BitTorrent, a groundbreaking software that revolutionized file-sharing through peer-to-peer connections, gained immense popularity in the 2000s. In 2019, the Tron Foundation took over BitTorrent and introduced a cryptocurrency known as BTT. This cryptocurrency, BTT, is utilized to incentivize file-sharing activities and enhance download speeds. Acting as a coin, users can spend BTT to request files or boost download speeds, while providers earn BTT by sharing files. Utilizing the Tron Blockchain to record transactions, BitTorrent offers a more efficient and secure platform for file-sharing. This article will provide insight into two common questions: What is BitTorrent (BTT) and how can one purchase BitTorrent (BTT) using TRY.
What is BitTorrent (BTT)?
Back in the early 2000s, BitTorrent transformed the file-sharing landscape by enabling peer-to-peer exchanges, attracting music and movie enthusiasts alike. Unlike traditional methods that relied on a central server, BitTorrent allowed users to connect directly with each other to share files. This approach made BitTorrent a preferred option for those looking to efficiently share large files. For the latest financial and business news, visit COINTURK FINANCE.
Despite its popularity, BitTorrent faced challenges in monetizing its services. However, everything changed in 2019 when the Tron Foundation, the brains behind the Tron Blockchain, acquired BitTorrent. Under new management, BitTorrent introduced the BTT cryptocurrency to expand its network and motivate participants. The BTT coin aims to address issues such as slow download speeds and the declining availability of files over time by introducing incentives for torrent users.
The BTT coin plays a vital role in the BitTorrent ecosystem. Users can purchase and spend BTT coins to request files or enhance download speeds. On the other hand, providers who share files receive BTT coins as compensation, which they can subsequently trade. This system rewards providers for their contributions, creating a more efficient and decentralized network.
At its core, BitTorrent software connects users to a network where file-sharing requests are managed. When a user requests a file, providers hosting the file divide it into multiple pieces. The requester then downloads these pieces from various providers, reducing the strain on individual servers and networks, thus making file-sharing more effective.
The introduction of BTT further streamlines 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 a match occurs between a requester and a provider, a payment channel is established on the Tron Blockchain to process the micro-payments. These payments are then consolidated, processed, and recorded on the Blockchain.
Additionally, BitTorrent utilizes Tron’s smart contracts to develop decentralized applications (dApps) that enhance its services. One such dApp is BitTorrent Speed, which enables requesters to utilize BTT coins to purchase additional bandwidth from providers, thereby boosting download speeds. Another notable dApp is the BitTorrent File System (BTFS), a decentralized file storage protocol designed to address 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 unique technical specifications.
How to Buy BitTorrent (BTT) with TRY?
Binance TR is the ideal cryptocurrency exchange for Turkish investors looking to purchase BitTorrent (BTT). With Binance TR, where an account can be quickly set up, over 100 cryptocurrencies, including BTT, can be traded. To buy BitTorrent (BTT) with TRY on Binance TR, follow the steps outlined below.
How to Open an Account on Binance TR?
Opening an account on Binance TR is straightforward. Visit the trbinance.com website and proceed with the “Create Account” step. In the initial account creation stage, enter your basic details such as email address, phone number, name, date of birth, nationality, and Turkish ID number accurately. After providing the required information, an email/SMS verification will be conducted to confirm the details. Following this, proceed to the second step, which involves identity verification (KYC).
How to Verify an Account on Binance TR?
Identity verification on Binance TR is a crucial security measure that must be completed before engaging in cryptocurrency trading and during account setup. This verification process is essential for safeguarding both the user and the cryptocurrency exchange. The verification process can be carried out via phone or through Binance TR’s official website. Ensure you have your mobile phone ready for identity verification via the website as well.
On the Binance TR website, hover over the “Profile” option at the top right, click on the “Identity Verification and Limits” option from the drop-down menu, then select “Verify.” Subsequently, scan the QR code displayed using your phone’s camera and continue the process on your mobile device. If you encounter difficulties scanning the QR code, opt to send the identity verification address to your phone via SMS by clicking on the “Copy URL” option.
Upon entering the address on your phone or scanning the QR code, a screen will appear prompting you to tap on the “Identity” option to proceed. Select the document type that best suits you to continue the verification process. After selecting the document type, upload photos of the front and back sides of the document as required. Ensure the images are clear and all information is easily readable. Lastly, take a selfie to complete the verification process. Follow the on-screen instructions to ensure accurate completion.
How to Deposit TL on Binance TR?
Depositing Turkish lira (TRY) into your Binance TR account is a seamless process. You can deposit funds from various banks, including Vakıfbank, Ziraat Bankası, İş Bankası, Akbank, Fibabanka, Şekerbank, and Türkiye Finans, 24/7 without any interruptions. Deposits from other banks can be made up to 50,000 TL via FAST 24/7. Deposits exceeding 50,000 TL from other banks are processed during EFT hours.
To deposit funds into your Binance TR account, visit the trbinance.com website, hover over the “Wallet” option at the top left corner of the main page, and select “Deposit” from the drop-down menu. Choose your preferred bank from the options displayed on the subsequent page to continue the deposit process. If your bank is not yet integrated with Binance TR, select the “Other Banks” option to proceed.
For instance, if you choose Vakıfbank, you will be provided with an account name and IBAN address for making transfers, EFT, or FAST transactions. Utilize the information from your chosen bank’s page to transfer the desired amount into your Binance TR account via transfer, EFT, or FAST methods. Once the transfer is completed by your bank, the funds will reflect automatically in your Binance TR account wallet.
How to Buy BTT Coin with TL on Binance TR?
After completing the deposit process, proceed to purchase BTT coins with TL by selecting the “Buy-Sell” option from the top left menu on the Binance TR website. Enter “BTT” in the search bar on the right side of the page, click on the BTTC/TRY option from the search results to access the TL to BTT purchase page.
On the BTT trading page, enter the desired purchase price and the quantity of BTT coins you wish to buy in the designated fields. After inputting the necessary details, finalize your purchase by clicking the “Buy BTTC” button.
What is Binance TR?
Binance TR, the Turkish arm of Binance, the world’s largest cryptocurrency exchange in terms of trading volume, was officially launched in Turkey in 2020. Operating from Istanbul and accessible at trbinance.com, Binance TR offers a wide array of crypto-to-crypto and fiat-to-crypto trading services. Leveraging Binance’s technology, security measures, and liquidity provided through the Binance Cloud infrastructure, users in Turkey can seamlessly trade various cryptocurrencies with TRY pairs via Binance TR.
With Binance TR, users benefit from market-leading spot trading liquidity, a robust matching engine, advanced security features, custody solutions, and risk controls, all backed by Binance’s core functionalities.
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Disclaimer:
The information provided in this article does not constitute investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks. Conduct thorough research before engaging in cryptocurrency trading.
