What is BitTorrent Token (BTT) And How To Buy BTT?
This blog will give you an in-depth idea about the BitTorrent Token (BTT) TRC-10 utility token, how to buy BTT, and where to buy BitTorrent Coin
In the 20th century, if anyone had to download some videos or any software most people would recommend them to use BitTorrent.
BitTorrent Token – The File Sharing Coin
Unlike other solutions, BitTorrent used to provide a peer-to-peer network on which users can share the files be it software or any media file.
All the files were stored on different computers rather than a single server. Any user who wants to download a file or share it needs to be part of the peer-to-peer network.
What Is BitTorrent Token And How Did It Come Into Existence?
Although it was a great success, still the creators of BitTorrent struggled to provide incentives to users. Hence, when the cryptocurrency came into existence and different blockchain networks, The Tron Blockchain acquired the BitTorrent.
And in 2019, they launched a BTT or BitTorrent token to incentivize the users and network participants.
The whitepaper defines the BitTorrent token as a mechanism that will be used to do transactions among the BitTorrent client and the service providers.
That means if any client wants to use computing resources of some other computer that is part of the BitTorrent network can use it by paying some transaction fees as BTT tokens to the Owner of that Computer or Service Provider.
BTT – A Utility Token
Unlike Bitcoin, this token is a Utility Token. A Utility token is a token, which people not only use for trading but can use for other activities like participating in the BitTorrent Network and gaining incentives to upload and share files.
Users who would like to download files at high speed could now use the BitTorrent token to increase the speed by giving some incentive to the uploader.
This incentivization has not only benefited the people but also the network since there was a huge increase in the download speed and most files stayed in-network unlike before when they used to get deleted.
BitTorrent Token’s Working Mechanism
Whenever any user watches a video or downloads a file from the cloud, the device from which it downloads connects to the Internet and gets the file directly.
Here if notice, the connection speed at which the file is downloaded is dependent on the bandwidth of the server.
But with Bittorrent, the file is available as a chunk on different nodes of the network. So whenever there is a request to get such a file, different Nodes download that and distribute it to users.
Unlike any other server, here the exchange of files is made parallel without any usage of the server.
Also, the speed depends on the number of exchanges happening on the files. The more network participants try to download, the more the network will be congested and will take time to download.
To solve this problem, the creators decided to leverage BitTorrent and introduced a new mechanism to the software also known as the BitTorrent Speed.
This mechanism aims to solve the problem of slow speed and reduce the instability of the network. Also, it incentivizes the user not to be disconnected while any file distribution is happening.
Unlike before, now network participants were awarded some tokens for every complete file distribution.
How Can Users Earn BTT By Distributing Media Or Content On BitTorrent?
As of now, there is no fixed limit on the rewards that User earns. There are some factors like the number of people downloading the file that the user shares or the total number of users using BitTorrent on which the reward amount depends.
There is still more adoption that needs to be done since very few users use this platform.
As per the statistics and analysis, a regular network participant can expect to earn from $1 to $10 by sharing files on the network.
If they want to earn more they can try increasing the speed of download and sharing.
Apart from that, users can mine BTT tokens, Mining can be done by providing the computational resources to the BitTorrent client for storage and other purposes.
BTT Or BitTorrent Token Trends And Price Outlook
Despite BitTorrent Speed and BTT coin being at a very early stage, the creators are trying to keep the audience engaging.
Considering the cryptocurrency Component, there is a lot more to achieve such as integrating the software with third-party services and acquiring a more customer base.
Currently, the team is focussing more on improving the software hence they lack a marketing strategy. Due to this, there are still fewer users who know about it.
Gradual improvements in the brand-building strategies could help the team to achieve new opportunities and more partnerships.
Currently, there have been very few partnerships, one is with the Dlive Streaming service and the other one is with Huawei which has launched for different Applications listed below.
▶ uTorrent Pro
▶ BitTorrent and
▶ BitTorrent Pro
The major success of the project was observed in 2021 when BTT price reached a new all-time high which was around 0.014 USD.
This happened when the BitTorrent creators announced a decentralized architecture for the next update.
At the time of writing this article, the market cap of the BTT project is around $2 Billion.
BTT price prediction by Digital Coin Price algorithm predicts that BitTorrent token price could hit $0.0056 by the end of 2025.
Who Can Buy BTT And How To Buy BTT?
Many people don’t know where to buy BitTorrent coins, Like any other token, buyers can easily Buy tokens and do trading activities without being part of the BTT network and sharing files.
There are different websites available on the Internet such as the official Tron payment website.
The procedure is the same as buying other cryptocurrency tokens on any blockchain network.
Unlike before, BTT or BitTorrent tokens are available on a different Blockchain network like Ethereum, Binance, or Polygon.
Also now you can buy BTT tokens from centralized exchanges and decentralized exchanges.
How To Buy BTT On Decentralized Exchanges?
If you want to buy any tokens on decentralized exchanges, then you need to ensure that there is enough liquidity for the BTT coin and the other token like USDC or USDT to make the swap work.
Some examples of Decentralized Exchanges where you can buy BTT Tokens are the following.
✔ Pancake Swap
The buyer can choose any of the decentralized exchanges based on the Blockchain network it is trying to buy on.
