How to Buy BitTorrent (BTT)
Beginner’s Guide
What Is BitTorrent (BTT)?
BitTorrent (BTT) is a decentralized file-sharing and peer-to-peer (P2P) platform that allows users to share and transfer large files quickly and securely over the internet. BitTorrent was first created in 2001 and was later acquired by the blockchain company Tron in 2018.
The platform operates on a decentralized network of nodes, which allows users to transfer files without relying on a central server. This makes BitTorrent more secure, faster, and more resistant to censorship than traditional file-sharing methods.
BitTorrent has its own native cryptocurrency, BTT, which is used to facilitate transactions and incentivize users to share files on the platform. Users can earn BTT by seeding and sharing files, and they can also use BTT to pay for faster downloads or access premium content on the platform.
Overall, BitTorrent offers a decentralized and efficient way for users to share and transfer files over the internet, and its use of cryptocurrency and blockchain technology makes it more secure and resistant to censorship.
How to Buy BitTorrent Summary
- Get a Terra BitTorrent wallet (e.g. Ledger, Trezor , Exodus, Guarda, AtomicWallet)
- Find an exchange that sells Terra BitTorrent (e.g. , Binance ,OKX, Gate , Bitfinex , Kucoin)
- Deposit money and make the trade
- Withdraw the BitTorrent to your wallet
Buying BitTorrent in 3 Simple Steps
Step 1 – Get a BTT wallet
BitTorrent Hardware Wallets
BitTorrent (BTT) is a cryptocurrency that runs on the Tron blockchain. Since BTT is an ERC-20 token, it can be stored in any hardware wallet that supports the Ethereum blockchain.
Some of the popular hardware wallets that support Ethereum and ERC-20 tokens like BTT include:
- Ledger Nano S
- Ledger Nano X
- Trezor Model T
- Trezor One
- KeepKey
When using a hardware wallet, it’s important to follow the manufacturer’s instructions carefully and to keep your recovery seed phrase safe and secure. This will help ensure that your BTT and other cryptocurrencies are stored securely and protected from theft or loss.
The best option for storing any cryptocurrency would be to use a hardware wallet. These are pieces of hardware that store the private key to your coins offline.
Today, there are two leading hardware manufacturers to choose from – Ledger and TREZOR. Both companies have different models of hardware wallets that will get the job done.
If you want deeper insights on specific models, you can read my Ledger Nano X review or my TREZOR Model T review.
BitTorrent Software Wallets
BitTorrent (BTT) is a cryptocurrency that runs on the Tron blockchain. As an ERC-20 token, BTT can be stored in any software wallet that supports the Ethereum blockchain.
Some popular software wallets that support Ethereum and ERC-20 tokens like BTT include:
- MyEtherWallet (MEW)
- Trust Wallet
- Atomic Wallet
- Exodus
- MetaMask
When using a software wallet, it’s important to follow best security practices, such as enabling two-factor authentication and keeping your private key and seed phrase secure. It’s also important to only download wallets from reputable sources and to regularly update your wallet software to ensure it is up-to-date with the latest security patches.
Hardware wallets cost money, so if you’re not sure how serious you are about cryptocurrencies and just want to get a taste of what they feel like, perhaps you would be better off starting with a software wallet.
A software wallet is a free program that lets you store your coins on your computer or mobile phone.
The easiest BitTorrent software wallets to get started with are undoubtedly Exodus, Atomic Wallet and Guarda . All wallets are very intuitive. Exodus, Atomic Wallet and Guarda is available on desktop for Windows, Mac and Linux, as well as on mobile for both iOS and Android. If you want more information you can read my Exodus, AtomicWallet and Guarda review.
Step 2 – Find an BitTorrent Exchange
Buy BitTorrent through Binance
- Binance is a cryptocurrency exchange which is the largest exchange in the world in terms of daily trading volume of cryptocurrencies. It was founded in 2017 and is registered in the Cayman Islands. Binance was founded by Changpeng Zhao, a developer who had previously created high frequency trading software.
Buy BitTorrent through Okex
- OKX (Chinese: 欧易), formerly known as OKEx, is a Seychelles-based cryptocurrency exchange and derivatives exchange. It was founded by Star Xu (徐明星) in 2017. OKX is owned by Ok Group, which also owns crypto exchange Okcoin. It is not available to US based investors. The company’s CEO is Jay Hao and CMO is Haider Rafique. Initially headquartered in Beijing, China, OKX is now under a blanket ban by Chinese regulators. On October 13, 2021, it issued a “Notice on Regulatory Policy in Mainland China”, announcing that it would continue its policy of “withdrawing from the Chinese mainland market” and would not establish an office or team in the region. However, according to Caixin, although the exchange officially announced that it would no longer set up an office in Mainland China, it still has a large number of R&D staff working in the region, including engineers, who continue to work for OKX in the form of third-party outsourcing companies.
