BitTorrent is an essential protocol for electronic file sharing.

It also happens to be quite popular in the cryptocurrency space. 

For those not involved in crypto or computer science, you may not know that BitTorrent is closely involved with the Tron blockchain. 

Interestingly, Tron’s founder Justin Sun bought BitTorrent for $140 million in 2018.

A few months later, the Tron team released the BitTorrent token (ticker: BTT) on the open market.

Even though BTT has been around for a while, it’s not available on all crypto exchanges.   

If you’re reading this post, you’re probably wondering how to buy BitTorrent online. 

If so, please keep reading!

Below, I’ll review the simplest and safest ways you could buy the BitTorrent cryptocurrency. 

Slow Down, Spencer! What’s The Deal With The BitTorrent Cryptocurrency? 

As I mentioned in the intro, BitTorrent’s history predates cryptocurrency.

Most records suggest engineer Bram Cohen introduced BitTorrent protocol back in 2001. 

For reference, Bitcoin didn’t launch till 2008. 

Without getting too technical, BitTorrent allows people to share files without relying on a central server. Instead, people who use BitTorrent transfer files in a “peer-to-peer” fashion.

So, what does crypto have to do with BitTorrent?

Well, remember that Tron’s Justin Sun bought BitTorrent in 2018. The Tron team also invented the TRC-10 token BTT.

Justin Sun believed the decentralized nature of blockchain tech was a perfect fit for the BitTorrent protocol.

Plus, the BitTorrent cryptocurrency adds an incentive mechanism that may enhance efficiency. 

For instance, people could pay BTT to seed providers to get their files faster. 

Folks also can use their BTT tokens to pay for storage space or use a proxy service if they have a slow Internet connection. 

While this sounds great, please remember BTT remains a speculative altcoin on a relatively small blockchain. 

Critics don’t believe Tron has enough network effect to enhance the BitTorrent protocol.

Others claim there’s no need for the BTT token for BitTorrent to work. 

While it’s unlikely BitTorrent will ever go away, the same can’t be said about Tron or the BTT token. 

Don’t get me wrong: I’m not saying BTT is a scam or a bad idea! I want to expose you to the pros & cons of BTT.

Please always do plenty of research before buying altcoins like BTT.

Take a look at BitTorrent’s website to get a feel for all the BTT token offers.

Heck, if you need to transfer files anyway, why not test using BTT at home? 

Taking the time to evaluate the BitTorrent token’s efficiency could sway your opinion before investing. 

FYI: According to CoinGecko, BTT has a max supply of ​​990 trillion tokens, and its current market cap of about $1 billion. 

How To Buy BitTorrent — What New BTT Buyers Must Know  

So, are you sold on BitTorrent’s mission? 

Want to buy a few BTT tokens? 

If so, please carefully read each step in this guide to buy BitTorrent.

Download A BitTorrent Compatible Wallet

Before jumping onto a crypto exchange, I’d recommend creating a private wallet for BitTorrent storage. 

While this step is optional, it’s always safer to transfer your crypto off a centralized exchange.

Since BitTorrent is on the Tron blockchain, Tron’s official crypto wallet can receive BTT tokens. 

Atomic Wallet is another popular software wallet that lets users transfer BTT.

However, if you’re going to go with a hot wallet to store your BitTorrent, I’d strongly recommend Trust Wallet. 

Please check out this previous post to learn why I love the Trust Wallet app. 

For those who want extra security, you could look into a cold storage device that accepts BTT. 

For instance, Ledger and Trezor make hardware wallets that could store your BitTorrent.  

The advantage of using a cold wallet is that your private keys are offline.

So, if you’re planning on holding a lot of BTT, it’s way less likely a hacker will bust into your device. 

While hot wallets are convenient and free, they are on the Internet. High-quality crypto wallets like Trust Wallet have excellent security standards, but they’ll never be as secure as a hardware wallet.

FYI: You cannot send BTT to a MetaMask wallet. 

Why?

In brief, MetaMask is an Ethereum-based browser extension. 

To learn more about what you can use MetaMask for, please read this previous post. 

Choose Which Exchange To Buy BitTorrent On

Despite the popularity of the BitTorrent protocol, the BTT token is still relatively “niche.”

However, BTT isn’t so small that you must rely on obscure decentralized exchanges. 

You can find BitTorrent on a few centralized crypto exchanges like Binance, KuCoin, and Gate.io.

Since US residents can’t access traditional Binance, Americans will have the best chance of buying BTT on KuCoin or Gate.io.

According to BitTorrent’s official website, you could also pick up BTT on the following exchanges:

• Huobi
• OKEX
• Bithumb
• Bitfinex 

While these exchanges have been around for a while, I feel KuCoin and Gate.io are the best fit for North American investors. 

FYI: BitTorrent also sells BTT tokens directly on Trust Wallet. However, you’ll have to pay extra fees for this convenience.  

