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How to buy BitTorrent online
This beginner’s guide introduces you to BitTorrent and the services it offers. Read on to learn more about how it has moved into the cryptocurrency space and whether it represents a good investment.
Compare where to buy BitTorrent, and open an account
You can find a trading platform in the table below. We’ve been through all the top brokers and assessed them, so you can feel confident in whichever option you choose. If you’re not ready yet, keep reading to learn more about BitTorrent.
What is BitTorrent?
BitTorrent is a file sharing platform that lets users download files directly from each other. It’s essentially a file marketplace, bringing buyers and sellers together to trade files without the need for a central body. The BTT token is a method of payment on the platform, as downloaders can use it to pay for priority access or faster download speeds.
BitTorrent’s origins as a file sharing platform date all the way back to 2001 but this version, embedded in cryptocurrency, is a fairly new endeavour. Justin Sun’s Tron Foundation bought BitTorrent in 2018, leading to the release of its new token a year later.
How does BitTorrent work?
BitTorrent works by matching download requests to users who already have a file stored on their computer. The more people hosting the file, the quicker the download speeds, as the BitTorrent software can break a file down into multiple parts and download each from a different host.
As anyone who used the original BitTorrent will remember, the lack of an incentive to host files could create a bottleneck with far more demand than supply. Now BitTorrent has solved this problem by using its BTT token as an incentive. People who supply files are now rewarded with tokens.
BitTorrent offers some other services too that are all powered by the BTT token. One is a way for users to pay BTT for faster downloads, another lets them pay for file storage in a similar way to Filecoin and Storj. The transactions for all these apps are stored on the Tron blockchain.
How to buy BTT online – a step-by-step guide
Step 1. Find an exchange
You can find BTT on most of the top cryptocurrency exchanges. As is the case for many small cap cryptocurrencies, however, you generally can’t use fiat currency (such as GBP, USD, or EUR) to pay for it. You need to transfer your money into another crypto first, then use that in a swap for BitTorrent. Here are some of the best places to buy BTT in the UK:
- Binance: Binance is one of the most popular cryptocurrency exchanges. It has more trading volume than anywhere else and offers trading for more than 100 different cryptos. Sign up for Binance >
- BitMEX: Offers plenty of advanced strategies and ways of speculating on other cryptocurrencies using Bitcoin. In particular, it lets you trade on the margin. Join BitMex today >
Step 2. Sign up and fund your account
Before you start trading you need to sign up for an exchange account. This usually just means filling out a few details, verifying your identity, and making your first deposit. The verification process can take a little bit of time but usually no longer than a day.
Step 3. Purchase
Remember that you need to transfer your fiat currency into another cryptocurrency first. Once you’ve done that, just look for the current BTT price and execute the trade.
Step 4. (Optional) Get a suitable wallet
You can leave your new cryptocurrency in your exchange account as most exchanges offer some kind of wallet service. If you want a bit more control and security over your coins than leaving them in the hands of a third party, you can get yourself a wallet. Wallets give you a private key that’s the only way to access the coins inside.
Here are two of the top wallet providers available:
- Guarda Wallet: Guarda Wallet includes mobile, tablet, and browser apps for storing a wide variety of cryptocurrencies in one place. It also lets you trade them with its partner exchange. Sign up for Guarda Wallet now >
- Infinito Wallet: Infinitor Wallet is a mobile wallet integrates an exchange into its app as well. On top of that, it offers free coin storage. Join Infinito Wallet today >
How to trade BitTorrent – a step-by-step guide
Step 1. Find a broker
Look for a broker with low fees and no trading limits, so that you can make moves whenever you want and won’t give up too much of your money on fees alone. Just be aware that since BTT is a new cryptocurrency, it isn’t available on many platforms yet. When that changes, two of the most popular brokers to start with are eToro and Robinhood.
Step 2. Deposit money
Brokers accept fiat currency, so you can deposit money to start trading quickly and easily.
Step 3. Decide how you’d like to trade
There are a few different ways to trade. Two of the most popular are CFDs and spread betting. Both are ways of speculating on the performance of an asset without actually owning it yourself. Spread betting can be used in other ways too, such as to predict the price moves of entire markets.
Step 4. Start trading
Now that you’re ready to start, you have to make one final choice. Do you think BTT is going to go up or down? If you think it’s going to go up, you can back it by ‘going long’. The alternative is ‘go short’. Shorting an asset is a way of benefiting from a fall in price.
You can also choose to use more advanced methods to make bigger trades. The most popular of these is leverage, where you put up a small deposit as collateral to borrow money from your broker. This smaller amount is known as the margin, and allows you to make much bigger moves.
Leverage can lead to big wins, but it can be very risky and lead to big losses if the market moves the wrong way. Beginners should steer clear of using leverage until they have much more experience.
To help you come to a final decision, here’s a summary of BitTorrent’s pros and cons. Below that, you can find a few more questions to think about.
- Earn BTT rewards just for hosting files
- You can use BTT to for perks on the platform, like extra speeds, bandwidth, or file storage
- It’s backed by Justin Sun, founder of Tron and a big player in crypto
- BTT is an inexpensive entry level coin
If you’re still not convinced, here are three more things to think about before you decide to invest in BitTorrent.
1. Is it a good time to buy BitTorrent?
It depends on your investing outlook and whether you want to use the platform. BTT could be a way of earning a few extra coins by hosting files, or for paying for extra speed if there are files you want to download. If your time frame is more long term, now might be a good time to buy if you expect the demand for free file exchange to go up.
In the short term, BTT is a relatively low-risk investment because of its price. But if you want to trade it you should think about whether there are any new developments that might spark a big rise in BTT’s price. You can find all the latest market analysis here:
2. What problem does BitTorrent solve, and what are the coin’s investment prospects?
BitTorrent decentralises file sharing, preventing any central body creating barriers to access for any file. Instead, users can download directly from each other. It also solves the problem of demand far outstripping supply by introducing incentives for people to host files using its BTT token.
In terms of BTT’s investment prospects, it relies on a few factors. Most notably these are the demand for file sharing and the success of its other endeavours, like file storage. There is more competition in storage than in sharing and it doesn’t have the same name recognition in that area, which could affect its long term prospects.
It’s always important to do your research when it comes to cryptocurrency. Justin Sun now owns BitTorrent and can be quite outspoken, so you want to keep tabs on what he might say about the platform. Similarly, BitTorrent might add more apps to its file sharing apparatus. Keep track of both developments by following the latest news below:
BitTorrent price analysis: BTT surges as Binance and Huobi announce trading competitions
BitTorrent (BTT) price triples overnight to hit new ATH
3. Do you want to hold BitTorrent for the long term?
You want to hold BitTorrent for the long term if you intend to use the platform or think file sharing is an area that’s got potential for growth in the future. Some things to think about include the competition, how BitTorrent stands out from the crowd, and whether you want to actually use the coins to host or download files.
Considerations for a long term investment strategy
If you have a positive feeling about BitTorrent’s long term prospects, it’s worth getting some BTT tokens straight away. You can do that by finding an exchange and diving straight in. You might also want to think about getting a wallet to store your coins.
Considerations for a short term trading strategy
Short term traders don’t need to worry so much about the future of file sharing. The most important thing is to find a broker with low trading fees, so you can be as active as you like without losing too much money every time. You can also get to grips with some short term strategies to try to predict market moves.