Where’s the best place to buy IOTA in the UK?
Check out BC Bitcoin. With this cryptocurrency broker, you can buy IOTA and almost any other cryptocurrency with GBP using a UK bank transfer. Fees are quite high though (5%), even when using this payment method.
Want to know more?
Read on to learn more about these two places where you can buy IOTA in the UK.
Buy IOTA in the UK
Established in 2017, BC Bitcoin is a highly-rated cryptocurrency broker where you can buy IOTA in the UK with GBP.
You’ll normally pay 5% in fees unless you buy £5000 or more worth of cryptocurrency in a single order.
This is more expensive than using a cryptocurrency exchange, but it’s much more straightforward – just input how much you want, and they’ll handle the rest.
BC Bitcoin is great for beginners, as they’re well-known for their excellent customer support. If you have any questions, you can talk to them over live chat or give them a ring.
What is IOTA (MIOTA)?
Launched in 2016, IOTA (MIOTA) is one of the more recognizable cryptocurrencies in circulation and is known for being fast, green, and highly scalable.
- Launched in 2016.
- Built for the Internet of Things (IoT)
- Isn’t blockchain-based, with no mining required to make it work.
- No transaction fees.
- Low energy requirements.
- Highly scalable.
Unlike almost all other cryptocurrencies, IOTA isn’t built using blockchain technology, and instead, runs on something known as a DAG.
In short, a DAG is a distributed ledger that allows for the free transfer of data and small transactions at high speeds.
IOTA’s DAG system is called Tangle and uses a network of nodes to confirm transactions. This can process up to 1,000 transactions per second, has no fees, and (unlike most blockchains) gets faster the more people use it.
The proposed use case of IOTA and its Tangle network is the transfer of information between devices and the internet of things (IoT). Having worked in the IoT industry, IOTA’s founders believe that for the IoT to truly function, devices need a highly efficient network to share data.
While existing blockchain tech might seem to be the answer for this, some of the most popular blockchain networks struggle to process lots of transactions at the same time (and can become expensive to use).
IOTA’s native token is called MIOTA and comes with a total supply of just under 2.8 billion. However, MIOTA is not required to participate in the network, meaning demand for MIOTA doesn’t increase as the Tangle network receives increased traffic.
There are some downsides to IOTA. First off, the Tangle system uses something called co-ordinators. Coordinators are nodes run by the IOTA Foundation and work to secure the network, meaning the Tangle network isn’t decentralized like Bitcoin (BTC) or similar projects.
Furthermore, IOTA doesn’t currently support smart contacts. However, the IOTA foundation claims to be working on a layer-2 ‘Off-Tangle’ bridge that will allow anything that runs on the Ethereum network to run on IOTA.
The Internet of Things (IoT) refers to a network of connected smart devices that send and receive data between one another. Devices connected to the IoT may include a smart oven, a smartphone, and smart speakers like Alexa and Google Home.
To learn more about the IoT and how IOTA can facilitate it, check out this.
Best IOTA (MIOTA) Wallets
TL;DR: The best wallet for storing your private MIOTA keys is FireFly. Hardware wallets are currently unsupported.
Keeping your coins safe should be a top priority for crypto holders.
And while exchanges have become significantly more secure over the last half-decade, a wallet which only YOU have access to is still considered the safest option.
The IOTA Foundation currently recommends the FireFly wallet for interacting with the IOTA ecosystem. Built as a desktop application (for Windows, Apple, and Linux), it comes with an easy-to-use interface and several security features.
Because the IOTA network is a DAG and not a blockchain, MIOTA holders are very limited when it comes to wallets. Besides FireFly, several open-source wallets have been created by members of the IOTA community, including Romeo and Nostalgia Light.
Some places claim that Atomic, Exodus, Guarda, Atomic, and Metamask can store MIOTA. However, this is NOT the case.
For hardware wallets, the news is equally as bleak.
Before FireFly, the official wallet was called Trinity. This came with Ledger support allowing the software to interact with several Ledger products. But since making the switch to FireFly, this Ledger support is still unavailable.
Thanks for checking out this guide to buying IOTA in the UK.
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