No one in India can ignore the buzz around cryptocurrency Bitcoin. Some are talking about the bitcoin bubble, and some are talking about the opportunity around. On the other hand, I am a firm supporter of cryptocurrency, and I believe The sky is a limit, in the world of cryptocurrency. I wrote an article in the past about “Bitcoin in India.” But if you are one of those who believes Bitcoin is too mainstream, You should consider IOTA.
What is IOTA? Well, this article is all about IOTA. In This article I will cover :
- What is IOTA?
- Technolgy and the people behind IOTA.
- The Future of IOTA?
- How to buy IOTA In India?
- Disclaimer & Cautions.
What is IOTA?
There are three types of cryptocurrency :
Mineable cryptocurrencies are currencies which are rewarded to those individuals maintain the system like Bitcoin
Pre-mined currencies are those in which developers are generated all the coins at the start of project and then distributed among the people like Ripple
Not mineable should be those projects which did not introduce any coins like IOTA
IOTA was created with a Motto in mind. The baseline motto was
In simple words, it is a currency for Machines to buy or sell services or goods from other machines. (Here is the whitepapers if you want to know more)
Technolgy and the people behind IOTA.
The founders of IOTA (David Sonstebo, Sergey Ivancheglo, Serguei Popov, Dominik Schiener), have been in the Blockchain world since 2010.
The principal behind IOTA is Tangle. It is a novel new dispersed ledger structure That’s based on a DAG (Directed Acyclic Graph).
“Blockchain without Blocks and the Chain”
In IOTA you will find no “cubes” in the classical sense. Rather, one transaction references two previous transactions. This referencing of trades is regarded as an attestation: along with your trade, you attest straight that two trades, and indirectly that a subsection of the Tangle are valid and conform to the rules of the protocol.
This keeps the transaction charges for FREE, Yes there is no charges for transactions in IOTA unline Bitcoin or other cryptocurrencies.
The Future of IOTA?
Yes, you read that correct, hodling. This is the tradition of holding on to some long-term investment without giving in to the impulse to sell, it’s misspelled intentionally for striking change to mimic an investor frantically attempting to form the word “HOLD! and this what I recommend for IOTA for a long-term investment plan.
Many cryptocurrency investors assert that they’ve made more cash from holding on an investment long term rather than trading. It May be best for everyone to simply HODL that the cryptocurrency, and only trade for those who have past experience, trading is not for noobs
How to buy IOTA In India?
IOTA is presently unavailable on any exchange which takes INR. But, there international exchange which can help you buy IOTA.
Disclaimer & Cautions.
I am currently holding IOTA and I do not invest more than I can afford to lose in cryptocurrency. I do not recommend investing heavily in cryptocurrency. My goal is long-term holding and still believe in the traditional stock market and mutual fund investment (Read : Mutual fund or Fix Deposit?) for my investment growth.
TIP : Always Invest do not trade do not try to time market.