BitTorrent, a pioneering software that facilitated peer-to-peer file sharing and garnered significant popularity in the early 2000s, underwent a transformative acquisition by the Tron Foundation in 2019. This acquisition led to the introduction of a novel cryptocurrency known as BTT, intended to incentivize file sharing activities and enhance download speeds. BTT operates as a digital coin that users utilize to request files or boost download speeds, while providers earn rewards by sharing files. By leveraging the Tron Blockchain for transaction recording, BitTorrent has established itself as a more efficient and secure file-sharing network.
In this comprehensive guide, you will discover answers to two commonly asked questions: What exactly is BitTorrent (BTT) and how can one purchase BitTorrent (BTT) using TRY.
What is BitTorrent (BTT)?
During the early 2000s, BitTorrent revolutionized the landscape of file sharing by enabling direct peer-to-peer exchanges without the need for a central server. This innovative approach attracted a wide range of music and movie enthusiasts seeking an efficient method to share large files. Despite its widespread popularity, BitTorrent faced challenges in monetizing its services until the Tron Foundation, the brains behind the Tron Blockchain, took over in 2019. Under this new ownership, BitTorrent introduced the BTT cryptocurrency to expand its protocol and provide incentives to network participants. The BTT coin aims to address issues such as slow download speeds and the dwindling availability of files over time by incentivizing torrent usage.
The BTT coin serves as a key component within the BitTorrent ecosystem, enabling users to purchase and spend coins to request files or enhance download speeds. Providers who share files receive BTT coins as compensation, which can then be exchanged. This setup rewards providers for their contributions, fostering a more efficient and decentralized network.
At its core, the BitTorrent software connects users to a network where file-sharing requests are managed. When a user requests a file, providers hosting the file break it down into several pieces that the requester can download from multiple sources. This method reduces strain on individual servers and networks, thereby optimizing file sharing processes.
The introduction of BTT has further streamlined this process. Requesters can offer BTT coins to providers in exchange for resources like bandwidth for quicker downloads or storage for remote backups. Transactions and micro-payments facilitated by BTT are securely recorded on the Tron Blockchain, ensuring transparency and reliability. When a match occurs between a requester and provider, a payment channel is established on the Tron Blockchain to execute micro-payments, which are then aggregated, processed, and documented on the Blockchain.
In addition to these functionalities, BitTorrent harnesses Tron’s smart contracts to develop decentralized applications (dApps) that enhance its services. These dApps include BitTorrent Speed, which enables requesters to utilize BTT coins to acquire additional bandwidth from providers, thereby accelerating download speeds. Another noteworthy dApp is the BitTorrent File System (BTFS), a decentralized file storage protocol designed to address the cost and security challenges associated with centralized storage systems. BTFS operates similarly to other decentralized cloud storage platforms like Filecoin, Siacoin, and Storj, each offering unique technical specifications.
How to Buy BitTorrent (BTT) with TRY?
For investors in Turkey looking to purchase BitTorrent (BTT), Binance TR serves as the most suitable cryptocurrency exchange. With a quick account setup process, Binance TR offers trading for over 100 cryptocurrencies, including BTT. To acquire BitTorrent (BTT) using TRY on Binance TR, follow the steps outlined below.
How to Open an Account on Binance TR?
Creating an account on Binance TR is straightforward. Simply visit trbinance.com and proceed with the “Create Account” step. You will be prompted to enter basic details such as your email address, phone number, name, date of birth, nationality, and Turkish ID number. Following this, an email/SMS verification will be conducted to confirm your information, after which you can proceed to the identity verification (KYC) step.
How to Verify an Account on Binance TR?
Identity verification on Binance TR is a vital security measure that must be completed before engaging in cryptocurrency trading and during account setup. This verification process can be carried out via your mobile phone or through Binance TR’s official website. Make sure to have your mobile phone handy for identity verification on the website as well.
On the Binance TR website, navigate to the “Profile” option, click on “Identity Verification and Limits” in the drop-down menu, and select “Verify.” You will be required to scan a QR code with your phone’s camera to continue the verification process on your phone. If you encounter issues with scanning the QR code, you can opt to receive the verification address via SMS.
Upon entering the address or scanning the QR code, a screen will prompt you to select the document type for verification. Proceed by uploading clear photos of the front and back sides of your ID card or driver’s license, followed by a selfie to verify your identity accurately.
How to Deposit TL on Binance TR?
Depositing Turkish lira (TL) into your Binance TR account is a seamless process that can be done from various banks. You can deposit TL around the clock from banks like Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans, ensuring uninterrupted transactions. Deposits from other banks up to 50,000 TL can be made 24/7 via FAST, with deposits exceeding 50,000 TL processed during EFT hours.
To deposit funds into your Binance TR account, visit trbinance.com, access the “Wallet” option on the main page, and select “Deposit” from the drop-down menu. Choose your preferred bank from the provided options to initiate the deposit process, ensuring a smooth transfer of funds to your Binance TR account.
How to Buy BTT Coin with TL on Binance TR?
After completing the deposit process, you can proceed with the purchase of BTT coins using TRY by selecting the “Buy-Sell” option on the Binance TR website’s top left menu. Enter “BTT” in the search bar, select the BTTC/TRY option, and navigate to the TL to BTT purchase page.
On the BTT trading page, input the desired price and quantity of BTT you wish to purchase, then finalize the transaction by clicking “Buy BTTC.”
What is Binance TR?
Binance TR, the Turkish arm of the world’s largest cryptocurrency exchange Binance, officially launched in 2020 to cater to cryptocurrency investors in Turkey. Headquartered in Istanbul and accessible at trbinance.com, Binance TR offers a suite of services including fiat-to-crypto and crypto-to-crypto trading, leveraging Binance’s cutting-edge technology, security measures, and liquidity from the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) through bank channels, trading various cryptocurrencies with TRY pairs via Binance TR.
With Binance TR, users benefit from market-leading liquidity for spot trading, robust security protocols, custody solutions, risk controls, and core functionalities provided by Binance.
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Disclaimer: The information presented in this article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies, conducting thorough research before making investment decisions.
