With all the hype about cryptocurrency, you’ve probably heard of such popular coins as Miota (IOTA) and Bitcoin (BTC), but do you know their differences?
If you want to learn more about IOTA and BTC then look no further, for this is the right content for you. This article will show you the differences between the two coins and how to trade them.
Miota is the first ledger with microtransactions and zero fees. This coin comes with many amazing features.
- Since it dispenses with mining, it allows for free transactions. Also, the fully real-time-validated network allows for faster transactions.
- Powerful computers regularly replace mining computers to ensure resource and energy efficiency.
- Due to limited coins, there is zero inflation.
- There are numerous competitors, comprising huge and rich multinational corporations.
- It is more centralized than others. A single entity controls 34% of the network, increasing the vulnerability.
Bitcoin is a cryptography-based decentralized cryptocurrency. It operates without any central authority. Its decentralized network allows for a direct network.
- Unlike paper currency, it protects from payment-related fraud.
- The chances of identity theft are very low. Information on transaction amounts is given to the merchant, requiring the wallet ID.
- It allows for direct transfer of assets of any scale, without any third-party involvement.
- Due to its high popularity, there are many frauds, scams, and attacks, which come in all sizes.
- It doesn’t provide any refunds or cash back. As a result, human or technological errors can lead to the loss of coins.
- Bitcoin to fiat conversion can be expensive due to high fees.
Differences Between Miota and Bitcoin
Let’s study the key differences between Miota and Bitcoin.
Miota has a lower fee structure thanks to the free mining charge. However, Bitcoin transaction fees can be very expensive.
Miota has a more sophisticated encryption module and a better cryptographic algorithm. On the other hand, despite having a huge market cap, Bitcoin has a history of hacking.
Miota uses a tangle technology. This structure allows the currency to make faster transfers of data than Bitcoin. But Bitcoin uses blockchain. This technology is structured by blocks of data.
Miota uses a direct acyclic graph, where each transaction validates two old ones to produce a graph-like structure. As a result, an increase in transactions causes system speed and scalability to rise. In contrast, Bitcoin uses a decentralized ledger and miners to validate transactions. This raises the costs and time.
Miota allows for easy integration with other programming languages and doesn’t require system rewriting. However, Bitcoin requires redrafting the whole system and is quite difficult to incorporate with other programming languages.
After comparing these coins, you may want to trade them. To show how to do this, we have chosen the Godex platform.
How to Exchange IOTA for BTC
To convert Miota IOTA to Bitcoin BTC on Godex.io, you should follow these steps:
- From the site, select the currency you want to convert.
- Enter your crypto wallet address in the Sender’s Address section.
- Deposit the specific amount of funds you wish to convert.
- After a certain time, the converted currency is sent to you.
So after reading this article, you may find the IOTA coin more appealing. At the same time, Bitcoin has the advantage with better market strength and capitalization.
We included all the information regarding Miota and Bitcoin to start trading now. For swift exchange of IOTA and BTC, check out the Godex exchange platform.