Will IOTA Make Me Rich in 10 Years?
2017 and early 2018 were special periods for cryptocurrencies. If you were an ardent follower then, you will be conversant with IOTA and the MIOTA ticker. Few cryptocurrencies received as much buzz as IOTA, and it remains relevant altcoins till today.
Even if you are a newcomer in the cryptocurrency universe, you might have heard of IOTA. It may not rank among the top five most popular cryptocurrencies, but it is still one of the favourite altcoins for informed investors and traders.
Is it too late to invest in IOTA? The simple answer is no; it is actually never too late to invest in any valuable cryptocurrency. But can the coin make you rich in ten years? This is where we need to discuss deeply so that you don't make a mistake.
Cryptocurrency trading and investment can be very rewarding. However, they are risky ventures you need to think through thoroughly. There are ways to minimize your risks and maximize your chances of success. At Trading Education, we believe that continuous learning will help you make better decisions.
Coming to the question on the ground: will IOTA make you rich in 10 years? We can't directly give you the answer. Rather, we will discuss the cryptocurrency thoroughly so that you will have enough information to make an independent, informed decision.
If you are serious about investing in IOTA for the long run, read through this piece carefully and thoroughly. In the end, you should be able to make the right decision that suits you.
What Is IOTA?
IOTA is an open-source distributed ledger technology-based platform and cryptocurrency that allows users to make and record transactions between devices in the Internet of Things (IoT) ecosystem. Unlike most cryptocurrencies, IOTA does not use blockchain technology. Rather, it uses what is known as a decentralized Directed Acyclic Graph (DAG).
Like other crypto platforms, IOTA has a native currency called MIOTA. Like the platform, the MIOTA token is designed for the Internet of Things ecosystem. The platform and its native coin seek to make communication and transactions between devices more secure and seamless.
Back to the technology that backs the IOTA platform, DAG is considered to be more secure than blockchain. Instead of blocks, it uses nodes. To improve the security of the network, Directed Acyclic Graphs allow different chains of nodes to coexist and interconnect. This creates an almost impenetrable.
In addition to being more secure, DAGs are considered to be more scalable than most blockchain networks. Transacting with MIOTA, in the same vein, will be faster than transacting with most of the other cryptocurrencies out there.
If you are planning to invest in IOTA, it is important to understand that you are not ultimately paying for a stake in the technology but buying a digital coin that can appreciate or depreciate with time. Because of that, we are going to focus more on the coin than the entire network.
How Is IOTA Different?
Most cryptocurrencies claim to be different from others, even when there are lots of similarities and very few differences. In the case of IOTA, there are several key differences between the platform and other cryptocurrency platforms.
The first major difference between IOTA and most other platforms is the use of DAG instead of the popular blockchain technology. As hinted earlier, DAG has a few advantages over blockchain in terms of security and scalability. This does not mean it is better when every important factor is concerned.
IOTA is also different because it is focused on the Internet of Things ecosystem. As mentioned earlier, the platform and its native currency were made specifically for the Internet of Things space. To help grow the IoT economy, IOTA offers a feeless structure. This helps the network and the target economy to grow without becoming overwhelmed by fees that require human intervention and high-level management. These are actually things the platform hopes to eliminate.
The IOTA platform does not store value-based settlements only. Since it doesn't require monetary rewards, each transaction in the network can also store data. The platform ensures that all transactions are valid – this way, the IoT economy can prevent hacks and minimizes the risks of cybercrimes.
What Is The Internet Of Things IOTA Powers?
Since we are discussing the viability of IOTA as an asset for long-term investment, it is important that we briefly talk about the Internet of Things, with which the network is strongly aligned.
Internet of Things is basically a new technology that allows for devices and machines to be connected via WiFi directly to the internet and work independently, without human intervention or maintenance. It is the technology driving automation in homes, offices, and commercial settings.
Currently, the Internet of Things is applicable in many industries. From smartwatches to fitness trackers to self-driving cars, the new technology is making waves. It is also widely applicable in home automation. The idea is to get almost any device to be part of a digital ecosystem.
