How to Buy BitTorrent (BTT) Coin – A Detailed Guide

ByIyanu Taiwo Last Update on

BitTorrent is one of the oldest and most popular peer-to-peer file sharing protocols in the world. Created in 2001, BitTorrent revolutionized the way people share files on the internet by allowing users to directly connect to each other to upload and download content, rather than relying on a central server.

In 2018, BitTorrent was acquired by TRON founder Justin Sun for $140 million. This represented a major milestone, as Sun aimed to tokenize BitTorrent and introduce blockchain technology to the platform.

The BitTorrent (BTT) token was launched in early 2019 through an initial coin offering (ICO) that raised over $7 million in a matter of minutes. BTT is designed to facilitate faster downloads and better incentives on the BitTorrent network.

As BitTorrent continues to integrate blockchain technology and sees increasing adoption, interest in purchasing BTT has grown significantly. But how exactly can you buy BTT coins?

In this complete guide, we will cover:

  • What is BitTorrent and how it works
  • The history of BitTorrent and the BTT token
  • Step-by-step instructions for buying BTT coins
  • Where to store BTT safely
  • The long-term outlook for BitTorrent and BTT

By the end, you’ll have all the information you need to confidently buy, store and invest in BTT coins.

What is BitTorrent?

BitTorrent is a popular peer-to-peer file sharing protocol used to distribute and download large files such as movies, games, and software. Rather than downloading a file from a single central server, the BitTorrent protocol allows users to connect directly to each other to simultaneously upload and download file fragments.

This distributed approach allows files to be transferred much faster, reducing the strain on any individual node in the network. Additionally, it incentivizes users to remain in the system after their download completes in order to let others download fragments from them.

The BitTorrent ecosystem revolves around torrent files and trackers. A torrent file contains metadata about the files to be shared, including their names, sizes, folder structure and cryptographic hashes of all file fragments. Torrent trackers help coordinate file transfers between users.

How Does BitTorrent Work?

When a user wants to share files using BitTorrent, they create a torrent file and distribute it to others. This torrent file is opened using BitTorrent client software, which connects to the tracker servers and begins locating "peers" to download the file fragments from.

  • Peers who have already downloaded the full file are called "seeders." They upload fragments to other peers.
  • Peers who are still downloading fragments of the file are called "leechers." They download fragments while also sharing the parts they‘ve already downloaded.

Thanks to this reciprocal sharing model, download speeds increase as more peers join the swarm. BitTorrent’s architecture effectively takes bandwidth load off the original seeder and distributes it across the network.

Decentralization Through Blockchain

While BitTorrent is decentralized by design, its trackers have traditionally been centralized servers operated by BitTorrent, Inc. This presented limitations in network speed, efficiency and censorship-resistance.

By integrating blockchain technology, BitTorrent aims to fully decentralize peer coordination as well. File metadata can be stored on chain, while transactions in BTT tokens facilitate bandwidth sharing without centralized oversight.

Several decentralized applications (DApps) have already launched to demonstrate these capabilities, including BitTorrent Speed for faster downloads and BitTorrent File System (BTFS) for paid, distributed file storage.

History of BitTorrent

BitTorrent’s journey from niche file sharing application to mainstream adoption has been almost 20 years in the making. Originally created by software engineer Bram Cohen, let’s walk through some key events:

2001 – Bram Cohen begins working on the BitTorrent protocol as a faster alternative to existing P2P networks.

2002 – Cohen founds BitTorrent, Inc. and finalizes the first implementation of the BitTorrent protocol.

2003 – BitTorrent client software is open-sourced, allowing the protocol to be improved through community collaboration.

2006 – BitTorrent reaches widespread popularity for downloading movies, games and software. Network traffic accounts for over half of all internet traffic globally.

2018 – TRON founder Justin Sun acquires BitTorrent for $140 million, with aims to tokenize the network.

2019 – The BTT token sale raises $7.2 million in 15 minutes. Native BTT integration begins across BitTorrent apps.

2021 – BitTorrent Chain mainnet launches BitTorrent Speed v2 and BitTorrent File System (BTFS) to further decentralize the network.

With accelerating development of the BitTorrent Chain ecosystem, the file sharing protocol is now in a strong position to build on its massive user base and finally unlock the potential of web3 technology.

What is BitTorrent (BTT) Coin?

The BitTorrent (BTT) token is the native cryptocurrency of the BitTorrent peer-to-peer network. Its primary use case is to incentivize bandwidth sharing across the platform. Users pay or earn BTT tokens in return for uploading and downloading files.

The introduction of BTT represents the first step towards decentralizing BitTorrent through blockchain integration. TRON acquired BitTorrent in 2018 precisely for its large user base and immense potential to demonstrate blockchain scalability.

There are several key benefits provided by the BitTorrent token:

  • Faster Downloads – BTT can be spent to prioritize downloads with higher bandwidth allocation from file seeders. The BitTorrent Speed dApp implements this.

  • Longer Seeding – Earning BTT gives users an incentive to keep distributing files even after their download finishes, ensuring sustainability.

  • Decentralized Infrastructure – BTT facilitates the emergence of DApps and smart contracts to coordinate file sharing autonomously, without centralized servers.

As more utility flows into BTT, the token economics are designed to capture increasing value accordingly. The total BTT supply is capped at 990 billion.

How to Buy BitTorrent (BTT) Coins

While interest in the BTT token is rising fast, it’s still a relatively new altcoin. That means BTT availability is primarily limited to crypto-first exchanges for now.

