BitTorrent Coin (coin marker: BTT) is a TRC-10 utility token that powers the BitTorrent ecosystem. You can use BTT within the BitTorrent ecosystem to access and transact on Decentralized applications on the BitTorrent network, such as:
- BitTorrent Speed,
- BitTorrent File System, and
Besides, you can also trade them like Bitcoin (BTC) and Ethereum (ETH) on cryptocurrency exchanges.
BitTorrent is a decentralized protocol based on the Tron blockchain. The protocol allows you to share data and electronic files over the internet without a third party. You can earn BTT by contributing to the platform.
- Downloaders to access faster download speed in exchange for tokens
- Uploaders to earn financial incentives for storing, uploading, and seeding files from their computers
- Users to interact with other services within the BitTorrent ecosystem
How Does BitTorrent Work?
BitTorrent is a peer-to-peer protocol that allows users to download large files with minimal internet bandwidth. It uses the “tit-for-tat” principle. This means that for you to download files, you also have to upload the files for other users to download. The more you upload, the faster you can download files.
This principle creates a swarm which is a group of connected computers that are uploading and downloading parts of the same file. BitTorrent assigns most of the tracking tasks to a central server called a tracker to keep everything organized.
The tracker ‘tracks’ all the computers in the swarm, the parts of the file they are uploading, and helps other computers to download the parts they need. This way, users can download different parts of the same file simultaneously leading to faster download times.
Therefore, a swarm with more connected computers will create faster downloads than a swarm with a small number of connected computers.
Those who download from other computers are called “leechers” or “peers”. People who stay connected to the swarm after downloading files are called “Seeders”. “Seeding” means you are making the file available for other users to download.
To start a swarm, a user with the complete parts of the file must join the swarm. Other users (peers) will then join the swarm to download from that user.
Consider this example:
You click a URL for a movie you want to download. The BitTorrent Client software interacts with a tracker to locate a swarm. A swarm is a group of connected computers running BitTorrent that include computers with the complete movie (seeders) and portions of the movie (peers). There must be at least one seeder in a swarm.
The BitTorrent client software then uses the tracker to help you download portions of the movie from other computers simultaneously. This makes you a peer. After the download completes, you automatically become a seeder if you stay connected.
In exchange for seeding files from your computer, the client software will prioritize your future downloads. This means your downloads will be faster than those not seeding any file.
How the BitTorrent Coin (BTT) helps users to enjoy faster downloads and earn BTT
You can enjoy faster downloads by offering BTT in exchange for faster downloads. Here is how to do it
- Step 1 – Use torrent software that enables BTT
All the latest best versions of BitTorrent, µTorrent Classic, or µTorrent Web support BTT are equipped with BTT wallets. All you need to do is enable the wallet.
- Step 2 – Enjoy faster download speeds
When downloading files, BitTorrent Speed will offer BTT to other users in exchange for faster download speeds. This happens automatically, so you don’t have to do or learn anything.
- Step 3 – Earn BTT
You get rewarded with BTT if you seed your downloaded files. The wallet within your torrent software receives and stores the BTT. This happens automatically and begins the moment your torrent file finishes downloading. You can transfer the BTT out of your wallet at any time.
Exchanges you can buy and sell BTT
BTT is quite popular, so you’ll find it listed on many exchanges. You can get a complete list of exchanges that support BTT from the BitTorrent website. However, here is a rundown of the popular cryptocurrency exchanges that allow users to buy and sell BTT.
Most of the exchanges listed here allow users to purchase BTT with a debit card, credit card, or Bitcoin (BTC).
Binance: The First Choice for Purchasing BTT For Non-US Residents
Binance is one of the world’s most popular cryptocurrency exchanges. It started in China in 2017 but now operates as a Malta-based cryptocurrency exchange.
It offers far more coins and trading pairs than most cryptocurrency exchanges. Binance also features low fees for trading, withdrawal, and deposits. There are many deposit methods to choose from, including credit/debit cards, BTC, and bank transfers.
