The cryptocurrency universe started small with the creation of Bitcoin. People doubted the idea of digital currencies based on blockchain technology and many predicted that Bitcoin will fail in a few years. 13 years down the line, Bitcoin has soared beyond imagination, and so have many altcoins.
The successes recorded in the cryptocurrency scene cannot be traced to one particular factor. A lot has been happening as innovative and business-minded individuals have become fully involved in the growing industry. Unlike Bitcoin and many of the earliest digital coins, the newest cryptos like IoTeX solve specific problems and are relevant to specific industries.
It is safe to describe IoTeX as an ambitious project. It is designed to solve unique challenges in the fast-growing Internet of Things (IoT) industry. On its own, IoT is a challenging industry. A coin that seeks to solve some of its unique challenges must be special in many ways.
It is not advisable to judge IoTeX solely on its visions and ambitions, especially when it comes to making an investment decision. Before deciding to invest in a cryptocurrency, there are several important things you must know about the coin.
So, what is IoTeX? Should you invest in IoTeX (IOTX)? And where can you buy the IoTeX token (IOTX)? We will answer these and other questions that may be lurking on the back of your mind as a potential IOTX investor.
It doesn’t matter your experience level, it is essential that you read every part of this post carefully to get all the information you need to make an informed decision about investing IoTeX.
What Is IoTeX?
IoTeX is a next-generation privacy cryptocurrency that is focused on the Internet of Things (IoT) Sector. It is the only cryptocurrency in the relatively new industry and has a lot of interesting features that are bound to improve the sector through blockchain technology.
IoTeX is the first cryptocurrency platform to cater to the needs of businesses in the growing IoT industry. The IoTeX platform supports smart contracts, and the IoTeX token is used as an incentive in building a robust and secure IoT ecosystem.
IoTeX has been described as a private “blockchain-within-a-blockchain.” This is primarily because it is seriously concerned with building a scalable, private, and exploratory blockchain architecture with the goal of cross-chain interoperability.
The IoTeX ecosystem is a good example of how far blockchain technology can be used to change so many things. It is designed to connect internet devices block by block while preserving privacy. It employs a unique Roll-DPoS consensus mechanism.
It is important to note at this point that IoTeX can also refer to the token used in the network. The IoTeX token is actually the primary subject of this article. It is the digital asset normal online traders and investors will buy as an investment in the network. The IoTeX token trades under the symbol IOTX. It is unique in many ways and can be used even outside the IoTeX ecosystem.
What Problems does IoTeX Solve?
The real value of a cryptocurrency in today’s world is a measure of the problems it solves. By value, we do not mean just the price, rather, we mean the power of the coin to change things, which is a reflection of its potentials.
IoTeX solves a good number of critical problems in the IoT space. The major ones include:
Most blockchains are designed to be closed systems that have no means of communicating or sharing data and information with others. Most of the earliest blockchains like Bitcoin were not designed to handle cross-chain interactions, and that is a big problem in a sector like IoT. IoTeX solves this problem.
IoTeX approached the problem of interoperability by aiming for a “blockchain within a blockchain” and have succeeded to a great extent. The unique architecture separates data and controls logic, making on-chain and off-chain communication efficient on many grounds.
Scalability has been an age-long problem in the cryptocurrency universe, which is why many believed that it cannot support large-scale industrial adoption. This is now a thing of the past, thanks to cryptocurrencies like IoTeX.
The IoTeX blockchain architecture is uniquely designed to also solve the problem of scalability. It supports high-speed transaction rates that are way better than what most crypto platforms offer. It also lowers transaction fees to make your trading experience better.
Privacy was a major issue in the cryptocurrency space some years ago. Though there are now several privacy cryptocurrencies, many are not yet satisfied with the way most so-called privacy networks work. IoTeX, on the other hand, is highly regarded by those who are already using it for its privacy features.
The IoTeX architecture was designed right from scratch to protect privacy at a protocol level. Based on the right signature schemes, it leverages on-device randomness to protect the privacy and interests of users.
What Makes IoTeX Unique?
Being among the first IoT-focused cryptocurrencies should tell you a lot about IoTeX. But that is not the only thing that makes it unique. From the way it is designed to the way the system works, IoTeX is worlds apart from regular cryptocurrencies.
