How to Buy BitTorrent (BTT) Coin in 2024 – An Entrepreneur‘s Guide

As a consultant helping small businesses navigate the world of blockchain technology and cryptoassets, I often get asked about BitTorrent (BTT) coin specifically and how to purchase it.

BitTorrent‘s native BTT token has excellent utility for entrepreneurs looking to cut costs and incentivize users. By allowing micropayments and decentralized file storage, it tackles issues commonly faced by startups.

In this comprehensive guide, I‘ll share my perspective on BitTorrent and walk through exactly how a small business can buy BTT coin step-by-step.

Overview of BitTorrent and BTT Token

First, some background on the platform and its native crypto token:

  • BitTorrent began in 2001 as one of the earliest peer-to-peer file sharing networks, allowing users to exchange files directly rather than through a centralized server. At its peak, BitTorrent was responsible for over 20% of all internet traffic.
  • In 2018, TRON founder Justin Sun acquired BitTorrent for $140 million. Sun saw the potential to incentivize and reward the massive network of users via crypto tokenization.
  • The BTT token was launched in early 2019 following the acquisition. BTT is a TRC-10 utility token on the BitTorrent and TRON networks usable for payments and rewards.
  • BTT enables innovative features like faster download speeds, incentivized seeding, and decentralized storage. Users spend and earn BTT based on network activity.

Here are some key stats about BitTorrent adoption among consumers and businesses:

Year MAU Enterprise Partnerships
2019 100 million μTorrent, DLive, BitTorrent File System
2022 150 million Cloudflare, Filecoin

Below I‘ll go over the step-by-step process of actually buying BTT coins. But first, let‘s discuss why a small business may want to use BTT in the first place.

Benefits of BTT for Entrepreneurs

From my experience advising startups and small companies, integrating cryptocurrency into business models can unlock significant efficiencies and value.

As an entrepreneur, here is how BTT specifically can be beneficial:

  • Micropayments – BTT allows tiny fractional payments, ideal for monetizing digital content or assets
  • Incentives – Motivate users to seed files, store data, or other actions by rewarding BTT
  • Cost Savings – Lower storage and infrastructure costs by leveraging the BitTorrent network
  • Engagement – Draw in crypto enthusiasts and BitTorrent‘s massive user base

BTT ticks many boxes for entrepreneurs: an engaged ecosystem, real utility like storage and bandwidth, and underlying decentralization via TRON.

Next I‘ll provide step-by-step recommendations on buying BTT based on approaches I‘ve advised clients on.

How to Buy BitTorrent (BTT) Token – Step-by-Step

Currently BTT is only available on a handful of larger centralized exchanges like Binance. For small businesses, I generally recommend buying via Binance given its liquidity and payment options.

Follow these steps:

Step 1) Set up a Binance Account

  • Navigate to www.binance.com and register for an account
  • Complete KYC verification to access full account features

Supported KYC documents: Passport, Driver‘s License, National ID card

Step 2) Deposit Funds

  • After logging in, hover over "Wallet" and select "Fiat and Spot"
  • Choose deposit option – Bank transfer or Card payment
  • Enter currency and amount then select payment method
Payment Method Duration Fees
Bank Transfer 1-5 days Low-No Fees
Debit/Credit Card Instant ~3.5% Fees

Note: In some regions, Binance offers Direct ACH deposits with 0% fees.

Step 3) Trade for USDT

  • In the top menu, choose "Trade > Classic"
  • On BTC/USDT pair, trade currency from Step 2 for USDT

Pro tip: Use limit orders vs market orders minimize volatility risk.

Step 4) Buy BTT

  • Search for the BTT/USDT pair
  • Enter bid amount of BTT and purchase

Note: Preview trade details like trading fees and slippage before confirming.

In minutes, BTT will reflect in your Binance spot wallet, ready to use on BitTorrent or withdraw.

Step 5) Withdraw BTT to External Wallet

While BTT can be held on an exchange like Binance, I generally recommend small businesses withdraw significant holdings to an external crypto wallet.

Hardware wallets like Ledger and Trezor provide robust long term storage solutions. Be sure to withdraw to a BTT-compatible address only.

That covers the full process of acquiring BTT tokens. Next I‘ll briefly highlight some example usage cases.

Using BTT for Small Business & Entrepreneurs

Once purchased, here are some ideas for using BTT coin to grow your business:

  • Reward User Signups – Incentivize visitors to signup for a service by distributing BTT
  • Loyalty Discounts – Offer BTT as a discount for repeat customer orders
  • P2P Storage Rentals – Earn BTT by renting spare hard drive storage
  • Unlock Premium Content – Monetize documents, videos, music via BTT micropayments

BTT and BitTorrent are continuing to roll out functionality for enterprises like customizablewdapps, whitelabel solutions, and pay-per-use data delivery.

Additionally, check out BTTC Labs for info on their accelerator program, funding, events and educational resources for entrepreneurs building on BitTorrent.

While regulations are still evolving, working closely with an accountant or lawyer versed in crypto can help ensure tax and compliance obligations are fully met.

Conclusion

I hope this guide was valuable in explaining the benefits of BitTorrent and BTT token for small businesses as well as providing actionable steps for purchasing BTT in 2024.

As blockchain adoption grows, cryptocurrencies like BTT have genuine utility to help entrepreneurs cut costs, engage users, and unlock new models.

Let me know if you have any other questions! I‘m always happy to chat more about pragmatic ways small businesses can leverage cryptoassets and decentralized technologies.