I’ve recently taken a moment to type up a guide for how to buy IOTA on Binance. There are many other exchanges currently trading IOTA, but from my experience, Binance has been the most reliable and the most pleasant to use. Their support team replies quicker than other exchanges I’ve used, I really enjoy their advanced exchange interface, and they offer a nice discount on fees if you’re holding their own cryptocurrency, $BNB. You view my guide to buying IOTA on Binance by clicking here if you’re interested in learning more. If you do choose to purchase IOTA on Binance, I recommend moving your IOTA to their light wallet, however for the moment I am personally leaving my IOTA on Binance until the new wallet is released. If you should decide to take this route and leave your IOTA on any exchange, please be sure to take the time to enable 2FA authentication in your account settings.
While Monday’s announcement of the China ban on ICOs caused a sharp decrease in crypto values across the charts, IOTA co-founder Dominik Schiener assured investors via Slack that IOTA is not affected by the China ban.
“Why IOTA is not affected? We did our ICO years ago and it was a software sale. At its core, IOTA is a software protocol that can be used even without a token (reminder: we’re the only protocol in this “Blockchain space” that has this property). Leaving that aside – we are not a security / equity tokens / whatever – IOTA is a currency that is meant to be the backbone of all future settlement between machine (and humans).
We’ve always been very clear that we do not appreciate the over-the-top speculation that is happening in the crypto space (with even Paris Hilton now “endorsing” projects). We have always wanted to decouple ourselves from this space and will continue to do so with some of the upcoming announcements that we have planned.
As you might have noticed -I largely stopped attending Blockchain conferences because they’re a waste of time. I’m giving a keynote at Autonomy, speaking at IAA (largest mobility conference), then I’ll be in Chicago in October to speak at the largest IoT conference etc.”
It’s important for investors to remember that IOTA was never designed to be a security, but rather a better means of communication between machines and humans. While the coin may appear to have lost value in amidst this scare, the technology continues to thrive and innovate. Dominik himself plans to travel to Shanghai in the coming weeks to present IOTA at the 3rd Global Blockchain Summit to instill trust and further collaboration between Chinese stakeholders.
Storing your cryptocurrency on an exchange is widely accepted to be a bad practice. Exchanges have been hacked, shut down by authorities, or just gone out of business. Bitfinex has announced they will continue to increase restrictions on US accounts so now is a great time to move your IOTA from Bitfinex to an IOTA wallet. This process sounds intimidating but with this guide, I will explain how to move your IOTA to a wallet.
IOTA Light Wallet Guide
- Your IOTA seed. The first and most important step here is to remember your Seed and keep it safe! Write down, save it as a .txt file and put it on a jump drive, print it out, do whatever you have to do but at the same time, keep it safe! Your seed is essentially the password of your wallet. You can either come up with one on your own by creating a string of 81 random letters with the number 9 mixed in somewhere. If you’re using a Mac or Linux, you can also generate random a seed by opening a terminal and typing:
cat /dev/urandom |LC_ALL=C tr -dc 'A-Z9' | fold -w 81 | head -n 1
Just don’t lose your seed, and keep it safe! Your wallet is as safe as the computer it’s running on so be sure your anti-virus and/or firewall are running and up to date.
- Install the wallet. You can download the IOTA light wallet by following this link. Scroll down the page until you see ‘Downloads’ and then download the file that corresponds to your operating system. .tar.gz, .dev and .rpm for Linux; .dmg for Mac; .exe for Windows. After downloading, go ahead and install the wallet on to your computer.
- Setup your IOTA wallet. The first time you open the wallet, it’s going to ask you whether you want to run as a ‘light node’ or a ‘full node’. You’re going to select ‘light node’. Next, it’s going to ask you to choose a host. For the purpose of keeping this guide simple, choose the Bitfinex host. It will be the host with “bitfinex” in the URL. Next, it’s going to ask for your seed. NOTE: You may get a popup about the “transition phase”, if so, enter your seed and proceed. If you’ve never used your seed before, it will say your balance is 0. You can click the ‘X’ and close this pop-up. You may be prompted to enter your seed again if so, go ahead and do so. You should now be logged in and see a screen showing ‘Balance, Send, Recieve, History’. You’re now ready to receive IOTA!
- Withdraw IOTA from Bitfinex. Login to your Bitfinex account and click Withdraw in the top right-hand corner. Under ‘New Withdraw’, scroll down and click ‘Iota’. Leave that window open, but put it aside for now. Now, open your IOTA wallet, log in with your seed and click ‘Recieve’. You should see a long string of letters. If you click the string of letters it will save it to your computer’s clipboard so that you can paste it elsewhere. Return to the browser window with the Bitfinex Withdraw page open and paste your receive address into the bar labeled ‘Address’ on the website. Enter the amount of IOTA you would like to send in the ‘Send Amount’ box, and select your Bitfinex wallet you would like to send from in the downdown beside ‘From’. Check any boxes to show that you agree to the terms, and click ‘Request Withdrawal’. Your withdrawal has now been initiated. You will likely be taken to a page on Bitfinex where you will be provided with a confirmation number that you will need to enter in order to confirm the withdrawal. You may also receive an email from Bitfinex with another link that you will need to follow to again confirm the transaction. After you have confirmed the IOTA withdrawal, you should receive an email from Bitfinex saying the transaction has been approved. The IOTA (Mi) balance should now display in your IOTA wallet!
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IOTA shows promise in increasing efficiency in every industry but it has gained much popularity with automobile manufacturers. Evidence has surfaced that IOTA developers are in negotiations with several vehicle manufacturers including Ford and Volkswagon, and now the co-founder is scheduled to speak at the worlds largest car exhibition. The IAA 2017 website shows that Dominik Schiener, the co-founder of IOTA is scheduled to speak at the event on September 14th of this year during a segment titled ‘Tech Platforms’. This news solidifies rumors that the car industry is looking to use IOTA and the Tangle network to advance the way they do business in the future.
IOTA may be a game changing new technology with a lot to offer, but one of the things that aren’t currently offered is a satisfying wallet experience. While the IOTA Ledger is currently the best IOTA wallet, it does leave a lot to be desired. Users complain about the lackluster interface and express a lack of trust in the software. Rumors are flying that a new wallet is being developed, nothing is set in stone for the moment. Today a Ledger Wallet developer stated “there are people looking at it” when asked if support for the IOTA cryptocurrency would be added into the popular wallet solution. A reliable and user-friendly wallet is key for the expansion of IOTA so this is excellent news and certainly something to stay tuned for!
Many users of the popular social networking site LinkedIn have reported seeing listings for positions at Ford Motor Company that may be an indicator of Ford’s interest in developing a system for in-vehicle purchases using IOTA. The position being sought to fill is for a “Solution Architect – IOT and Blockchain Research”. Requirements for current research being “Block-chain based solution for in-vehicle payments” and “Tangle ledger for leasing”. This seems to mean Ford is certainly looking to utilize Tangle technology in the future.