Digital Currency

How to Buy IOTA & Invest in the Tangle

After getting booted of bitfinex last month lots people in the U.S have been asking me where to buy IOTA. After doing some research I’ve found a new Chinese exchange that accepts US customers.

In this video I walk through the steps involved in researching where a cryptocurrency is being traded using coinmarketcap.

Video by David Hay

welcome to another episode of crypto
riot what is crypto riot you might ask
it’s a little YouTube series I make that
takes the magic and mystery out of
cryptocurrencies and amateur investing
in today’s episode I’ll be covering one
of the more frequently asked questions
that I’ve been receiving on this YouTube
channel which is where can i buy a
yachtie and how do I safely store it
well if you’re a US customer like myself
you recently got booted off BitFenix and
you’ve been trying to find alternatives
so in this episode I’m going to show you
exactly how you can find other exchanges
that are trading cryptocurrencies that
you’re interested in and the best ways
once you have those crypto currencies to
store them safely so stay tuned we’ll be
right back
[Music]
before we get started it’s time to find
out who the lucky winner of the point
one aetherium is okay so the last video
that we made was about ICO investing and
research best practices let’s find out
who the winner was here we have 666
unique comments and bit Co you have your
aetherium address fantastic as soon as
I’m finished making this video I will
send you the 0.1 aetherium oh in
addition to the point one aetherium I’d
also like to offer you one free ticket
to NAC 3 in Las Vegas on December 9th
I’ll be speaking at that conference
along with crypto Bobby Nathan over at
the crypto not and there’s a special
guest speaker which they’re announcing
tomorrow so stay tuned for that so if
you’re a u.s. customer like myself you
probably got a notice saying that you
can no longer use BitFenix and the main
reason that the next no longer wants us
customers is it doesn’t want to have to
comply with all of the US regulations so
I had to find an alternative and
unfortunately for me at the time I
didn’t have a another place to buy iota
so in the end what I end up doing on
BitFenix was actually selling all of my
Kryptos back into aetherium and Bitcoin
and just transferring it out of the
exchange until I figured out what I was
going to do next so now what I want to
do is actually show you and walk through
the entire process so if this ever
happens to you you’ll know exactly what
to do and you’ll know how to go about
finding the new exchanges that are
offering the different crypto currencies
that you’re interested in so the first
thing that you’ll want to do if you are
interested in buying a cryptocurrency is
check it out on one of the research
tools like coin market cap or coin
checkup comm and what this does is that
tells you a lot of interesting
information about the actual
cryptocurrency itself and so the one
that we’re interested in right now is
iota because it hasn’t been available on
a ton of different exchanges now here
it’ll show you the trading volume the
marketing cap but the part that I really
wanted to focus on right now is the the
tab that says markets and I’ll explain
why this is important in a second so if
you go down to the iota markets it shows
you what is being traded and where it’s
being
so right now that you can see that
BitFenix accounts for 56% of the volume
and 56% of the volume is being done
between iouder and USD but what’s
interesting is that if you go down to
the second result you’ll see that by
Nantz is here and it’s an iota BTC power
and that’s our first clue so we know
that BitFenix is obviously the largest
exchange it’s got 56 percent of the
volume plus in addition to the 14 and 3%
so it’s just using some rough
mathematics like 77% of the market share
and the rest of the coins are being
purchased through all these other
services so the first thing that I would
do now is because it’s really obvious
that the second-largest exchange for
this cryptocurrency is by Nance now I’ve
never used finance up until now so I am
any new to buy Nance I did a quick look
around it’s a Chinese base exchange one
of the big advantages with finances it
has hundreds and hundreds of different
crypto currencies listed it’s a little
bit I think like bit tricks only it has
some coins on offer there that bit
tricks doesn’t so if we go over to
Finance I’ve saved some time I’ve
already signed up for an account and
I’ve also in I’ve also put 2.2 a theory
I’m into my wallet just so I can show
you exactly how we’re gonna go about
buying this iota and then transferring
as iota into a wallet so there’s my my
point to one aetherium
let’s go and exchange that for iota so
we’ll go down to basic and we’ll go to
eighth and then we’ll type in IOT a
because we know that’s the symbol that
we’re looking for and sure enough right
here we have the trading pair okay so
now we can buy iota max amount 102 it
says that I can buy
perfect and it was instantly filled so
now if I go back over to my balances I
should be able to go into my iota wallet
and I should see the the new balance
here fantastic and see I have one
hundred and 1.9 iota now it says here
that my withdrawal process might be a
little slow so we’ll see how that works
I don’t have a two-factor authentication
