Although IOTA is a relatively new cryptocurrency, several wallet options are available. Some of the best options include Ledger, SafePal, and the TanglePay IOTA mobile wallet app.

How do I create an IOTA wallet?

When creating an IOTA wallet, users receive a unique IOTA seed composed of a 24-word phrase. The words are shown once and must be backed up immediately by the user. A paper wallet is highly recommended for physical device storage, as losing these words may result in the user permanently losing access to their profile and funds. To ensure the user has backed up, a check appears during setup requiring the 24 words in the correct order. Users can also create a digital backup via a Stronghold file, which securely encrypts the seed and setup information. Users should store this file in multiple independent locations.

What is a drawback of IOTA?

IOTA has faced various phishing, scamming, and hacking attempts, leading to user tokens theft and extended periods of downtime. IOTA is still young and thus short in widespread adoption.

In October 2015, Sergey Ivancheglo, Dominik Schiener, David Sønstebø, and Serguei Popov, announced the project through an online post about a token sale in a bitcoin forum. The project's origins are traceable back to the Jinn project, which aimed to develop energy-efficient and low-cost hardware for general-purpose processors primarily used in the IoT ecosystem. In September 2014, Jinn held a successful crowd sale of its tokens. Later, Ivancheglo, Popov, Sønstebø, and Schiener came to co-found IOTA.

Is IOTA and MIOTA the same?

IOTA is the overall platform and MIOTA as the cryptocurrency token that fuels the IOTA system. Trading under the ticker MIOTA, the IOTA cryptocurrency token is accessible on several cryptocurrency exchanges, including Bitfinex and Binance.

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