If you are an avid file sharing enthusiast and torrenting supporter, then you have probably heard about BitTorrent before, just perhaps not in the cryptocurrency market.
With the growth of digital currencies, more and more companies have launched their own cryptocurrencies as a means of supporting and upgrading their infrastructure.
With BitTorrent, the value of their cryptocoin rests on the file-sharing protocol empire. Interested in making a purchase?
We will show you where and how to buy BitTorrent (BTT).
BitTorrent is different from your average run-of-the-mill cryptocurrency as we can trace its roots to way before cryptocurrency was even a thing.
Launched before the days of Bitcoin and cryptocurrency blockchains, this company established itself by forming a peer-to-peer network dedicated to sharing files without any sort of restrictions to the free flow of information.
It was a resounding success that resulted in a network of more than 100 million users.
After it was acquired by Tron in 2019, this file sharing company put forward its own cryptocoin offering with clear intentions to integrate it into its sprawling file sharing network.
The BitTorrent token (BTT) gains its value from its utility purpose.
It provides prioritized network usage, faster downloads, more incentive to seeding files, as well as a decentralized file storage with a high degree of accessibility.
However, as every other crypto coin, it can be freely traded and used for payments across a wide plethora of exchanges, industries, and services.
Interested? Let’s find out more.
BitTorrent? What is That?
In case you did not encounter this company before or have little working information about it, BitTorrent is a P2P (peer-to-peer) file sharing protocol that provides ubiquitous access to a decentralized network for users to share multimedia such as videos, texts, songs, apps, and every other form of digital data among themselves.
Users only need to download a BitTorrent client to access the file sharing protocol, which then provides them with means to search for files and download them if the peers have made them available inside the protocol.
The core values of digital decentralization and freedom of sharing information without access limitations has caught the attention of the CEO of Tron, Justin Sun.
He has gone lengths to acquire the company back in 2018 and presented it with plans to integrate it into the cryptocurrency system and the associated blockchain.
Tron fits the plans due to being a smart contract-enabled blockchain, so connecting the BitTorrent to its network allowed coins to be minted as subsidiaries of the Tron’s blockchain.
If this sounds familiar, then that is because it is, as it functions just like e.g. all ERC-20 tokens work on the global Ethereum blockchain.
Brief Backstory of BitTorrent
It all started in 2001 with a man named Bram Cohen. We have already told the gist of BitTorrent’s pre-crypto phase, so let’s cut to the chase and focus on the thing that you are probably here for in the first place.
In 2018, Justin Sun, Tron CEO, acquired BitTorrent with the intention to increase the degree of efficiency of the protocol by introducing a cryptocurrency token.
Sun managed to purchase BitTorrent’s P2P protocol for $140 million and not too long after that introduced an initial coin offering (ICO).
The whole merge and BitTorrent’s grafting into Tron’s blockchain has resulted in BitTorrent token (BTT) being a token on Tron’s blockchain.
This means that BTT uses Tron’s TRC-10 token standard for all intents and purposes.
The cryptocoin itself is primarily used to prioritize file sharing for those who opt to pay file sharers and seeders directly in BitTorrent coin.
A direct benefit of this approach is the incentive for file sharers to keep and maintain their files on the network, as they can earn profits paid directly in BitTorrent tokens for their contribution to the protocol.
More uses such as this have been brewing up in the company’s think tank and will be announced soon, one example of that being decentralized cloud file storage options. Nice!
Due to a resounding success of their initial coin offering in 2019, BTT has managed to raise $7.2 million in less than 15 minutes.
While the initial value of a token was set at $0.00012, the coin has been trading for as much as 40 times that amount since then!
And do not let the seemingly low price of the BitTorrent token fool you, BTT’s market capitalization is more than $2.5 billion in total, with hundreds of billions of coins in circulation and growing.
Also, BTT has appreciated more than 3 times than Bitcoin’s price since its initial coin offering. In other words, every Bitcoin invested in BTT would bring you two more Bitcoins near the end of 2021.
And all that is only growing, rising, and gaining in value! Talk about good prospects and great potential, right?
But enough of fun facts and historical info, you’re here for the whole buying BitTorrent in 3 simple steps. Pay attention because here it goes!
How to Buy BitTorrent (BTT): 3 Steps
Register an Account with An Exchange
A small step for you as a user, but a giant leap for your BTT trading career! Of course, registering an account with an exchange that supports BTT is only necessary if you do not already own an account on such an exchange.
Some of the popular exchanges, sadly, do not yet support BTT (like Gemini and Coinbase), but there are some which do, for example Binance, which is the largest and most reputable of the places that support trading BitTorrent tokens.
Binance users, proceed to the next step! All others, bear with us for a bit longer.
Registering an account with Binance is a no-brainer. Done in a minute and without a hassle, it requires you only to provide your email and enter a unique password.
Ta-da! Account registered. However, as you make your account, you will be asked to provide some personal information for taxation reasons, for example your Social Security number and the date of birth.