turned on cuz I just set up this account
so I’ll go ahead and I’ll set that up
really quick alright so we’re back into
bye Nance and we have entered our
two-factor authentication information
now we just need to figure out how we’re
going to withdraw the new we purchased
iota
there’s our iota we can do a withdrawal
here now the iota address that you’re
going to use is 81 characters it’s a
little bit confusing to set up for the
first time hmm so in order to set up a
an i/o to address the easiest way that
I’ve found is to just use LastPass if
you’ve got that as a password manager
and then I’ll just go to generate a
secure password you can actually type in
81 characters the password has to be 81
or the the passcode you use has to be 81
characters long you can use the number 9
but you can’t use 0 through 8 so the
easiest way that I’ve done this is just
to say all caps letters you can’t use
any lowercase and then I just generate
this brand new password here or this
gent brand new code here I can log into
my iota wallet now I’ve got my
authentication code as q9 y which means
that that’s like my check sum so that
means that I’ve entered the code
correctly I should just be able to
memorize q9 Y and just know when I copy
and paste it in there that it as long as
it says q9 y my checksum is correct here
I can go to receive and I have my
address right here
now I might just open Notepad just for
my own sanity just to make sure that
it’s actually copied the right address
I’d hate to copy and paste an old
address in my um in my code 9a x MC nine
a perfect
so that’s copied the correct address and
if I go into finance now and I put my I
owe to a dress here I owe to a wallet
and for now we’ll just maybe do
something really simple to test it out
we’ll say 50 now let’s see we’ve got no
transaction fee there please input your
wallet all right fantastic
now it’ll ask me for my Authenticator
code which I just set up mm-hmm
fantastic so now I should have submitted
that order I should also receive a
withdraw roll Rick
there we go fantastic and now any moment
now it’ll show up in my iota balance
they might be a little bit of a delay no
transfers found while we wait for that
to go through let me just explain a
couple things about the iota wallet
there’s two options when you go to
download the iota wallet there’s two
download you download the same software
package now unfortunately if you are
using an iota wallet you don’t have an
option to install it on your iPhone and
they only have an Android app right now
so I wasn’t able to use that I actually
had to use the the the wallet the the
Windows wallet so I downloaded it over
here from from the support pages here we
go under the Exe file and once I was
downloading that it’s important to
understand what the difference between a
white wallet is and a full wallet a full
node is going to be actually involved in
processing transactions and it’s going
to be an active part of the network so
it’s going to be it needs to be online
24/7 in order for it to me to work a
light wallet means that you’re not
actually downloading the history of the
tangle and you’re not really
participating you’re really just keeping
the the money in there so if you’re new
to i/o during just need everything to
work as quickly as possible I would just
set up the iota white wallet and then
not worry about making it a full note if
I did have like a more powerful computer
or if I did have a computer that was
online 24/7 and I wanted to be more
active in there the iota community then
it’s definitely a good idea to run a
full node as opposed to it to a light a
light wallet like this so right now
we’re just waiting for the balance to
show up now when you do create this
address one really smart thing to do is
to not leave a copy anywhere on your
computer so what I do is actually use
the LastPass to generate the password
I’ll disconnect from the from my
internet connection and then I’ll just
create a note
document like this save it on a thumb
drive once it’s unplugged once I
unplugged my thumb drive like sorry I
close all my windows off I unplugged my
thumb drive and now I have a safe copy
of this key that I can use at any time
on an external device yeah we’re still
not seeing anything yeah under the
transactions iouder is supposed to be
fast so I’m not sure why there is a
delay they did warn on the finance page
that there’s a delay you know and it’s
just blaming their network congestion
which could be right all right guys a
quick update about two hours ago I tried
to transfer those 50 iouder into my
wallet
unfortunately the transaction has not
processed yet I did look on the buy
Nantz website and in all fairness before
I did transfer the iota they did warn me
of the network congestion and that the
transaction could take a while
I’m a hundred percent certain that the
ship the steps that I used in this video
are correct so I have no concerns and
I’m sure that that 50 iota will show up
in my wallet sending it out of an iota
wallet is very similar to sending into
any of the other crypto currencies so
I’ll just confirm everything went okay
eventually when the transaction does
process in the notes of this video if
you have any questions or comments
please go ahead and make them below
until the next video I’ll see you later
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