Six months ago, IOTA (MIOTA) was trading at around $0.30. Nowadays, it is sitting comfortably at $2.61 – but that’s a steep drop from where it was just one week ago. Compared to its price seven days ago, the IOTA coin has declined by 27.32%. For the month, this coin is down 49.08%. It was trading at over $5.00 a few days before Christmas, but things have soured since then. Check out the IOTA cryptocurrency chart from the last 30 days:
But this coin is still an incredibly strong investment, at least in the eyes of crypto investors. It has managed to scratch and claw its way into the top-10 most valuable list globally. And, aside from the media attention it’s been getting, the IOTA cryptocurrency system boasts some impressive technology. This coin has a ton of advantages over its competition – here’s why.
The IOTA Coin is Simply Powerful
While there are other coins on the market that focus on the Internet of Things (IoT), like VeChain (VEN), the IOTA coin is very special. It’s certainly the most widely-known IoT-centered coin. But, more importantly, it offers features that pretty much erase some of the biggest complaints that Bitcoin (BTC) and Ethereum (ETH) have been faced with: limited speed, limited scalability, and overly expensive transactions.
The IOTA (MIOTA) system essentially tackles all of those. First, its transactions are instant and they don’t cost anything. Yeah, seriously. The official token of this system, the IOTA cryptocurrency, will be the coin that connected devices in the IoT use. Someday, the IoT will be comprised of tens of billions of machines – all talking to each other and buying from each other.
The IOTA cryptocurrency is setting out to be the “backbone of the IoT.” This system doesn’t really work on blockchain, it works on what it calls Tangle. The structure of Tangle allows the whole network to be infinitely scalable. We don’t have to worry about transaction slow-downs as more and more devices join the worldwide ecosystem.
What About the Downsides to the IOTA Cryptocurrency?
Actually, we don’t have to worry about blocks or mines, either, with this coin. But this has, in fact, raised concerns and criticism. With no nodes to keep transactions honest, which is what makes Bitcoin (BTC) so special, how can anyone be rewarded to keep the system pure?
With the IOTA (MIOTA) system, the machines actually verify transactions each time they make transactions themselves. It’s a self-perpetuating platform.
But in order to maintain this, it has to maintain some level of centralization – which is what causes some cryptocurrency enthusiasts to shy away from this coin.
On top of that, this system is still very beta. It’s not quite at the stage where it can perform all these amazing things that it is being developed to do. But it sure does show promise – and it’s absolutely imaginable that this could be embraced as the IoT expands year after year.
What do you think about the IOTA cryptocurrency?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.