BitPinas. IOTA, the cryptocurrency that doesn’t use the blockchain and has zero transaction fees. We’ll introduce this cryptocurrency briefly and teach you how to get your own IOTA here in the Philippines.
What is IOTA?
Table of Contents.
IOTA, although a cryptocurrency, differs from Bitcoin and other cryptos mainly because it doesn’t use the blockchain technology. It uses *Tangle, a Directed Acyclic Graph, also known as DAG.
*Tangle solves two issues in BTC, scalability and transaction fees. It requires the sender of the transaction to do a proof of work that will approve two transactions – making the transaction and validating it. By making the sender do the proof of work, this erases the need for miners thus making transactions happen with no cost.
Another good thing about using IOTA is that the more people using it, the faster it gets. Unlike in other cryptos that get slower and slower due to the increase of users.
How to buy IOTA in the Philippines
IOTA is not readily available in the country. This is the reason why you need to top up your BTC wallet in order to use it in cryptocurrency exchanges.
Update August 31, 2018:
- Buy IOTA on Binance
- Binance offers the option to buy IOTA using your bitcoins. Just send your bitcoins from another wallet such as Coins.ph to Binance and then purchase IOTA directly. Register at Binance here.
Steps in buying IOTA in Bitfinex
- Sign up and have your account ready.
- Ready your Bitcoins in your Coins.ph or Bitbit.cash.
- Send BTC from Coins.ph to your Bitfinex BTC wallet.
- Buy IOTA using your Bitcoin in Bitfinex.
- After purchasing, transfer your IOTA to your chosen wallet.
Other ways to buy IOTA
- Trade personally or online from legit Facebook IOTA groups.
- Another crypto exchange that accepts IOTA is Binance.
Website Cryptocompare lists the following wallets that support IOTA:
- Click here for more information on cryptocurrency wallets!
IOTA Philippines Tips
- If you’re going to transact and do an IOTA exchange in person, make sure that both of you are in a secured public place.
- Our current and easily available Bitbit.cash and Coins.ph don’t support IOTA. You will need to open a new wallet to store them.
- After completing your BTC to IOTA exchange, make sure to transfer your IOTA back to your wallet for safe keeping.
IOTA has just entered the world of cryptos last year, 2016. Just like new cryptos emerging here and there, it aims to make the crypto industry better by solving two of its most common problem. Using Tangle instead of the regular blockchain lets users use IOTA without the hassle of paying fees.