It is also important to mention that IOTA has become an established and respected platform in the Internet of Things economy. The potentials of the project have attracted many heavyweights, and there are verified reports that Microsoft, BOSCH, and many other big corporations may partner with IOTA in the near future.
Is IOTA a Good Investment
Considering what we have discussed so far, it may appear as if investing in IOTA should be a no-brainer. However, this is not a good time to conclude. MIOTA, which is the coin you will be getting by investing in IOTA, is still a cryptocurrency and subject to the factors that affect the market.
To have a better understanding of the value of MIOTA and its potentials as an investment option, you need to look at the price history of the token, its current performance on the market, as well as predictions from reliable sources.
We are going to consider these three areas in a manner that will help you make a decision that will suit you. You may want to be more attentive at this point.
Price History of IOTA
IOTA was launched in 2015, but the coin only exploded on the scene in late 2017. Though the period was a particularly good one for cryptocurrencies, MIOTA received serious because many investors saw the potentials of IOTA. Many speculated that MIOTA would get so big in no time.
Before the buzz, MIOTA was trading at less than $0.27 per token. The price continued to rise in response to many positive IOTA news. Eventually, the coin reached an incredible all-time high price of $5.69 per coin on December 19th, 2017.
While IOTA didn't become a less valuable platform, the price of MIOTA started to fall with time. While some saw this as a correction of inflated value for the coin, others felt it was a result of the crypto hype bubble popping.
2018 can be summed up as a disappointment for those who invested heavily in MIOTA during the bubble. The coin dropped significantly throughout 2018 and ended the year at a price of about $0.20 per token. This is about a 90% drop from the all-time high.
2019 initially appeared to be a better year for IOTA. The price started increasing again. It was able to reach $0.50 per coin. The growth was not sustained, and the coin’s value started to go down again. This time, it reached a new low of $0.14 towards the end of 2019.
2020 also started as a good year for MIOTA. The crypto started to rise from its bear market low of $0.14. It was a really good rise until the coin suffered like other crypto assets during the Black Thursday crash of 2020.
Current Performance of IOTA
At the time of writing, IOTA was selling for $1.42 per coin. According to CoinMarketCap, IOTA has a market capitalization of $3.9 billion. This makes it the 50th ranked cryptocurrency in the world in terms of market capitalization. Currently, there are 2.78 billion MIOTA in circulation, and that is the total and maximum supply of the coin.
IOTA Price Predictions
The crypto market is mostly based on speculations, so predictions don’t work all the time. However, they can guide you, especially when you get your predictions from authority websites and experts.
2021 has been a decent year for MIOTA, and many industry players believe that the growth will be sustained. John McAfee, who is an expert in cryptos, does not favor IOTA. In his opinion, the growth of IOTA will slow down to 10% per year.
Walletinvestor used to have a negative prediction for the coin. In November last year, they predicted that the coin would sell for about $0.3. The site is a lot more positive at the moment, predicting that IOTA can be worth around $3.8 by this time next year.
There are many websites that are also positive about MIOTA in 2022. Digital Coin Price predicts that it can reach $1.91. FX Leaders is also positive, predicting that the coin will reach $1.50 – $2.50 in one year.
Coming to long-term predictions, there are as many negative predictions as there are positive ones for IOTA. Wallet Investor is surprisingly more positive about the IOTA than ever before. They predict that MIOTA will be worth around $8.242 in five years’ time (2026).
One of the negative predictions is coming from TradingBeast, which predicts that the coin will be worth between $1.462 and $2.150 by December 2024.
Coin Price Forecast has a more bullish prediction that IOTA can be worth as much as $4.24 by 2026.
Where Will IOTA Be In the Next Ten Years?
If you are wondering whether IOTA can make you rich in ten years, then you need to consider where the coin will potentially be in ten years' time. From what we have seen, IOTA seems to be a valuable cryptocurrency, but the price hasn't grown in any spectacular manner. Even when it recorded massive growth, it came crashing afterward.
In ten years, IOTA may be a lot more valuable than it is now. However, we don't expect that the price can be anywhere near what Bitcoin sells for. The platform may be great, and the coin may help solve real-world problems, but the history and current performance leave a lot to be desired.
