Episode Highlights:
- 00:15 – Advice You Will Learn From This Video
- 00:19 – What Is Iota
- 01:08 – What Is The Purpose Of Iota
- 01:42 – Why Is Iota A Game Changer
- 02:49 – What Else Can Iota Do
- 03:17 – Iota’s Potential
- 04:18 – The Future Of Iota
- 05:43 – Main Features Of Iota
- 07:26 – How Iota Works
- 07:47 – Iota Has No Transaction Fees
- 08:02 – Why Is Iota A Great Crypto Currency
- 08:41 – Advantages Of Iota
- 09:57 – The Market Dynamics And The Internet Of Things
- 10:58 – The Financial Forecast For The Internet Of Things
- 12:31 – Should You Buy Iota Crypto Currency
- 13:28 – THe Future Of Iota
- 14:58 – Other Market Indicators On Iota
- 15:46 – What Is Social Mention
- 17:42 – The Social Mention Of Iota Versus Bitcoin
- 18:25 – Analysis Of Iota’s Social Mention
- 19:30 – Is Iota More Popular That Bitcoin
- 19:49 – The Price Of Iota
- 20:53 – Comparing Bitcoin And Iota
- 21:11 – Why Iota Is Such A Great Crypto Currency To Invest In
- 22:11 – Do I Currently Own Iota
- 23:32 – How To Buy Iota Coins
- 25:25 – How I Buy Iota
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Transcription:
Hey guys, it’s Dan from, Crypto Camacho, where each day I try to give you the latest news about Bitcoin and other alt coins and crypto currencies in general. I try to give you the latest tips on trading, when to trade, what to trade and what my top picks are and so forth.
00:15 – Advice You Will Learn From This Video
Today I want to talk about IOTA.
00:19 – What Is Iota
IOTA is an alt coin that has tremendous potential. I think it’s going to be a game changer. I think that it’s going to be kind of the next big thing to bitcoin. And I’ll tell you right here in a second. So IOTA is really a crypto currency for the internet of things, right. The Internet of things is a phenomenon that’s happening where devices are starting to become connected to the Internet. Every household items, appliances, industrial equipment, so forth and so on is starting to become connected to the Internet. And that’s the internet of things. so you’re getting refrigerators connected to the Internet, you have toasters connected to the Internet, you have manufacturing plants or nuclear power plants or oil refineries, things like this are starting to become connected to the Internet today and that’s really the phenomenon of the Internet of Things.
01:08 – What Is The Purpose Of Iota
IOTA was created as a crypto currency to really back the transactions between devices on this Internet of Things network, a platform if you will. And so IOTA, it’s different that bitcoin, it’s different than BlockChain and actually doesn’t even use BlockChain, it uses something called tangle. And it’s quite different but the potential is staggering. It reminds me of the early days of bitcoin, when bitcoin, was a half a cent or fifty cents around that price point, that’s why IOTA is today. And it reminds me a lot of Bitcoin back in early 2009.
01:42 – Why Is Iota A Game Changer
so why do I think IOTA is going to be a game changer in the cryptocurrency world and why do I think that you and others should invest in IOTA going forward and why I am heavily stacked in IOTA.
Let me give you a few examples of how I think IOTA may revolutionize world, the business industry. So first it has the potential to revolutionize how machines interact with other machines; machine to machine interaction. It also has the ability or potential to revolutionize how businesses interact with machines. So take this for example, IOTA has the technical ability to enable any technological device or potential solution from that device to be traded on an open market and to be utilized by other businesses around the world without any human intervention. so imagine being able to tap into another business’s resources, all of their technological resources, their networking capabilities, their disk space, their analytics capabilities or whatever it may be, be able to tap into that and trade in that on an open market and actually buy those resources and use them or consume them in your own business. It’s a pretty big step forward in how businesses interact with machines and how machines interact with one another.
02:49 – What Else Can Iota Do
It will also create a multitude of new business models that will generate monetary value from purely machine to machine interactions. So removing all humans from all the transactions in the middle, machines will start to interact with one another to create business models that actually extract monetary value by doing things that humans can’t necessarily do or can’t do as effectively or as efficiently as machines.
