Bitcoin (BTC) and altcoins like Miota (IOTA) are all the rage these days, but not everyone knows the technical differences between both assets. This article will explain the primary differences between Bitcoin and IOTA. You will also learn how to make a simple and quick IOTA for BTC exchange.
What Is Miota?
Miota is the native cryptocurrency of the open-source IOTA network that was designed specifically for the Internet of Things.
What Is Bitcoin?
Bitcoin is a digital asset generated by networks of computers and is a P2P (peer-to-peer) decentralized cryptocurrency.
Differences Between IOTA and BTC
While IOTA and Bitcoin are both open-source decentralized assets, they are structurally different:
- IOTA’s unique structure allows the sender to perform Proof of Work for two transactions in one. For this reason, there is no need for energy-draining mining like with Bitcoin.
- According to Cambridge researchers, the yearly energy requirements for mining Bitcoin ranges between 121.36 terawatt-hours to 115 terawatt-hours (TWh). IOTA isn’t mined like Bitcoin, so it doesn’t consume such significant amounts of electricity.
- Bitcoin runs on blockchain technology, a decentralized technology designed over a decade ago and the first of its kind. IOTA runs on a directed acyclic graph, another type of decentralized ledger that is also the first of its kind. However, both technologies are structurally different.
- Bitcoin’s lack of scalability makes transactions slow and expensive because of network congestion. IOTA was designed specifically to be more scalable than Bitcoin and many other cryptocurrencies. As a result, transactions are faster and cost less with IOTA compared to Bitcoin.
- Bitcoin processes no more than seven transactions per second on a fast day, while IOTA transactions number between 1500 and 1700 per second.
- Bitcoin’s total market capitalization covers almost half of the entire cryptocurrency market.
|Cryptography||Directed Acyclic Graph||Secure Hash Algorithm|
|Adaptation||Internet of Things (IoT)||Digital Currency|
|Transaction||3.2 to seven transactions per second||1500 to 1700 transactions per second|
How to Convert IOTA to BTC
Now that you know the differences between IOTA and BTC, it’s time to learn how to perform an IOTA to BTC conversion on Godex.
- Go to Godex.io: When you visit Godex.io, you will see two bars with a range of cryptocurrencies available for exchange.
- Choose the Сurrency Pair: Fill in IOTA on the first bar and Bitcoin on the second. You will see the estimated Bitcoin you will receive after the exchange.
- Enter a Wallet Address: All you have to do is follow the prompt and enter your wallet address. This is the only way you will be able to initiate the exchange.
- Deposit Funds: Right after you enter your wallet address, deposit the funds in IOTA.
- Click on Exchange to Seal the Deal: The last stage of the trade is clicking Exchange to complete the transaction. Your Bitcoins should reflect in your wallet.
Both Bitcoin and IOTA are great cryptocurrencies with promising futures. However, Bitcoin is currently the strongest cryptocurrency with a dominance slightly below 50% of the entire market. IOTA is more efficient as a long-term investment. Which one to choose is up to you.