While the history of IOTA and its current performances are not so great, we can’t conclude that the coin will fail or will remain dormant in the next ten years. A lot can happen, but judging from expert predictions, the value of the coin will likely remain low in the next ten years.
Major Reasons to Invest In IOTA
IOTA can be a good investment for you if it aligns with your passion and you are willing to accept the risks that come with investing in it. After all, the platform is secure and has big potentials. Here are some of the major reasons you may want to invest in this crypto:
Potentials of Internet of Things
Internet of Things is a major emerging economy with the potentials to cause major disruptions. IOTA is targeting this market with cryptocurrency. If they succeed with their ambitious drive, it can mean so much for the value of the coin.
Though MIOTA has not made so much impact in the crypto space, the IOTA platform has recorded several wins that indicate that the team knows what it is doing. It has already sealed partnerships with such heavyweights as CISCO, Samsung, Volkswagen, Bosch, Airbus, Orange, Fujitsu, Schneider Electric, Accenture, and the Norwegian University of Science and Technology.
The Tangle Technology
As mentioned in the introductory part of this guide, IOTA is not based on blockchain like most cryptos. The Tangle Technology is a great alternative, especially when you consider the fact that many blockchain technologies are struggling with scalability and high transaction fees. Tangle is a new and potentially attractive alternative to blockchain.
Reasons to Think Twice About Investing In IOTA
Investing in IOTA can be enticing, but you always want to think twice before jumping to a conclusion about any investment opportunity. Here are the major reasons you should look deeper before investing in MIOTA:
The Price History and Predictions Are A Bit Scary
To be honest, MIOTA has performed abysmally in the past years. The predictions from experts are also scary. Consider the fact that the coin has not grown as much as anticipated, even after six years of supply.
It Is Still Work In Progress
All cryptocurrencies can be considered to be works in progress, but IOTA is believed by many to be at a basic stage. This is majorly because Tangle is pretty new and yet to explore its full potentials.
The Competition Can Be Tougher In The Future
IOTA has existed for six years and has not achieved so much in terms of value. Many new cryptocurrencies have surpassed it, and we know many more platforms will be launched in the future. The competition may become too much that IOTA may not fulfill its full potentials.
Should You Play The Long-Term Goal With IOTA?
If you are expecting IOTA to make you rich in ten years, then you are willing to play the long-term game with the digital coin and its unique platform. But is this really the right thing to do?
Judging from what we have covered so far, IOTA is a unique platform with lots of potentials. This means it can improve in the future and reward investors properly. The fact that the coin is so affordable at the moment means you can buy so much.
On the other hand, looking at its price history, current performance, and expert predictions, it doesn’t appear like one of the best cryptocurrencies to invest in and expect a heavy return in ten years. It is a risky venture that will appeal most to those who have full trust in the Internet of Things and Tangle technology.
Important Tips for Investing In IOTA
If, after going through all we've discussed, you feel IOTA can be a nice investment option for you, here are a few tips you may find helpful:
- Do not invest in IOTA with your life-saving because the coin has disappointed in the past
- It is better to invest while the coin is below the $1 mark
- HODLing can be a good strategy, but you don’t have to wait until your investment is ten years before cashing in when you feel the market is favourable or about to crash.
Invest the Smart Way
Experienced crypto traders and investors have strategies that work for them. Most do not trade alone but work with reliable brokerages to manage risks and maximize their chances of success. One of such brokerages is eToro, which has grown to one of the biggest players in online trading.
Though full-service brokerages like eToro works for everyone, we recommend it mostly to those who are new to any aspect of online trading, including stocks, forex, and cryptocurrencies. Trading with such a platform will help you avoid horrible experiences.
We also recommend that online traders and investors invest in themselves. That’s basically why we create loads of educational content to help our esteemed users get the right information to make informed decisions.
eToro – Best Platform to Buy IOTA
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Virtual currencies are highly volatile. Your capital is at risk.
Do you need professional help in IOTA, another cryptocurrency, or other types of investment? We are always here to offer you the best expert help.