When the Bitcoin ledger started in January 2009, very few people in the world understood the concept of cryptocurrencies, how decentralized digital currency works, without a central bank, or what exactly a blockchain is. Now over a decade later, we think there is almost no person in the world who has not heard of Bitcoin, and most people now already know the basic things about cryptocurrencies. Many also started trading them and made significant profits in a short time, which attracted an even larger number of people to learn more about them.
That is why a lot of cryptocurrencies have appeared on the market, but apart from Bitcoin, only Ethereum has achieved greater success. What most of them have in common is that they function in exactly the same way. Therefore, it is no surprise that people start thinking about creating new options that will be very needed and useful in the future. As a result of that, 5 years ago a new cryptocurrency appeared online and it is called IOTA. IOTA is completely different from the others because there are no miners or blockchain. You can find out more about IOTA, the Internet of Things, and what are the reasons IOTA is worth investing in 2023 if you read this article to the end. Who knows, maybe this will help you get rich one day, like all those who invested in Bitcoin on time.
What is the Internet of Things?
The Internet of Things, abbreviated IoT, is the first thing you need to understand in order to understand IOAT. It’s no secret that the Internet is increasingly taking over every aspect of our lives. We see this by the fact that every little thing is slowly becoming digital. And precisely because of that, the moment when IoT will become a matter of present and not future is near. IoT is a concept where everything will be interconnected through the Internet and work that way. And we literally mean everything, from the refrigerator to the stove. Currently, the closest thing to that is digital assistants like Amazon Alexa, but we certainly haven’t gotten to the point where IoT is fully possible.
As hundreds of billions of devices are expected to be connected in this way in the next decade, the creators of IOTA came up with the idea that digital currency is needed for transactions between these devices.
What is IOTA?
By now you could understand that it is a cryptocurrency intended for use in IoT. As we have already said, IOTA is not based on blockchain. Rather, it uses a new technology called Tangle, which is actually Directed Acyclic Graph (DAG) which is a familiar concept in computer science. In order not to explain to you the technical difference between blockchain and Tangle, because it is too complicated for the layman, we will tell you what is most important to you. The primary difference is that Tangle has no fee, so all transactions are completely free. How is it possible? Because there are no ordinary users and miners as with other cryptocurrencies, but here every user is also a miner. This is achieved by confirming other transactions with each of your transactions. Since fees are usually charged by miners, fees do not exist here because everyone is a miner as well. Also, there is no mining at all, you just buy it.
Reasons why IOAT is worth investing in 2023
We will not go into details on how to buy IOTA, but if you want to do that, we advise you to visit iota-news.com and find out everything about the process of buying. What we want to show you is why investing in this cryptocurrency is the right move you can make now.
1. IoT development
This is certainly the most important reason why it is wise to invest in IOAT this year. There is no exact figure on how many IoT devices currently exist, but it is certainly a figure of several tens of billions. By the middle of this decade, that number will double. This means that at least 10 billion new IoT devices will appear every year. Therefore, it is inevitable that the value of IOAT will constantly increase. Although many are reluctant to invest in this cryptocurrency, because its value is constantly low since its inception, this should not worry you. The creators knew that it would not bring instant success, but only when the IoT completely spread. And day by day we are closer to that moment. That is why now is the ideal time to invest, while the price is still low.
2. The growing interest in cryptocurrencies
We live in a time when everyone wants to invest in cryptocurrencies because they see it as a quick, easy and legal way to make big money. And while those who bought Bitcoin a few years ago are now rich, its price skyrocketed so now you probably don’t have the money to buy it. While it is clear that its price will continue to rise, now buying just one is a big investment, and that is not what most want from cryptocurrencies. That is why people are constantly looking for a new one, and all the cheap ones are very similar, and buying any of them is huge gambling. One that is really different and has potential is IOAT. The moment will surely come, and it will be possible as soon as this year when people will start buying en masse, which will lead to a rise in prices.
3. Technical improvements
Although theoretically, Tangle is a better option than blockchain for now it still has a lot of flaws because technically it is not advanced enough. However, that will change quickly, because they are constantly working on technical improvements. When Tangle reaches the level that its creators want and works at full capacity, it will be a game-changer. And it will probably lead to surpassing the blockchain in popularity. So it is clear to you that will lead to the great success of the IOAT.
4. Exchanges plan to include IOAT in the offer
Once all major exchanges include IOAT in their offer, we are convinced that it will greatly enhance the popularity and trust of people in IOAT. Also, short-term traders will be involved, and they are currently out of the game because very few exchanges have it as part of their offer.
A big problem with Bitcoin and other cryptocurrencies based on blockchain is the speed of transactions. The more people buy cryptocurrencies, the slower the transactions become as more and more users are online and they ask for their transaction to be approved. The waiting period is constantly increasing and this is becoming very frustrating. The IOAT on the other hand becomes faster and faster the more people there are and since it functions completely differently, transactions take place almost instantaneously.
These are the top 5 reasons why it is worth investing during this year. Also, it is enough that just one respectable man in the field of economics or someone like Elon Musk decides to mention IOAT in his tweet for example and the price will increase by several thousand percent in a single day. That is why it is the right time to invest before it becomes too expensive like Bitcoin.