BitTorrent is the world’s largest distributed network platform with over 2 billion users. BTT is Bittorrent’s native coin, a TRC20 token built on the Tron blockchain network. Bittorrent is known for its torrent downloaders , Bittorrent android, Bittorrent web and Bittorrent classic. uTorrent is also part of the BitTorrent family.
BitTorrent’s price today is $0.001094, with a 24-hour trading volume of $14,987. BTT is -16.85% in the last 24 hours. It is currently -39.74% from its 7-day all-time high of $0.001815, and 3.62% from its 7-day all-time low of $0.001056. BTT has a circulating supply of 990 B BTT.
Let’s know more about BTT before learning how to buy BitTorrent Coin,
What is the BitTorrent Coin?
BitTorrent Coin (BTT) tokens empower the BitTorrent platform. uTorrent users can leverage BTT tokens for faster download speeds through the Bittorrent file system (BTFS). Users can also earn BTT for seeding. Seeding means uploading files for users downloading the duplicate files.
BitTorrent speed provides a platform with an easy to interact user interface that you can use to track your BTT tokens. The app is compatible with all BitTorrent clients, is free to use, and uses minimal computer resources.
The BitTorrent file system is made up of millions of nodes. It leverages the blockchain network by eliminating the single point of failure, lowering costs, and lowering the entry barrier. Distributed storage means files are backed on multiple servers, so it’s impossible to lose them.
BitTorrent acquired D.live, the largest E-sports blockchain streaming platform, in late 2019.
What is BTTOLD?
When BTTC mainnet launched on 12 Dec 2021, the developers also did a redenomination. They swapped old BTT (BTTOLD) to new BTT in a 1:1000 ratio. It will not change the market cap of BTT but it will change the amount you hold and the price. The swap from old to new depends on where you have your coins, if they are on an exchange that is supporting the change, then, they will be swapped automatically. If you are holding anywhere else, you will be able to swap your old tokens in the BTTC app. Everything is explained in this Medium article.
BitTorrent chain is the new BitTorrent protocol that enables interoperability between different blockchains by using side chains. This has resulted in the migration from BTTOLD to BTTNEW/ BTTC. BitTorrent is offering BTT: BTTC swap at the ratio of 1:1000. Some exchanges that trade Bittorrent have automatic swaps for BTTC and BTT. BTTC token still runs on the Tron blockchain.
BTTC features include:
- Fast transactions up to 7000 per second.
- Low transaction fees, <$0.01 transaction fee
- EVM, Tron, and Binance chain compatibility.
- Block confirmation within 3 seconds.
- One-click swap of smart contracts.
Where can you buy Bittorrent Coin?
The following are crypto exchanges where you can buy BitTorrent:
- Huobi global – started in 2013, Huobi global is allowed in over 130 jurisdictions with over 5 million users
- Gate.io is user-friendly and offers advanced charts for its users; the platform maintains a firm stand against market manipulation.
- Binance- available for investors in Australia, Singapore, UK, Canada, and Internationally. Binance is not available for US residents.
- KuCoin – access to US residents and is more open to listing new, 300 coins to date.
- Poloniex -the platform offers spot and margin trading with over 230 trading pairs. As of October 2018, US residents could not trade on Poloniex.
These cryptocurrency exchanges have high confidence trading volumes, with all of them offering trading pairs against USDT. Binance abbreviates Bittorrent token as BTTC.
Factors to consider when buying a BTT token
The following factors are a guideline to considerations to make before buying BTT.
- Deposit/ Withdrawal Fees -Most platforms offer free deposits to attract more users. Withdrawal fees, however, vary. Make a note of the withdrawal networks provided by the cryptocurrency exchange.
- Trading fees – These fees add to the buying cost of BTT. Some exchanges offer discounted prices for holding their tokens, while others provide tiers based on trading volumes.
- Slippage – high slippage rates result in buying expensive, especially on exchanges with low liquidity. Have a preference for exchanges with high liquidity.
- Regulation – The acceptance of cryptocurrencies by various jurisdictions has significantly hindered their growth. Check to see whether the exchange is registered to operate in your jurisdictions. This also helps to filter out scam projects, and rug pulls.
- Volatility -the price of BTT is highly volatile, with daily price changes of up to 30%.
- Utility – the use cases of BTT tokens and whether they resonate with you
- Community – check their community on Telegram, Twitter, and Medium. High community involvement resonates with high growth potential projects.
- Roadmap – check the project’s roadmap. This helps get a picture of what the team is doing and their achievements.
- BTT Price Prediction – check what other crypto enthusiasts and investors talk about BTT and its price forecasts.
How to buy BitTorrent Coin securely
The cryptocurrency world is highly unregulated, and as a result, it has become a hot spot for crypto scams and rug pulls. Here are a few precautions to adhere to when buying crypto-assets/ Bittorrent.
- 2FA – these act as a second layer of protection to your account. Many exchanges have made it compulsory to have 2FA in your reports. 2FA is secret passcodes sent to your email, phone, or app authenticator.
- Cold storage – an example is Ledger Nano, a hardware wallet that stores your tokens offline. This way, your tokens are not vulnerable to online attacks.
- KYC – completing KYC/AML guidelines as required by centralized exchanges. These measures help curb fraud and money laundering.
- Official communication channels – only use official channels when seeking assistance; at no point should you share your password or private keys.
- Strong passwords – a good password should not be repeated, with at least eight characters consisting of alphanumerics and symbols.
- Safe browsing – avoid fishy websites or using public wifi.