Buy BitTorrent through Gate.io
- Gate.io is a crypto exchange founded in the fall of 2017. The platform is a part of Gate Technology Inc corporation, and has a registration address in Virginia, USA. The platform does not have an official license. Its interface is available for working in three versions: English, Chinese and Japanese.
Buy BitTorrent through Bitfinex
- Bitfinex is a cryptocurrency exchange owned and operated by iFinex Inc registered in the British Virgin Islands.Their customers’ money has been stolen or lost in several incidents, and they have been unable to secure normal banking relationships.Bitfinex was founded in December 2012 as a peer-to-peer Bitcoin exchange, offering digital asset trading services to users around the world. Bitfinex initially started as a P2P margin lending platform for Bitcoin and later added support for more cryptocurrencies.
Buy BitTorrent through Kucoin
- Kucoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies. Launched in September 2017, KuCoin has grown into one of the most popular crypto exchanges and already has over 8 million registered users from 700+ countries and regions. According to Alexa traffic ranking, KuCoin’s monthly unique ranking is in the top 5 globally. Known as the “People’s Exchange”, KuCoin operates in Seychelles, providing users with multi-language and 24/7 customer service. Meanwhile, KuCoin has established local communities all over the world in South Korea, Japan, Spain, Italy, Vietnam, Turkey, Russia, India, and other regions, providing users with the most local services. Currently, 1 out of every 4 crypto holders in the world is with KuCoin.
Step 3 – Withdraw Your BitTorrent
Once you decide on an exchange, open an account and buy your BitTorrent . Make sure to withdraw the BitTorrent from the exchange to your personal wallet. Never leave coins on an exchange, as you risk losing them all if that exchange gets hacked or shuts down (which has happened in the past) and always double check address before send coins because you can send the coins to wrong address .
Overview
Who Are the Founders of BitTorrent?
The original BitTorrent is the brainchild of Bram Cohen, a developer and entrepreneur who himself has since become well known in the cryptocurrency arena.
Cohen has explained that he designed BitTorrent to usurp the dated entertainment industry, which made obtaining material slow and expensive.
The platform has seen multiple legal battles, with Cohen maintaining that it does not break copyright laws in allowing users to share files such as music and movies among themselves.
In 2018, TRON completed its acquisition of BitTorrent, bringing BitTorrent under the control of Justin Sun. Sun is notorious for his plugging of both TRON as a cryptocurrency and its blockchain technology, bidding $4.5 million at a charity auction to have lunch with Warren Buffett (well-known anti-crypto figure) and discuss cryptocurrency with him.
TRON is also behind the addition of cryptocurrency to BitTorrent, as the BTT token was released on TRON’s blockchain. The move formed part of TRON’s efforts to add further decentralized features to the platform.
What Makes BitTorrent Unique?
BitTorrent is unique in several ways:
Decentralized File-Sharing: BitTorrent is a decentralized platform, which means that files are shared among users without relying on a central server. This makes it more resistant to censorship and more efficient than traditional file-sharing methods.
Faster Downloads: BitTorrent’s peer-to-peer file sharing technology allows users to download files faster than traditional methods. This is because the files are broken up into small pieces, which can be downloaded from multiple sources simultaneously.
Incentives for Users: BitTorrent has its own native cryptocurrency, BTT, which is used to incentivize users to seed and share files on the platform. Users can earn BTT by seeding and sharing files, and they can also use BTT to pay for faster downloads or access premium content.
Integration with Tron: BitTorrent was acquired by Tron in 2018, and it now operates on the Tron blockchain. This integration provides BitTorrent with access to Tron’s existing user base and technology, which helps to increase the adoption and usage of the platform.
Use of Blockchain Technology: BitTorrent’s use of blockchain technology makes the platform more secure and transparent, as all transactions on the platform are recorded on the blockchain. This provides users with a high degree of transparency and security, and makes it more difficult for bad actors to manipulate or censor the platform.
How Many BitTorrent (BTT) Coins Are There in Circulation?
BTT is BitTorrent’s native cryptocurrency, issued on TRON’s blockchain as a TRC-10 standard token.
The total supply, as stated in its whitepaper, is 990,000,000,000 BTT. 6% of that total was available in a public token sale, 2% in a private token sale and 9% in a seed sale.
Another 20.1% are reserved for airdrops, which are set to occur at various points until 2025. The BitTorrent team and umbrella organization, the BitTorrent Foundation, were awarded 19% of the supply. The TRON foundation holds 20%, with 19.9% going to the BitTorrent ecosystem itself.
A final 4% of tokens are reserved for partnership activities.
BTT plays various roles in BitTorrent’s products, including allowing users to pay others for faster downloads with BitTorrent Speed.
How Is the BitTorrent Network Secured?
BitTorrent says that it employs “the highest level of security measures” in order to secure user funds, but advises that cryptocurrency involves inherent risk.
The company recommends that users protect themselves against theft, in the form of malware or similar programs, by using options such as biometric verification.