HI THERE AND WELCOME
My name is Adem and I currently work full time on various projects/business’s online.
At the start of 2017, I decided to learn about crypto currencies and invested in a few courses to further understand how and why this all works. Since then, I have enjoyed the fruits of my learning and seemed to have made some good/lucky investments.
Living in the marketing and online world, I regularly get asked what I do for a living and more recently questions about crypto currencies.
I am by no means a financial expert nor would I encourage anyone to invest in anything they do not fully understand.
Risk comes from not knowing what you are doing – Warren Buffet
This website was built to serve one simple purpose, to provide a quick and easy tutorial on how to buy/invest in IOTA. I created it so I can easily link people here to the site as well as provide a tutorial online, inside are some affiliate links to keep the karma going 🙂
WHAT IS IOTA?
To put simply, IOTA is a relatively new open-source cryptocurrency designed for The Internet of Things.
There are 4 clear advantages IOTA has over other Blockchain cryptocurrencies which can be seen below:
IOTA uses the TANGLE network which is a Directed Acylic Graph in contrast to Bitcoin which uses a blockchain architecture for maintaining its ledger.
TANGLE therefore solves both scalability and fee issues that plague Bitcoin and other Cryptocurrencies.
It does this by requiring the Sender of a transaction to perform a of proof of work which validates two transactions. This means that the act of making a transaction as well as validating one become unified.
This solves another controversial problem that Bitcoin is currently faced with, Decentralization. Some people would argue that Bitcoin is truly decentralized as mining has become more and more expensive, it is simply out of reach for most ordinary folks, meaning that only those with huge capital can mine.
Does this mean that centralization does exist just within a different definition? Possibly.
This simply cant happen on the TANGLE network as the two parties involved are completing the Proof of Work and in this process getting rid of the need for miners.
This also means that unlike Bitcoin, the more that use TANGLE the more powerful it becomes, so it becomes quicker and there will never be fees.
There is so much to understand about the inner workings of IOTA that it would be nigh impossible to summarise all the technical details here, I hope this quick summary has provided some insight into this new and revolutionary system. If you would like to learn more read the TANGLE White Papers by clicking here.
HOW TO BUY IOTA?
Here are the steps you need to follow before you can own some IOTAS, in fact you will also be able to trade other currencies as well if you wished so this simple tutorial will help jump start all of your other future crypto investing plans.
But before we do, here’s free $10 worth of Bitcoin 😉 If you spend over $100 that is!
Simply sign up to Coinbase using my link, we will both get $10 worth of Bitcoin for free. Great to get you started and a little tip for myself.
1. SIGN UP TO COINBASE
Headover to Coinbase in order to purchase some Bitcoins you need to do this before you can trade on any cryptocurrency exchange as Fiat currency cannot be used directly with cryptocurrency exchanges.
After this page loads you will see a sign-up page like below, fill out all relevant details ensuring to confirm your email address.
2. SECURE YOUR COINBASE ACCOUNT
Hopefully you have added your bank account card and any other relevant information, it would be wise to enable 2-factor authentication. This means that if your account was ever hacked, they would need your Google Authentication code or your mobile number to make any purchases. Better safe than sorry
Please see the following screenshot so you can see where this option is:
3. PURCHASE SOME BITCOINS BTC
At this point you should have everything set up on your account, this includes a bank card that you will be using to buy Bitcoins and any other information Coinbase has requested. If you followed all the steps included here, your account should be ready and rocking and secured from any potential hackers.
Lets buy some Bitcoins! Head over to the BUY/SELL page within your account on Coinbase.
You will see something that looks like this, the amount will be in the currency that is local to you, I have £50 as I am based in the UK. This is the total amount that will debited from your card, the Coinbase fee is shown on the right hand side and is included in the buy price.