- Never share your debit card details, private keys, or account password. You will lose your money.
How to buy BitTorrent Coin on Binance in 3 Steps
Binance is the largest cryptocurrency exchange in the world by daily trading volume. Binance has low trading fees of 0.1% per transaction. Buying Bittorrent and trading Bittorrent is quite a straightforward procedure on Binance.
So how do you go about buying BTT on Binance?
Step 1: Create Binance Account
- Visit the Binance website and sign up, or log in if you already have an account
- Verify your account. To verify your Binance account, you will be required to download the Binance app to complete KYC. This involves uploading a verification document and a selfie. You can proceed to verify your proof of address to increase your trading and withdrawal limits
Step 2: Fund Binance account
There are several ways to fund your Binance account i.e.
- Deposit crypto from an external crypto wallet that supports Bittorrent
- buy crypto using a credit or debit card
- buy crypto through the Binance peer-to-peer (P2P) platform.
Step 3: Buy BTT
Trading pairs against BTTC on Binance are USDT, BUSD, USDC, and TRY. To purchase BTTC, you need any one of the tokens. Here is a stepwise process to purchase BTTC using BUSD. Ensure you have BUSD in your spot wallet.
- Hover on the ‘Trade’ tab on the Binance homepage, and on the drop-down list, click ‘SPOT.’’
- On the right side of the Spot trading platform, type ‘BTTC’ on the search box and select the ‘BTTC/USD’ pair.
Below the chart, on the new page, is the BUY/SELL interface.
- On the ‘price’ box, enter your desired price and amount on the ‘amount’ box.
- Click ‘BUY BTTC.’
- You can use the ‘Market’ tab to buy at market price and ‘Stop-limit’ for a more advanced buying option.
After a successful purchase, the BTT coins should reflect on your spot wallet. You can stake your BTT tokens to earn passive income on Binance with APY as high as 25.19%.
How to swap BTTOLD for BTTNEW
The method to swap BTTOLD for BTTNEW/ BTTC depends on where you are holding your tokens. If you hold on to hardware wallets, you have to do the process manually, and if you hold on to exchanges, you might have to send a ‘support ticket’ for assistance.
- Visit the Bittorrent chain wallet website and connect your wallet. Click ‘Connect wallet.’
- Click ‘BTT Redenomination’ on the navigation bar at the top of the page.
- In the ‘amount to swap,’ enter the number of BTTOLD tokens you want to swap for BTTNEW.
- Click ‘Confirm Swap.’
- Approve and sign the transaction from the new pop-up.
BTT old will be sent to a burn address, and you will receive BTTNEW. BTTNEW cannot be swapped for BTTOLD. The swap ratio is 1:1000.
BTT contract address:TAFjULxiVgT4qWk6UZwjqwZXTSaGaqnVp4
Swap on Exchanges
A majority of Exchanges trading BTTOLD have made a provision or announcement on how to get BTTC.
These two ways are:
No action is needed from your side. The exchange automatically swaps your BTT. This is possible because the funds are held in a non-custodial wallet.
Follow the procedure given by your exchange or manually withdraw and swap on your Bittorrent wallet.
Note that the exchange can support only one of the tokens.
Advantages of buying BitTorrent
- BTT tokens leverage faster torrent download on the BitTorrent file transfer system.
- It is cheap; therefore, it is more accessible for its value to double compared to expensive coins like Bitcoin and Ethereum.
- Environmentally friendly when compared to proof of work tokens like Ethereum and Bitcoin.
- You purchase BTT and stake it for passive income.
- BTT grants its users are voting rights to pass changes proposed for Bittorrent.
- It is supported by hardware wallets and online wallets like ledger nano and atomic wallets.
- BitTorrent has a vast user base with a lively community.
- Low transaction fees and fast settlement compared to Bitcoin and Ethereum on most exchanges.
Risks of buying BitTorrent
- Decentralized protocols are highly unregulated and pose a high risk to investors.
- BitTorrent is highly volatile; it’s nearly impossible to predict prices accurately.
- Its low market capitalization makes it an easy target for price manipulation by crypto whales.
- The value of Bittorrent heavily relies on market speculation and crypto news such as new regulations.
- If you lose your hardware wallet private key, you lose all access to your account.
- Bad actors verifying the Tron blockchain can result in slashing of your staked coins.
Should you buy BitTorrent Coin?
Yes. BitTorrent has a thriving community with over 2 billion users and more than 200M wallets. You should, however, note that cryptocurrencies are high-risk investments, and you should conduct independent research before you purchase on cryptocurrency markets. This is not investment advice.
FAQs about BitTorrent Coin
Is Bittorrent illegal?
No, however, people can make illegal downloads or uploads on the platform (Piracy).
How is Bittorrent different from uTorrent?
Bittorrent is faster than uTorrent. This is because users are incentivized to provide better services on BitTorrent. BitTorrent also has 0 ads.
Who is the founder of the Tron Foundation?
Justin Su is the founder of the Tron network.
How do I get Bittorrent on uTorrent?
Download and install the latest version of uTorrent.
Which OS supports Bittorrent?
BitTorrent is available on all operating systems.
How much BTT do I earn for seeding torrents?
The amount of BTT you earn by seeding is not fixed and depends on file demand, network strength, and bandwidth.
How do I swap BTTOLD to BTT?
Please check if you can find the answer in this FAQ but as discussed, here’s how it should be:
- Your portfolio value will remain the same at the time of conversion
- If you have 300k you will get 300M new btt
- New BTT value will start trading at currentValue/1000