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Author Topic: 3 misunderstandings about IOTA’s transaction you must know  (Read 951 times)

sarahxia618

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Recently, because of some negative iota news, some people have more and more criticisms and even misunderstandings about IOTA. The main misunderstanding includes 10 points. Today I will talk about 5 points first.

1.Misunderstanding about IOTA transaction fee
Some people think that IOTA transactions are not free and the transaction fees will increase as the network grows, because PoW is required for every transaction. When the number of transactions increases, it will require a large number of mines for mining. But in fact, IOTA's PoW is very small. Even if the network becomes large, it will not increase significantly.  And thetransaction fees are always zero regardless of how the network develops.

Misunderstanding about IOTA’s trading speed
Some people think that iota does not trade quickly because extraction and deposits spend a lot of time on Bitfinex. However, this problem is not caused by IOTA . AS Bitfinex has a large amount of deposits and withdrawals. This delay comes from the exchange, not the inherent problem of the IOTA network. If your bitfinex iota withdrawal did not reach your wallet even after multiple re-uses, use Bitfinex to open a support ticket. They will definitely solve your problem.

Misunderstanding about IOTA transactions are for machine use only
Indeed, IOTA developers focus on the Internet of Things (IOT) and M2M transactions. However, this does not mean that IOTA cannot be used for transactions between people. In fact, IOTA is ideal for H2H transactions because it has zero transaction costs, so IOTA can achieve micro/nano transactions.

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troiano9

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Re: 3 misunderstandings about IOTA’s transaction you must know
« Reply #1 on: May 30, 2018, 05:34:41 pm »
Most people have an issue with all the flaws in the technology....just sending a payment to the same address.  poof, its gone

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Re: 3 misunderstandings about IOTA’s transaction you must know
« Reply #1 on: May 30, 2018, 05:34:41 pm »

 

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