IOTA is one of the hottest new cryptocurrency in the market. It has grown over 10 times in value lately and due to its design and mode of working, it can easily become one of the top Crypto Currency in the market.
How to Buy IOTA in India
None of the Indian cryptocurrency exchanges allow for trading of IOTA right now. Buy you can stil buy IOTA in India by trading Bitcoin (BTC) or Ethereum (ETH) for IOTA.
Here is a step by step process of how to buy IOTA in India:
- Buy Bitcoin / Ethereum in India here:
- Create an account on Binance – Binance is an international Trading platform for Alt Coins. This exchange will allow you to sell your Bitcoins and buy IOTA at the current trading rates.
- Buy Bitcoins / Ethereum in the above sites.
- Now Transfer your Bitcoins / Ethereum to Binance
- Exchange IOTA for your Ethereum or Bitcoin in Binance.
Congratulations you have bought your first IOTA coins. Happy Trading and hope your investment grows exponentially.
What is IOTA?
IOTA is an acronym for Internet Of Things Application. It was founded by the IOTA Foundation & is not built on blockchain like some of the other popular cryptocurrencies (like Bitcoin, ethereum). IOTA is building a decentralized data marketplace that is more efficient, faster, and cheaper than other crypto-currencies like Bitcoin.
How is IOTA different from Bitcoin/Ethereum?
Data Structure – IOTA is not built on blockchain. Instead, IOTA is based on DAG (Directed Acylic Graph) which allows IOTA to realize high transaction outputs with no transaction fees.
Consensus – Unlike Bitcoin, IOTA requires all participants to actively participate in consensus through parallelized validation. When you need a transaction to go through, you need to validate 2 other transactions, this give and take design is what makes it very powerful.
Is IOTA legal in India?
There is no regulation around the legality of crypto-currency in India. However, RBI has issued stern warnings around the risks of trading cryptocurrency. Hence, we recommend all crypto investors to be responsible.
What documents are needed for eKYC to buy IOTA in India?
You will need the following
- PAN Card
- Aadhaar card
- Bank details – For NEFT/IMPS transactions