What can I say I finally did it and jumped on the cryptocurrency train. But I did not buy any Bitcoins at least not with target to keep them. Accidentally I read about IOTA 2 weeks ago and this currency really convinced me to finally invest into crypto.What is IOTA
IOTA is an open-source distributed ledger (cryptocurrency) focused on providing secure communications and payments between machines on the Internet of Things. Using directed acyclic graph (DAG) technology instead of the traditional blockchain, IOTA’s transactions are free regardless of the size of the transaction, confirmations times are fast, the number of transactions the system can handle simultaneously is unlimited, and the system can easily scale. IOTA was founded in 2015 by David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov.
The smallest unit of account on IOTA is an Iota, after the smallest letter in the Greek alphabet. Larger unit names are created by adding metric system-like prefixes to the word Iota. Hence one million Iota are called a MegaIota or Miota (Mi), which is the base unit of Iota used for trading on cryptocurrency exchanges. In order of size, unit names are:
KiloIota (Ki) = 1,000 Iota
MegaIota (Mi) = 1,000,000 Iota
GigaIota (Gi) = 1,000,000,000 Iota
TeraIota (Ti) = 1,000,000,000,000 Iota
PetaIota (Pi) = 1,000,000,000,000,000 Iota
So for me IOTA is now something which has ways more potential the Bitcoin and I see more sense in using it in the future compared to Bitcoins.
How can you buy IOTAS?
Well buying Iotas is currently not so easy you first need Bitcoins and than transfer it to Bitfinex where can you trade change to Iotas. Bitfinex is at moment the platform where you can buy Iotas. This is probably at moment a little weakness.
How much did I buy?
I only invested 276 EUR in Bitcoins which was in total 0,03 Bitcoins. My plan was to buy around 250 Iotas but as I am new in Bitcoin world the transaction took quite long and the price jumped quite within 2 days, so I was only able to 95 IOTAS.
The current balance at the time I am writing this post is the following:
As you can see I was not able to buy that many but I am still fine with the amount I own. At the moment everyone wants to buy them and only this week the almost doubled, so I am curious where this journey will end up.
I am really curious where my Iota journey will end up and I might want to add more in the future but currently I am fine with the amount I own. My opinion is the potential is much higher than it is with Bitcoin, you can see that big companies like Microsoft, Cisco etc. are also investing in that technology, and as soon as it is easier to invest in I am expecting a major increase in the price but we will see. The best which can happen that this will go up like rocket and the worst thing what can happen is that I burned 276 EUR or in other words 2 months of dividend income.
But let’s see and like always be patient :)…
Disclosure: I do not recommend any decision to the reader or any user, please consult your own research. Thank you for your understanding!