There are more than four thousand different cryptocurrencies nowadays, and some are doing better than others. Investing in these crypto coins is said to be one of the best things you can do for yourself.
These digital currencies are getting more popular by the day, their value rises, and you have the chance to make huge profits. In addition to this, they are one of the safest currencies today, and many people choose them because they can safely store, trade with, or use the money they’ve made. Bitcoin is currently the most popular, and most profitable coin, however, it is definitely not the only one that can help you make a lot of profits.
Every day there are new coins that show up on the market, and keeping track of them can be extremely challenging. In this article, we are going to talk about the IOTA cryptocurrency, and if it is a good investment in 2024.
Continue reading if you want to learn more about this coin, why it is getting more popular by the day, and what are its drawbacks.
What you need to know about IOTA
Even though this crypto coin is relatively new, its beginnings were in late 2015. The creators of it were David Sønstebø, Sergey Ivancheglo, Dominik Schiener, and Dr. Serguei Popov. Currently, it is based and managed in Germany.
The reason why the team of developers created this currency was that they wanted to provide users with a more stable payment system, that is going to offer faster transactions, that are more secure and scalable. This coin was not developed only for traditional types of transactions, but the creators wanted to give something that will provide information transactions between different machines.
This project has its own crypto coin, and it is called MIOTA. Nevertheless, most of the users know this currency as IOTA, and here we are going to refer to it with the name that has been publically accepted.
Before the coin was presented on the market, it raised funds and received more than three thousand Bitcoin. At the time this happened, the value of it was estimated to be a bit north of 400 thousand dollars.
Since the currency was released, the project grew and it reached as high as 14 billion dollars. This showed everyone how good and prosperous this digital coin is, and that it is worth investing in.
Advantages
Now let’s talk more about the ways this coin is making things better and easier for users. The first thing that comes with this platform is that there is no need for miners.
Every transaction that is done needs to be processed two other transactions before it can be approved. There needs to be proof of work added, and one of the biggest benefits of this is that users don’t need to invest in extremely expensive devices to do the mining.
We know that when it comes to cryptocurrencies if you want to work with them, mine them, and make transactions, you need the right type of device. It is said that people have spent more than 10 thousand dollars on the right equipment. This may not even be enough if you are looking to tackle bigger projects, and people with limited resources cannot be a part of this industry.
With the fact that IOTA is excluding the mining, it means that the process of making the transaction can be done on pretty much any device you own. You won’t need to invest thousands of dollars in the equipment, which makes it accessible for everyone. On iota-news.com you can read about the phase transactions, how they are done, and what you need to know about them.
In addition to this, this coin allows near-infinite scaling and it can accommodate as many devices as you need. There are so many different possibilities that come from the currency, and users with little to no experience can use it.
Another great benefit that comes from it is the fact that it requires minimal transaction fees, so by doing many transactions to provide the proof of work protocol, you won’t be losing any money.
Predictions
Just like every other digital currency we have seen on the market, this coin has had its ups and downs. Even though it is a relatively stable coin, it is still not a perfect one and users have been wondering if it is the right one to invest in.
Currently, there are only positive price predictions for it, and experts say that its value is going to continue to rise. To be more precise, the projection for April 2024 is that the minimal price of the coin will be 0.3 dollars, and the maximum one will reach 0.44 dollars. The change should be 19 percent compared to the past few months.
When it comes to the next few months, and the end of the year, the value is expected to rise. In August, experts suggest that the minimum price will be 0.31 dollars, where the maximum one should reach 0.45 dollars. The change is expected to get to almost 22 percent. For the last months of this year, we should see a bigger difference, where the minimum and maximum values will get to 0.32 and 0.47 dollars, respectively. The change should reach almost 26 percent.
Even though these numbers may seem confusing, one thing is for sure, the future is looking bright for this digital currency. Currently, it still has some bugs and some disadvantages, but that should not prevent it from growing in value, and with that, decreasing its issues.
Users currently are complaining about some of the security protocols and safety issues, as well as some minor technical flaws. However, the team of developers is working on solving these problems, and they are said to be minimized as soon as possible.
No matter how good of predictions there are, we all know that the value of cryptocurrencies can change instantly. So, if you want to invest in this coin, you should always check the latest trends and predictions, and know that sometimes all the risk is going to be worth it in the long run. For the latest trends, be sure to check Finscreener, who provides fresh updates every moment.