IOTA is an open-source cryptocurrency which functions on a distributed ledger. Unlike other cryptocurrencies, IOTA doesn’t use blockchain. Instead, the functioning mechanism for IOTA is a directed acyclic graph, which helps to store transactions on its ledger. The cryptocurrency was founded in 2016, based on the white paper by Serguei Popov. 

IOTA is a great asset and strives to function as a currency for the Internet of Things (IoT), making it a great investment. Moreover, you can easily convert your IOTA tokens to traditional money using the methods below.

Use IOTA Cryptocurrency Exchanges
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Use IOTA Cryptocurrency Exchanges

One of the most commonly used methods of exchanging IOTA tokens for fiat currency is via a cryptocurrency exchange. Almost all cryptocurrency exchanges have a similar layout, so just follow the following steps to exchange IOTA for traditional money:

  • Decide which cryptocurrency exchange you want to use, and then create an account on that platform. 
  • Link your bank account to the exchange account.
  • Transfer your IOTA tokens from your crypto wallet to the account on the cryptocurrency exchange.
  • Select the fiat currency into which you wish to convert your IOTA.
  • As soon as the transaction gets processed, you will see the amount in your account.
Sell IOTA to Another Person
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Sell IOTA to Another Person

Another way to exchange your IOTA tokens for traditional money is by selling your tokens to another person. To do so, you can use two different types of platforms.

One is a P2P platform, which facilitates peer-to-peer transactions. It enables the buyer to contact the seller and make the deal directly. No third party is involved in transactions conducted on these platforms. Once the deal is confirmed, the seller must enter the buyer’s crypto wallet address and transfer IOTA tokens. In return, the buyer transfers the due amount.

The other is the brokerage platform, which uses a third-party institution to mediate the transactions. With a broker looking into transaction details and making decisions, you don’t need to worry about anything. However, you have to pay a brokerage fee for using their service.

Another way to exchange your IOTA tokens for traditional money is by selling your tokens to another person. To do so, you can use two different types of platforms.

One is a P2P platform, which facilitates peer-to-peer transactions. It enables the buyer to contact the seller and make the deal directly. No third party is involved in transactions conducted on these platforms. Once the deal is confirmed, the seller must enter the buyer’s crypto wallet address and transfer IOTA tokens. In return, the buyer transfers the due amount.

The other is the brokerage platform, which uses a third-party institution to mediate the transactions. With a broker looking into transaction details and making decisions, you don’t need to worry about anything. However, you have to pay a brokerage fee for using their service.

Use IOTA ATMs
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Use IOTA ATMs

Cryptocurrency ATMs are emerging as a popular method of exchanging cryptocurrency tokens for fiat currency. However, there are no IOTA ATMs at the moment.

FAQs

Can I exchange my IOTA coins for traditional currency?

Yes, you can exchange your IOTA tokens for traditional money through cryptocurrency exchanges or by selling your tokens to another person.

How is IOTA different from other cryptocurrencies? 

Unlike other cryptocurrencies, IOTA doesn’t operate on a blockchain. Instead, it uses a direct acyclic graph to record transactions. 

Is IOTA an inflationary cryptocurrency?

No, IOTA is not an inflationary token. The supply of IOTA tokens is fixed at 2,779,530,283,277,761 IOTA, which means their value will increase as the supply decreases. Hence, it is a deflationary token. 

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