Unfortunately, Binance is unavailable to users whose I.P. (internet address) originates from the United States. If you want to buy BTT from the United States, consider other exchanges on the list, such as KuCoin.
That said, it is an excellent choice for people in the UK, Canada, Australia, Singapore, and internationally.
How to buy BTT on Binance
- Step 1: Sign up And Verify Your Account On Binance.
The sign-up process requires a few simple steps. But you will need to verify your profile before purchasing any coin on the platform. The entire process takes about 5 minutes to complete
- Step 2: Fund Your Binance Account With Fiat
You can fund your account by connecting to a bank account or using a debit/credit card.On the Binance homepage, click on “Buy Crypto” on the top menu bar.
From the dropdown menu that appears, select your preferred payment option. you can choose from any of the following options:
- Card deposit: This works as a p2p bank transfer or bank card transfer.
- Credit/Debit Card – You impute your card details to complete the transaction
- P2P Trading – Here, you are buying from other Binance users. This is not recommended for beginners.
- Step 3: Convert Fiat to USDT
Note: If you deposited any of the following currencies: EUR, TRY, BRL, or RUB, you can skip this step and move to step 4
The next step is to convert your funds to USDT; USDT works like the U.S. Dollar. It has a face value of 1 USDT: 1 U.S. Dollar.
- Step 4: Buy BitTorrent Coin with USDT or Supported Fiat
Now, you are ready to buy BTT. Select the “Markets” option on the top menu bar and search for “BTT”. Click on the trading pair that applies to your fund and make the purchase.
KuCoin: The First Choice for Purchasing BTT For USA Residents
KuCoin is a popular cryptocurrency exchange that started by offering only crypto to crypto trading. It has expanded its offerings to include credit or debit cards purchases and P2P exchange capability.
KuCoin offers BTT trading as part of its over 300 tokens supported by the platform. It is also an excellent choice for USA residents.
How to buy BTT on KuCoin
- Step 1: Sign up And Verify Your Account On KuCoin
Follow the simple sign-up process to create your account and verify your identity. This should take less than 10 minutes.
- Step 2: Fund Your Binance Account With Fiat
The next step is to deposit fat into your account. Navigate to “Buy Crypto ” on the top left corner of the screen and make your choice from the available payment options.
There are three options to choose from:
- Bank transfer: This works as a p2p bank transfer or bank card transfer.
- Credit/Debit Card: You input your card details to complete the transaction
- P2P Trading: Here, you are buying from other KuCoin users. This is not recommended for beginners.
- Step 3: Buy BitTorrent Coin
After selecting your payment option and putting your payment information in, simply choose BTT to complete your purchase.
Other Great Exchanges for Purchasing BTT
- Gate.io: Gate.io started in 2013, and it has grown to be a reputable trading platform. It is an excellent place for beginner and intermediate traders to invest in cryptocurrency and make trades. The trading platform is popular for its tolerance against market manipulation.
U.S. residents can trade on the exchange except those residing in New York and Washington State.
- CEX.io Crypto Exchange: CEX.IO is a British cryptocurrency exchange that started in 2013. It offers the lowest credit and debit card fees. You get a 50% discount on deposit fees if you deposit GBP. This makes them popular with U.K. traders and cryptocurrency investors.
It also allows users to use the platform without verifying their identities. There are over 4m registered accounts on the platform.
- Huobi Global: Huobi Global is China’s biggest cryptocurrency exchange and one of the biggest exchanges in the world. It is a great choice for residents in Asian countries. That is because it offers a well-designed trading platform equipped with trading charts and other tools to assist technical traders. Furthermore, it accepts more than 50 fiat currencies and has fair trading fees.
- Poloniex: Poloniex is a U.S. altcoin exchange that started in 2014. It functions as a KYC-free trading platform. That means you don’t have to verify your identity to use its impressive offerings. It also offers an easy-to-use mobile application and excellent customer support.
