- Price $0.55
- Market Cap
The Internet of Things could be described as any object with a connection to the internet, an essentially, IOTA has the capability of being the currency of those things, known as the machine to machine economy.
IOTA stands out from other cryptocurrencies like Bitcoin because it doesn’t need to be mined like they do, it is blockless and completely decentralised. This means that there are no fees associated with making a transaction on the network, and there is no limit on how many transactions can be confirmed per second.
Because it is not mined, it does not work through a blockchain. Instead, it works on a platform that is known as Tangled. It works by approving two previous transactions in other wallets in order to make its own transaction valid. The more users it has, the bigger and faster the network is.
How To Buy IOTA
Currently there are only 13 places where you can trade IOTA online, and you will first have to buy another cryptocurrency such as Bitcoin or Ethereum to trade it with on an exchange. Because the technology is so new, some flaws are already being found. It is also quite a futuristic concept, so it may be a while before this new cryptocurrency really comes into its own.
Since its creation, IOTA has received both the support and backing of some well-established businesses. For example, Bosch, the German engineering company, purchased a lot of IOTA tokens back in December 2017. This was to help support establish new business models, and it is looking likely that other businesses will soon follow suite. Other established corporations that are giving IOTA their support include the likes of Google, Microsoft, IBM, Vodaphone and many more, all of which believe that they are in need of IOTA in order to achieve technological advances in their company.
As a result of this desire, investing in IOTA is likely to be very lucrative, with the forecast predicting that just $100 of investment today could give you $1000 in just 4 to 5 years’ time, so it is definitely something that is looking interesting.
In The Beginning
For an otherwise unheard of cryptocurrency, IOTA was off to a good start when it first emerged in the market back on the June 13 2017. Price charts showed its value as 0.59 cents. For the next month however, things started to go downhill for this token, and by 11 July it was only valued at close to 19 cents.
This downwards dip did not last long however, as by the start of August its value had slowly started to rise again, reaching 40 cents. Before the end of August however, the coin managed to break through the dollar mark, with a closing value of $1.05, before slowly descending back down again to almost the value it was when it was first on the market, fluctuating here for a whole before going back up to just over a dollar on November 27.
Reasons For The December Price Rise
December 2017 was looking like a good month for IOTA, where on December 5 its rate was $5.01, climbing slowly up over December a few cents at a time, on December 19 it was up to the value of $5.37. This dramatic jump in such a small space of time was likely to be thanks to Bosch’s significant purchase of IOTA tokens. it was around this time that Microsoft and Fujitsu, among several others, signed up for Data Marketplace, which is a 2 month pilot programme created by the company. In this way, these participants will get an insight into that the Internet of Things can do for them as a business. These partnerships are expected to raise the profile of IOTA in the future, and in the process, encourage others to consider using the network.
The current State Of IOTA
By 1 February, it was way back down again, valued at $1.91, and then descending down further still as March was reached, being valued at $1.24. Since February onwards, its price has remained pretty steady, fluctuating only slightly between $1.50 and $2.20.
IOTA is definitely a cryptocurrency that investors should be keeping an eye on, largely thanks to the fact that it possesses the technology that other companies are in need of. Only time will tell what the price of IOTA will be in the future, but is looking likely to be highly successful.