Here is another new crypto currency that is defined in this manner: “The mission behind the IOTA project is to solve these issues leveraging cryptography and directed acyclic graph (DAG) technology to provide a decentralized alternative to the blockchain.” What does this even mean? Your guess is as good as mine. Given the fact that this is one of the 1,038 new crypto currencies on the market, this is still a speculative currency. What gives me pause about IOTA is that it has been stated that by the year 2020, IOTA will be worth over $227 million. Come on! What experts are coming out with this kind of stuff? Okay, I will give them the benefit of the doubt. But keep in mind we DO know how much Bitcoin is worth and is being used worldwide.
What is IOTA and How Does it Work?
Here is a direct quote: “The main innovation behind IOTA is tangle, a directed acyclic graph (DAG) based ledger. In DAG-based crypto currencies there are no blocks. Instead, transactions are confirmed by one or more following transactions (tangle requires two parent transactions). As a result, the structure of the network and nodes is represented by a direct graph with no directed cycles, this makes for a lighter structure that resembles a never ending tree.” If you understand this statement, I give you lots of credit. Here is another stat you should consider: “Hitting $1.5 billion in market cap, IOT was a huge success and was among the top 10 crypto currencies with most market cap. It currently sits at the number 22 spot at the time of this publication.”
Here’s My Point
Again quoting from the direct source: “Purchasing IOTA directly with “Fiat” currency is not currently possible, so the easiest way to purchase it at the moment is by buying either Bitcoin or Ethereum and then swapping these for it on an exchange.” It goes on to say that “you can purchase IOTA with a Credit or Debit card using the Coinbase website and then swapping it for IOTA at Binance.” By the way, Coinbase charges a higher fee. It should also be noted that IOTA is not decentralized. Finally, I would not purchase IOTA as it appears that it is not ready for prime time players.
Unless you are looking for specific Moto Oil, there is no current information on this apparently new payment method.