How to Buy BitTorrent in the USA
A Beginner’s Guide to Buying and Selling BitTorrent Cryptocurrency in the USA
If you’re based in the USA and wish to buy BitTorrent – the process is very easy. All you need to do is find a regulated exchange, deposit some funds, and decide how many BitTorrent tokens you want to buy.
BitTorrent was initially released in 2001 before it was acquired by the Tron Foundation in 2018 and introduced publicly in 2019 through an Initial Coin Offering (ICO). The BTT cryptocurrency enables the accessing features on the network, aiming to be the central feature for its ecosystem.
For instance, BitTorrent is the only payment form that can be spent by requesters when they enter into agreements with providers. More importantly, by buying and spending BTT, requesters also gain the ability to purchase priority access to file downloads and computational services to increase the speed of a download.
The market boom by the BitTorrent crypto comes at a time when crypto investments have significantly increased. BitTorrent tokens are readily available for those who would like to invest in the USA.
Nonetheless, suppose you plan to take the bold step and invest in the crypto market. In that case, you need to note that, unlike investing in stocks, crypto holdings are very risky because of market volatility. Therefore, you have to ensure that you hold the right amount of tokens to diversify your holdings and minimize risk.
What's in This Guide?
- QUICK GUIDE: HOW TO BUY BITTORRENT IN THE USA
- A Step-by-step Guide to Buying BitTorrent
- Store in a Crypto Wallet
- How to Sell BitTorrent
- Things to Consider when Buying BitTorrent in the USA
QUICK GUIDE: HOW TO BUY BITTORRENT IN THE USA
- Open an account with a cryptocurrency exchange
- Verify your account
- Go to the deposit section
- Go to the platform and select BitTorrent
- Enter how many BitTorrent tokens you want to buy
- Check the details and confirm your purchase
A Step-by-step Guide to Buying BitTorrent
If you want to purchase BitTorrent in the USA, follow these simple steps:
Step 1: Open an exchange account
First, you need to set up or rather open an exchange account. The best thing about being a crypto trader in the USA is that many crypto exchanges allow the US dollar. However, you also need to ensure that the exchange supports BitTorrent tokens.
You also need to look at some features of that exchange, such as the transaction fee. You should also check if the exchange is supporting multiple cryptocurrencies on the platform.
During the exchange account opening stage, the only details you will need are your names, telephone number, and email address. Depending on the exchange you have chosen, you will also be required to verify your details. To very, all you have to do is upload documents such as your driver's license, social security number, and more.
Be keen to set a multi-factor authentication process on the exchange to ensure that you keep your account safe from hacking attacks.
Step 2: Fund the account
The second step is to fund the exchange account using either fiat currency or other cryptocurrencies. For the fiat currency option, all you need to link your credit card or debit card with the exchange and then enter the amount you would like to spend on the transaction that will be deposited into the exchange. This is the easiest and fastest way of funding your account.
The other option you can use to fund your account is exchanging other cryptocurrencies for BitTorrent. You can buy other tokens such as Bitcoin and Ethereum and exchange these for BitTorrent at the stipulated exchange rate. However, this option is not available on all exchanges.
Step 3: Buy BitTorrent
The third step is to buy BitTorrent tokens. After funding your account, you can now use fiat currency or other cryptocurrencies to buy BitTorrent tokens. The purchase process is straightforward. Enter the amount you would like to spend and confirm your transaction. In a few seconds, you will receive a notification in your email stating that the transaction has been processed.
Sometimes, the market price of BitTorrent may be too high to buy. In such a case, you can set a limit order, which will automatically be fulfilled after the prices of the token fall to a specific price.
On the other hand, you can use a market order if you are comfortable with the current market prices of BitTorrent tokens. A market order will be fulfilled instantly at the ongoing market prices.
Store your BitTorrent Coins in a Crypto Wallet
After you have bought BitTorrent tokens, you need to store them in a crypto wallet. There are two main types of crypto wallets. A hot wallet is used for small crypto holdings or when a holder wants to trade regularly. Hot wallets are found online and mainly on exchange apps.
The other type of crypto wallet is the cold wallet. Cold wallets are offline wallets that will not store your crypto holdings online. Instead, these wallets will keep your crypto holdings secure from any hacking attempts. Most people who use cold wallets are those holding massive amounts of BitTorrent tokens or those who do want to sell their holdings at any time.
When choosing a crypto wallet, you need to ensure that it can support BitTorrent tokens.
How to Sell BitTorrent
If you want to sell BitTorrent, you can follow the same process as buying the tokens. Login to the exchange, go to the sell-side of the account and enter the number of tokens you would like to sell. You will receive a confirmation of the transaction after that.
You can either sell the tokens for USD or other cryptocurrencies. Most exchanges offer two options, so you go for the one you are most comfortable using,
Things to Consider when Buying BitTorrent in the USA
If you are unsure of whether or not to buy BitTorrent tokens, consider the following:
The first thing you need to check is the volatility of the tokens. Cryptocurrencies are highly volatile, given that their prices keep changing daily. It would be best if you had a high-risk appetite to survive the price fluctuations in this market.
The other thing you need to consider is the price performance of BitTorrent tokens. Look at how the graph for the rise and fall of the crypto’s prices has gone, and this will help you understand the token better. However, as mentioned earlier, cryptocurrencies can be highly unpredictable, and the price dip can be unexpected.
The other thing you also need to check is how the token can be used for various purposes. The best cryptocurrency is one that can be used for other purposes aside from trading. Cryptocurrencies can be used in developing DeFi projects.
BitTorrent is among the most popular cryptocurrencies. It is an ideal token if you want to diversify your crypto holdings. To buy BitTorrent, go to your exchange account and make your purchase. Afterwards, you can store your tokens in a crypto wallet or sell them to earn quick returns.
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Virtual currencies are highly volatile. Your capital is at risk.