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Bitcoin (BTC) might be the most popular cryptocurrency in the world, but Miota (IOTA) is slowly gaining popularity among altcoins. While both are cryptocurrencies, there are some key differences between them you should learn if you're thinking of exchanging your Bitcoin for Miota and vice versa.
Let's check it out!
What Is Miota?
What Is Bitcoin?
IOTA vs. BTC
How to Exchange IOTA for BTC
Postscript
What Is Miota?
IOTA is a cryptocurrency and open-source distributed ledger that is the first of its kind. It was designed specifically to meet the growing demands for the Internet of Things.
What Is Bitcoin?
Bitcoin is an open-source, peer-to-peer cryptocurrency built on the blockchain, a decentralized, distributed network.
IOTA vs. BTC
While Bitcoin is a cryptocurrency just like IOTA, there are some key differences listed below:
● Bitcoin is built on blockchain technology, an immutable distributed ledger. Miota is based on a directed acyclic graph technology called Tangle, another type of decentralized ledger technology that is technically different from blockchain.
● IOTA is more scalable than Bitcoin because of its network architecture that allows it to complete about 1,700 transactions per second. Bitcoin can only process between 3.2 and seven transactions per second. This significant difference is because of Bitcoin's lack of scalability.
● Bitcoin isn't the most energy-efficient cryptocurrency, so it demands a ridiculous amount of electricity to mine. As a third-generation cryptocurrency that enables two-way Proof of Work per transaction, Miota doesn't require mining. Subsequently, IOTA doesn't require loads of energy.
● IOTA uses the CCurl Proof of Work. Bitcoin uses the SHA-256 hashing function, which is also Proof of Work. However, IOTA's PoW is way more affordable.
● IOTA was designed to enable quick and affordable data exchange between machines in the global interconnected network. Bitcoin was designed to serve as a medium of exchange and a store of value.
● The current market capitalization of IOTA is $5,581,256,445 against Bitcoin's $1,014,504,671,460. Bitcoin is leading the entire cryptocurrency market with over 50% of the total market capitalization.
|
Comparison Table |
Miota |
Bitcoin |
|
Transaction Fee |
Low |
High |
|
Cryptography |
Directed Acyclic Graph |
Secure Hash Algorithm |
|
Transaction |
1,700 transaction per second |
3.2. to seven per second |
|
Structure |
Tangle |
Blockchain |
|
Adaptation |
Internet of Things (IoT) |
Digital Currency |
How to Exchange IOTA for BTC
First of all, you need an exchange calculator to find out what you will get in Bitcoins for the IOTAs you want to exchange. The process is quick and easy.
● Visit Godex.io.com and choose a currency pair. The IOTA to BTC exchange calculator will show the expected amount.
● Enter your wallet address and verify that it is correct.
● Make the deposit right away.
● Click on Exchange to confirm the transaction and wait for it to reflect. Since it is a P2P transaction, the funds will reflect almost instantly.
Postscript
On paper, IOTA looks like a more viable alternative to Bitcoin. However, while the technology is solid, it is lacking in terms of market capitalization and adoption. But only you can decide which crypto is better, and if you are looking for a cryptocurrency exchange, visit the Godex.io service
