Iota is one of the fasted and less expensive cryptocurrencies. It runs on a total technology called DAG. Betbit does accept Iota as a deposit and withdrawal method but understands that due to the complexity it may not be the most viable option for most users.
If you have ever heard of the Internet of Things (IoT), well this was the coin designed to be used on connected devices. IOTA Foundation which created the coin currently has agreements with Microsoft and Deutsche Telkom. Basically, a lot of Internet of Things (IoT) devices collect a lot of information, not all being used. As a company, if you want to buy access to this information you would need to do so using IOTA via a fee-less transaction. As such due to the sheer volume of IoT devices out there, and with the large volume of information that each one collects, it makes IOTA an extremely popular coin. So in the long term, IOTA coins have a lot of potential growth.
Average transaction speed is 3 minutes. (As there are no scaling limitations, basically the more you throw at the system, the faster it will get. However, you need to confirm 2 previous transactions to transmit your current transaction.)
IOTA charges no transaction fee regardless of the transaction size, however, some exchanges may charge a transaction fee.
As it’s a very popular coin you are able to buy it on quite a few exchanges:
- Coinone (US Based, Supports Marginal Trading) -Binance (Malta Based) - Coinspot(Australia Based, Easy Interface) - Unfortunately IOTA is not available to be changed on Changelly at the moment.IOTA is supported by a variety of wallets (physical, virtual, paper). Some wallets that are popular are…
At the moment the Betbit Wallet only supports Bitcoin. The site, however, allows for both deposits and withdrawals in IOTA. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.
IoT will be one of the largest money making industries in the world before we know it. The idea that anything can be monitored and controlled has opened up a lot of exciting new industries. From medical uses to vehicle monitoring, to even small items like home appliances. It’s really giving the world a lot of data about how things work, where it may go wrong, and how to improve it. Just take your car for example. There can be many IoT sensors throughout your vehicle, monitoring the way you drive, or the way your engine runs. But it can also monitor when something goes wrong. So if you drive and some part is malfunctioning in your vehicle, it can relay this information to your dealership to notify of an issue. The dealer can thus analyze it and find a solution. If a new part must be ordered they can do so. You will then be notified to bring your vehicle into the dealer to have the part replaced. If it a recurring issue, the manufacturer may change the process in which they build the vehicle. And that’s just looking at vehicles. Just the take-on of IoT will make us relook at how we manufacture, support, and maintenance items. The benefits will be never-ending.
By 2020 there are estimated to be about 30 billion IoT devices, with the potential global market to be about $7.1 trillion.
Unfortunately, it’s not possible to mine IOTA directly, as most of the coins on the market have been pre-mined by the IOTA Foundation. Also, IOTA operates on a system called Tangle which eliminates the need for miners. However there is a workaround, you are able to mine Monero, and then get paid in IOTA. Monero, however, is built on a blockchain, which allows for mining to occur.
At the moment the Betbit Wallet only supports Bitcoin. The site, however, allows for both deposits and withdrawals in Ethereum. Please note however that it can take up to 10 minutes for your coins to be confirmed. You may also qualify for deposit and cash back bonuses by using cryptocurrency at Betbit.
Average Transaction Fee of 0.1%. As it’s a very popular coin you are able to buy it on quite a few exchanges:
You are also able to convert it easily using a service such as Changelly and shapeshift.io . The nice thing is that it offers instant money exchanges with no deposit storage. It also supports 2FA. The site currently has about 3 million users per month.
A smart contract basically secures a relationship using cryptographic code. The idea was originally explained by its creator Nick Szabo in 1993 as a digital vending machine. Basically, what you would input into the machine, you would get out. Whereas Bitcoin was created to only be used for coins, Ethereum was created to allow developers to use their own programs. Smart contracts can as such manage an agreement, and keep all information pertaining to that agreement, which can be shared with multiple participants of that agreement. This has allowed for a lot of new opportunities in the way we do business. It has revolutionized various large industries such as global shipping, diamonds, and manufacturing and even food supplies. Smart contracts can be written to set up various checks along the route of the item, especially to remove the need for manual intervention by someone, thus speeding up the processing time and avoiding delays. This makes it far more secure and irrefutable. Also, it reduces your risk of fraud, as everything is shared and can be traced. It’s really a technology that will drive a lot of systems in the future.
Ethereum can be mined just like Bitcoin as it’s also a proof of work system. Due to the value of Ethereum and demand for it, you will need machines with strong computing power ASICs (Antminers). At current most Ethereum mining took place via CPU and GPU mining, but with the demand for the coin, it expanded to ASICs mining, which means it’s become really difficult now and costly to mine. For basic mining, you are able to use Minergate which gives you a really simple user interface and you can use your GPU or CPU to do the mining. For more serious mining you will need to run Ethminer or Dualminer. Best would be to join a pool of miners as it will be far more rewarding than solo-mining. Good Ethereum mining pools to join are Ethpool, Nanopool, and Dwarfpool.