IoTeX has been successfully built to be the ultimate decentralized backbone for machine economics. It is applicable in a wide range of areas within the IoT space, serving such machines as smart home devices and autonomous vehicles.
At the centre of the IoTeX miracle is a fast, high-performance blockchain that is EVM-compatible. This blockchain provides scalability and flexibility, and also allows developers to build dApps and middleware on top of it. IoTeX makes many things possible.
The IoTeX native coin (which is the primary subject of this article), is also unique in its way. It is the governance token of the platform and is equally used as the gas for the blockchain protocol. It also has Burndrop, which drives value to users of IoTeX anytime they add a new IoTeX device.
More About the IoTeX Token (IOTX)
One of the important things to know about the IoTeX token is that it was launched as an ERC-20 token when the project was started. The old coin may have been swapped for a native currency, but it still holds historical value in the IoTeX ecosystem.
IoTeX as a digital coin started trading in 2017 and had a relatively good year. The company held an Initial Coin Offering (ICO), but it was a private sale that generated a little over $14 million at a price of $0.007 per token. By June 2018, the coin has reached $0.066, which is an incredible growth by the industry standard.
A lot happened between 2018 and 2020, but IoTeX reached its all-time-low on March 13, 2020, selling for as little as $0.001239. It started picking up slowly but continued to struggle throughout the year.
IoTeX, like most other coins, recovered significantly in 2021. In fact, this has been an incredible year for the coin. It performed really well in the first three months. There have been upswings and downswings after the first quarter of the year, but the coin has improved in the last few weeks. In fact, it reached an all-time high of $0.148 on August 12, 2021. On November 13 IoTeX jumped in price to reach its current all-time high of $0.2611.
At the time of writing this piece, IoTeX was trading for $0.10 with a 24-hour trading volume of $14,968,419. The market capitalization is $1 billion, making it the #88 ranked cryptocurrency in the world. There are currently 9.54 billion IOTX in circulation, which is approximately 95% of the expected 10 billion IOTX maximum supply.
Should You Invest In IoTeX?
Like other cryptocurrencies, IoTeX has profited several people. For instance, people who bought the coin the day it reached its lowest point of $0.001239 back in March 2020, can make a lot of money if they decide to sell today at $0.10. A $1,000 investment at that time will be worth about $80,710 today. That’s is an incredible return in just a year and seven months.
You should know that the cryptocurrency universe is not as predictable as most of us will want it to be. That people have already made money by investing in IoTeX doesn’t mean it is a great investment option for you. It is possible to lose your money in the volatile cryptocurrency market.
So, should you invest in IoTeX? Well, it is always better to consider the good and the bad sides of any digital coin and its platform before making an investment. We will guide you by discussing the reasons to invest and the reasons not to invest in IOTX.
Check Out: Is IoTeX Worth Investing?
Is it Safe to Invest in IOTX Now?
Before delving into the reasons to invest or not to invest in IOTX, let us briefly discuss security. It is important to be sure that a coin or a platform is safe for online investment before jumping in with your hard-earned money.
As it stands, there are no known security issues with IoTeX as a cryptocurrency platform. The token is also a secure asset. You just have to play your part well after buying your tokens.
Major Reasons to Invest In IoTeX
Most people who will invest in IoTeX will do so purely for profit-making. The price potential of the coin is paramount in this regard. However, there are several other things to consider besides the price of the token.
Looking for concrete reasons to trust your instinct and invest in IoTeX? Here are the major reasons to do that:
✅ It Is Focused On a Growing Industry
The IoT industry is growing at an incredible pace, just like the cryptocurrency market. IoTeX is a notable project that cuts across the two industries in a remarkably attractive way. As the two grow, the coin is likely to gain more value and reward investors handsomely.
✅ It Is Partly a Privacy Token
Privacy is a hot topic in the crypto universe for good reasons. Some investors want to keep their involvement in cryptos to themselves, and privacy coins are the best assets for such people. IoTeX happens to be one of those tokens built to protect their users, right from the protocol level. As more people continue to drift towards privacy tokens, the value of IoTeX will likely continue to appreciate.
