Source: thesun.co.uk and Iota.News in the Instagram
United Kingdom: IOTA is a bit like Bitcoin but different in a few key ways.
Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.
To process Bitcoin transactions, a procedure called “mining” must take place, which involves a computer solving a difficult mathematical problem with a 64-digit solution.
For each problem solved, one block of Bitcoin is processed.
Iota, on the other hand, removes the need for this by asking anyone submitting a transaction to verify two other random transactions.
It all sounds quite technical but it basically means it is decentralised, there’s no fee for transactions and the more people using Iota the faster the network becomes.
You can buy Iota by using something called a crypto exchange – the same as if you were buying other cryptocurrencies.
The main difference with Iota is that it is not available to buy directly with traditional cash – you can only trade it for another cryptocurrency.
That means if you want to get your hands on some Iota, you first need to acquire something like Bitcoin or Ethereum.
Some of the most popular options for buying these are Coinbase, http://crwd.fr/2ABUnSE and Xapo.
You can then trade them on certain crypto exchanges for Iota.
Bitfinex is based in Hong Kong and is better for non-US customers.
IOTA is a newer currency which – trading as “Miota” – is worth just £3.45 ($4.36). But its value has shot up by more than tenfold over the last six months.