BitTorrent, a software that enabled peer-to-peer file sharing and gained popularity in the early 2000s. In 2019, the Tron Foundation acquired it and introduced a cryptocurrency called BTT, which is used to incentivize file sharing and increase download speeds. BTT functions as a coin that users spend to request files or increase download speeds, and providers earn by sharing files. With transactions recorded on the Tron Blockchain, BitTorrent offers a more efficient and secure file-sharing network. In this article, you can find answers to two frequently asked questions: What is BitTorrent (BTT) and how to buy BitTorrent (BTT) with TRY.
What is BitTorrent (BTT)?
In the early 2000s, BitTorrent revolutionized file sharing by facilitating peer-to-peer file exchanges, capturing the attention of many music and movie enthusiasts. Instead of relying on a single server, users could connect to a network of computers and share files directly with each other. This approach made BitTorrent a popular choice for those looking to share large files efficiently.
Despite its popularity, BitTorrent struggled to monetize its service. This changed in 2019 when the Tron Foundation, creators of the Tron Blockchain, acquired BitTorrent. Under new ownership, BitTorrent introduced a cryptocurrency called BTT to expand its protocol and incentivize network participants. The BTT coin aims to address issues like slow download speeds and the decreasing availability of files over time by adding incentives to torrent usage.
The BTT coin is an integral part of the BitTorrent ecosystem. Users can purchase and spend BTT coins to request files or increase download speeds. On the other hand, providers who share files receive BTT coins as compensation, which they can then sell. This system rewards providers for their contributions, creating a more efficient and distributed network.
At its core, the BitTorrent software connects users to a network where file-sharing requests are handled. When a user requests a file, providers hosting the file split it into several pieces. The requester then downloads these pieces from multiple providers. This method reduces the impact on individual servers and networks, making file sharing more efficient.
The introduction of BTT has further enhanced this process. Requesters can offer BTT coins to providers in exchange for resources like bandwidth for faster downloads or storage for remote backups. Transactions and micro-payments facilitated by BTT are recorded on the Tron Blockchain, ensuring transparency and security. When an offer matches between a requester and a provider, a payment channel is created on the Tron Blockchain to execute the micro-payments. These payments are then aggregated, processed, and recorded on the Blockchain.
In addition to these functions, BitTorrent leverages Tron’s smart contracts to create decentralized applications (dApps) that enhance its services. One such dApp is BitTorrent Speed, which allows requesters to use BTT coins to purchase additional bandwidth from providers, thereby increasing download speeds. Another notable dApp is the BitTorrent File System (BTFS), a decentralized file storage protocol designed to address the cost and security issues inherent in centralized storage systems. BTFS operates similarly to other decentralized cloud storage platforms like Filecoin, Siacoin, and Storj, each offering different technical specifications.
How to Buy BitTorrent (BTT) with TRY?
Binance TR is the most suitable cryptocurrency exchange for investors in Turkey who want to buy BitTorrent (BTT). On Binance TR, where an account can be created quickly, more than 100 cryptocurrencies, including BTT, can be traded. To buy BitTorrent (BTT) with TRY on Binance TR, you can follow the steps below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is quite easy. For this, you need to go to the trbinance.com address and proceed from the “Create Account” step. In the first step of creating an account, you will be asked to enter your basic information such as email address, phone number, name-surname, date of birth, nationality, and Turkish ID number.
After entering the requested information completely and accurately, an email/SMS verification will be conducted to confirm the information. After completing this process, you will proceed to the second step, which is identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is one of the security procedures that need to be completed before starting cryptocurrency trading and during account creation. This process is also necessary to protect both the user and the cryptocurrency exchange. You can perform the verification process either from your phone or through Binance TR’s official website. Note that you will need your mobile phone to perform identity verification from the website as well.
On the Binance TR website, hover over the “Profile” option at the top right and click on the “Identity Verification and Limits” option from the drop-down menu, then click on the “Verify” option. After this step, you will need to scan the QR code that appears with your phone’s camera and continue the process on your phone. If you cannot scan the QR code, you can click on the “Copy URL” option to send the identity verification address to your phone via SMS.
When you enter the address on your phone or scan the QR code, a screen like the one below will open on your phone. From here, first, tap on the “Identity” option to continue.
Then a screen like the one below will appear. To continue the verification process, first select the document type that suits you best.
After selecting the document type, you can continue by tapping on the “Upload Front” option. After taking a photo of the front side of the document according to the selected document type, tap on the “Upload Back” option and take a photo of the back side of the document and upload it. When taking photos of the front and back sides of your ID card or driver’s license, make sure that the images are clear and that the information in the photo can be easily read.
Then you can continue by tapping on the “Selfie” option. At this point, your phone’s front camera will open, and you will need to scan your face. Once the camera opens, make sure your face fills the camera area as much as possible.
After completing all these steps accurately and completely, your identity verification process will be completed shortly.
How to Deposit TL on Binance TR?
You can easily deposit TL into your Binance TR account from all banks. You can deposit TL 24/7 from your Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans accounts and make transactions without interruption. Deposits from other banks can be made 24/7 up to 50,000 TL via FAST. Deposits over 50,000 TL from other banks are processed during EFT hours.
To deposit money into your Binance TR account, first go to the trbinance.com address, hover over the “Wallet” option at the top left of the main page, and click on the “Deposit” option from the drop-down menu.
Then a page like the one below will open, and you can continue the deposit process by selecting your preferred bank from this page. If your preferred bank is not yet integrated with Binance TR, you should continue by clicking on the “Other Banks” option.
In this example, we will continue using Vakıfbank, but the process is the same for all other banks. When you click on the Vakıfbank option, you will see an account name and IBAN address where you can make a transfer, EFT, or FAST to that bank. All you need to do now is use the information shown on the page of your preferred bank to transfer the amount you want to deposit into your Binance TR account via transfer, EFT, or FAST.
Once your bank completes the transfer process, the funds you sent will automatically be reflected in your wallet on your Binance TR account.
How to Buy BTT Coin with TL on Binance TR?
After the deposit process, you can proceed to the TL to BTT coin purchase step by clicking on the “Buy-Sell” option in the top left menu on the Binance TR website.
After clicking on this option, the following page will open. By typing “BTT” in the search section on the right side of this page and clicking on the BTTC/TRY option from the results, you can go to the TL to BTT purchase page.
Now the following BTT trading page will open. On this page, in the red-marked area, you need to enter the price at which you want to buy BTT in the first box and the number of BTT you want to buy in the second box. After entering the amount, you can complete your purchase by clicking the “Buy BTTC” button.
What is Binance TR?
Binance, the world’s largest cryptocurrency exchange by trading volume, officially launched its platform Binance TR for cryptocurrency investors in Turkey in 2020. The cryptocurrency exchange, headquartered in Istanbul, can be accessed at trbinance.com.
Binance TR offers both fiat-to-crypto and crypto-to-crypto trading services by leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure. Users in Turkey can seamlessly deposit and withdraw Turkish lira (TRY) directly through bank channels and trade various cryptocurrencies with TRY pairs via Binance TR.
With Binance TR, users gain access to market-leading spot trading liquidity, a powerful matching engine, advanced security protocols, custody solutions, and risk controls, all supported by Binance’s core functionalities.