So that, I think another reason why it will blow up.
03:17 – Iota’s Potential
IOTA is one of the biggest and most important crypto currencies of our time. It’s not the biggest, it’s the most important crypto currency a watch today in my opinion. It’s potent to grow is massive. And it’s massive in the sense that it has the potential to become much bigger than bitcoin ever was. It has the potential to become many hundred times bigger than what bitcoin is. And right now it’s extremely cheap. It’s so cheap that it reminds me of the early days of bitcoin. When bitcoin first came out in 2009, it was extremely cheap and people were skeptical about it, they didn’t want to invest in it, they weren’t quite sure. That’s kind of what IOTA is right now; people are skeptical about the technology, it hasn’t been fully proven, it hasn’t gained mass adoption yet. But the pricing in where the technology is today is so undervalued that I think it’s a perfect time to buy IOTA today
04:18 – The Future Of Iota
And in my opinion IOTA is going to change everything. It’s a space, the internet of things or the industrial Internet of things; it’s a space that’s going to be growing tremendously in the next five, ten, twenty years. It’s really going to revolutionize a lot of different things outside of crypto currency. The industrial Internet or the internet of things space is really not going away and it’s only going to be growing exponentially in the next couple of years. And so really think about this opportunity with IOTA.
If you will invest $100 in bitcoin back in 2009, when it was at the same price levels as IOTA is today, you would be a millionaire. And I don’t joke, calculate that out. Look at what bitcoin was in 2009 and if you bought $100 in 2009 and held it 2017 you would effectively be a millionaire. And there’s many people that that has happened to because they bought bitcoin early on. This is an opportunity to do the same thing with IOTA. So do your research about IOTA, learn why it’s different and learn why I think it’s the future of cryptocurrency. I think that there’s a tremendous amount of potential that we haven’t even tapped into yet with IOTA and just take a look at it and start researching it.
And so I have actually done a little bit of this research for you. If you look in the post that I put on Steem It, I give detailed information and very extensive detailed information of why IOTA is different, what it is, how it works and how it is going to be a game changer in the crypto currency space.
05:43 – Main Features Of Iota
so let me go through some of this research with you so you get a good idea of what IOTA is and how it works and a truly what up into size is for this crypto currency and why I think it is poised to blow up in the next couple of years.
So the official definition of IOTA, I’m going to read it, it says IOTA is a brand-new and novel transaction crypto token optimized for the Internet of things. Unlike the complex and heavy BlockChains of bitcoin and other alternative currencies which are designed with other users in mind, IOTA is created to be as lightweight as possible hence the name IOTA. With emphasis on the IOT parts. So really IOTA was created for the Internet of things. It was created to be a frictionless BlockChain, a BlockChain that doesn’t have any type of transaction limits and doesn’t have any bandwidth issues. He doesn’t have any fees associated with transactions and so forth. IOTA is a new protocol and the new protocol is called tangle. Tangle was created and that is really at the core of the innovation of IOTA. The core innovation is tangle and it’s this BlockChain, it’s actually not a BlockChain, it is a frictionless BlockChain is what it’s called. And that’s really where the core of the innovation lies. IOTA, like I said before, is different because the Internet of things is expanding tremendously. The need for interoperability between devices is expanded exponentially as well. How do machines communicate between one another, there is not really a good protocol out today that enables all machines and different machine types that are busy to interact with one another. IOTA solves this problem. A lot of companies I tried to solve this problem but IOTA does solve this problem and it’s a crypto currency that does this. So again that’s a huge advantage.
07:26 – How Iota Works
Many critics are saying that it is going to become the backbone of the Internet of things. So imagine that as Internet of things grow and all of these devices get hooked into the Internet of things are hooked onto the Internet, IOTA is meant to monitor and maintain and save and encrypt all of these transactions between these devices that happen on and international massive scale.
07:47 – Iota Has No Transaction Fees
Next, it’s a new type of ledger system that doesn’t use BlockChain as I mentioned. It uses tangle which essentially enables frictionless transactions and 0-fee transactions. Something that Bitcoin and other alt currencies today cannot do. Etherium can’t so that today.
