BitTorrent (BTT) is a peer-to-peer file-sharing protocol built on the Tron blockchain and used to reward seeders as well as a payment method to improve BitTorrent's speed for downloads.
The BitTorrent network is very popular globally among those who share songs, videos, and files. While major exchanges have listed BTT, it’s not among the top altcoins so is BTT a worthwhile investment? This guide explores BTT, and how to buy it.
Best Ways to Buy BitTorrent Coin in 2023
Many cryptocurrency platforms offer BTT. We have assessed different brokers, and here are our top recommendations:
What Is the Difference Between Buying and Trading BitTorrent (BTT) Coin?
There are two primary ways to obtain BTT coins; buying and trading. Below we've outlined the difference between the two methods.
Buying BTT: Involves exchanging fiat currency (such as USD, GBP, and EUR) or cryptocurrency for BTT tokens.
Trading BTT: involves speculating the price movement of BTT, usually via contract for differences (CFDs) or spread betting. Another way to trade is through speculative buying and selling on exchanges.
How to Buy BitTorrent Coin Online
You can buy BitTorrent (BTT) on centralized and decentralized exchanges. The most popular options are Binance, Okex, Bittrex, and KuCoin.
Here’s a step-by-step guide on how to buy BitTorrent coins online:
Step 1: Find a Wallet to Store your BTT Tokens
Step 2: Select a Suitable Exchange
Step 3: Fund Your Account
Step 4: Execute the Trade
How to Trade BitTorrent (BTT)?
Here’s a step-by-step guide on how to trade BTT coins online.
Step 1: Find a Suitable Broker
Step 2: Fund Your Account
Step 3: Decide How to Trade
Step 4: Execute the Trade
What Are the Different Ways to Pay for the BitTorrent Coin?
Exchanges and crypto brokers accept different payment options for the purchase of BTT tokens. Bank transfers, credit and debit cards are the more mainstream options.
Credit cards are issued by financial institutions and used against a line of credit for making purchases. Check with the card issuer before trying to purchase BTT with your credit card.
Some crypto platforms readily accept Visa and Mastercard credit cards. We recommend that users purchase BTT from reputable crypto platforms only. Other shady platforms may steal your card information or lose it through security breaches.
Purchases are treated like cash advances on some credit cards, which eventually attract high interest. Consider also the high fees charged on credit card purchases.
Fees can range from 1%-5% depending on the exchange and card you use. On average, purchasing cryptocurrency with a credit card adds one-eighth to the total cost.
Financial institutions offer debit cards that are linked to a bank account. The account linked to the debit card has money, unlike credit cards. Most platforms accept Mastercard and Visa cards.
Paypal is a global financial company that facilitates online payments. Currently, Paypal supports the purchase of four main cryptocurrencies on its platform; however, the BitTorrent coin is not among them.
Traders can send money to an exchange and purchase a cryptocurrencies like Bitcoin or Ethereum. Traders can also send BTC to an exchange like Binance and swap it with BTT tokens. Other platforms like Huobi Global provide PayPal as a payment option for BTT tokens.
Neteller is an online payment company that offers a digital wallet, payment gateway, and remittance services. Crypto platforms like Kriptomat offer Neteller as an option to buy BitTorrent (BTT) tokens.
What to Consider When Buying BitTorrent Coin?
Many investors buy cryptocurrency due to sentiments or fear of missing out. Consider the following factors before purchasing BTT tokens.
Deposit Fees: Fees are a significant factor for investors because they add to the cost of purchase. Depending on the business model of the exchange, deposit fees vary widely. Most exchanges offer free deposits as a way to incentivize users. Depositing other cryptocurrencies like Ethereum or BTC is usually free.
Trading Fees: Trading fees also vary across crypto platforms. There may be fixed fees based on preset tiers having ranges in the amount. Other platforms charge fees as a percentage based on the 30-day trading activity of an account. Fees are designed to encourage large volume trades.
Volatility: Market volatility refers to the speculation of crypto prices, which may sometimes move a lot.
