Guides / A Quick Guide To Iota

A Quick Guide To Iota

A Quick Guide to Iota

About Iota

Some quick facts about Iota first, so you can understand why we chose it as a payment method:

  • There are 0 transaction fees! If we send you 20, you receive 20
  • While it's referred to as "Iota" the trading ticker is MIOTA which is 1 million Iota, and this is what is traded and what we give as a prize. So a MIOTA is worth about $2 now
  • It was created with a specific vision to allow for payments on all the connected devices know as the Internet of Things. The Iota team envisage a machine economy in the future where machines are trading data and resources constantly with each other and where very low value transactions (micro-transactions) will be important.

There has been much written about Iota over the last 4 years and it has had its ups and downs, but it is now a very exciting cryptocurrency and one we are happy to support. This article provides an excellent summary of its past and future.

Which Exchanges Offer Iota

Iota isnt on as many exchanges as some coins. The main exchanges are Binance, Bitpanda and Bitfinex.

Where to Store Iota?

Iota isnt featured on any of the multi coin wallets like Exodus, nor is it on Ledger Live, but it has its own fully featured walled called Firefly which is available on desktop and soon to be on mobile apps and it will be possible to that wallet it with a Ledger device to provide stronger security

You should always be wary of fake site and links to phishing wallets that can steal your tokens so I recommend either using the links below which are the official sources, but also double checking in google and when on the site / store to be confident you are using the official product. This is not unique to Iota, its good practice for anything to do with crypto.

For Iota, the official website with tons of information and resources is at IOTA.ORG. If you are somewhere within that domain then this should provide the reassurance that you have official software. Anywhere else should not be used. The specific url for the firefly wallet is firefly.iota.org (double check the url in the address bar after clicking this link)

Alternatively of course you could generate a deposit address for Iota coins on one of Binance, Bitpanda and Bitfinex

How does payment work?

Whether you want to deposit to an exchange of to the Firefly wallet you will need to generate a receive address to use in your payment claim. We will then send to that address. As stated above there are 0 fees so you will get 100% of your prize

Win Crypto for Free
Win Crypto for Free

Compete against others from around the world and the most profitable players each month win real cryptocurrency. It is free to enter so you have nothing to lose..

Crypto, Stocks, Copy Trading
Crypto, Stocks, Copy Trading

eToro is one of the easiest places to buy crypto and a recognised brand in the financial industry. You can also follow and copy trade the most successful traders on the site

Kraken Review
Kraken Review

Kraken has a good reputation for security and protection of your funds and operates across the USA (except NY), Canada, the EU and Japan

eToro Review
eToro Review

An Israeli fintech startup well known as a social trading broker, eToro has now over 10 million users worldwide. If you want to trade CFDs of most popular stocks, gold, shares or commodities as well as some crypto eToro is an interesting choice.

Best Staking Coins
Best Staking Coins

We discuss how staking works, the risks and rewards and some of the main coins offering staking

Crypto Jargon Explained
Crypto Jargon Explained

From Airdrop to Wallet we look at all the crypto jargon and what it really means

Litecoin Review
Litecoin Review

An early alternative to Bitcoin, LTC aimed to be a coin for easy, fast, low-fee spending. LTC offers a faster block time and a higher transaction capacity in comparison to Bitcoin.

Cardano Review
Cardano Review

An innovative digital asset utilizing a fully decentralized consensus protocol called Ourobouros. The network aims to compete with Ethereum in offering smart contract functionalities. However it is lightyears behind Ethereum in terms of adoption.