✅ The IoTeX Platform Is Desirable Developers and Businesses
IoTeX is well-positioned to attract developers and businesses. It is really desirable to people who think log-term because of the potentials in the IoT industry. Businesses are likely to invest more in the network, just as developers will continue to explore the opportunities it offers. Every meaningful activity in the network will ultimately lead to value improvement on all grounds.
✅ The IoTeX Project Has a Notable Team and Investment Partners
The quality of the team behind a cryptocurrency is mostly an indication of the potentials of the platform and its native currency. IoTeX has a very capable team with so many bright minds that are dedicated to building the network to an enviable height.
IoTeX also has investment partners who believe in the project and have made substantive investments at different stages to make the project succeed. To an extent, it has succeeded and there are good chances that the backers will do anything to make the project grow further.
✅ IoTeX Solves Key Problems in both Cryptocurrency and IoT Industries
Innovations in the cryptocurrency scene are mostly aimed at solving real-world problems. It is always great when a project also solves key problems in the evolving industry. In addition to bringing key solutions to the IoT industry, IoTeX also solves the problems of interoperability, scalability, and privacy in the crypto scene.
✅ The IOTX Token Can Be Used To Exchange for IoT Assets
There is something special about any cryptocurrency that can be used to exchange for a good or service outside the crypto scene. IoTeX is one of such coins. It can be used to exchange for IoT assets, which means it is becoming an acceptable means of payment in the industry it serves. This is a valuable quality that improves the usefulness of the token.
✅ IoTeX Is a Project for the Future
IoT is one of the industries to watch out for. Internet of Things will likely become the new norm in some years to come, and IoTeX can be the missing link to a successful ecosystem. If the project performs the way the sponsors anticipate it will perform, then investors are likely going to smile more in the future.
✅ IOTX Has Performed Well In Recent Times
No matter how wonderful a project looks on paper, it is not advisable to back a digital token that has a terrible price history. When it comes to price, IoTeX has not performed poorly at all. Though it is still a long way from being ranked among the top crypto coins in terms of market capitalization, it has gained in terms of price in recent times. It is likely to perform better in the future.
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Reasons to Think Twice Before Investing In IoTeX
To be honest, IoTeX is looking very attractive at the moment, but you are investing not just for the moment but for the future too. While there are so many attractive things about IoTeX as a cryptocurrency platform, there are concrete reasons you may want to reconsider buying the token now as an investment vehicle. Here are the major ones:
❌ IoTeX Is a Relatively New Project
There’s a lot going on in the cryptocurrency scene and new projects always look so great until they are put to the test. IoTeX is looking great at the moment, but it will be unwise to jump in with a heavy investment. Riding the wave on a hot new investment can be crazily rewarding, but it is a risk you don’t want to take with a heavy commitment.
❌ IoTeX Raised Money through Private Sale ICO
Undoubtedly, IoTeX has a number of deep-pocketed investment partners. While this is a good thing to some extent, it is also an issue for regular investors. A lot of volumes has been pumped into the asset, and there is a chance that potential investors will be burned when they get on board.
❌ IoTeX Faces Big Competition from IOTA
IoTeX is not the only cryptocurrency project that seeks to improve the IoT sector with blockchain technology. IOTA has been there for a while and is doing great, by all standards. To be honest, IOTA is a more developed platform and currently enjoys first-mover advantage. It will take a while for IoTeX to be able to compete favourably, and that can be an issue for investors who are expecting big returns in the near future.
❌ IoTeX Is a Volatile Asset
Every cryptocurrency is volatile, which is why everyone must be cautious while investing in the sector. IoTeX, like other coins, will gain and lose value in the future. Many will make money investing in the coin, just as many will lose lots of money doing the same. You need to be sharp and conversant with the market to survive.
Where Can You Buy the IoTeX Token (IOTX)?
There are three major types of platforms you can buy cryptocurrencies, including exchanges, brokerages, and apps that are neither official exchanges nor brokerages. You can buy IoTeX from any of such platforms.
Though it is a relatively new coin, IoTeX is available in major exchanges. You can buy from Binance, Coinbase Pro, or any exchange you are familiar with. But you need to be sure that the platform is secured for transactions and the risks of losing your money are minimal. Exchanges are prone to hacking. The longer you leave your coins there, the higher your risks.
