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 $1-2 at the time of writing this
  • 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 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 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

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