IOTA is a third generation cryptocurrency with some powerful implementers over the previous models. IOTA has zero transaction fees and unlimited scalability, two of the issues which are hampering Bitcoin heavily. IOTA used a technology called Direct Acyclic Graph(DAG), IOTA's version of the implementation is called the Tangle. This technology sets IOTA up nicely to compete in the future of micro transactions and the growing internet of things.
With the ability to do fast fee-less transactions from a computer or cellphone to anywhere with a wallet IOTA could become the new standard in everyday transactions. The way the transactions are made free is by removing miners and having the transacting parties do the processing work for the transaction. For normal transactions this is a very small piece of work and even older computers and cellphones should have no problem. IOTA has total fixed supply of 2 779 530 283 277 761 units with zero inflation. This makes micro /nano transactions possible and if it ever reaches the point where a single unit is to expensive for a micro transaction the developers have said they can turn on decimal points wiout much trouble.
IOTA UnitsIota is grouped as following with the Mi being the standard unit and what most sites use for valuation against the dollar.
|KiloIota (Ki)||1,000 Iota|
|MegaIota (Mi)||1,000,000 Iota|
|GigaIota (Gi)||1,000,000,000 Iota|
|TeraIota (Ti)||1,000,000,000,000 Iota|
|PetaIota (Pi)||1,000,000,000,000,000 Iota|
How to buy IOTA
As of writing this is a limited amount of places to buy Iota. Bitfinex is the major player in the market but currently do not accept fiat currency such a dollars so you will need to use a different crypto such at Bitcoin or Litecoin to make your purchase. I would reccomend you use Litecoin or Etheruem for this as the fees on Bitcoin will take a large chunk of your money. Once you have purchased your IOTA you canm transfer it to your wallet with no fees or keep it in your bitfinex account.
IOTA is still rather new as a cryptocurrency and has had some issue and there are areas for improvement. The transaction speed was quite slow in the beginning but it has gone from hours to minuets while bitcoin has gone the opposite direction. The Wallet technology is still new and clunky but is constantly being improved by the devs and the technology allows for 3rd party wallets to be developed so once IOTA gets more traction you can expect a whole slew of new wallet options to choose from. Currently at time of writing the major issue facing IOTA is lack of support on the trading platforms. Once more platforms adopt IOTA that could be the push it needs to take it mainstream. Other platforms do want to adopt IOTA but it is not a blockchain currency like the others big cryptocurrencies and so needs some extra work to be incorporated . But once this work starts being completed IOTA could see huge gains and uptake and getting your hands on some before that happens could be a wise move indeed.