08:02 – Why Is Iota A Great Crypto Currency
Why is it a great crypto currency? Let’s go through the fundamentals. So first I already mentioned that there are no transaction fees, none. There are zero transaction fees. It is free to transact machine to machine and whatnot. It’s free. There is great next work scalability compared to BlockChain because it is completely frictionless. BlockChain and Bitcoin have these limitations that are on the actual BlockChain based on the BlockChain size. There are limitations based on how many transactions can process within a particular amount of time. IOTA doesn’t have any of these limitations. It is just immediate. It is instant and it is frictionless. So it is happening constantly without any of these limitations.
08:41 – Advantages Of Iota
Another great advantage is that it enables off-line transactions. It also enables business-to-business models between machines and it enables businesses to use machine resources across the world in a decentralized way. That’s a very very important concept. Businesses will then be able to start interacting with one another or their machines will start being able to interact with one another across the world a 24 hours a day to make these new business models like I was talking about. There is also the ability like I said to trade these resources, these technological resources on the open market. And to trade and allow companies and other businesses to actually buy or purchase these technological resources and to consume them at a price that is market ready or available on the market.
One last thing is that it doesn’t use BlockChain, it’s a new technology called tangle which I just mentioned. It has been expressed that Microsoft would like to add IOTA to their Assur network. Their Internet of things platform, they want to add tangle in it. It has also been expressed that GE, General Electric wants to do the same thing. So bigger companies are starting to learn what IOTA is, they are starting to understand the potential and they are starting to want to give it a try and see if there is actually potential to this new technology. And so I think that are some of the reasons.
09:57 – The Market Dynamics And The Internet Of Things
Let’s look at the market dynamics and the price of where I think things are at in the intent of things and how it relates to IOTA and how I think it can help and boost and propel IOTA to mass adoption. So the demand for IOT solutions is going to grow exponentially in this century. I think we talked about that. So just to give you an idea of what I’m talking about, Gartner predicts that in 2017, this year, there would be 8.4 billion devices connected to the Internet. So in 2017, there would be approximately 8.4 billion devices connected to the Internet. By 2020, they predict that that number will grow to 20.4 billion devices connected to the Internet. And that the total spending on the endpoints of these machines when exceeded $2 trillion in 2017 alone. That is a massive number. $2 trillion is going to go to actually create solutions and to manage these endpoints of all of these billions of devices that are on the Internet of things.
10:58 – The Financial Forecast For The Internet Of Things
And so what about financially? That’s great, the number of devices is going to exponentially explode, but what about the financial forecast for the Internet of things. So Bain capital predicts that by 2020 corporate revenues will and could exceed $470 billion by IOT vendors. That’s enormous. Mackenzie estimates that that total IOT market size in 2015 was up $900 million, growing to $3.7 billion in 2020, which is 32.6%. I’m going to put some of these notes in the Steem It blog and the video notes so you guys can kinda see what I’m talking about here. GE predicts that the industrial Internet of things is expected to top 60 trillion in the next 15 years. So this is just mind-blowing, the number of devices that are going to be connected to the Internet, the amount of revenue or the amount of money that is going to be spent; all of these devices, managing them, maintaining them, creating solutions for them. It’s in the trillions and that’s a massive number and that’s even hard to wrap your head around. IOTA, the crypto currency is going to be in the middle or be in the center of this entire new kind of disruptive technology that’s coming out. It’s going to be the backbone of this entire Internet of things. So think about its potential. It’s massive. So you have small numbers and you can see that these are explosive numbers and is poised to blow up. So look at the notes and he would get some of these figures edit a bit better.
12:31 -Should You Buy Iota Crypto Currency
So the big question is should I buy IOTA? Should I buy IOTA crypto currency? If you’re a long-term trader yes. I definitely think that you should buy IOTA. Even if it’s $100, $50 or $1000. I would buy some IOTA because the potential is too massive to pass up. Even if it flopped, which I very very much do not anticipate. Even if it flopped and you invested $100 you lost $100. But the upside is so big that it is worth the risk to invest at least a little bit of money. It will take a little bit of time for this to expand and gain massive widespread adoption but in a couple years’ time, this is going to explode. It’s is going to explode, I just know it is going to explode. If you’re in the market to make a quick buck, maybe it’s not the best trade for you. However, you could day trade IOTA and you could cumulate at IOTA coins over time by doing this day trading.
