Frequently asked questions
IOTA is an open, feeless digital currency for the Internet of Things. IOTA's goal is to exchange value between internet devices and without the need for human interaction, such as an electric car automatically paying for the electricity it consumes at a charging station. IOTA is named after the smallest letter of the Greek alphabet.
IOTA is sometimes traded under the ticker symbol MIOTA. MIOTA thereby stands for Mega IOTA, or one million IOTA.
IOTA does not make use of a traditional blockchain, but a so called Tangle. The Tangle is a form of Directed Acrylic Graph, in which transactions are joined together in a big long string.
MIOTA's price is a market price. It is defined by crypto exchanges based on the backlog of buying and selling orders. The price is thereby the equilibrium, where there are an equal amount of buyers and sellers.
You can buy IOTA via a so-called crypto exchange. Exchanges don’t actually own the IOTA they’re selling, they merely match buyers and sellers and process the transactions between them. Given the huge supply for the digital currency (there are more than two quadrillion IOTA), it's often sold in the ‘MIOTA’ unit which is a million IOTA.
A crypto exchange (or cryptocurrency exchange) is a marketplace where buyers and sellers trade cryptocurrencies. Just like regular stock exchanges, a cryptocurrency exchange serves as a middleman who sets the market price at which an equal number of buyers and sellers can be found.
Is now a good time to buy IOTA? Frankly, we don’t know.
But there are several strategies when it comes to crypto investing. One approach is to buy in when price slips. In the crypto community this strategy is known as "buying the dip" (BTD).
Another strategy is dollar-cost averaging: investing a certain amount of money on a set schedule, say $100 every Monday morning. Dollar-cost averaging seeks to average out the lows and highs over time.
No matter which strategy you choose, Cryptoradar’s price alerts help you to not miss a dip, and adhere to your investment schedule.
There are risks associated with any investment. Crypto markets are particularly volatile, with large upswings and downswings. Only invest as much as you can afford to lose.
When it comes to choosing a crypto exchange, there are also a couple of thinks to be wary of.
Before you can start trading, a crypto exchange will ask you to verify your identity. This is necessary because of anti-money-laundering laws. The verification process and time can differ significantly and take anywhere from minutes to weeks.
All crypto exchanges charge a fee or a spread to finance their operations. Fees can differ significantly among exchanges, so make sure to get a good deal.
Additionally, make sure that your preferred crypto exchange supports the payment methods of your choice, but be aware of any additional payment fees that may apply.
Last but not least, if you’re new to crypto, make sure that your chosen platform is easy to use and has good customer support. This helps you avoid making costly mistakes.
Getting started with crypto can be hard. Our detailed price comparisons and cryptocurrency guides have you covered.