How to Buy BitTorrent (BTT) in 3 Simple Steps
BitTorrent is a peer-to-peer file transfer system built on the blockchain. It allows anonymous users around the world to earn their in-house crypto coin, BTT, in exchange for sharing their internet bandwidth.
Keep reading to find out how you can use BitTorrent to download free data, how to buy BTT, and what the future holds for the project taking the file-sharing space by storm.
3 Steps to Buy BitTorrent
1. Choose a broker or exchange
To buy BitTorrent, you’ll have to sign up with a broker or exchange offering the coin. To make things simpler for you, we have compiled a list of reputable brokers and exchanges with respect to the low fees and online safety measures they are recognised for.
2. Create and fund your account
Creating and funding your own account is a relatively straightforward process. On this, some platforms may ask you to upload an image of yourself or documentation like a driver’s license when you register. After this, you can put money directly into your account through a number of ways like PayPal, Mastercard, or Visa.
3. Buy BitTorrent
After completing the steps mentioned above, you’ll be able to buy BitTorrent by selecting a trading pair that matches the currency you have deposited in your account. If you have used British pounds, you’ll want to pick the BTT/GBP pair using the search tool on your preferred platform.
Buy BitTorrent in 3 Easy Steps
Create a free account
Fund your account
Where to Buy BitTorrent: Compare the Top Platforms
With BitTorrent’s soaring popularity as a one-stop destination to download and upload user content, you can buy BTT via a number of verified brokers and exchanges. We have put together a list of some of the most trusted places to buy BitTorrent below with regard to their simple registration process, data protections, and low fees.
What Is BitTorrent?
BitTorrent is a peer-to-peer platform that allows people to download or upload large files of data by harnessing the collective internet bandwidth of the network’s online users around the world. BitTorrent is open-source which means anybody can look into the nuts and bolts keeping the program’s software running.
Unlike downloading data from a central server, users download data from one another in an interconnected system of file exchange. This is almost like borrowing books from a circle of people you don’t know rather than everybody borrowing from one main library. Except in this case, you get to keep what you download for however much time you’d like.
Users that download data from the platform are called “leechers” while users that continue to stay online on BitTorrent after they have downloaded content are called “seeders” because they commit their internet bandwidth toward accelerating the downloading process for other users.
Leechers can also incentivise seeders to provide more internet bandwidth by rewarding them with monetary rewards in the form of BTT tokens. BTT tokens act as BitTorrent’s native crypto and operate on the TRON blockchain as a TRC-10 standard token. Token-holders can also “stake” or loan out their coins for certain durations in order to claim rewards and help secure the BitTorrent network.
Ways to Invest in BitTorrent
Investors tend to approach buying BitTorrent through two methods. The first is to buy BitTorrent and hold on to it for the long term so they can see its value increase over a drawn-out period of time. The second method sees investors buy and sell BitTorrent within a relatively short window in order to generate fast profits.
Buy and hold BitTorrent
Buying and holding BitTorrent is the easiest and usually the most popular way of securing interest as it allows investors to reap rewards without doing much work and having little expertise.
Best BitTorrent wallets
When it comes to storing your BTT, you have the option of using web wallets provided by exchanges or taking self-custody of your crypto by making use of private wallets. Private wallets give you greater control over your BTT tokens as you take sole responsibility for them. Private wallets can either be in the form of software wallets or dedicated hardware wallets like Trezor, BitBox, and Ledger.
If you are buying BitTorrent, you may also wish to gain fast profits by anticipating falls and rises in its price while trading it on exchanges. This is a strategy that requires a substantial degree of time, effort, and technical skill.
Web wallets are often the first choice for traders as regularly sending BTT from their private software or hardware wallets can be time-consuming and lead to transaction fees on blockchains.
Should I Buy BitTorrent Now?
Deciding on whether or not you buy BitTorrent at this time should only be done after you do your own research on aspects like its roadmap for the future or the potential risks associated with any investment in it. However, there are a few factors we have picked out that may help you come to a decision here.
By continuously looking to build smart contracts, dApps, and add other upgrades to the platform, we can see that the developers contributing to BitTorrent have a large appetite for innovation. This, in turn, brings more potential value to the project and its native token BTT.
This was visible during the anticipation of BitTorrent's transition toward a Proof-of-Stake (PoS) consensus model that saw a surge in the market price of BTT as public demand for the token soared. This development also saw all existing BTT token-holders rewarded with a thousand BTT for each BTT they held in their wallets as a gesture of good faith by the platform.
In addition to this, BitTorrent’s popularity also accounts for a substantial portion of global web traffic with the portal being visited by over a hundred million monthly users. As the number of web users choosing BitTorrent as a go-to-destination for sourcing data continues to grow, the worth of BTT tokens rising with it may not be an improbable scenario.
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Frequently Asked Questions
BitTorrent was created by the programmer Bram Cohen in 2001 and was acquired by TRON in 2018.
The TRON blockchain is similar to the Ethereum blockchain in that it looks to facilitate peer-to-peer exchanges in a decentralised way and allows you to build dApps (decentralised applications) over it.
TRC-10 tokens are tokens issued solely on the TRON blockchain.
Proof-of-Stake is a low-energy consensus model that lets users secure the blockchain network in return for lending out their crypto and being able to earn interest on it.
BitTorrent adopted the Proof-of-Stake mechanism on 12 December 2021.