13:28 – The Future Of Iota
and I will show you in a chart in a little bit of how I am doing this with IOTA and how I have been doing this for quite some time and I am accumulating these free IOTA coins over time in hopes that they will go to the moon. IOTA is still a fairly new technology today. So a lot of other people don’t know about it which is why I am making this video. It is fairly unknown to most in the public and it is fairly unknown to the business world today. I think there are some players like I mentioned before that are starting to wake up and understand what IOTA is and it’s quickly becoming more known. So it’s still fairly unknown. And expect that to kind of pick up over time. And to show you what I’m talking about, look at the Google trends chart that I have. You can see that IOTA is gaining in popularity and it is becoming more well-known. Over time it is actually becoming well-known. And it is spiking up incrementally but there has been some big spice this last year in 2017. There has been some big spikes and so that shows to me that the trend for IOTA is going up. There are more people knowing about it, starting to learn about it, getting more interested in it and so the interest is going up and the search volume on Google is showing us that, that it is actually going up.
And so the truth is that IOTA is getting more and more attention and is getting more attention that it’s going to be the backbone of the Internet of things. The machine ecosystem around IOTA is growing every day. Anytime that the coming to interact with new people and businesses, that ecosystem is growing more and more every day.
14:58 – Other Market Indicators On Iota
So what about other market indicators that are showing that IOTA’s are on the up and up. People are starting to understand what IOTA is and interested into adopting into it. So I typically also look at sentiment analysis, Social media or sentimental analysis to see how the market perceives certain crypto currency, how they perceive Bitcoin, how they perceive other alt coins and so forth. And so how do I do this, I actually go to a website called the social mention. And what social mention does is it is basically a search engine for social sentiment analysis. So you can type in a keyword on social mention and you can look at that keyword and look at what the sentiment is of that particular keyword. And you can look at how much people are actually talking about that particular keyword.
15:46 – What Is Social Mention
So let me go to the website real quick and show you what I’m talking about. Let’s just go to social mention.com and I would pull this up and let’s type in IOTA. It may take a second to load here. Second, see the search results of IOTA. So look at the strength and the sentiment and the passion of IOTA. So let me give you a few definitions really quickly.
So let me read the formal definition of the strength so you guys can understand what I’m talking about. First, what social mention does, it look that really four core metrics. He looks at strength, sentiment, passion and reach. It then ranks the keyword under these four core metrics. So let me just go through the definitions.
Strength is defined by the likelihood that your brand is being discussed in social media. It is a simple calculation and it really indicates how often that keyword are that key phrase is mentioned within the last 24 hours divided by the total number of possible dimensions. That is what strength is.
Sentiment is the ratio of mentions that are generally positive to those that are generally negative. That’s the sentiment ratio.
Passion is a measure of the likelihood that individuals are talking about your brand, will do this repeatedly. So how often are people talking about that particular keyword?
And reach is the measure of range and influence. What’s the number of unique authors are people that are referring to this keyword, IOTA in this case, divided by the total number of mentions overall.
So that is essentially how it works. And there are also some other information that you can glean from this such as the top keywords associated with IOTA, top users, promoting IOTA and also the sources of these mentions are coming from. This is not on a yearly basis, this is on a much smaller time frame but you could go into social mention and change that timeframe if you would like.
17:42 – The Social Mention Of Iota Versus Bitcoin
So why looking at this, look at how this is. I mean the strength, the sentiment, the passion and the reach are fantastic. And let’s look at how this compares to Bitcoin. So IOTA’s strength is around 46%, it sentiment is 12 to 1, it’s passion is 17% and its reach is 38%. For Bitcoin, its strength is 17%, sentiment 6 to 1, passion 0% and reach is 6%. So already IOTA is beating Bitcoin in terms of the actual sentiment that we’re seeing. So clearly people are interested in IOTA, clearly, there is positive sentiment around it and people are interested in what IOTA is going to do in the future.
