BitTorrent (BTT) is the 83rd largest cryptocurrency by market cap, valued at US$1,101,674,591.
BitTorrent is a highly volatile asset capable of major price swings in a single day. Today BTT is trading for $0.00000114 USD, which is higher than yesterday's trading price of $0.0000010743 USD. Over the past year, BitTorrent's price has seen an increase of 77%.
So before you buy BitTorrent, make sure you understand these unique risks as well as its legal and tax status here in
Australia.
If you're ready to get started, read on for step-by-step instructions on how you can use to buy BitTorrent.
This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade or use any services.
How to buy BitTorrent in 5 steps
The whole process can take as little as 15 minutes and all you'll need is a smartphone or computer, an internet connection, photo identification and a means of payment.
Compare crypto exchanges
The easiest way to buy BitTorrent is from a cryptocurrency exchange. Comparing in the table below lets you find one with the features you want such as low fees, ease of use or 24-hour customer support.
Create an account
To create an account on an exchange, you will need to verify your email address and identity. Have some photo ID and your phone ready.
Make a deposit
Once verified, you can deposit AUD using the payment method that best suits you – cryptocurrency, bank and card payments are widely accepted.
Buy BitTorrent
You can now exchange your funds for BitTorrent. On beginner-friendly exchanges, this is as simple as entering the AUD or BTT amount you want to purchase and clicking "buy".
Secure your BitTorrent
Consider transferring your BTT to a personal crypto wallet to protect against some of the risks of keeping it on an exchange, such as hacks, scams or platform bankruptcy.
Where to buy BitTorrent in
Australia
Find an exchange to buy, sell and trade BTT by comparing deposit methods, supported fiat currencies and fees. Select Go to site to sign up directly with the exchange.
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How we keep this BitTorrent guide up-to-date
BTT price data is regularly updated through data feeds so you always have the latest information.
What is BitTorrent?
BitTorrent is one of the most famous peer-to-peer protocols on the internet, used to transfer files between users around the world in a process known as "torrenting", with an estimated 250 million monthly users. It is somewhat notorious thanks to its involvement in sharing pirated material, despite being owned and operated by a legal entity, BitTorrent Inc – which is now owned by blockchain platform TRON. The BitTorrent Token (BTT) is a relatively new addition to the network, used for purchasing a faster download speed on the network. Seeders (the name given to people who upload files) can then earn BTT which is meant to incentivize increased activity and bandwidth on the network. It operates on top of the Tron blockchain as a TRC-10 token.
How do I find the best places to buy BitTorrent?
Cryptocurrency exchanges offer similar services, but differ in a few key ways – mainly fees, the range of cryptos available and payment methods. You can use our table to compare the features of popular cryptocurrency exchanges available in
Australia to help you choose the one that's right for you.
Some other factors you may want to consider are customer support, user reviews, ease of use and whether or not the exchange is registered with a local regulator. This information can be found by clicking on the exchange name in the table which will take you to its review page.
What will I need to buy BitTorrent?
To create an account on any cryptocurrency exchange you will need an email address. Some exchanges may also ask for a phone number and photo ID, so it's a good idea to have those ready.
An increasing number of cryptocurrency exchanges will ask to verify your identity before you can deposit funds and start trading BitTorrent.
This process is known as Know Your Customer (KYC) and usually requires photo ID and a webcam or smartphone. You may also need to prove your address by uploading a copy of a recent bank statement or utility bill.
Some exchanges allow you to deposit and trade cryptocurrencies without passing KYC, but they will not allow you to transfer local currency from your bank account. So if you are planning on purchasing BTT with your local currency then you will need to pass KYC.
Once you have verified your identity, it is a good idea to enable 2-factor authentication (2FA) before depositing any funds. This will increase the security of your account and help keep your funds safe.
What are the best ways to buy BitTorrent?
Once you've created an account, you will need to deposit funds to buy BTT with. You can either deposit local currency from a bank account or credit card, or transfer cryptocurrency from another exchange or wallet. Here are some popular ways to buy BTT:
Bank account: Transfers from local bank accounts are usually free, but you will need to double-check this with the exchange you choose – this information can be found in our table by clicking on 'view details'.
