How To Buy BitTorrent Coin in 2021

BitTorrent (BTT) is a peer-to-peer file-sharing protocol built on Tron blockchain and used to reward seeders as well as a payment method to improve BitTorrent 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 2021

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What Is the Difference Between Buying and Trading BitTorrent (BTT) Coin?

There are to 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 coin online:

Step 1: Find a wallet to store your BTT tokens.

Suitable wallets include Atomic wallet, Math wallet, and Satowallet.

Step 2: Select a suitable exchange.

Open an account and follow through with the KYC (Know Your Customer) verification. If you already have an account, log in.

Step 3: Fund your account

Deposit funds with fiat (such as USD, GBP and EUR) or a cryptocurrency of your choice, then search for BTT. With fiat currencies such as USD, you may need to purchase cryptocurrency or a major altcoin. These can be used to swap for BTT tokens.

Step 4: Execute the trade.

Select the number of BTT tokens or enter the amount you want to spend and confirm your purchase. Click on your account and check your wallet to ensure the transaction has gone through. 

How To Trade BitTorrent (BTT)?

Here’s a step-by-step guide on how to trade BTT coin online.

Step 1: Find a suitable broker.

Select a broker with low fees, commission, and high trading limits. Traders can check on these two popular brokers; eToro and Robinhood.

Step 2: Fund your account

Funds can be deposited into the account via bank transfers, credit cards, and debit cards.

Step 3: Decide how to trade.

Common methods include spread betting and contract for differences (CFDs). Beginners should first learn how to use these trading instruments.

Step 4: Execute the Trade

Set up a demo account and practice trading. Trading involves going long or short. Traders may decide to sell their BTT tokens early at a better price and hope to repurchase the tokens at a lower price, making a profit while at it. When you decide to hold your BTT tokens as an asset, this is termed as going long.

What Are the Different Ways To Pay for 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 Card

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.

Pros

  • Speedy transaction – Credit cards facilitate quick purchases
  • High-security standards – Credit cards bear different layers of protection

Cons

  • Spending limits – Banks and crypto platforms may impose limits on the amount of money you can spend buying BTT tokens.
  • Multiple fees – There are many fees associated with purchasing cryptocurrencies with credit cards. Some include commission fees, cash advance fees, and interest.
  • High risk – purchase via credit cards can lead to serious debt due to the high-interest rates.

Debit Cards

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.

Pros

  • Quick transactions – This is advantageous, especially when traders want to take advantage of volatile markets.
  • Ease of use – Linking debit cards and using them on an exchange or broker is simple.

Cons

  • Usage restrictions – Some banks do not allow the purchase of cryptocurrencies using a debit card.

PayPal

Paypal is a global financial company that facilitates online payments. Currently, Paypal supports the purchase of four main cryptocurrencies on its platform; however, 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 plartforms like Huobi Global provide PayPal as a payment option for BTT tokens.

Pros

  • Ease of use – PayPal is a user-friendly platform that is easy to use for people who like making online payments
  • Secure – It is a secure way to send deposits to the exchange

Cons

  • High fees – Paypal may experience high fees
  • Availability – Many platforms do not offer Paypal as a payment option.

Neteller

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.

Pros

  • It’s an easy to use online platform
  • Secure platform with several information security layers
  • There are many ways to fund the Neteller accounts.

Cons

  • Limited adoption – Not many
  • platforms provide Neteller as a payment option.
  • High fees – Neteller crypto purchases are associated with higher fees.

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 on the short term, make sure you understand price actions, market sentiments, and risk management.

Is It Safe To Buy BitTorrent Coin Online?

Safety will depend on the precautions you take when buying BitTorrent (BTT) and the measures put in place by the exchange. 

  • 2FA – 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 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 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.

  1. Using trading instruments such as CFDs.
  2. 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 by the end of 2021.

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.

FAQs

Can I buy BitTorrent coin in any country?

Yes, you can buy BitTorrent (BTT) in any country along with other cryptocurrencies. Traders can use global platforms like Huobi Global, Binance, and eToro to buy BitTorrent coin.

Is there a limit to how many BitTorrent coins (BTTs) I can buy?

No, there is no limit to the number of BitTorrents (BTT) you can buy.

Can I buy BTT without an ID?

Some methods such as Dex’s or in-person purchases make it possible to buy cryptocurrency without ID verification.

Can I buy BitTorrent coin (BTT) instantly?

Yes, You can buy cryptocurrency instantly in platforms like Huobi and Gate.io.

What is BitTorrent (BTT)?

BitTorrent coin is a decentralized utility token used for peer-to-peer file-sharing platform built on top of Tron network. After its acquisition, the BTT token was launched using a TRC-10 protocol (developed by Tron). It is a native token of the BitTorrent protocol used for powering applications and decentralized protocols (dApps) built on Tron blockchain.

How does BitTorrent and BTT work?

BitTorrent works by breaking files into multiple bits which can be easily downloaded from various hosts. The BTT token is used on the Tron blockchain / network to incentivize people who host files on their systems. The BTT token is also used as a payment method by those who want to increase BitTorrent speed download files quickly.