Regulations: When buying BTT tokens, consider tax obligations. This will largely depend on your jurisdiction. Taxes may also be charged depending on how long the investor has held the BTT tokens.
Long-term Holding (HODL): Investors usually hold onto tokens like BTT if they believe in the project and its value. Before deciding to hold onto the BTT token for the long term, verify its roadmap and the community activity.
Short-term Holding: This refers to holding your BTT assets within one year before selling them. Before deciding to hold BTT in the short term, make sure you understand price actions, market sentiments, and risk management.
Is It Safe to Buy BitTorrent Coin Online?
Two-factor Authentication: Most platforms provide 2FA as an additional step to secure accounts. One-time codes are sent to the phone number or email for authentication. This typically comes after email /password verification. Google authenticator may also be used.
Storing BTT Safely: After you complete the purchase of BTT tokens, you are required to store the private key safely. This can be done by transferring the tokens from the exchange to a wallet. Many hot wallets are free and downloadable but do not provide the best security. A hardware wallet like Ledger Nano S is a USB-like device that is always offline and provides the best security.
Getting Help from Official Sources Only: There is a danger in getting assistance from unofficial sources. Scammers across online platforms like Facebook and Quora may compromise your account or steal your BTT tokens.
Passing Only Necessary KYC: We recommend entering only the mandatory information required to complete the process.
Use Strong Passwords for Your Hot Wallet: If you decide to store your BTT tokens on an online wallet, use complicated characters to guarantee a strong password. Activate 2FA if available.
Use a Secure Internet Connection: Avoid accessing your wallet or exchange account using public wifi.
Never Give out Your Private Keys: If someone has access to your BTT keys, they can easily get access to them.
How to Store BitTorrent Coins?
After purchasing, BitTorrent (BTT) tokens are stored in a digital wallet meant to keep your assets secure. Crypto platforms provide custodial wallets where your tokens are deposited once you complete the purchase.
Note that exchanges do not normally provide token security. In case of a security breach, you may lose your BTT assets.
A crypto wallet is the best way to store BitTorrent coins. There are different types of wallets available:
Hot Wallets: These are wallets designed to operate online. They are hosted on regular devices such as smartphones, tablets, and computers. We recommend storing only a small amount of your crypto assets in hot wallets. Prime examples include Lumi and Exodus wallets.
Cold Wallets: These are wallets that store your BTT tokens offline (cold storage), unlike hot wallets. Experts recommend these wallets as the safest way to store your crypto assets, especially if you have a significant amount. The private key and wallet address are stored offline. This limits the chances of accessing your wallet or stealing your private keys.
How to Sell BitTorrent Coin?
BTT tokens owners can sell their assets online via exchanges and brokers, just like you would with other cryptocurrencies. Offline deals can be struck with anyone who wishes to purchase your BTT tokens.
Exchanges: Exchanges are the most popular way to cash out your BTT tokens. Exchanges like Binance and Huobi Global are exchanges where investors can do spot trading. The tradeview gives them real-time prices and other trading indicators.
In most cases, you will have to convert your BTT to a stablecoin like USDT or core crypto like BTC. You can then go ahead and cash out the BTC or USDT.
Brokers: There are two ways investors can sell their BTT tokens to brokerage firms.
Using trading instruments such as CFDs.
Selling BTT assets directly on the market.
CFDs allow investors to leverage their BTT portfolio for greater exposure. Traders should understand the risk before using CFDs.
Selling BTT in Person: Traders can seek willing buyers in BTT meetups or reputable forums like BTT online communities. Sell your BTT for cash. To guarantee safety, it is best to seek the services of an escrow service. After the price agreement, conduct the trade in a public place where security is assured.
Should I Buy BitTorrent Coin Right Now?
There is some consensus that BTT’s price rise will continue to rise further and may hit $0.007 very soon.
Final Thoughts on Buying BitTorrent Coin (BTT)
BitTorrent coin is the native token of the P2P file-sharing BitTorrent service. Investors can buy and sell BTT tokens on major cryptocurrency platforms globally. The outlook for BTT currently looks bearish in the short term. Prices may ride on the current upward momentum in the crypto market.