BitTorrent Crypto: BTT Price Analysis and Review
Crypto converter BitTorrent (BTT)
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TRYTurkish LiraBitTorrent (BTT) is the native token of the well-known peer-to-peer network – BitTorrent. The cryptocurrency was created after blockchain startup Tron Foundation buy BitTorrent in 2018. The main purpose of the token is to motivate users to distribute files in the μTorrent client. Users earn BTT when they continue to share and store torrent files on their PCs.
In addition to earning BTT for keeping sharing torrent files, the coin can be bought through some trading platforms. The article discusses the most convenient way to buy a token – using a cryptocurrency exchange.
What is BitTorrent
The Tron Foundation sees the future of BTT as the native coin of the Project Atlas, realization of which consists of three stages:
- Introduction of a mechanism to stimulate users of the μTorrent torrent tracker (BTT was launched at this stage);
- Development of file storage service (the function is already being tested as part of the BitTorrent File System (BTFS) project);
- Development of paid content service based on torrent tracker. This stage is in the process of being implemented: some features are being tested in BitTorrent Now app (on update) and DLive service.
Where is the best place to buy BitTorrent
Like many other cryptocurrencies, BTT is available for purchase on cryptocurrency exchanges, payment services and through cryptobots. cryptocurrency exchanges remain the most accessible, simple and convenient way to buy BTT. Exchange has a number of advantages over other platforms: it provides high liquidity and degree of security. It also allows you to buy cryptocurrencies using the usual payment services: ordinary bank card, P2P exchange platforms, etc.
Instructions for buying BitTorrent
Buying a BitTorrent coin is a process that includes the following steps:
- Determining the risk level;
- Select cryptocurrency exchange to buy BTT;
- Creating an account;
- Account replenishment in a convenient way;
- Buy BTT.
Determine your level of risk
Any manipulations with cryptocurrency are risky operations. Increased risk is created by the unpredictability of the crypto market and its high volatility. For successful investments, it is important to determine the risk an investor is willing to take. The following rules may help in determining risk:
- Invest only the amount of money you are willing to lose;
- Don’t buy crypto with all your money;
- Don’t buy crypto with borrowed money;
- Don’t expect to make money by investing all your money in one asset;
- Don’t count on luck buying crypto with the last of your money.
These tips will save money and the investor from hasty decisions and financial losses.
Choose a crypto exchange
Each centralized exchange offers its own work conditions. To choose the most suitable option, pay attention to the following parameters:
- Trading conditions;
- Methods of replenishment of the account;
- Commissions for replenishing the balance and withdrawing funds;
- Commissions for trading operations;
- Account protections;
- Reviews, etc.
All data can be found on the websites of exchanges. To save you time, our team has compiled the best exchanges for buying BTT in a table.
Register an account
To buy BTT on the exchange, you will need to create a new account. As an example, let’s consider the process of creating an account on the OKX exchange. For this:
- Click Sign Up in top right corner on the main page of exchange website ;
- Enter your password and e-mail (or phone) → enter your referral code (if have one) and click Sign Up ;
OKX registration form - Enter the 6-digit code sent to your email;
Window for entering a 6-digit code - The account is created.
Top up your account
Platform OKX allows top-ups with cryptocurrencies only – fiat currencies are not supported for top-up purposes. For example, consider replenishing a user’s balance using USDT. For this:
- Click Assets → Deposit in the top menu → select USDT as the deposit currency and select the desired network;
Selecting USDT and network - Select account type to deposit USDT (general or trading). After that, the exchange will generate a wallet address (also in the form of a QR-code);
Address and QR-code for depositing USDT - Go to your crypto wallet and select USDT. Enter the address obtained from the exchange in the field for transferring crypto. You can also scan the QR-code;
- Confirm transaction;
- Yo have toped up your account.
Buy BitTorrent (BTT)
Once your account has been funded with USDT, you can use the exchange terminal to buy BTT. For this:
- Log into your user account and click Trade → Basic Trade in the top menu;
Enabling a terminal for buying BTT - A trading terminal will open in the next window. On the left side of the screen, find the searching field and enter BTT → select BTT/USDT from the list;
Terminal appearance and searching field - Scroll down the terminal window until the Buy BTT button appears. Select order type, for example, Market;
- Enter the amount of USDT for which BTT will be purchased in the Amount field;
- Click Buy BTT.
Buying BTT via OKX
How to sell BitTorrent
To sell BTT through the terminal, you need to repeat the same sequence of actions as when buying with the only difference: a sell order is created in the fields above the red Sell BTT button.
Where to store BTT
You can store BTT on any wallets that support the TRC-10 protocol. These wallets come in two types: cold or hardware and hot or software.
For actively trading and using BTT person, software wallets are suitable. They maintain a constant connection to the Internet and provide quick access to cryptocurrencies. It is recommended to use Trust Wallet as a hot wallet for BTT. The main disadvantage of hot wallets is susceptibility to hacking. Therefore, when using them, pay attention to security measures: strong password and 2FA authentication.
If you are not going to use crypto actively, you can choose hardware wallet. These devices look like an ordinary flash drive and provide reliable protection because are not constantly connected to the Internet. We recommend using Ledger Nano S or Ledger Nano X. The main disadvantage of cold wallets is their high cost.
How to withdraw BitTorrent to my wallet?
To withdraw BTT to your wallet, you need to create a withdrawal request from the crypto exchange. As an example, let’s consider the transfer of BTT from the exchange OKX to Trust Wallet. For this:
- Click Assets → Withdrawal in your personal account;
- Select BTT from the list of cryptocurrencies → select network → Continue;
First step of withdrawing BTT - In the next window, you must enter the address to which BTTs will be sent. To find it out, go to the installed Trust Wallet application;
- Select BTT from the list of cryptocurrencies and click Receive;
Receive button in Trust Wallet app - Wallet will generate an address (also available as QR-code);
- Go back to the interface of the exchange and in the field BTT Address paste the copied address from Trust Wallet → click Continue;
Second step of withdrawing BTT - Enter funds access password (if set) and SMS code → Confirm;
- BTT are on your wallet.
FAQ
- Determine the exchange;
- Sign up on it;
- Top up the balance;
- Enter the trading terminal and select currency pair with BTT;
- Place an order to buy a coin;
- Enter the number of coins to buy and click Buy BTT.
- Too aggressive marketing;
- Possible pump: developers have 40 percent of BTT;
- There are rumors that the Tron blockchain does not have enough bandwidth to keep the project running.
For an adequate assessment of the prospects of BTT, it is worth referring to the opinions of authoritative industry participants and successful members of the crypto community.
We recommend that you exercise caution in making any decision related to investing in cryptocurrencies. In the end, only the investor himself is responsible for the results of his actions.