- Bittrex: Bittrex is an excellent choice for traders who want to explore tokens with small market caps. The fees are high initially, but those with high monthly trading volumes can use the platform with zero fees! It is easy to create an account, and you can make deposits using your debit and credit cards. There is also a great mobile app for those who prefer to trade with mobile devices.
Where to store BTT tokens
There are four options to choose from when it comes to storing your BTT tokens. These are:
- Exchange wallets
- Torrent software wallets
- Hot wallets
- Cold wallets
Click here to see the complete list of wallets that you can use to store BTT.
Any exchange that supports BUT can also be used to store BTT. However, it is often a bad idea to keep your coins in an exchange wallet unless you are a day trader.
Torrent software wallets
The recent versions of BitTorrent, µTorrent Classic, or µTorrent Web provide BTT wallets to store any BTT you receive for seeding torrent files. You can choose to leave your tokens there to exchange for faster download speeds or transfer them to another wallet.
Wallets on devices connected to the internet are called hot wallets. There are many hot wallets that you can use to store BTT. However, the best ones are TronLink and Guarda Wallet.
- TronLink: TronLink is an open-source wallet developed and maintained by the Tron community for the TRON ecosystem. It was formerly known as TronWallet. TRON founder Justin Sun has officially recommended the wallet for TRON users.
It is available for all Android smartphones and iPhone users and as a Chrome browser extension. You can use the wallet to buy and store TRX, TRC-10 (including BTT), and TTC-20 tokens. The wallet also supports BitTorrent airdrops and staking BTT.
- Guarda Wallet: Guarda Wallet accepts tokens from 45 different blockchains. It is a great choice if you want to store other tokens alongside your BTT. The wallet also includes a ChangeNOW-powered built-in exchange tool that you can use to swap your tokens.
You can swap BTT for other tokens and vice versa. You can also purchase tokens, including BTT, from the app. Furthermore, It supports BitTorrent airdrops. Guarda wallet is available in desktops, mobile and browser versions. They have a 24/7 support team to help resolve any issues.
Cold wallets are wallets that store your private keys offline. This makes them a better option, security-wise, than hot wallets.
When it comes to hardware wallets, the two most popular choices are Ledger Nano S and Trezor One.
- Ledger Nano S: Ledger Nano S supports over a thousand crypto assets, including BitTorrent Coin. All you need to do is purchase one and link it to your computer or mobile phone by installing the official GUI. You can receive BTT airdrops and stake Tron tokens as well. You only need to use the wallet when you want to transfer crypto-assets.
- Trezor One: Trezor is another great choice for people who want the utmost security for their crypto assets. Trezor can be used to store many assets, including BTT.
How To Earn With Your BTT Tokens
There are two ways BTT token holders can earn more BTT. these are:
How to stake BTT using DLive
You can use the BTT Stake System on DLive to earn rewards for holding BTT. To do this, you need to install the TronLink Browser Add-on / Extension on your computer. You should only download this extension from Tron Link’s official website.
After installing, log into the browser extension and ensure it runs with both BTT and TRX balances available in your wallet.
Step by Step Process of Staking BTT On DLive
- Visit the stake page on DLive and select the “Stake In” option. You will be prompted to enter the amount of BTT token you want to stake and then click “Stake In.”
- You have to confirm the transaction by clicking the “CONTINUE” button in the dialogue box that appears. This will begin the staking in the process.
Note: You need to have both BTT and TRX in your TronLink wallet to stake and “energy” for the transaction. You will be charged a TRX transaction fee if you do not have enough Energy.
- After you’ve clicked continue, your TronLink extension will prompt you to confirm the transaction. You should do so by clicking “Accept.”
- After confirmation, you will be returned to the Staking page. A dialogue box will appear to show the transaction is taking place. The staking process can take up to 5 minutes to complete. You can check the status of the staking process by clicking “CHECK TRANSACTION.”
Note: it takes a few seconds for the transaction to show as pending when you visit the transaction page. If it doesn’t show, refresh the page.
