December 12, 2017
| On 1 year ago

Bitcoin is not the only cryptocurrency that is up 1,000% in a month; IOTA is too

By Koustav Shaw @@GodKoustav

One of the most extreme predictions ever made on Bitcoin is that it will reach $1 million within three years. Proving the soothsayers right so far, Bitcoin is undoubtedly the most talked asset as of now. It has spurted over 1,500 percent on a year-date-basis so far and over 115 percent in the past one month itself. But a little-known cryptocurrency has put to shame the meteoric rise in Bitcoin. With a rally of astounding nearly 1,000 percent in the past one month alone, IOTA is now the fourth biggest cryptocurrency regarding market capitalization after Bitcoin, Ethereum, and Bitcoin cash.

Prices of IOTA surged 980 percent to $4.89 on December 12, 2017, from $0.589 on November 12. The e-currency has risen over 180 percent in December so far. According to coingecko.com, IOTA is a distributed ledger for the Internet of Things. The first accounting with microtransactions without fees as well as secure data transfer.

An announcement of a partnership with renowned companies like Microsoft can be regarded as one of the causes for the recent swell in the prices of IOTA.

“We are thrilled to partner with IOTA foundation and proud to be amalgamated with its new data marketplace enterprise. This next generation technology will stimulate the connected, intelligent world and go beyond blockchain that will foster real-world innovation solutions, applications, and pilots for our customers,” Microsoft’s Omkar Naik in a statement published on the IOTA Foundation website.

As of market capitalization, Bitcoin has the highest market cap of 61.3% (according to Coinmarketcap) which is INR 184,376,356,602,266. The second place is taken by Ethereum (INR 3,260,418,798,899.70), Bitcoin cash (INR 1,570,621,955,015.53) and IOTA (INR 876,623,317,383.277).

In rupee terms, IOTA is hovering at around INR 324.11. Other fiat currencies including Bitcoin, Bitcoin cash, and Ethereum is trading at Rs 11 lakh, Rs 98,000 lakh and Rs 29,100 respectively as of December 7, 2017. Ripple being failing to make in the top 5 cryptocurrencies is currently trading at Rs 17.274, according to the data available with Coinmarketcap.com.

A cryptocurrency is a digital currency created and stored electronically. The supply of this money is not decided by any central bank or authority, and the network is entirely decentralized.

If you are an enthusiast and cryptocurrency investor from India, then you should know that it (IOTA) cannot be directly bought in India but can exchange bitcoin for IOTA on a couple of websites like www.binance.com.

IOTA was developed in 2015 by David Sønstebø, Sergey Popov,  Dominik Schiener and Serguei Ivancheglo. Back home, The Reserve Bank of India recently reiterated its concerns about Bitcoins, stoking fears that a rapidly swelling bubble could burst spectacularly and with it will go all the high hopes of the people investing in it.

The Central Bank said it wanted to strengthen its earlier message to “users, holders and traders of Virtual Currencies (VCs) including bitcoins regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with such VCs.”

The RBI had notified earlier that those trading in VCs were doing so at their own risk, as the central bank has not given a license or authorization for any company to deal with such cryptocurrencies.

Koustav Shaw @@GodKoustav

I always hate talking about myself because it feels weird to talk about myself honestly. Ever think that it's weird? No? Just me? My bad. Always hungry, always sleepy and in between always writing. Hope you won't mind!

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