As soon as this data is verified, you are good to go and seek your profit among Binance deals.
Obtain a Crypto Wallet (Optional)
Having a crypto wallet is not a necessity in crypto trading, but storing your crypto funds within an exchange bears certain risks.
Since you are essentially holding your crypto coins in an exchange, any hackers’ attack that successfully breaches that exchange’s “treasury” will take away your hard-earned tokens.
This is easily prevented by getting a hardware or software wallet that can securely store your portfolio.
An obvious choice for BTT, since it is a token from the Tron blockchain’s family, is to go with a Tron wallet.
Software wallets usually come for free and they preserve your BTT coins in a program with several layers of encryption on either your PC device or mobile phone.
For the maximum level of security, though, you will want to opt for a hardware wallet. This especially goes for heavy investors who intend to invest significant sums of money into cryptocurrency.
How do they work? Well, in addition to being secure from online attacks, hardware wallets require physical access in order to withdraw funds.
In other words, as long as you have the wallet on you, the chances of you losing crypto in a cyber attack is zero. Talk about being theft-proof!
Buy BitTorrent Coin (BTT)!
After finally settling on the place where you are going to store your new cryptocurrency, it is time to buy BitTorrent tokens! Binance has an abundance of different pairs available for trading for BTT.
One of the more common pairs is the BTT-USDT pair, as USDT remains a stablecoin that is pegged to the U.S. dollar.
Trading via this pairing grants you the ability to simulate selling without actually having to transfer funds to your bank account.
If you place a market order for the BitTorrent coin, your order will get instantaneously executed and the BTT balance will go straight to your account. Voila! All done.
Best Crypto Wallets for BTT
If you have decided to get a crypto wallet for yourself in the second step but you haven’t still picked the right one for you, consider these two candidates from their selective categories.
Best Hardware Wallet: Ledger Nano S
A leading cryptocurrency hardware wallet force, Ledger is one of those companies that have single-handedly raised the security standard of the whole industry.
As they have been making crypto wallets since 2014, they have great experience in the manufacturing process and best safety and utility policies.
The vast majority of cryptocurrency investors are ready to place their trust in Ledger as they offer industry-standard security features and provide support for a great number of different cryptocurrencies.
For example, Ledger Nano S supports a whopping total of more than 1,000 different cryptocoins, including Bitcoin, Ethereum, Tron, Litecoin, and, of course, BitTorrent.
Considering that it comes with features such as durable exterior and bluetooth connectivity, it might be worth going for the premium version, Ledger Nano X.
Both devices can easily be found on Amazon for pretty affordable prices.
Best Software Wallet: Atomic Wallet
What’s good and also free in the cryptocurrency wallet industry? Atomic Wallet, for example.
It can be downloaded on any desktop computer or mobile device, and it supports a wide assortment of crypto goodies and assets as well as a formidable count of more than 300 different crypto tokens.
This platform also integrates staking into its offer, so you can stake a variety of cryptocurrencies in order to earn interest on the account of your portfolio.
Also, purchasing crypto coins with your credit card directly from the application is also supported for some tokens. Neat!
Trading, Buying, or Selling your BTT
So, what is the general advice for trading your BitTorrent? Well, there aren’t that many sound and decisive pieces of advice.
If you plan on trading your tokens frequently, it might be a chore to hold them in a crypto wallet as it will require some maneuvering every time that you want to make a transfer from the wallet to the exchange.
Binance mitigates the risks of holding tokens with them somewhat since their ever-growing insurance fund and security policies mitigate the chance of successful hacker attacks.
However, if you intend to hold your tokens for longer periods of time, placing them within a crypto wallet might be the better option.
After all, people tend to sleep more soundly when they know that their crypto assets lie within a couple of feet from them at all times.
Final Thoughts on How to Buy BitTorrent (BTT)
Well, that sums it up. Now you know every step of the not-so-complex process of how to buy BitTorrent cryptocurrency and you are more than prepared to go and get it at this very moment.
However, there still remains the question of whether it is worth investing into BitTorrent right now.
Cryptocurrency is infamous for its volatile nature and the fast dynamics of the crypto market does nothing to help this, after all.
Have no worries about BitTorrent, though. Every available indicator points out that BTT is set to only grow in a foreseeable period of time.
It’s value tends to appreciate many times faster than the price of Bitcon, for example. Another good sign is the fact that the value of BTT has grown more than 70 times its ICO price, and is still growing!
This should not come as a surprise since the BitTorrent platform gathers around more than 100 million users.
Finally, as the BitTorrent token is intrinsically linked with the whole platform, the whole volatility of the token thing diminishes in front of the infrastructure set by the famous company over the years.
So, in our opinion, it is definitely worth buying BTT today.
In fact, you should go and buy it right away! We have explored the many paths you could take and came up with the quickest and most efficient one, so no worries there. We have got you covered.
Good luck trading! May the new BTT asset bring you fortunes ahead.