www.banklesstimes.com

Invest in BitTorrent in 2022

Last updated 30th Nov 2022
Disclosure

BitTorrent (BTT) is a utility coin built on the Tron blockchain that powers the popular decentralized file sharing platform.

The BTT coin is bought and spent by users wanting to increase their download speed, and hosts get BTT as a form of compensation for maintaining the system.

This guide is intended to teach you everything you need to know about how you can invest in BTT coin, what some of your best options are, and how it all works.

Step into this journey with us as we take a look at the world of buying and investing in the BTT coin.

Best way to invest in BitTorrent in 2022

There are multiple methods through which you can invest in BitTorrent or the BTT coin in 2022.

We have provided you with a list of some of the best options you can find today.

1
eToro
Minimum Deposit
$10
Exclusive Promotion
User Score
10
More than 3,000 assets, including currencies, stocks, cryptocurrencies, ETFs, indices and commodities
Buy crypto, or trade cryptocurrencies via CFDs
This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

What is BitTorrent

BitTorrent is a protocol that enables peer-to-peer file sharing. Files that are uploaded to the network are split into smaller pieces and stored by different hosts. When someone wants to access a file, the protocol connects up the pieces from multiple providers and delivers the content in a quick and efficient manner.

BTT was an expansion of this BitTorrent system which introduced compensation for those who were hosting the files.

This means that requesters could now offer BTT coins to a provider in order for the local resources they are hosting, and this is not limited to just files, but bandwidth as well, or even storage for remote backups.

At the time of writing, BitTorrent has a market cap of $2,300,000,000, with a circulating supply of 659 billion BTT coins.

Pros

  • BitTorrent has a large user base

  • It enables users to download files faster when they spend just a small amount of BTT coins

  • There is an excellent, long-existing community backing the project

Cons

  • BTT is generally seen as an overvalued coin

  • Some members of the crypto community have negative views of the Tron blockchain and related apps.

How does BitTorrent Work

BTT or the BitTorrent coin serves as the cryptocurrency required for users to get access to specific features within the network. Its main role is to be the central coin that powers the entire ecosystem.

The protocol is built on top of the Tron blockchain to maintain a record of all of the BTT transactions that occur on the network.

Those who are seeking a file can purchase higher bandwidth using BTT coins for faster downloads. Those hosting the files get paid in the tokens which they can then sell for fiat currency.

To do this, a payment channel needs to be created on the Tron blockchain in order to facilitate the micropayment process.

When you download or upgrade to a new version of BitTorrent, µTorrent Web, or µTorrent Classic, the torrent software will provide users with a BTT wallet.

To benefit from these features, all you need to do is store BTT in your wallet. The protocol does the rest itself.

This integrated wallet will secure your BTT balance, which can then be sent to other wallets.

Furthermore, BitTorrent can take advantage of Tron’s ability for smart contracts and create a variety of decentralized applications (dApps) which are meant to enhance its services.

The aforementioned BitTorrent Speed, for example, is a feature that users who are requesting files can utilize to increase their bandwidth and download speed.

Ways to buy BitTorrent

The BitTorrent (BTT) coin can be purchased in a wide range of ways.

You can use cryptocurrency exchanges, P2P marketplaces, or in-person trading to get started.

  • Cryptocurrency Exchanges – Exchanges provide you with some of the most varied selections of cryptocurrency tokens. That said, BTT is available in many of them, but unlike a brokerage, the market sets the price of the token.

  • P2P Marketplaces – Then there are peer-to-peer cryptocurrency marketplaces, which essentially connect you directly with a seller that wants to sell the BitTorrent (BTT) balance that they already have. This seems like a fitting way to buy BTT, as the software itself works peer-to-peer.

  • In-Person Trading – You essentially meet a person in the real world and coordinate everything eye-to-eye, after which they send you the cryptocurrency to your wallet.

Here is everything you need to know about buying BitTorrent (BTT) on most cryptocurrency brokerages or exchanges:

  1. With this first step, all you really need to do Is sign up for an account, assuming that you do not have one already, on many cryptocurrency brokerages or exchanges. Then you can log into your account and follow the next step.

  2. The next steps involve you funding your account. Typically, you will need to fill your brokerage or exchange account with some USD, EUR, or GBP, depending on how the exchange or brokerage works; however, most of the time, it is in USD. Once the account is funded, you should see the balance updated.

  3. The final step involves you looking up the BitTorrent (BTT) coin, after which you need to click on “Buy.” Once the transaction is confirmed and completed, you should now see your account balance have the BTT coin.

How to invest in BitTorrent

Investing is usually a longer-term strategy than say, trading. However, many of the platforms you would use are similar, if not the same.

Below is a list of all your different options:

  • Exchanges. Exchanges are an excellent option for trading as they offer you access to the market directly, and as such, you will typically find a lot more charts, graphs, and other useful tools.

  • Apps. There are also many specific cryptocurrencies trading and investing applications that will provide you access to the BitTorrent (BTT) coin, which you can use on the go.

Is it safe to invest in BitTorrent right now?

BitTorrent is a popular protocol used by many users on the internet. It has an existing user base with a strong and talented development team. This gives it good potential to rise in value in the future. However, cryptocurrency markets are volatile and prices may swing significantly in relatively short periods of time.

Remember to only invest what you can afford to lose and follow all security measures to the best of your ability.

Khashayar Abbasi

Khashayar Abbasi

Khashayar discovered Bitcoin back in 2014 and has since spent countless hours researching the different use cases of cryptocurrencies. He has a bachelor's degree in International Relations and has been a writer in the financial services industry for nearly half a decade. In his spare time, Khashayar enjoys photography, cycling, and ice skating.