Want to buy IOTA with SBD? Here's How (using Bitfinex)!

Hi Steemians! @mazzle here.

So I've been wanting to buy IOTA for a little while now. I won't go into the detail as to why I like this crypto here but if you want to know more about IOTA take a look here.

_source

IOTA can't be bought directly with SBD or STEEM. So to buy some, you have to convert your Steem or SBD to another currency, and then exchange that currency to IOTA. It's a bit of work. But can be pretty quickly done, even with all the accounts you'll need to set up.

You'll need accounts with the following accounts:

• Steemit (obviously)
• Bitfinex

You can use other platforms besides Bitfinex however this was the one I chose to purchase IOTA through.

So let's start!

Firstly, navigate to your Steemit wallet. Here you'll be able to see how much Steem or SBD you currently own and determine how much you want to use for your IOTA purchase. I only very recently transferred most of my Steem out of my wallet to buy other cryptos so I only have 6.597 SBD at the moment. I'll use all of this to buy my first packet of IOTA currency.

Now we'll hit the drop down arrow next to our currency holdings and select "sell".

This will take you to the BlockTrades website which we'll use to purchase one of the currencies available. To buy IOTA you'll need to choose either Bitcoin or Ethereum. So let's choose Ethereum. The fees on Ethereum aren't too high in comparison to Bitcoin. Check the fee amount before making the purchase.

Before we purchase your Ethereum, you're going to need a wallet to store it in. I have 3 different wallets at the moment; one for my Litecoin, another for my Dash and a third that is with Bitfinex.

Bitfinex is my only wallet that I can't store offline. My preferred wallets are ones that I can store on an external hard drive, which gives me maximum protection, I would recommend having offline wallets for your crypto after you purchase it however in this example, I'll just use my Bitfinex wallet.

To set up your Bitflex wallet, you'll need to navigate to bitfinex.com.

Go through the account set up process. Once complete, you'll be able to set up your Ethereum wallet. Select the deposit button from the top right hand side of the screen.

On the deposit page, you can now select the crypto that you want to create a wallet for.

Choose Ethereum from the list on the left, and you'll see the following screen:

Under exchange, funding and margin wallets, you'll see and option to generate an address. You'll need the exchange wallet address given we'll be converting this currency to IOTA shortly.

Once you have your wallet address you can head back to BlockTrades and enter your address in the receive address box:

Once you've done this the following information will appear:

These are the instructions you'll need to follow in order to have BlockTrades convert your SBD to Ethereum. Simply head on back to your Steemit wallet and complete the transfer using the drop down arrow next to your SBD balance mentioned above:

It will take a couple of minutes for BlockTrades to complete the transfer of Ethereum to your Bitfinex address. You'll be notified via email when the transfer is complete.

Head back over to Bitfinex when you receive the notification email. Navigate to your wallet and your screen should look something like this:

Now we're ready to buy some IOTA!

In Bitfinex, under the trading drop down menu, select IOTA/ETH.

Once you're at the chart, you'll notice the order form on the lower left hand side of your screen. Here you can easily purchase IOTA using your full Ethereum amount in your wallet simply by pressing the green button above the amount box.

Hit buy, and your order will be submitted! It won't take long for the transaction to be process and appear in your wallet. Now you're the proud owner of IOTA!

While completing this walkthrough I discovered, the hard way, that you can only purchase IOTA using Ethereum in amounts of 18 IOTA coins or greater. At the time of writing, I only had enough Ethereum to purchase just over 10 IOTA coins.

So, before I actually buy IOTA, I'll need to generate some more SBD first! Not a problem!

Thanks for reading, I hope this guide was useful for you. I had no idea how to do this before I started writing so hopefully it's as much use to you as it was to me in putting this together.

What are your thoughts on IOTA? Are you planning on holding it for the long term?

Upvote (So I can buy IOTA :P) -- Follow @mazzle -- Resteem