Credit or debit card: Linking a card to your account is another convenient way to top up your account, but be aware that it usually attracts an additional fee. An advantage, though, is that you can use a card to make instant purchases or set up a recurring purchase.
Cryptocurrency: You can usually purchase BTT by trading it for another cryptocurrency like Bitcoin or a stablecoin. This varies between exchanges though, so you will need to search for BTT on the spot market to see what cryptocurrencies it can be traded for.
What is the easiest way to buy BitTorrent?
The easiest way to buy BTT is by placing an 'instant buy' order to purchase it for a fixed price but not all crypto exchanges offer this feature.
Alternatively, you can open a trade on the spot market which allows you to set your own price – this is the most common way to purchase cryptocurrency. Using the instant buy feature is straightforward but typically more expensive than using the spot market.
Before buying BTT, you may want to check the market conditions. To help you decide if now is the right time to buy, you can take a look at our all-time high tool to get an idea of how the price of BitTorrent has been performing recently.
Best BitTorrent wallets to store your BTT
You can keep your BTT on the exchange you purchased it on, or move it to a personal wallet:
Some people like to use their own wallets to guarantee total ownership over their assets, or to use them with other applications like DeFi services.
Hardware wallets are typically considered to be the safest type of cryptocurrency wallet, as they use a physical device to enhance security in a number of ways. You can take a look at some of our top hardware wallet picks for self-custody of your BTT below.
December 2021: BitTorrent (BTT) announced its mainnet and redenomination plan to be launched 12 December 2021. BitTorrent Chain (BTTC) will adopt a proof-of-stake (PoS) mechanism and leverage sidechains for smart contract scaling. The BTT TRC-10 token will become BTTC, a TRC-20 token, at launch. Old BTT tokens will be swapped for new BTTC tokens at a ratio of 1:1,000. The total supply of BTTC will be increased to 990,000,000,000,000, which will preserve the market cap of the token.
Disclaimer: This is not an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade.
Is BitTorrent a good investment?
The success of BTT is connected to the sometimes controversial BitTorrent protocol as well as the Tron blockchain, which means you should keep a few things in mind before buying BTT.
Legal: Torrenting is not illegal, but torrenting files (like Hollywood films) without the permission of the copyright owner is. If you plan on using the BTT token for torrenting, make sure to only download files you have permission to.
Buying vs earning: BTT is relatively simple to earn. Tokens are awarded for uploading torrents (seeding) with a compatible client, like uTorrent Classic or BitTorrent Web. Seeders will need to set up their wallet before they can earn or spend tokens. Alternatively, BTT can always be bought on a cryptocurrency exchange and sent to a wallet for use.
Controversy: BitTorrent was purchased by the Tron Foundation in 2008, which manages development of the Tron blockchain. Tron is operated by Justin Sun, who has a history of controversy, mainly due to allegations that the Tron whitepaper is a copy of Ethereum's. Since being acquired by Tron, The Verge reported BitTorrent employees have raised concerns about the new direction of the company, especially into cryptocurrency.
Today's BitTorrent price versus ATH
Compare today's price of BitTorrent ($0.00000114 USD) against its all-time-high price of $0.00000343 USD on 21 January 2022. The closer the bar is to 100%, the closer BTT is to reaching its ATH again.
BitTorrent's price: $0.00000114 USD ATH date: January 21, 2022
33.24%
BitTorrent ATH: $0.00000343 USD
How to trade, convert or sell BitTorrent
You can convert or sell your BTT with the same exchange you bought it through:
Sign in to the exchange you have BTT on.
If you store your BitTorrent in a digital wallet, compare crypto exchanges to convert or sell it on.
Choose Sell or Convert and place a sell order.
Choose the amount of BTT you'd like to convert or sell.
Confirm the sell price and fees and close your sale of BitTorrent.
Complete your transaction and move your BTT to a crypto wallet for storage.
Disclaimer: Cryptocurrencies, including BitTorrent, are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance of BTT is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the BitTorrent or any other cryptocurrency discussed.
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