For instance, if a Buyer wants to buy the token on the Ethereum blockchain, then one can use Uniswap, for Polygon chain, Sushiswap, and for Binance chain one can use Pancakeswap.
Decentralized exchanges allow anyone to do the transaction without any need for KYC. Here the buyer needs to have a cryptocurrency wallet such as M̧etamask or the ledger if wants to use a hardware wallet.
Once the buyer has got the wallet, they can connect to any of the decentralized websites and try swapping ETH or any other token for BTT based on the liquidity.
How To Swap BTT On SimpleSwap?
A simple swap is one of the decentralized exchanges, where you can swap tokens for another token.
Simple steps to swap BTT on SimpleSwap are as follows
✅ If any buyer needs to buy the token on SimpleSwap then there is a need to create an account.
✅ Once connected using the account, choose the cryptocurrency to swap for the BitTorrent token. For example, a buyer can swap BTT for BTC.
✅ Fill in the amount of token to swap for BTT
✅ Next, a buyer needs to choose BTT and enter the amount.
✅ Once all the details are filled in, confirm the recipient’s address and details.
✅ After confirming details, click on the Exchange button.
✅ The Transaction will take some time to credit BTT tokens to the wallet.
How To Buy BTT On Centralized Exchanges?
A lot of centralized exchanges are available in the cryptocurrency market that allows you to buy various cryptocurrency tokens like Huobi, Coinbase, CoinDCX, WazirX, and Binance.
Here the buying or selling process is quite different. Most of the centralized exchanges are controlled by specific companies and are government-registered.
Hence it is quite essential to do the buyer’s KYC.
👉 To buy a BTT coin on a centralized exchange, the buyer needs to create an account and sign up for the services.
👉 Once this is done, the buyer will be asked to share details like Identity card and PAN card based on the country of which one is trying to sign up.
👉 Based on the KYC Approval, A buyer can start trading activities and buy any tokens.
Unlike Decentralized exchanges, where the buyer had to have some cryptocurrency in their wallet to buy BTT tokens, here it is not needed.
A user can top up their wallet with any Fiat Currency based on the country and buy any crypto token such as BTT crypto.
If the Buyer is located in India, then they can try using India’s largest Cryptocurrency exchange – WazirX.
It has a lot of tokens and offers low trading fees for new and existing cryptocurrency users.
How To Buy BTT On WazirX? – For Indian Buyers
Simple Steps to buy BTT on WazirX are as follows
✔ Download the WazirX application on any mobile device or load the web Application.
✔ Sign up with all your details and Do KYC
✔ Deposit Funds to the WazirX account either from the bank transfer or using a peer-to-peer process.
✔ A buyer then can go to the exchange page, select the INR, and swap INR for the BTT token.
How To Buy BTT On Huobi Global?
Unlike WazirX, Huobi Global offers buyers from international places as well to do trading. Any buyer can exchange BTT crypto for stable coins like USDT or USDC on Huobi Global.
Here is the simple process for buying BTT on Huobi Global
👉 If any buyer wants to buy tokens on Huobi Global, they need to make an account using an email ID and set up the password.
👉 Once the registration is done, there will be an email received to do KYC verification Process. Here the user needs to share all the details as per the country rules and regulations from where they are accessing.
👉 After KYC, users will be allowed to fund their wallets with any fiat currency or stablecoins.
👉 In the market section, buyers can select a USDT stable coin and choose BTT as the second token. There will be a complete chart displayed once the BTT/USDT pair is selected and a form to fill the BTT amount to be purchased or sold. Users can confirm the exchange once all the details are filled and verified.
Final Verdict On BitTorrent Token (BTT)
As per the crypto analysts and experts, there can be a huge increase in the market cap, and the price might reach $7 or more within the span of 5 years.
At the moment uTorrent or the basic version has more than 100 million users who are trying to explore new features.
Also, the team is working quite hard to improvise the product and offer new features that could make the price rise in the upcoming times.
Although there are a lot of good things predicted, it is always recommended that buyers do their own research and analyze the disadvantages and risks associated with it.
Any investment should be done after full analysis.
Frequently Asked Questions
❓ How to predict BTT token price and will it rise?
It is quite difficult to predict the BTT price because there are a lot of external factors involved. Anyone claiming the drop or rise in price could not be the right one to trust on. If anyone wants to understand the trend, they can try doing fundamental research and technical research for more understanding about BTT price charts and trends.
❓ Where are BTT tokens Stored?
Like any other cryptocurrency token, one can store it in cold storage or a software wallet like Metamask. If anyone buys the BTT token from the decentralized exchange, that will be directly stored in the wallet used. Whereas on buying from the centralized exchange, it will be stored in custodial storage.
❓ Should I make an investment in BTT Token?
The answer to this question depends on your own research and thoughts that you have about the Project. It is recommended that you do complete research before making any investment in any cryptocurrency project. Investment can sometimes lead to losses if not done incorrectly hence one need to be quite cautious.
❓ Can I buy BitTorrent coin with a credit/debit card?
You can buy BitTorrent coins with a credit or debit card on a crypto exchange. You’ll need to create a BitTorrent coin wallet for buying the BitTorrent coin