I’m guessing you’re here because you want to purchase IOTA, but before that, let me walk you through an overview of how you’d buy cryptocurrency.
People buy cryptocurrencies through various exchanges in which you’ll have to sign up for specific platforms—websites, forums or applications. Once you have created an account with any of these platforms, you can sign in, deposit some funds (the Australian dollars preferred) and purchase cryptocurrencies using the money available in your newly created account.
Purchasing IOTA has been pretty straightforward in Australia, especially after the coming to light of Swyftx. Initially, the Aussies had to purchase either ETH or BTC, change these to either Bittrex or Binance, after which they could trade them for IOTA. Even worse, you had to do the reverse if you needed to cash out. The good news, though, is that you can now purchase IOTA with Australian dollars—so you don’t have to go through ETH or BTC.
And now that I’ve walked you through the overview Let’s get started on how you can purchase IOTA with Swyftx.
Getting Started With Swyftx
1. Setup Your Account
Swyftx is my #1 recommended cryptocurrency exchange in Australia, especially if you’re still a newbie in the crypto market. It’s safe and makes the whole cryptocurrency exchange process seamless.
So head over to the official Swyftx website and sign up for an account. You must create an MFA (some kind of two-factor authentication) that adds an extra layer of security. To set up the MFA, go to security settings and navigate through the options accordingly.
2. Verify Your Account
The verification process of your account is a must and takes just a couple of seconds, so go ahead and verify your account.
Hover to the “Profile” navigation bar on the left, and then click “Verification.” You’ll be required to verify your identity, email address and phone number to start trading.
Next, you’ll need to fill in your personal details, including some documents. Now, you don’t have to be sceptical about uploading some of your personal documents—all exchange platforms will require them for accountability.
3. Deposit AUD
Once the above steps are completed, you’ll need to deposit some money into your account, and I recommend that you deposit in AUD. Alternatively, you can deposit Bitcoin if you have some you’d want to trade with.
Next, click “Deposit AUD”, which should be located on the left navigation bar. You have two options when depositing—either to select PayID or BPAY.
4. Buy Coins
It’s time to start buying coins—that is if the above steps have been completed.
“Go to Trade”, and you can select any of the cryptocurrencies you’d want to trade in the “Assets” section, which you’ll find on the left.
Once you have selected your preferred cryptocurrency, choose how much you’d want to spend, and that’s it—you just purchased your preferred cryptocurrency. You can see how easy that way—simple steps with no complex processes to go through.
But before we go deeper, I recommend that you move your crypto to a hardware wallet if you plan to hold it for some time. If you are day trading, please keep your crypto on the Swyftx platform.
What is IOTA?
IOTA simply refers to the Internet of Things Application, a cryptocurrency model that has entered the crypto market to help simplify the whole process of cryptocurrency.
In other words, it gives an alternative to the various currencies in the crypto world. So instead of Bitcoin or other currencies, you have IOTA as the currency.
Why is IOTA the Best?
IOTA is so unique because it uses a different technology from what Bitcoin or Ethereum uses. IOTA, therefore, relies on an architecture technology known as the Tangle.
The Tangle technology is quite different as it is a Directed Acyclic Graph that requires you to verify the other two transactions simultaneously.
And because of this, the role played by miners in the blockchain currency is entirely removed. Therefore, only MIOTA native currency users will be able to make transactions.
IOTA is more decentralised than other currencies such as Bitcoin because there are no third parties involved. When using the blockchain currencies, you’ll only enable the system to operate but not use the currency. However, IOTA ensures that you can use the currency while keeping the system going.
Apart from the IOTA uniqueness, many benefits come with it, such as:
- Scalability—There will be many users resulting from the higher demand, so you should expect the system to run much faster. On the other hand, systems will slow down as users increase in blockchain and Bitcoin currencies.
- Modularity—More modules will be available to guarantee smaller transactions because you can make transactions and prove them.
- Decentralisation—You can verify your transactions, so there will be no parties involved.
- No fees—You can do the mining and proofing yourself, so you’ll not pay any fees to anyone.
Pros of IOTA
IOTA is one of the safest due to the Tangle. In other words, it’s almost impossible for anyone to attack with the many nodes available.
Besides, IOTA is quantum-computing resistant, which has always been a threat to the blockchain. At the time of writing this, IOTA sits at number 11 for cryptocurrencies with significant players, including REFUNITE, SatoshiPay.
Also, few exchanges offer IOTA—just Bitfinex, CoinSpot, OKEX, and Binance. And because the IoT continues to become popular, there are higher chances that IOTA will benefit crypto enthusiasts.
Cons of IOTA
There has been some concern resulting from IOTA relying on buggy Curl, which creates digital signatures to authenticate someone’s transaction and token.
Attackers could use the buggy Curl to forge users’ signatures and steal their funds. However, IOTA has come pretty straightforward and addressed the concern, assuring users that forging is
IOTA only has one compatible wallet, which you can install on your computer from GitHub IOTA.
Finally, IOTA tends to deviate from the tested and proven technologies, such as the Bitcoin technology. People don’t still know much about it—especially the Tangle, which is pretty new to most crypto users.
Is IOTA Worth the Investment?
IOTA’s increased demand will see the growth of the Internet of Things. It’s already boasting of ranking 11th in the crypto world, and we can only conclude that there are few obstacles to its overall success.
Additionally, IOTA is pretty affordable compared to Bitcoin, which has become increasingly expensive recently. If you’re in the crypto world for the long term, IOTA will allow you to invest small amounts and get better returns if it lives up to its hype.
I recommend that you go with Swyftx as it’s pretty straightforward and safe. Purchasing IOTA with Swyftx is simple—refer to the step-by-step guide above to get started.