When we think of crypto-currencies the first thing that comes to mind is Bitcoin. But in fact there are several other currencies, and one of them is IOTA.
Let’s start by analyzing the multiple flaws of BTC, so you can understand why IOTA has a promising future.
The Problem With Bitcoin: It’s Not All a Bed of Roses
Some die-hard BTC fans out there won’t like this. But reality is that the current king of cryptocurrencies has several problems. Here you have the most worrying ones:
Transactions Are Very Slow:
This wasn’t the case some years ago, but now that it has become more popular, the transactions have become much slower. And yes, they are also more expensive, so they are not so good for micro-payments due to the high fees, especially if you want to prioritize your operations.
This alone is enough to discourage many from using BTC as a reliable payment method.
Easy to Track:
Although many newcomers think that BTC is a great way to remain undercover, the reality is that the RSI and FBI have developed very effective methods to track down transactions and link them to their respective owners. So, in terms of anonymity it is not very good and is greatly surpassed by proposals like Monero. There is also a new one known as Verge, which is still pretty new.
These are the major flaws, and now let’s talk more about IOTA.
Why IOTA Will Rock The World of Cryptocurrencies?
Everything properly explained in 5 short and concise sections.
#1 – It Uses Tangle:
You surely have heard of blockchain, which is used by BTC, ETH and pretty much most cryptocurrencies out there, but unlike them IOTA makes use of tangle, which is an innovative kind of technology that makes this cryptocurrency even more attractive… but why?
It is very easy to scale and it is much faster. To make it very simple: for every transaction you make you have to validate two transactions. This genius concept is the anti-thesis of what BTC is experiencing at the moment, because while it gets slower and more expensive, more activity for the tangle means faster transactions.
#2 – No Fees And Perfect For Micro Payments:
One of the biggest downfalls of BTC is that it is not a good option for micro payments due to its actual high fees. On the other hand, IOTA eliminates this problem by taking fees out of the equation, something that makes it a perfect choice for micro payments and transactions in general.
Imagine a world where you don’t have to rely on a third-party to process your payments. Where you can commerce without problems. Where you can pay and receive payments from many part of the world in just a few moments without paying fees. That’s exactly what IOTA brings to the table.
#3 – Designed For Machine Economy:
This may be pretty new for you yet, and in fact just a few humans on this planet know about it, but the thing is that machine economy along with the Internet of Things will become bigger with the pass of the years, an IOTA is aiming to become the currency for this sector.
Moreover, it is more than a simple currency but an interoperability protocol, something that makes it an even better fit for this growing-sector that is expected to receive a staggering influx of market capitalization in the upcoming years.
When this happens am pretty sure that great websites like www.marketreview.com will dedicate plenty of time to IOTA. Nowadays it is not very popular, but once machine economy and the internet of things start growing, I can bet on it that IOTA will go through a major growth in market capitalization.
#4 – Quantum Computing Proof:
One of the biggest enemies of current cryptography is quantum computing. Because once it is fully developed cryptography as we know it will be completely useless. Bye-bye private keys.
What do you think will happen to BTC, ETH, NEO and pretty much any crypto-currency out there once we have fully-working quantum computing? Most likely they will become useless, because if cryptography can be decoded so easily, then their value will be zero.
On the other hand, IOTA is immune to this. Why? Because it uses an algorithm known as the Winternitz One-Time Signature Scheme, which is resistant to quantum computing, thus guarantying far more security than the majority of cryptocurrencies.
#5 – It Works With Partition:
Unlike blockchain cryptocurrencies, IOTA’s node can work without being connected to the main tangle. Which is something impossible for the majority of actual currencies.
And yes, they can connect to the main tangle without problem. This is something that makes IOTA even more reliable and versatile.
As you can see IOTA has pretty good reasons to become the king of cryptocurrencies in due time. Right now we are in the days of blockchain and Bitcoin, but that might change in the upcoming years…
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