IOTA is a type of cryptocurrency that emerged in 2015 and is based on making the best of the devices connected to the Internet of Things. The currency aims at expanding past the blockchain. It differs from Bitcoin in many ways, including the directed acyclic graph it uses to solve problems faced by Bitcoin in terms of scalability.
Most people purchase IOTA to convert to BTC, as the latter is the best crypto investment one can make today. This guide will look at why you should get BTC now and how to convert IOTA to BTC.
Why You Should Get BTC Now
There are many reasons why it’s a great idea to get BTC today. These include:
- Although BTC has a high price, the value of the cryptocurrency is still growing.
- It’s protected against inflation.
- It’s the most liquid cryptocurrency on the market.
- It has been adopted widely and globally.
Steps for Exchanging IOTA with BTC
When converting BTC to IOTA or vice versa, there are a few easy steps you can take to get it done quickly and efficiently.
Step 1: Obtain the Currency
The first thing you need to do is obtain IOTA before you can convert it to BTC. Keep in mind that you can only purchase IOTA when exchanging another currency for it. Thus, you’ll have to use another cryptocurrency to purchase IOTA. You can do this, trade IOTA with another currency, or mine the currency.
All IOTA coins have been pre-mined, and IOTA doesn’t use the standard blockchain, so their software, Tangle, will verify your cost-free transaction and give you the coins.
Step 2: Choose an Exchange Platform
Next, you have to choose the exchange platform you want to work with. There are different kinds of cryptocurrency exchange platforms you can use to convert BTC to IOTA or vice versa. Firstly, a centralized exchange is managed by a central organization.
Secondly, a decentralized exchange manages all transactions with an automated, peer-to-peer system, with no central body. Lastly, a hybrid platform combines both centralized and decentralized.
When choosing an exchange platform to use, there are some features you must look out for. They include:
- Low fees
- Good reputation
- Top-notch security
- Quick transaction times
If you’re looking for an exchange platform that provides all these features, Godex.io is the ideal choice. This exchange places no limits on exchange volumes, requires no sign-up, and offers fixed rates with no hidden fees.
Step 3: Conduct the Exchange
Once you have your IOTA coins and an exchange platform, you can exchange IOTA with BTC. Input the cryptocurrency pair with the sender as IOTA and the destination as BTC. Then, input your BTC wallet address. This is where the exchange currency will be sent.
Next, deposit the IOTA you have obtained and wait for your deposit to be approved. Once your deposit has been confirmed, the BTC will be sent to your wallet, and the exchange is complete.
Invest in BTC!
If you want to benefit from the first cryptocurrency in the world in terms of market capitalization, there’s no better time to invest in BTC than now. Thus, you can convert your IOTA to BTC now and start benefiting from the currency.