Community post
Will Iota be the next Bitcoin??
While going up 50% and breaking $3 at it's highest point while all other cyptos are stagnant, Iota is starting to draw a lot of attention to itself. Here's why I think Iota may become the next bitcoin. Please let me you your opinions in the comments as well!
1. NO TRANSACTION FEES
Iota uses the Tangle rather than blockchain so there are no miners to pay!
2. The Tangle
For a simplistic explanation of the tangle vs blokchain I'm going to quote Reddit user hallucinoglyph.
"Blockchains are dependent on miners. Miners want to get paid. The more network congestion, the higher the fees to ensure your place in the block to get that transaction confirmed. So blockchains bottleneck with this scalability issue that slows the network and results in higher transaction fees.
The Tangle doesn’t have blocks, so it doesn’t have miners, so it doesn’t have a bottleneck. Each transaction confirms two previous transactions, so the more transactions are floating around, the more likely your transaction is to get confirmed very quickly, and with no fees. So literally the opposite of the blockchain’s scalability issue :)"
3. Iota has an actual use.
This coin is designed for micro-payments between "Internet of Things" items. For example Iota could be used for a robot vacuum to pay a drone to fly it to another location. A car could also use it to pay for gas. etc. It also enables communication between both parties.
4. Partnerships
Multiple partnerships have already been announced with HUGE companies including Microsoft, Cisco, Samsung, Volkswagen, and many others. This means that the coin is already starting to be used for it's intended use rather than a pump and dump coin like a lot of other altcoins.
Although this coin is pushing 2.20-15 or Bitcoin at $500. Iota currently has the 5th largest market cap in the crypto world and it is still very young. Of course, do your own research before dropping money into anything but, I see this coin doing great things.
Replies (7)
No it won’t
It can do good things. But comparing it to bitcoin just makes it sound scammy even if it’s not
Looks like IOTA has its niche market and that is in the micropayment space. It will co-exist with BTC and other viable coins in the short to medium term.
I've been following Iota too. The most important difference, besides the points you've made above, is that there are a max of 2.7 Billion iota's Verse a max supply of 24 million Bitcoins (16+million currently). So, At it's current price of 12 billion Versus Bitcoin's market cap of roughly $184 Billion.
What I'm trying to say is that there are 168 times more IOTA's out there than Bitcoins. So you can get a rough estimate of how they're doing verse Bitcoin by multiplying 168 times the current IOTA price. As of today, IOTA would be 11,500
So in my opinion IOTA has a long way to run still. By these non technical guesstimate calculations, that would put IOTA at a maximum price of $68 if they were to ever exceed or beat Bitcoin's current market cap.
Since IOTA actually has a purpose, a lot of people think its possible in this crazy world of coins....
I totally agree. Have you heard about the "Q" announcement?
@OriginalWorks
The @OriginalWorks bot has determined this post by @phinn to be original material and upvoted it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!