Want to learn how to buy BTT (BitTorrent) coin easily?
BitTorrent, unlike the majority of cryptocurrencies on the market today, is not based on blockchain technology. BitTorrent was founded before the advent of blockchain, and it developed into a peer-to-peer file-sharing network with over 100 million members.
Following Tron’s acquisition of the company, BitTorrent conducted an initial coin offering in 2019 and intends to integrate the token within the network.
Payments, priority network usage, and decentralized file storage are all possible with the BTT token. Let’s look at what Bittorent is and how you may acquire it on a cryptocurrency market.
What is BitTorrent?
BitTorrent is a decentralized peer-to-peer file-sharing system that allows users to exchange video, music, and text files. To access the protocol, users must use a BitTorrent client, which allows them to search for and download files that peers have posted to the protocol.
BitTorrent drew the attention of Tron CEO Justin Sun because of its decentralized nature. Sun bought the firm in 2018 to integrate a cryptocurrency onto the network. Tron is a smart contract-enabled blockchain, thus tokens may be created as side chains on the Tron blockchain, similar to how Ethereum’s ERC-20 tokens function.
BitTorrent’s Brief History
Bram Cohen devised BitTorrent for the first time in 2001. Justin Sun, the CEO of Tron, bought BitTorrent in 2018 intending to use a cryptocurrency token to boost the protocol’s performance. Sun paid $140 million for the technology and quickly launched an initial coin offering (ICO).
BitTorrent currency (BTT) is a Tron-based token that follows the TRC-10 token standard. The token is used to provide file sharing priority to individuals who pay BitTorrent currency to file sharers.
This also provides a financial incentive for file sharing to retain their files on the network. BTT will be used for more use cases shortly, including decentralized file storage solutions, according to the business.
BitTorrent’s initial coin offering (ICO) in 2019 was a huge success, generating $7.2 million in just 15 minutes. The original coin price was $0.00012, and the currency is currently trading at roughly $0.004. BTT has a market valuation of $2.5 billion, despite its low price, because there are 660 billion coins in circulation.
When compared to the price of Bitcoin, BitTorrent has increased by nearly 300 percent since its ICO. This means that if you invested one bitcoin in the ICO in 2019, you would now have nearly three bitcoin worth of BitTorrent. Since its creation, the crypto asset has risen by more than 4,000 percent in currency terms.
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Open an Online Account.
You’ll need to create an online account if you don’t already have one with a cryptocurrency exchange that offers BitTorrent coins. BitTorrent is presently not supported by popular exchanges like Coinbase and Gemini.
Binance and Poloniex are the largest and most reputable BitTorrent exchanges; both exchanges support far more cryptocurrencies than other trading platforms like Coinbase and Robinhood.
Creating a Binance account is a simple and quick procedure. Your account will be created when you input your email address and establish a password.
You’ll need to submit personally-identifying information for tax purposes, such as your Social Security number and date of birth, once you’ve created your account. After you’ve double-checked this information, you’re ready to go.
Purchase a Wallet (Optional).
Before you invest in BitTorrent, you should think about getting a cryptocurrency wallet. It’s not a good idea to keep your crypto assets on an exchange since they put them in danger of being hacked. Instead, you may safeguard your money by using a hardware or software bitcoin wallet.
Because BitTorrent is a token on the Tron blockchain, you may store your BTT tokens in any Tron wallet. Software wallets are usually free to use and keep your assets on your computer or mobile device in encrypted software.
Hardware wallets are the safest way to keep bitcoins, and if you want to invest huge sums of money in cryptocurrency, this is the best option for you. Physical wallets are known as hardware wallets.
Purchase What You Want.
It’s time to buy BitTorrent coins when you’ve decided where to keep them. Binance offers a variety of trading pairings, including the BTT-USDT pair, which you can use to trade BTT.
You may switch between USDT and BTT to mimic selling your investment without sending cash to your bank account because USDT is a stable coin tied to the US dollar.
If you buy BitTorrent currency on the market, your order will be fulfilled practically immediately, and your BTT balance will be added to your account.
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What to Think About While Purchasing BitTorrent
The success of BTT is linked to the often contentious BitTorrent protocol as well as the Tron blockchain, so there are a few factors to consider before purchasing BTT.
Legal
While torrenting itself is not unlawful, torrenting material (such as Hollywood movies) without the authorization of the copyright owner is. If you’re going to use the BTT token for torrenting, make sure you’re only downloading files that you’re allowed to.
Buying vs. Earning
Earning BTT is pretty straightforward. Tokens are given out for seeding (uploading) torrents with a suitable client like uTorrent Classic or BitTorrent Web. Before seeders may earn or spend tokens, they must first set up their wallet. BTT can also be purchased on a subscription basis.