18:25 – Analysis Of Iota’s Social Mention
So here are the findings that I take away from this. IOTA’s strength has more than doubled Bitcoin. Very good news. IOTA’s overall sentiment in the market is twice as positive as Bitcoin. IOTA fashion indicator in the market is 17 times that of Bitcoin meaning that it is 17 times more likely that people are much more interested in IOTA then Bitcoin. They’re more passionate about it. IOTA is reach overall is six times better than Bitcoin and the frequency of IOTA mentions are four times more often than bitcoin. And so these things tell me that there is strength in the market, that the market believes in IOTA. They believe that IOTA is going to be the next big thing. And it makes sense that they are all promoting it because mainly the community today, the developers and the early adopters see potential in IOTA. So that does kinda make sense. But it is an indication that when the search volume is going up and the sentiment analysis is going up, it’s an indication to me that it’s been taken positively in the market and is something to weigh when you are looking for different crypto currencies to buy and sell.
19:30 – Is Iota More Popular That Bitcoin
So does this mean that IOTA is more popular than Bitcoin? No, absolutely not. Bitcoin is obviously bigger, it has more mass adoption, it has a bigger market cap and so on but it does say that it is becoming more and more widely accepted and being talked about more positively in the crypto space.
19:49 – The Price Of Iota
And so now let’s look at the price of IOTA. What is the price today? So as of today, the price of IOTA sits at our own $.48. Yes, you did hear that correctly, I said $.48. IOTA is trading today at $.48. Bitcoin is trading today at $3567 and I think it has actually gone up quite a bit since then. So think of this, even if IOTA gets to half as much as Bitcoin and I think it is going to go away past a Bitcoin as it gets more mass adoption, but even if it was half $.48 to $1500 for one coin, that’s a massive massive increase. So there is huge huge potential there. And even if it goes to $10, $20 or $30, it is again huge potential. In my opinion, it’s a very very much undervalued today and I think it is because there is a lack of understanding of what it is. There are ways to go in terms of adoption but I think the potential is great.
20:53 – Comparing Bitcoin And Iota
So how do you compare the two coins a side-by-side? It is tough to do that because they are very different. Bitcoin is being used as a currency. IOTA is going to be used as more of a transaction mechanism to keep track of transactions between the Internet of things devices. So they are different.
21:11 – Why Iota Is Such A Great Crypto Currency To Invest In
Let’s recap and look at how or why IOTA is such a great crypto currency to invest in today. The IOT space is ripe for disruption and IOTA and tangle are the perfect technology to disrupt this industry. IOTA has a very strong overall sentiment which means that there is a lot of momentum to carry this technology to success and carry it forward. The IOT, Internet of things financial opportunity is massive and unprecedented, unlike anything we’ve ever seen in the past. So as long as IOTA can hook into the IOT, Its potential is equally as massive and opportunity is equally as great.
The sheer number of IOT devices that would be connected with open so many doors to innovation, it’s ridiculous to even talk about it. It would propel new business models forward using IOTA as the backbone of the entire thing.
And lastly, OTA is cheap. It is extremely cheap. It is $.48. It’s very very cheap today to own. You can own a lot of it for a very low amount of money.
22:11 – Do I Currently Own Iota
So do I currently own IOTA? Yes. I absolutely own IOTA. I own a lot of IOTA and I’ve actually been accumulating IOTA for several months now to try to get as much as I can before it does actually explode. I want to show your chart. Look at this chart that I have and you will be able to see how exactly I have been trading IOTA. And as you can see I have always use my base trading method of trading IOTA. I have a tutorial on that you can look in the show notes and I have a video and you can get more information about how that works. I have a YouTube video about it as well. You can go to my YouTube channel and subscribe and get more information on home base trading works. Thus the trading method I use. But you can see that I have been accumulating, I have been buying and selling IOTA coins. But every time I buy and sell, I actually keep some of those IOTA coins every single time and I get them essentially for free because I am buying low and I am selling high. So essentially I am getting them for free. And I’m just letting those accumulated in my wallet and letting them accumulate over time. And I continue to do this and you can see my chart that I have been doing this for a while now and it’s actually been working out very well for me. So even if you don’t want to invest your own hard earned cash into IOTA put a small amount in and start day trading and start trying to accumulate those coins over time. And you will find out that it is actually not extremely difficult to do some of this accumulation through day trading. But anyway, I wanted to show you that to kind of show you how I did this.