You cannot buy BTT directly with fiat currency as you might with more mainstream coins. However, it only takes a couple quick steps to acquire BTT coins:

Step 1: Purchase Stablecoin or Bitcoin

Because most exchanges don’t support fiat/BTT trades, you first need to own cryptocurrency to exchange for BTT. Leading options include:

  • Buy Bitcoin (BTC) through an exchange that accepts debit/credit cards or bank transfers, like Coinbase.
  • Buy USDT stablecoin tokens using your local currency. USDT maintains parity with USD but exists on multiple blockchains.
  • Buy TRX, the native token of the TRON blockchain, which often has direct trading pairs with BTT.

Step 2. Transfer to Exchange Listing BTT

The most liquid exchange for trading BTT tokens is Binance. You’ll need to register for a Binance account before withdrawing crypto you purchased to it.

Some other exchanges also list BTT tokens with decent liquidity:

  • Huobi Global – Supports USDT/BTT and BTC/BTT trading pairs
  • OKX – Trade USDT or BTC for BTT tokens
  • KuCoin – BTT purchases through USDT or BTC

Ensure the crypto you purchased is compatible for deposits with the exchange you choose. Then withdraw it there so you can trade for BTT next.

Step 3. Trade for BTT

Once your crypto funds arrive on your preferred exchange, navigate to the BTT market to preview current prices and available trade pairs.

Then it‘s as simple as placing an order to buy BTT at the current market rate, or setting a limit order if you want to patiently wait for potential dips.

And with that, you‘ve now successfully purchased BTT coins! Be sure to withdraw them to a secure BTT-compatible wallet rather than leaving them on the exchange long term.

How to Store BitTorrent (BTT)

Because BTT is a BEP-2 token issued on Binance Chain as well as a TRC-10 token on TRON, you have a couple options for storage:

BTT-Supported Wallets

  • TronLink browser extension or mobile wallet
  • Trust Wallet mobile app
  • Atomic Wallet desktop and mobile app
  • Guarda Wallet browser extension, mobile or desktop app

These support both BEP-2 and TRC-10 forms of BTT, providing flexibility to interact with Binance Chain and TRON DApps. Make sure to use the version compatible with your device type.

For optimal security, consider a hardware wallet like Ledger or Trezor paired with the above software options. These keep keys in cold storage while still allowing transactions.

Exchange Wallets

Leaving BTT in an exchange wallet long-term is risky due to exchange security breaches. But some exchanges like Binance offer solid custody solutions if you actively trade your holdings. Just beware of withdrawal delays and fees.

Paper Wallets

For ulta-secure storage without any digital exposure, you can generate BTT paper wallet addresses to send holdings to. Simply record the alphanumeric address and QR code on paper to store value completely offline.

No matter your choice, proper key management is essential. Make sure only you control access by keeping private keys and recovery phrases secret.

The Future of BitTorrent and BTT

Looking ahead, BitTorrent maintains incredibly strong brand recognition and network effects to build on. The protocol handles an enormity of global internet traffic, demonstrating real-world usage at scale.

Now introducing blockchain and decentralized coordination opens up even more transformative potential. As file storage and bandwidth resources become increasingly commodified, the appetite for paid services mediated by BTT represents a natural evolution.

And the project roadmap confirms that priority:

  • Enhancing download speeds through paid allocation
  • Expanding supply of cost-efficient, distributed storage
  • Gateways for easy fiat conversion to bootstrap network effects
  • Grants and incentives focused on business use cases

As this web3 infrastructure matures, it‘s reasonable to envision BitTorrent becoming as ubiquitous for decentralized storage and bandwidth markets as it already has for basic file sharing.

The BTT token remains central to this vision by capturing value from the network growth. Greater success translating to stronger hands could see BTT ride a speculative wave in future market cycles as well.

FAQs

Can I Buy BTT on Coinbase or Robinhood?

Unfortunately BTT is still too early in its adoption cycle to be supported on mainstream retail platforms like Coinbase or Robinhood just yet.

You’ll have to stick to crypto-first exchanges like Binance for direct BTT purchases. But if these eventually list the token once it proves more liquidity and regulatory standing over time, retail availability could vastly expand the investor base.

Is Investing in BTT Coins Risky?

Like any cryptocurrency, buying BTT tokens is a risky investment carrying speculative upside and potential for loss. The token value fluctuates considerably with sentiment around the broader crypto market.

However BitTorrent maintains a solid position thanks to a massive file sharing network demonstrating real world usage even before blockchain integration. This lends confidence in long-term staying power even if BTT suffers the volatility seen across altcoins.

Can BitTorrent Be Hacked?

The BitTorrent protocol maintains decent security properties through cryptography protecting file fragments. Without the full set, data is essentially scrambled.

However, malware poses a constant threat for file sharing networks, with some files containing viruses or spyware. Users should take care only to download torrents they trust, typically by finding credible discussions on the content from message boards.

Despite best practices, BitTorrent’s distributed architecture limits fallout from potential attacks. There’s no central server with keys or assets to compromise. Integrating enhanced coordination through smart contracts and blockchain should only compound this.

Conclusion

BitTorrent sits in an opportune position to bridge decentralized file storage and transfer to mainstream audiences. And the BTT token presents a vehicle for powering this next evolution by efficiently allocating resources across the network.

The roadmap clearly outlines the potential ahead, from richer seeder incentives to paid storage and bandwidth services.

By providing step-by-step instructions for purchasing BTT to hold or trade, you’re now equipped to become part of BitTorrent and blockchain’s future.

I am an online marketing specialist with 8+ years of experience in SEO, PPC, Funnel, Web and Affiliate marketing. My expertise as an online business and marketing specialist lies in helping individuals and brands start and optimize their business for success online.

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