Many people choose to purchase cryptocurrencies from brokerages for several reasons. A good number of stockbrokers now allows clients to invest in cryptocurrencies. You need to consider the reputation of any brokerage before buying IoTeX from its online platform.
It is also possible to buy a cryptocurrency from an app that is not an official exchange or brokerage. However, you should know that many sites are not really safe. Consider the reputation of the site/app you intend to use before parting with your money for digital assets.
Best Platform to Buy IoTeX
Are you really considering buying IoTeX after all we’ve covered? It is important that you choose a platform that will minimize your risks.
Based on our extensive experience, we can say that buying a cryptocurrency from a brokerage is the best way to invest safely. A reputable brokerage like eToro makes online investing simpler, safer, and more rewarding.
eToro is great for many reasons. The platform lists several digital coins (both old and new ones), as well as other investment vehicles like stocks, gold, ETFs, and more. It boasts of a user-friendly interface and other important features that make online trader simpler and more fulfilling for traders/investors of all experience levels.
What Next After Buying IoTeX?
Buying IoTeX cryptocurrency is only the beginning of your investment journey. What you do next will determine what you can gain from your activities in the market. You can choose to sell your digital assets after a few hours, days, or weeks. You can also choose to hold your assets for months or even years before selling. It all depends on your investment goals and strategies.
Besides buying and selling digital assets, you need to know how to keep them safe if you want to be serious with online investing. Leaving your assets in exchanges exposes them to hackers. Even if you buy from a reputable brokerage like eToro, it is advisable that you store your crypto coins in a digital wallet.
Here’s another wonderful thing about eToro. The full-service brokerage also offers a secure, multi-token digital wallet for its users. You will be able to store your different cryptocurrencies safely in the wallet and trade with peace of mind.
Key Points to Keep In Mind
We've covered most of the areas you need information on to determine whether investing in IoTeX is the right move for you. At this point, we will briefly summarize the key points to make them easier for you to remember:
- IoTeX is a cryptocurrency that is focused on the growing IoT sector.
- IoTeX has a unique ecosystem that solves key problems in both IoT and blockchain scenes.
- IOTX was launched as an ERC-20 token but has been replaced by a native token.
- IoTeX is regarded as a project of the future as it will likely boom when IoT becomes the norm in many homes and businesses across different industries.
- IoTeX tokens are valuable and can be exchanged for IoT devices.
- IoTeX has an incredible team and key investors behind the scene.
- IoTeX is still a cheap cryptocurrency.
- IoTeX is a relatively new cryptocurrency, so it is hard to tell if it will continue to boom in the coming year.
- IoTeX is facing serious competition from IOTA, which is more developed and well-positioned to dominate the IoT scene as a blockchain solution.
- IoTeX is volatile, just like other cryptocurrencies. You should always be careful when investing online.
- eToro is one of the best places to buy IoTeX, other cryptocurrencies, and several other investment vehicles.
- In addition to providing an incredible platform to buy and sell cryptocurrencies, eToro offers users a secured digital wallet to keep your coins safe.
IoTeX is a remarkable cryptocurrency platform with an ambitious vision that can be worth so much in the future. It is a blockchain solution for the future and has the potential to make you rich if you invest rightly. However, there are several reasons you may want to hold off investing in the coin at the moment.
In addition to being a relatively new project, IoTeX is venturing into a niche that has almost be conquered by IOTA, which is a well-developed project that offers almost everything IoTeX offers and even more. The only exceptional thing IoTeX brings to the table is privacy, and it seems IOTA is working towards that end too.
IoTeX may be great for short-term investors. Day-trading can work for those who are ready to monitor the market at all times. You can also buy and keep IoTeX for months, staying alert to market trends and taking advantage of upswings. But IoTeX is not looking like the best cryptocurrency for those who intend to invest for years. There is a good chance that the coin will become a lot more valuable in the future, but there are just too many barriers for the coin to become a top altcoin.
You should also know by now that investing in cryptocurrencies requires lots of research. You also need to be proactive to take advantage of opportunities when they are presented.
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Virtual currencies are highly volatile. Your capital is at risk.