How to Buy IoTeX (IOTX)

Want to jump straight to the answer? You can buy IOTX on Coinbase!

IoTeX is a unique project hoping to combine the digital crypto space with the tangible world. Through an experienced team and a powerful blockchain that was built from scratch, the project hopes to connect blockchain technology with physical devices. Learn how to buy IOTX now.

What is IoTeX (IOTX)?

IoTeX is an open source blockchain that looks to combine the internet of things (IoT) with crypto. The team created its own blockchain that looks to connect the world of cryptocurrency with technology such as smart homes and self-driving cars. 

IOTX is the native token of the chain and is used for both governance and rewards. Users can vote on new ideas for the project with the governance feature and earn rewards from staking.

IoTeX uses a unique delegated Proof of Stake (DPoS) consensus model to verify the more than 10 million transactions already processed on the network. A DPoS system works by allowing users to stake their position and elect validators to their staked tokens. Users can then earn rewards for staking through these validators, instead of directly validating themselves. These rewards are given in IOTX tokens. 

The network is also compatible with the Ethereum virtual machines (EVM). This allows developers to create decentralized applications (dApps) on the open source network. This makes the blockchain compatible with Ethereum while still having its own blockchain.

The project has already launched multiple products that combine its blockchain with the IoT. Pebble is 1 of these products. Pebble allows users to gain insight into several variables, such as motion, light and weather. This device can be used in areas ranging from supply chain to contract settlement. Pebble users can track this data in real time, and the data is stored securely on the blockchain and is not owned by any single entity. 

Ucam is another device that IoTeX has released. Ucam is a household security camera that stores data on the IoTeX blockchain. The camera uses a blockchain login to ensure that videos cannot be hacked or stolen. The camera is installed in over 3,000 households. 

IoTeX is already breaking the boundary between blockchain technology and the IoT through powerful technology and an experienced team. 

Brief History of IoTeX (IOTX)

IoTeX was launched in 2017 by several experienced crypto professionals. The founding team has experience with venture capital and crypto engineering and has also worked at firms such as Facebook and Uber. 

IOTX was launched in 2018 and remained fairly stagnant for several years before hitting an all-time high of over $0.26 in November 2021. 

How to Buy IoTeX (IOTX).

Now that you understand the basics of IOTX, you may be interested in purchasing the token. Fortunately, IOTX is fairly easy to purchase. 

Cryptocurrency Wallets For IoTeX Tokens

Best Hardware Wallet: Ledger

Best For

• ERC-20 tokens

buy nowsecurely through Ledger Hardware Wallet's website

Hardware wallets are physical devices that hold the private keys needed to send crypto. Simply put, crypto cannot be used without the physical device present. This is arguably the safest way to store crypto.

Ledger is a hardware wallet that supports the sending and receiving of IOTX. Ledger currently offers 2 models of hardware wallets. The Nano S is designed for beginner crypto users and only offers necessary features. The Nano X is for more experienced traders and offers a few more advanced features, such as wider altcoin storage options and Bluetooth connectivity. 

Best Software Wallet: Coinbase Wallet

Software wallets are often free and store your private keys on a computer. While software wallets can be less safe than hardware wallets, they are still a very safe way to store crypto.

Coinbase Wallet is a powerful tool that allows users to send, receive and stake their crypto investments. Coinbase Wallet also supports IOTX. 

Coinbase Wallet also takes extensive security measures including biometric verification and cloud backups. It is easily among the best software wallets on the market. 

Trade, Sell or Convert your IoTeX (IOTX)

On Coinbase, navigate back to your IOTX position. Hit Trade and then Sell. Enter in the amount to sell, and the balance will be stored in fiat currency. From there, you can send it back to your bank account. You can also use the Convert feature to swap your IOTX with hundreds of other cryptocurrencies. 

On Gate.io or Huobi Global, navigate back to your IOTX position. You can either swap your IOTX back to USDT or another crypto like Bitcoin (BTC) or Ethereum (ETH). Once you have swapped it, you can then sell your USDT, BTC or ETH for fiat. Once you have fiat currency, you can deposit it back into your bank account. 

Current Crypto Prices

In November 2021, President Joe Biden announced that Jerome Powell would lead the Federal Reserve for another 4 years. This announcement forced many to question how economic policy could impact crypto prices.

Many believe that crypto is a hedge to inflation due to its often limited supply. Powell assumes a great deal of power in terms of inflation, so his decisions may be very important for crypto.

Low interest rates have also inspired investors to put more money into crypto. If these interest rates are hiked, some investors may take their money out of their risky crypto investments. 

Is IoTeX (IOTX) a Good Investment?

IoTeX has the ability to create extremely useful and impactful technology, and it has already unveiled products which show these benefits. 

However, the project is still fairly small and lacks the funding to take their technology to the next level. If the project can secure necessary funding and develop more products, IoTeX could become a household name.