BitTorrent was bought by the Tron Foundation, which oversees the Tron blockchain’s development, in 2018. Justin Sun, the founder of Tron, has a checkered past, largely owing to charges that the Tron whitepaper is a rip-off of Ethereum’s.
Employees at BitTorrent have expressed anxiety about the company’s new direction, particularly into cryptocurrency, after it was purchased by Tron, according to The Verge.
Best BTT Token Crypto Wallets
The Ledger Nano S is the best hardware wallet.
Ledger is one of the most well-known bitcoin hardware wallet manufacturers, having been in business since 2014. Investors in cryptocurrencies trust Ledger to store their funds because they offer industry-leading security features and support a wide range of cryptocurrencies.
Over 1,000 cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Tron, are supported with the Ledger Nano S.
On Amazon, the Ledger Nano S is available for a little more than $50. The Ledger Nano X is a more premium hardware wallet from Ledger that has a Bluetooth connection and a few more features. The Ledger Nano X is presently out of stock and retails for $119.
Atomic Wallet is the best software wallet.
Atomic Wallet is a free software wallet that you may install on your PC or smartphone. The wallet is compatible with a wide range of cryptocurrencies, including most major crypto assets and over 300 smaller tokens.
You may also buy specific cryptocurrencies with your credit card right on the platform. Atomic Wallet, like Coinbase, allows you to stake several cryptos to receive interest on your investment.
BitTorrent tokens can be traded, sold, or converted.
You’ll need to retain your BTT tokens on Binance’s exchange if you want to trade them. Binance is considered one of the safest exchanges since they have a continually rising insurance fund in case their website is hacked.
If you plan to keep your BitTorrent tokens for the medium or long term, you should keep them in a cryptocurrency wallet. When you’re ready to sell your BitTorrent token, transfer your BTT from your wallet to your Binance BitTorrent token address.
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Is Investing in BitTorrent a Good Idea?
BitTorrent has historically been shown to be a wise investment. Its value has risen hundreds of times faster than the price of bitcoin, and it is now worth more than 70 times its ICO price. The BitTorrent platform has over 100 million users, and if BTT currency is properly integrated into the ecosystem, the token’s value might skyrocket.
Because Justin Sun also invented Tron, the BitTorrent token is projected to improve in value as Tron’s network grows in popularity. Ethereum, the largest decentralized network that enables smart contracts, is its major competition.
FAQs How To buy BTT (BitTorrent coin) Easily
What is the best way to purchase BitTorrent Tokens?
BTT may be purchased on cryptocurrency exchanges such as Binance and Poloniex that offer the token. Another alternative is to utilize Uniswap, a decentralized exchange, but you’ll need a non-custodial crypto wallet like Metamask to do so.
What are the major rivals of BitTorrent?
In the Web3 domain, BitTorrent doesn’t have many competitors, however, Dropbox is a Web2 competitor. Both businesses specialize in peer-to-peer file sharing.
Is it possible to buy BitTorrent [BTT] with cash?
You can buy BitTorrent currency with a credit or debit card on a crypto exchange like Coinbase or Coinmama. You must first create a BitTorrent coin wallet (account) and get it authorized before you can buy.
Is it possible to buy BitTorrent [BTT] in Europe quickly?
Binance is one of the largest and most well-known digital currencies in the world. The benefits of purchasing BitTorrent (BTT) on this exchange include cheaper exchange charges and increased liquidity, which allows you to purchase and sell quickly to take advantage of market-moving new releases.
What is the Most Economical Way to Purchase BitTorrent [BTT]?
You’ll be asked to choose a payment method. You can pay with a credit/debit card or a bank transfer in this case. You will pay a higher fee if you use a credit card, but you will be able to conduct a transaction immediately and quickly. While a bank transfer is less expensive but takes longer, depending on your location, many nations provide low-cost, rapid cash deposits.
Conclusion
Essentially, BTT is a web-based platform that allows users to connect to a peer-to-peer (P2P) network and download large files using a limited internet connection.
Rather than uploading and downloading files to and from a single server controlled by a centralized authority, BitTorrent makes use of a network of nodes, or computers, that run software that allows users to exchange data amongst themselves.
This removes the centralized character of file-sharing networks, allowing users to search for music files, software, and other assets that have been submitted to the network. Justin Sun monetizes it by introducing blockchain to it.
References
- https://coinlib.io/guides/how-and-where-to-buy-bittorrent-btt-an-easy-step-by-step-guide
- https://www.ledger.com/buy/bittorrent-coin
- www.unsplash.com
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