Congratulations! You know own some Bitcoins, it may take a few minutes to show depending on how busy the Coinbase servers are but out of over 100 purchases I have never had 1 single issue buying bitcoins. I still remember waiting anxiously for my first purchase to arrive in my account, those minutes felt like hours as I started to worry whether my money was gone forever. Fear not, Coinbase have a great system in place that is reliable and thus far have a good reputation.
4. SIGN UP TO BINANCE
Binance are one of the best exchanges to deal with and the one I would personally recommend. Binance is a crypto exchange, this is where you will be able to trade your Bitcoins to IOTA’s. But first we need to create your account so click here to go to the sign up page.
Click the CREATE ACCOUNT link at the top shown below:
Then fill out all relevant details and confirm your account via the automated email, you want to provide as much information as possible and it would be better at this point to validate your identity by following the steps to do so.
The next sign up page looks like this:
5. OPEN A BITCOIN WALLET WITHIN BINANCE
To do this, click the link titled Funds in the top right of your Binance account, then click Deposits Withdrawls on the hover menu.
It will take you to the following page, type BTC into the search box on the left hand side to filter just BTC:
On this page, you need to click on the link next to BTC – Bitcoin, make sure 100% this is your Bitcoin address, sending Bitcoin to any other wallet will likely mean you have lost your money, so be extra careful. We are using the deposit option because we are putting depositing money from Coinbase into our Bitcoin wallet, so at this point, we are simply transferring Bitcoin from our Coinbase Bitcoin wallet into our Binance Bitcoin wallet. The major difference being that the Binance wallet is held on the Binance crypto exchange.
You will see that this opens up an additional dialogue that shows your BTC Deposit Address, you will want to click the copy Address when you have got this far.
6. DEPOSIT BITCOIN FROM COINBASE TO BINANCE
Sign back into Coinbase and follow these steps.
1.On the top menu you will see the Accounts option, click this and it will open up your wallets in Coinbase.
2. Find your BTC wallet and Click the Send option
3. Paste your deposit Address from Binance that you copied earlier.
Be certain you have copied the address here and compare it the address shown in your Binance Deposit Address, double check this and reduce any possible problems. In the amount box choose in your local currency how much you would like to send and click continue!
If you want to check your purchase history on Coinbase, click the dashboard and click the transaction history shown in this photo.
Now is the time to go grab yourself a coffee or other beverage, the waiting game for some may be too much. It depends on how busy the server and blockchains are before your sent BTC Bitcoins are shown in your Binance account but whatever you do, don’t worry they will get there.
7. EXCHANGING BITCOIN TO IOTA ON BINANCE
You will immediately see any Bitcoin funds available to you once they have cleared by clicking on the Funds-Deposits and Withdraw option in your Binance account.
However, if you wish to check the deposit history and ensure the money you sent has been fully successful, you can do so by clicking the history link as shown:
Once you can see the funds, now its time to exchange them into IOTAs. So you want to click on the Basic exchange option as shown.
We are now a few steps away from owning some IOTA coins, the next page can be quite intimidating and confusing but here are the 3 simple steps you need to complete the trade.
1. Search IOTA so that it only shows IOTA in the search listing.
2. It is very important that you click IOTA/BTC as this will pull up all Buy/Sell information related to IOTA
3. When you select the price it should show the last price, enter the amount of IOTA you want to buy. You can also do this by choosing a percentage of your Bitcoin which you might prefer.
FINALLY – CLICK THAT BIG GREEN JUICY BUTTON THAT SAYS BUY IOTA!
8. TERMS ABOUT THIS SITE
Congratulations on purchasing your first IOTA and I wish you well in any future choices you choose to make.
Saying that, with all things crypto currency, a volatile but hopeful world, I cannot be held responsible for any investment choices you have chosen to make.
This is not investment advice, it is simple a tutorial for those who want to buy/invest in IOTA and who believe like some, it could potentially be bigger than Bitcoin one day.
This article does not constitute in any way shape or form legal, financial or investment advice and any action taken is at users own discretion and of their own volition. No loss or blame is accountable to the poster of the article and as such he/she is free from liability. This site is served as is.