuCoin platform and select “Credit/Debit Card”​​.
  • Select amount and IOTA: Choose the amount you wish to purchase and the cryptocurrency. Select your currency (e.g., Euros), choose the payment method (Visa/Mastercard), and pick the best available provider (such as “Banxa”). Then click on “Confirm”​​.
  • Enter phone number for KYC: Enter your phone number as part of the Know Your Customer (KYC) process, which is required for identity verification, and then click on “Confirm”​​.
  • Provide personal details for verification: Fill in your personal details, including your name, address, and country of residence, and submit them for verification​​.
  • Upload ID for verification: You will be asked to upload a photo of your ID (passport, ID card, or driving license). In some cases, you might also need to upload a selfie with your ID​​.
  • Proceed to payment: Enter your credit card details (number, expiry date, etc.) and click on “Make Payment.” Depending on your bank, you may need to validate the payment with an SMS or a verification code from your bank’s app​​.
  • Payment validation: After making the payment, it may take a few hours for it to be validated. You will receive an email notification once this process is complete​​.
  • Confirmation and fund availability: Once the transfer is complete, you will receive a confirmation email, and the funds will be available in your KuCoin account.

IOTA: Should you buy into the hype?

Clearly, IOTA is an innovative technology. But is it good enough to make a significant investment? Investors must consider the balance between IOTA’s pioneering technology and the current market dynamics. Moreover, here are a few pros and cons:

Pros

  • Zero transaction fees
  • Ecosystem-based around the Internet of Things
  • High transaction throughput
  • Innovative technology

Cons

  • Has yet to implement Coordicide to promote decentralization
  • Competition for large-scale adoption

Is IOTA a good investment for you?

Whether or not IOTA is a good investment entirely depends on your personal financial goals. For traders, MIOTA reached an all-time high of $5.69 back in 2017. However, investors may be interested in the IOTA technology for its Internet of Things utility.

IOTA price prediction

If you are interested in the future price of IOTA, you can refer to our comprehensive IOTA price prediction. Our experts predict MIOTA could be worth up to $0.4179 in 2023, $0.6853 in 2025, and $1.39 in 2030. Note that the crypto market is volatile and dynamic, and technical, fundamental, and social sentiment analysis — while useful tools — cannot always be entirely accurate. Market forces, events and the news cycle are likely to all play a part in the future price of IOTA, as is future adoption of the network.

Technology born out of its time

IOTA is perhaps a technology that was born out of its time. It is daring and attempts to take a separate approach to solve some of the same problems as other projects. However, it has yet to gain enough adoption to reach the mainstream. Its future hinges on its ability to innovate and convince the market of its unique value proposition.

Frequently asked questions

How popular is IOTA?

Will IOTA reach $100?

Is IOTA limited in supply?

Where can I buy IOTA?

Who is behind IOTA?

What are the disadvantages of IOTA?

Top crypto platforms in the US | February 2024

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Ryan Glenn
Ryan Glenn is a journalist, writer, and author. Ryan is motivated to educate as many people as possible on the benefits of web3 and cryptocurrency. He has authored “The Best Book for Learning Cryptocurrency,” and runs an educational platform, web3school.us, dedicated to demystifying the crypto space. Ryan built the platform to transition tech-savvy and non-tech individuals into crypto and give everyone a baseline understanding of the different fields in the cryptosphere. Ryan is also an...
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