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Do you want to know what is BTT? Learn more about the BitTorrent coin technology. You will find up-to-date price predictions and best BTT trade platforms.
For those who have never used it before, the easiest way to explain BitTorrent is as a peer-to-peer data transfer protocol. It is the largest protocol of its kind and people use it worldwide for file transfer. The announcement of BitTorrent crypto, a few years ago, has turned many heads as it was a promising project with an already solid following. In this article, we will address some of the most basic questions on the subject, like:
- What does BTT mean?
- What is BTT crypto?
- How to buy BitTorrent token?
- Where to buy BitTorrent token?
- How to earn BTT token?
BTT coin and where did it come from
BitTorrent token (BTT) was released on January 3, 2019 following the acquisition of the BitTorrent site by the Tron Foundation. The idea behind the token introduction was to tokenize popular data sharing protocol and enhance content delivery and bandwidth availability with the help of blockchain. The ultimate goal was to strengthen the network while solving the existing issues on it.
BTT management team and history
BitTorrent has been around for over two decades. The initial protocol was designed in 2001 by Bram Cohen and the company was founded in 2004 through partnership of Bram Cohen with Ashwin Navin. Despite the protocol’s mass adoption, the project struggled to monetize the service for years to come. This led to a strategic partnership in 2018 with the Tron Foundation, founders of the Tron blockchain. The partnership was basically Justin Sun acquiring the BitTorrent website for US$140 million. Following the merge, the new management released the BitTorrent token.
What is the BTT ecosystem?
Tron’s blockchain technology provided the ability to create a number of decentralized applications (dapps) which serve a purpose of enhancing the network services.
The most prominent dapps on the network are:
- BitTorrent Speed - created the opportunity to borrow additional bandwidth as means of increasing the download speed in exchange for tokens.
- BitTorrent File System (BTFS) - the first scalable decentralized storage system.
- DLive - protocol for peer-to-peer video streaming.
Technical data about BTT
BTT has a limited supply of 990,000 billion tokens currently trading at around US$0.000002. The team has decided to increase the number of tokens from 990 billion to 990,000 billion as a part of the BTTC mainnet launch and token redenomination plan in December of 2021. At that point the new token version took over the existing name, while the old token was redenominated into BTTOLD. It was announced that some exchanges including Binance Will Support the BitTorrent (BTT) Token Migration, Redenomination and Renaming Plan.
The new token has several use cases in the blockchain’s ecosystem:
- BTTC network validator,
- Staking on BTTC to gain rewards,
- Paying for gas fees,
- BTTC governance votes.
BTT community
Having been around for over two decades, BitTorrent has rounded up an impressive following over the years. This is a massive 2 billion user community and with 200 active wallets it is the largest P2P network in the world.
BTT pros and cons
Investing should always be preceded by a detailed asset analysis. BTT is not as easy to compare to other coins, such as BUSD vs USDT, but we can still review the benefits and downsides of it on its own.
There are many aspects of any cryptocurrency to look at and in this case, the following are the top pros and cons.
BitTorrent Token Logo by cryptologos.cc
Pros:
- Utility token for a highly utilized platform
- Low price
- Large community behind it
Cons:
- Low trading volume
- Bad tokenomics
- Price increase will only be dictated by market trend, not the intrinsic value
How to store BTT – tron wallets
Keeping your crypto on the exchanges for prolonged periods of time is never a good idea, therefore, finding a good wallet which supports your coins or tokens is essential. There are a number of hot and cold BitTorrent wallets where you may park your BTT crypto.
Hot Wallets:
- TronLink - this BitTorrent Tron wallet is the best option if you wish to engage with the TRON ecosystem.
- Guarda Wallet
Cold Wallets:
- Trezor One
- Ledger Nano S
How to trade and earn BTT
BTT trade is possible on many crypto exchanges, where you may buy or sell the token. However, to the BitTorrent community, the prospect of earning BTT is probably more appealing. Users can earn rewards by contributing to the network several ways:
- Seeders get tokens as incentive to keep the files available on the network. The rewards do vary depending on the number of seeders for the requested document - fewer seeders result in a greater reward. On the other hand, if there is no demand for a particular document, seeding it will not be beneficial.
- Bandwidth and storage resources, if underutilized, can be dedicated in exchange for BTT tokens.
- Rewards are offered to users broadcasting and viewing content through DLive.
Where to buy BTT
BTT coin exchange pairs are available on Binance, Uniswap, Okex and many other exchanges, both centralized and decentralized. CoinMarketCap offers the most up to date list of exchanges that you may trade BitTorrent cryptocurrency on as well as BTT current price.
Conclusion
The simplest way to define BitTorrent is to say that it is a file transfer protocol. If this article has sparked your interest on the topic, there are many additional online resources for the latest crypto information, where you can find BTT coin news, live BTT data charts, even a BitTorrent Ultimate Guide.
FAQs
How does torrenting work?
Torrenting is a decentralized, peer-to-peer (P2P) data sharing protocol. On one hand, there are seeders, which are network computers storing and sharing parts of data, while on the other are leechers - peers looking to download available data. BitTorrent breaks the files down into fragments called seeds. These seeds are then migrated from seeders to leechers through a torrent client.
What BTT stands for?
BTT stands for BitTorrent token.
What is BTT coin?
BTT is a cryptocurrency established as a joint project between the Tron Foundation and BitTorrent, Inc. as an attempt to tokenize BitTorrent protocol while improving content transfer and bandwidth availability.
How to buy BTT coin?
First, you should choose an exchange on which to perform the purchase. You need to create an account on the exchange if you don’t already have one. Following, you need to deposit fiat funds onto the exchange and execute the trade. Finally, you should withdraw the crypto onto your wallet of preference, however, make sure that BTT coin is supported on the wallet before purchase.
Where can I buy BTT coin?
If you wonder where to buy BitTorrent token, you may check out CoinMarketCap for the most up to date list of exchanges offering the coin. At the moment, it is offered on many centralized and decentralized crypto exchanges including Binance, Uniswap and Okex.
Is bittorrent coin a good investment?
Cryptocurrency investing in general comes with higher risk than other, more conventional investments. However, at the same time, cryptos come with generally higher returns on the investment if you know how to time your trades.
In the short term, the BTT coin outlook seems bearish. Since the ATH of April 5th, 2021, the coin has seen steady and significant decline in price despite the market rally over the summer and fall.
How to earn from torrenting?
You may earn BTT tokens by acting as a seeder, however, the rewards will depend on the number of available seeders for the same document as well as the demand for the offered documents. Additionally, BTT tokens may be earned as well by dedicating bandwidth or storage resources for those seeking faster downloads.
Finally, you may receive rewards for broadcasting and viewing content through DLive.
Author Bio
Nina Petrov (editor-in-chief at TradeCrypto.com) is a theoretical mathematician, passionate about new trends in the global economy and blockchain technology. She is a devoted content creator and editor, crypto-enthusiast and stock market analyst.
https://tradecrypto.com/author/nina-petrov/
https://muckrack.com/nina-petrov-1
Main Photo by Pixabay
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.