Bittorrent BTT crypto
For the internet community that is used to sharing files, you may already be familiar with BitTorrent.
Before Bitcoin appeared in 2009, the name BitTorrent was already popular, as this file-sharing site was founded in 2001 by Bram Cohen, a developer, and entrepreneur, who is currently well-known in the crypto world.
BitTorrent New with BTT tokens, as of writing, is ranked #53 on Coinmarketcap, with a market cap of $1,781,750,839, at a price of $0.000001909, with a 24-hour volume of $65,870,148. Current total supply 990,000,000,000,000, with circulating supply 932,497.50B BTT.
What is BitTorrent BTT?
BitTorrent (BTT) is a Peer to Peer file sharing which is gaining popularity as a decentralized torrent platform.
BitTorrent is an open-source platform where users can download large files with low internet bandwidth.
The open-source platform is that anyone can modify or redistribute the original code files on the platform because they can freely access and download existing files.
BitTorrent is designed to provide a network capable of distributing music files, software programs, and other digital products more widely.
BitTorrent is by far the largest file-sharing protocol in the world, with some estimates claiming over 20% of internet traffic is linked to BitTorrent.
How do BitTorrent works?
BitTorrent is a peer-to-peer file-sharing that locates the computer with the desired files using a software program instead of the user’s web browser.
With BitTorrent, users can download files by requesting a copy of the file from the server. This file transfer is governed by a set of rules such as File Transfer Protocol or HyperText Transfer Protocol.
As a result, using this technology makes the download speed faster.
But for users who want to get access to downloads, need to download BitTorrent client software. This software is free, and after that users can download other software such as Bittorrent’s Google TorrentSpy and isoHunt to find BitTorrent files.
The process of downloading files using BitTorrent is considered to be faster because it is decentralized file sharing. So that the downloaded files are not centralized on a single server, but spread across the BitTorrent network in software installed on the computer.
What is BTT used for?
BTT is a TRON TRC-10 token issued by BitTorrent Inc. which generally aims to process transactions in the BitTorrent network environment between clients and market liquidity, to serve requesters and service providers.
BTT will be the unit for the denomination in order to enable networking within the BitTorrent ecosystem. The BTT token is created as a divisible token, for granular pricing.
The BTT token aims to be a solution to combine the BitTorrent (BT) and TRON Protocols, with the BTT token based on the TRC-10 token.
In a BitTorrent environment, the service provider receives the BTT token which can be a seed. If it receives in the form of a seed, then the user with the fully downloaded file that is part of the torrent. And peer for users with partial copies of desired files.
Token distribution
The BTT token has a total supply of 990 billion BTT distributed across the BitTorrent environment.
- 6% of the total supply for public sales.
- 2% of the total supply for private sales.
- 9% of total supply for seed sales.
- 10.1% of the total supply for the TRON airdrop which will be spread over the next six years.
- 10% of the total supply for BitTorrent.
- 19% of the total supply for the BitTorrent team and the BitTorrent Foundation.
- 20% of the total supply for TRON foundation.
- 19.9% of total supply for the BitTorrent ecosystem.
- 4% of the total supply for partnership tokens.
Founder BitTorrent BTT
Originally BitTorrent was created by Bram Cohen in 2001. However, when it comes to the new BitTorrent (BTT), it cannot be separated from the name Justin Sun.
Justin Sun was the one who also invented the TRON blockchain, he was interested in BitTorrent and eventually acquired it for 140 million US dollars, and then Tron launched the TRC-10 token for Bittorrent, and the BitTorrent token named BTT was born.
Justin Sun was born in 1990 and became a technology entrepreneur. He gets a title the M.A. in East Asian Studies from the University of Pennsylvania and a B.A. in History from Peking University. He is also the former deputy regional head of Ripple in China.
Is BTT a Shitcoin?
Shitcoins describes a cryptocurrency token that is created only as a copy without being useful as a new technological innovation.