23:32 – How To Buy Iota Coins
Do you want to buy IOTA coins? I highly recommend you do. And if you do, right now IOTA is listed on to crypto exchanges. It is on CEX and it is on Bitfinex. I recommend and prefer Bitfinex because it is easier to use. Not as glitchy, the way it interacts to Coinigy is actually really good. So I use Bitfinex to treat IOTA coins and you can also. What you really need to do first, you would need to purchasebitcoin and then go to Bitfinex and exchange that bitcoin for IOTA coins. That is exactly what I have done.
You could buy IOTA through USD but then you have to transfer and wire money from your bank account into Bitfinex. And that process is much more extensive, much longer, much more security to it, you have to verify your identity in multiple ways. So the way I recommend and actually prefer doing it is I would go to coin base are somewhere where you can buy Bitcoin. I would buy a chunk of Bitcoin and then I would push those Bitcoin from your coin base account to your Bitfinex exchange account. And then you can trade it using those Bitcoins and buy IOTA on the Bitfinex exchange. That is exactly what I did. I went to coin base, I bought some Bitcoin. And then from the coin base wallet, I transferred back to the Bitfinex wallet and then I started trading with coin for IOTA and kind of back and forth between those two. And that’s what I do today, I trade back and forth between Bitcoin and IOTA. Sometimes US dollars but most of the times not. And that’s what I recommend you do. There is a post that I did on steem It, as you exactly how to do that, exactly how you can go to coin base and exactly how you can transfer your Bitcoin from your coin base wallet to your Bitfinex wallet and then actually how you can purchase those IOTA coins.
So go into the Steem It blog, go and look at those tutorials that I have and it will show you exactly what to do.
25:25 – How I Buy Iota
And actually one closing is that you can use the link in the Steem It post in the notes of this YouTube video. If you use that link to coin base you would actually get $10 free Bitcoin, is etherium or lite coin, whatever you buy and it is automatically funded to your account by using my link. I’ll also get $10. I really appreciate it and we would both get $10 of free Bitcoin. So go ahead and do that. You can find a link in the show notes here and let me know if you do actually end up going through that process.
So hey guys I’m not going to go through the entire tutorial of how you buy Bitcoin on coin base. I have done that in another video. Nor am I going to go through how you move Bitcoin from coin base to Bitfinex. I have actually outlined that in these posts so you can go through that. If you do want me to make a video on how to do that, I’m happy to. Let me know if there are folks who want to see exactly how you do the migration or the transfer from one wallet to another wallet and how you do the trading. I am happy to go through that as well. I use Coinigy so I don’t trade directly on the Bitfinex exchange. I actually traded through a Coinigy account.
If you’re interested in Coinigy, you can again go toiling that I have in these show notes. And you can sign up for Coinigy as well. I love Coinigy. It’s ridiculously easy. It’s ridiculously good piece of software that actually clinics all the different crypto currency exchanges they can treat and manage all of your accounts in one single place so I love love love it. And there is a 2.0 version coming out fairly soon, so check that out. Go to Coinigy.
But I hope you guys have enjoyed this video. Am very excited about this opportunity of IOTA. I’m very excited to share this news with you guys. Let me know if you agree, let me know if you disagree. I would love to know your thoughts on why you think IOTA may not go to the moon, may not explode. I am very interested to hear that. I want to find reasons why I should not be investing in IOTA because I just think the potential is so massive and so huge that I think that anybody who is not looking at IOTA today is really missing out or potentially missing out on a very very big opportunity, like we have never seen before. I would say it is close to the Bitcoin opportunity was in 2009 as IOTA is today. So I think you should really take a serious look at it.
Again I am Dan from Crypto Camacho, you can go to cryptocamacho.com to find out more information about me, about what I do. You could also watch me on my YouTube channel and you could follow me on my Steem It blog. You’ll find all of this in this show notes and let me know if you have any questions. Again I hope you enjoy this video and I hope to get your thoughts about IOTA. Thanks guys. Talk to you later.
