Iota – which stands for Internet of Things Application – is a new cryptocurrency, similar to Bitcoin. But it is different in certain key ways.
Bitcoins aren’t printed, like pounds, dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world.
You can buy Iota by using something called a crypto exchange – the same as if you were buying other cryptocurrencies. The main difference with Iota is that it is not available to buy directly with traditional cash – you can only trade it for another cryptocurrency. That means if you want to get your hands on some Iota, you first need to acquire something like Bitcoin or Ethereum.
You can then trade them on certain crypto exchanges for Iota. There are currently only two exchanges with significant trade volume of Iota – Bitfinex and Binance. Bitfinex is based in Hong Kong and is better for non-US customers.
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