- When the skating process is completed, your staked tokens will be visible on DLive (after you refresh the page).
How to Claim BTT Rewards
- To claim your BTT rewards for staking, visit the stake page on DLive and hit the Claim button.
- Press “CONTINUE” in the dialogue box that appears and “Accept” in the popup that appears next in your TronLink extension. The transaction can take up to 5 minutes to complete.
- You will see your BTT rewards in your TronLink Wallet when the transaction is successful.
How To Stake Out Your Staked BTT Token
You can withdraw your staked BTT tokens after 14 days. During that 14 day staking period, you cannot stake or stake out any other token.
To stake out,
- Visit the staking page on DLive and hit the “Stake Out” link.:
- Put in the amount of BTT tokens you want to stake out on that page and click the “Stake Out” button. A dialogue box will appear asking you to confirm the transaction. Hit the “CONTINUE” button and then “Accept” on the next page that appears.
- After that, you will be taken to the DLive stalking page. A confirmation dialogue box will show you the progress of the transaction.
- Once the transaction is complete, you will see the number of days remaining for the stake-out process to complete on your DLive stalking page (after a refresh)
- You should return to the DLive BTT Stake page after 14 days and select “Claim Stakeouts” to transfer your BTT Token to your wallet.
How To Activate Partner Bonus
Partner Bonuses are only available for users with BTT Stake on DLive. To access the bonus, you should
- Open the https://dlive.tv/s/stake
- Select the ‘Activate Partner Bonus’ button
- Input your BTT address click ‘Submit.’
- Once you’ve done that, you will automatically receive a partner staking bonus from DLive.
How to Mine BTT
The BitTorrent platform uses a Delegated Proof-of-Stake algorithm, so you can’t mine BTT as you would mine Bitcoin.
Instead, you mine BTT by seeding files on the BitTorrent network, thereby making it available for other users to download those files.
Therefore, to mine BTT, you need to be a seeder. The more files you host on the network, the more BTT you earn.
The BitTorrent Coin (BTT) is the underlying cryptocurrency behind the BitTorrent platform. You can buy the token on exchanges such as Binance and Kucoin. You can also store the token on many hardware and software wallets.
To earn more BTT, you need to either stake your available BTT or contribute to the BitTorrent Network as a seeder.
Frequently Asked Questions
Where can I buy BTT?
You can buy BitTorrent coins (BTT) on Binance, KuCoin, eToro, and other exchanges. Click here to see the complete list of exchanges that support BTT.
How can I buy BitTorrent coins on Coinbase & in USA
At the moment, you cannot buy BitTorrent coins on Coinbase but You can buy BTT coins in the USA through KuCoin or Poloniex.
How do I buy BTT with crypto?
Open an account on any exchange that trades BTT. If you have Bitcoin, Ethereum, Litecoin, XRP, or BNB, you can exchange them for BTT on Binance.
For other exchanges, look for BTT trading pairs. If your crypto doesn’t have a pair with BTT, you will have to convert it to BTC or another crypto before exchanging them for BTT.
How Do I Sell Bittorrent (BTT)?
You can sell your BTT on any exchange that supports BTT or to another user directly.
How long can I stake-out my staked BTT?
It takes 2 weeks to stake out any staked BTT. You Have to claim the staked-out BTT on the DLive page before it will appear in your wallet.
How much reward do I get when I am staking out BTT?
There is no reward for any BTT that is being staked out. For example, if you have 100 BTT stakes and start the stake-out process for 50 BTT stakes, you will only receive rewards for the remaining 50 BTT.
What can I do when I am in the process of staking out?
You can claim previous rewards while taking out.
How much is the transaction fee for staking and unstaking on DLive?
There is no transaction fee. You only need Energy to perform transactions on DLive. If you don’t have Energy or do not wish to use it, you will have to pay a small TRX Fee.
Is there a minimum amount requirement for staking in?
What will happen to the staking rewards if I don’t claim them?
Nothing happens. However, you have to manually claim your rewards to see them in your wallet.