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Over 100 million people use the BitTorrent protocol, which is used for file sharing. As a result, it is now well-known among both the general file-sharing community and users of torrent technology. The latest launch of the BitTorrent cryptocurrency came after its acquisition by TRON in 2019.
What is the Bittorrent (BTTC)?
At its foundation, BitTorrent is a piece of software that links users of its network to process requests for file sharing. When a user requests files from the providers who are hosting the files on their computer, a transaction is started. The hosts of a file divide it into numerous sections. Requesters receive different providers’ portions of the same material if they want to download it.
By boosting the effectiveness of distributing large files, BitTorrent was supposed to become a more distributed network that would compensate providers while having less of an impact on servers and networks. A requester can also trade local resources, like bandwidth for content delivery or storage for remote backup, for BTTC tokens from a provider.
While BitTorrent’s software facilitates file transfers, the network’s ability to keep track of all BTTC transactions depends on the Tron blockchain. When a requester and service provider’s bids are matched, Tron creates a payment channel to handle the micropayments required for each provider, depending on the portion of the file they have supplied. These micropayments are then collected, paid, and recorded on the Tron blockchain after the service is complete.
Who created BTTC?
Brad Cohen and David Harrison, the program’s creators, first made BitTorrent available in 2001. In 2018, the BitTorrent Foundation was acquired by the Justin Sun-led Tron Foundation.
In 2019, the BitTorrent team launched the BTTC token publicly through an ICO following the acquisition (ICO). The transaction distributed 6% of the total BTTC supply for the equivalent of about $7.2 million.
The TRON Foundation, the BitTorrent Foundation, airdrops, partnerships, and the BitTorrent ecosystem have all received token allocations from BitTorrent in addition to the token sale.
How to Buy BTTC Tokens in India?
By following a few simple steps, you can buy BTTC tokens in India via WazirX, India’s most trusted and widely used cryptocurrency exchange.
Now, you can buy BTTC tokens using P2P trade. Here are all your questions answered about P2P.
Step 1 – Sign-Up on WazirX
To start trading the BTTC token, you should first create your account by signing up on the WazirX platform. Or you can directly Log-in if you already have an account with WazirX.
Here’s a guide explaining how to open an account on WazirX.
Step 2- Verify your email account and set up your account security.
The following step is to verify your email address. After signing up, you’ll receive a verification link on your email address by which you’ve just created your account.
On clicking on the link, you’ll have two options to assure the security of your account – the authenticator app and mobile SMS (as shown in the image below)
Note: The authenticator app is a more secure way to stay safe when compared to mobile SMS because there’s a risk of delayed reception or SIM card hacking.
Step 3 – Complete the KYC.
After selecting the appropriate country, complete the KYC process.
Note: Without completing your KYC, you will be unable to trade P2P or withdraw funds on the WazirX app.
Step 4 – Add funds to your WazirX account through P2P.
After linking your bank account to your WazirX account, you can buy USDT through P2P to the WazirX wallet. The USDT will work as funds to buy other coins.
Step 5 – Buy BTTC on WazirX
You can purchase BTTC tokens using P2P trade through WazirX. Check the BTTC to INR rate from here and BTTC to USDT here.
After logging in to your WazirX account, you can select USDT from the “Exchange” tab. You can see all the price charts, order book data, and an order input form on the right side of the screen.
Click “Buy” after entering the amount and checking the total USDT amount to be paid.
Your order will be placed according to the price you have input. A seller willing to sell at a price will be notified, and then you can exchange the tokens using P2P.
It might take a few minutes for the order to be completed, but as soon as it is executed, you will receive the BTTC coins you purchased in your WazirX wallet.
Happy Trading!
Frequently Asked Questions
What Is The Meaning Of Crypto?
A cryptocurrency is a digital currency that is secured by the process of cryptography, making counterfeiting and double-spending almost impossible to happen. Blockchain technology is used to produce cryptocurrencies ( a distributed ledger enforced by a distributed network of computers). Cryptocurrencies are distinct in that a centralized authority does not issue them.
Are Cryptocurrencies Legal In India?
In India, cryptocurrency is legal, and anyone can buy, sell, and trade it. Because India lacks a regulatory system to regulate its operations, it is presently uncontrolled. According to the Ministry of Corporate Affairs, companies must now document their crypto trading/investments inside the financial year.
Which Cryptocurrency Is Best To Invest In 2021?
Many altcoins are flourishing to invest in. Some cryptocurrencies with great potential are Ether, Ripple, Tron, and more. Investors are trying to diversify their portfolios and are flocking to the leading cryptocurrencies. Many growing businesses are already accepting cryptocurrency as acceptable payment methods.
Is Mining Cryptocurrency Legal?
Cryptocurrency mining can be time-consuming, expensive, and sporadically profitable. Mining has an appeal for many cryptocurrency enthusiasts as miners are paid directly with crypto tokens for their efforts. The legality of cryptocurrency mining is dependent on where you live. In India, there is no restriction on crypto mining.
How To Invest In Cryptocurrency?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is considered the procedure of verifying and adding transactions to the blockchain public ledger. Another option is via cryptocurrency exchanges. Exchanges generate money by collecting transaction fees, but there are alternative websites where you can interact directly with other users who want to trade cryptocurrencies.
Is Crypto Legal In India?
Cryptocurrencies are legal in India, and anyone can purchase, sell, and exchange them. It is currently uncontrolled, as India lacks a regulatory structure to oversee its operations. Per the Ministry of Corporate Affairs, companies must now record their crypto trading/investments within the financial year. In cases where a person receiving the gains is an Indian tax resident, or the cryptocurrency is regarded as domiciled in India, cryptocurrency transactions have been taxable in India
What Are The Best Cryptocurrencies To Invest In?
The best cryptocurrencies to invest in would be the ones you study and analyze in detail. Some of the most popular cryptocurrencies include Bitcoin, Ethereum, and many altcoins such as Tron, Ripple, Litecoin, etc.
Are Cryptocurrencies A Good Investment?
Cryptocurrency has the potential to make you extremely wealthy, and the potential to cause you to lose your money. Crypto assets, like any other investment, come with many risks and potential rewards. Fundamentally, cryptocurrency is an excellent investment, particularly if you want to gain direct exposure to the demand for digital currency.
How To Invest In Cryptocurrency In India?
There are two ways of investing in cryptocurrency, mining and via exchanges. Cryptocurrency mining is the process of verifying and adding transactions between users to the blockchain public ledger. Purchasing cryptocurrency in India is a straightforward procedure where investors simply participate by registering with a crypto exchange such as WazirX. After registering for an account, citizens can trade multiple cryptocurrencies, store cryptocurrency in wallets, and more.
Is Cryptocurrency Banned In India?
No, cryptocurrency is not banned in India. India has seen its ups and downs in the crypto sector concerning its legal status. The Reserve Bank of India (RBI) issued a circular in April 2018 advising all organizations under its jurisdiction not to trade in virtual currencies or provide services to assist anyone in dealing with or settling them. A government committee proposed outlawing all private cryptocurrencies in mid-2019, with up to ten years in prison and severe penalties for anyone dealing in digital currency. The Supreme Court overruled the RBI's circular in March 2020, allowing banks to undertake cryptocurrency transactions from dealers and exchanges.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
