BitTorrent was not created with blockchain technology in mind. BitTorrent entered the market long before blockchains existed and built a peer-to-peer file sharing network that acquired over 100 million users.
BitTorrent released its initial coin offering (ICO) in 2019 with the goal of integrating the token into their platform for payment, prioritized usage, and file storage!
What’s in this guide?
What is BitTorrent?
The BitTorrent file-sharing protocol often called BitTorrent, allows users to share video, music, and text files in a decentralized manner. Users must use a BitTorrent client to access the protocol, which enables them to locate and download files that other users have uploaded.
Despite being owned and operated by a legal entity, BitTorrent Inc. – which is now owned by blockchain platform TRON – has gained a notorious reputation due to its relationship with sharing illicit content.
Despite its legal status, BitTorrent Inc., which is now owned by blockchain platform TRON, has acquired a bad name owing to its connection with the dissemination of illicit content.
The BitTorrent Token (BTT) is a relatively recent addition to the network, used for paying for faster download speeds on the network.
Seeders (the name given to individuals who upload files) are then able to receive BTT, which is meant to incentivize more bandwidth and activity on the network. It operates on top of the Tron blockchain as a TRC-10 token.
How to Buy BitTorrent
1. Create an account on a crypto exchange that supports BTT
If you don’t already have a cryptocurrency exchange account, you’ll need to create one. BitTorrent trading isn’t currently supported on Coinbase or Gemini, two popular exchanges.
Binance is the largest and most reputable platform where you may trade BitTorrent; it supports several more cryptocurrencies than other platforms such as Coinbase and Robinhood.
Creating an account with Binance is a quick and simple procedure. All you have to do is provide your email address and select a password to create an account.
To comply with tax regulations, you must supply personal identification data like your Social Security number and birth date after creating an account on Binance.
You may now begin investing on Binance after you’ve completed the verification process.
ChangeNOW is another exchange platform that supports BTT along with other cryptocurrencies.
2. Get a wallet
Before investing in BitTorrent, it’s a good idea to think about buying a cryptocurrency wallet. It is not recommended that you keep your crypto funds on an exchange because they are vulnerable to being hacked. Rather than that, you can store your funds safely using a hardware or software crypto wallet.
You can store your BTT coins in any Tron wallet because it’s a token on the blockchain. Software wallets are usually free to use and keep your assets in encrypted software on your PC or mobile device.
Hardware wallets are the safest way to keep digital currency, and if you want to invest a significant amount of money into cryptocurrency, this is what you need to purchase.
Hardware wallets are physical devices that securely store your private keys offline, keeping them away from hackers and malicious software.
3. Begin buying
To purchase BitTorrent, fund your account with a bank transfer, use a credit or debit card to pay for it, or deposit crypto from a wallet.
After you’ve decided where to store your BitTorrent coins, proceed to buy. Binance offers a variety of trading pairs on its website, and you may trade BTT using the BTT-USDT pair.
USDT is a fiat-pegged stablecoin that allows you to simulate selling an investment without having to move funds to your bank account. Thus, you may swap between USDT and BTT easily. If you place a market buy for the BitTorrent coin, your order will be filled almost immediately, and the BTT balance will be credited to your account.
Best Crypto Exchanges
For simple and straightforward BTT exchanges. A non-custodial and limitless exchange service.
How to sell BitTorrent
If you want to sell your BTT tokens, you’ll need to store them on the exchange you purchased them through. Binance is considered one of the most secure exchanges because it maintains a continually growing insurance fund in the event hackers are able to penetrate their website.
If you’re keeping your BitTorrent tokens for a longer period of time, you’ll need a cryptocurrency wallet to store them. You’ll have to send your BTT from your wallet to the BitTorrent token address on Binance when you want to sell it.
You may cash out your BTT on the exchange where you purchased it:
1. Log in to the exchange where you purchased BTT.
2. Once you store your BitTorrent in a digital wallet, you can sell it on cryptocurrency exchanges.
3. Put in a sell order.
4. Specify the quantity of BTT you wish to sell.
5. Finish your transaction.
6. Confirm the sell price and fees for BitTorrent and complete the sale.
What to think about when purchasing BitTorrent
BTT’s success is linked to the contentious BitTorrent technology as well as the Tron blockchain, so you might want to think about a few things before buying BTT.
Is Torrenting Legal?
While torrenting is not against the law, torrenting files (such as Hollywood films) without the copyright owner’s consent is.
Therefore, if you intend on using BTT tokens for torrenting, be sure you only download files that you have acquired permission for.
Purchasing vs. Earning
BTT can be bought on an exchange or obtained by uploading torrents (seeding) with a compatible client, such as uTorrent Classic or BitTorrent Web.
Seeders need to create a wallet before they are able to earn and spend tokens.
In 2008, the Tron Foundation acquired BitTorrent, which is responsible for the advancement of the Tron blockchain. Justin Sun is the founder of Tron, and he has a reputation for controversy owing to allegations that the Tron whitepaper was plagiarized from Ethereum’s.
Since being bought by Tron, The Verge claims BitTorrent employees have raised concerns about the company’s new direction, especially into cryptocurrency.