Bitcoin (BTC) and Miota (IOTA) are among the most popular cryptocurrencies in the world. Since you’re reading this, you’re probably looking for more information because you want to trade IOTA for BTC or vice versa. You need to understand that these two cryptocurrencies aren’t the same, and we will help you spot the differences.
What Is Miota?
Miota is an open-source cryptocurrency designed for value exchange in the IoT on the distributed ledger of IOTA.
What Is Bitcoin?
Bitcoin is a decentralized peer-to-peer digital currency that records every transaction on the blockchain.
IOTA vs. Bitcoin
- Bitcoin has been struggling with scalability since it was invented. As a result, transactions on the network are slow, with only 3.2 to seven being completed every second. Thanks to IOTA’s Tangle, each forwarded transaction is referenced and approved twice. It saves time and boosts scalability significantly to about 1,700 transactions per second.
- Bitcoin is mined using a significant amount of electricity. A full-blown Bitcoin mining farm takes enough electricity to run a small country. IOTA is not mined like Bitcoin, making it a more environmentally friendly option.
- One of the most significant differences between these cryptocurrencies is technology. Bitcoin is built on blockchain technology, while IOTA is built on a directed acyclic graph (DAG) called Tangle.
- Its high scalability also makes the IOTA network more secure and more affordable to use than Bitcoin. The more people use the Bitcoin network, the more expensive and time-consuming transactions become.
- Bitcoin’s Proof of Work relies on the SHA-256 hashing function, a both-ways mathematical algorithm that plays a crucial role in mining. IOTA uses CCurl Proof of Work, a heavily distributed function for two-way verification.
- Bitcoin’s market capitalization is slightly below 50% of the entire cryptocurrency market capitalization.
|Adaptation||Digital Currency||Internet of Things (IoT)|
|Transaction||3.2 to seven transactions per second||1,700 transactions per second|
|Cryptography||Secure Hash Algorithm||Directed Acyclic Graph|
How to Trade IOTA for BTC
It’s easy to make an IOTA to BTC exchange online on Godex in just a few steps.
- Step One: Visit Godex.io with an internet-enabled device. The website is intuitive, so you shouldn’t have difficulty completing your exchange.
- Step Two: Select IOTA on the first bar and fill in the amount of IOTA you intend to exchange for BTC. The estimated BTC you will receive should appear in the second bar.
- Step Three: Enter the beneficiary wallet address.
- Step Four: Make your deposit of the IOTA you wish to exchange for BTC.
- Step Five: Click on Exchange to initiate the exchange. The Bitcoin equivalent of the IOTA you’re exchanging will reflect on the account.
The Bottom Line
No doubt, IOTA is a promising investment backed by robust technology to guarantee its place in the future. However, in today’s market, Bitcoin is holding all the cards in terms of market capitalization and strength. Despite its lack of scalability, slow transaction speeds, and high cost of transactions, Bitcoin is still taking the lead as the foremost cryptocurrency in the world. But the choice is always yours.
Join the train by completing cryptocurrency exchanges on Godex today.