Sign Up For A Crypto Exchange

After choosing a crypto exchange that carries BitTorrent, it’s time to sign up.

Depending on what business you choose, you may have to provide KYC info like:

• Government-issued photo ID
• Social Security Number 
• Phone number
• Home address
• Email address
• Full name 
• Birthday 

Please review your exchange’s KYC requirements beforehand.

Also, take a peek at the exchange’s trading, deposit, and withdrawal fees. 

Once you have an account with your crypto exchange, please add 2FA with an app like Authy. 

2FA is a powerful way to prevent hackers from hijacking your account. 

Fund Your Exchange’s Crypto Wallet

Obviously, you can’t buy BitTorrent tokens for nothing! 

You need some cash or crypto in your exchange to get BTT.

But before transferring money into your account, please search for your exchange’s BTT trading pairs.

Since BTT is a relatively small token, you probably can’t buy it with other low-cap altcoins.

Most sites that carry BTT only allow you to trade BitTorrent with Bitcoin, Ethereum, or a stablecoin like USDT. 

After figuring out the trading pairs available for BTT, you must get the crypto you want to swap into your account.

Suppose you already have crypto in a separate wallet. In that case, you could copy the associated address on your exchange, select “withdraw” on your private wallet, and paste your exchange’s address into your personal wallet. 

Just be sure you’re sending the same crypto across both wallets. For example, only send Ethereum to an Ethereum address.

If you don’t already have crypto, take a look into your exchange’s fiat offerings. 

Many exchanges have ways to send USD from your bank with either ACH or wire transfer. 

A few companies let you buy Bitcoin or stablecoins with a credit or debit card.

However, you’ll usually have to pay high fees if you want to use a card to buy crypto. 

Buy Your Bag Of BitTorrent Tokens 

Now that you’ve got crypto in your exchange account, you can add BitTorrent to your portfolio.

Choose your preferred BTT trading pair, enter how many BitTorrent tokens you want, and confirm your transaction.

After your BTT swap clears, you should see these tokens in your account. 

Send BitTorrent To Your Private Crypto Wallet 

If you took the time to download a BTT-compatible wallet, now’s the time to send your BitTorrent tokens to that private wallet.

Again, this is optional, but it’s always safer to take your crypto off an exchange.

Centralized companies are way more prone to hacks. Plus, there’s no telling when a company could suddenly shut you out of your account.

To transfer BTT from your exchange to a private wallet, follow these steps:

• Copy the BTT address in your non-custodial crypto wallet. 
• Open the BTT address on your crypto exchange. 
• Select “Send” on your exchange’s BTT wallet.
• Type how much BTT you want to send.
• Paste the BTT address from your private wallet.
• Confirm and send.

You should see the BTT arrive in your private crypto wallet within a few minutes. 

Could You Buy BitTorrent On Coinbase? 

As you may already know, I use Coinbase as my go-to crypto exchange.

Plus, I know many of my American readers probably already have a Coinbase account. 

After all, Coinbase is the largest exchange in the USA. 

Although Coinbase has about 100 altcoins in its standard platform, you can’t buy BTT yet. 

If you’re interested in BitTorrent, you will have to download an account for a more advanced exchange like KuCoin or Gate.io.

While these exchanges aren’t as user-friendly as Coinbase, they tend to have lower fees and more altcoins.

However, since KuCoin and Gate.io aren’t headquartered in the US, they aren’t as transparent as Coinbase. 

You could learn more about why I like using Coinbase in my “Coinbase vs. Gemini” review.

Could You Buy BitTorrent On A Decentralized Exchange? 

If you feel comfortable using decentralized finance (DeFi), there are a few alternative ways to snag BitTorrent tokens. 

Since BitTorrent is on Tron, you will have to connect a Tron-compatible wallet with a Tron decentralized exchange (DEX).

Currently, SunSwap is the largest DEX on Tron, so I’d recommend sticking with this site.

However, according to dApp Radar, the second and third largest Tron DEXs are TronTrade and USWAP. 

I’d only recommend buying BTT on a Tron DEX if you have extensive experience with cryptocurrency and DeFi. 

Is BitTorrent Worth A Buy? — You Decide! 

By now, you should have no trouble buying BitTorrent tokens if you want them.

Unfortunately, I can’t tell you whether it’s a good time to buy BTT. 

The only person that could decide whether BTT is worth your money is you! 

While BitTorrent has a ton of utility, there are still questions over how to value the BTT token.

Remember that BTT is intertwined with the Tron blockchain.

So, if you expect BTT to go up, you have to have a favorable opinion of BitTorrent and Tron.

If you don’t have conviction in either of these projects, it’s best to stay away till you learn more.

Please take your time examining the pros and cons of BitTorrent, the BTT token, and Tron’s ecosystem.

After reviewing all of this data, I bet you’ll have a clear sense of where BTT fits into your investment strategy. 

Want to learn how I make money using crypto? Check out my favorite node project here.