In the cryptocurrency world, there are thousands of new cryptocurrencies emerging, and most of them are just shitcoins. Or is it that the cryptocurrency was created just for scamming people.
Shitcoin is a useless cryptocurrency floating around the cryptocurrency market.
But is BitTorrent BTT a shitcoin?
For this, it is important to get acquainted with shitcoins, which are basically created with no clear purpose, offer speculative prices, and are pointless because they simply copy other projects cheaply.
Some say that cryptocurrencies other than Bitcoin are shitcoins, is this true? The answer is subjective because many cryptocurrencies were created to be a solution to the problems that occurred in their predecessors.
However, according to an article from Bit2me academy, it states that BTT is a true shitcoin token. Because BTT was accused of just token plagiarism without a clear purpose, and accusations also for TRON where BTT was executed, which made Justin Sun a controversy.
How to mine BitTorrent (BTT)
In the BitTorrent ecosystem for the download process using the BitTorrent speed application, to start the user must download the application and install it which will run as a web application.
Downloader to get high download speed can provide BTT for the uploader. Whereas uploaders can seed their uploads to match speed with other downloaders.
The steps for staking in the BitTorrent network start with:
- Enable wallet.
- Enjoy downloading faster speed.
- Earn BTT.
Is BitTorrent BTT a good investment?
Looking at historical BTT price statistics, this token formed an all-time high on January 8, 2022, at the $0.000003054 price level, while an all-time low formed on February 24 at $0.000001691. This is the all-time low price at the time of writing this article, allowing new lows to be formed due to the downward trend in BTT.
Meanwhile, according to a contributor on Quora, BTT tokens are a good investment. This analysis is based on technical analysis with forecasting assets will increase +527.61% in 5 years.
The contributor further reminded us that crypto assets are volatile assets and carry the risk of a decline in value. Investors are asked to be wise in their investments to avoid bankruptcy as a result of the wrong analysis.
CoinQuora also predicts the price of BTT may reach $1 in 2022. But whether BTT is a good investment depends on the perspective of each investor because the value of crypto assets is indeed volatile.
How do I buy BitTorrent BTT?
If you haven’t earned BTT from the airdrop program that was also launched on the Binance exchange, then to get BTT tokens you have to buy through an exchange that provides BTT tokens.
For a safe way to buy BTT, you need to look at the wallet which is a tool for storing your BTT. Hardware wallets are considered to be a safe way of storing crypto assets including BTT, you may be interested in Ledger wallets for this option.
Broadly speaking how to buy BTT is:
- Find a compatible wallet where you can store your BitTorrent tokens.
- Find an exchange that provides BitTorrent tokens, and read the rules using the platform. You may need to register to get started.
- Funding an exchange account for purchasing BTT.
- Then you can buy BTT by finding tokens on the available market.
- Finally, you transfer the BitTorrent token to a compatible wallet.
Where to buy BitTorrent BTT?
One of the reasons why crypto assets are so volatile is because they are already traded on many exchanges. That will trigger an increase in transaction volume on crypto assets if they are listed on an exchange. In addition, the popularity of the asset also supports an increase in the volume of transactions for an asset.
BTT which is a BitTorrent token is one of the crypto assets that has been listed on several leading crypto exchanges.
Binance
Previously Binance supported BTT airdrops and also provided BTT in their trading platform in pairs with BTT/USDT, BTT/BUSD, BTT/USDC, BTT/BNB, BTT/TRX, BTT/TUSD, BTT/TRY, BTT/EUR, BTT/ BRL on the Binance spot market.
However, referring to the information released on the official Binance blog, on January 10, 2022. Binance supports migration of old BTT to new BTT with the symbol BTTC and old BTC with the symbol BTTOLD with a ratio of 1 BTT (Old) = 1,000 BTTC.
OKX
The OKX platform also provides BitTorrent BTT tokens in their trading platform on the BTT/USDT pair. Users can use several technical indicator tools to predict the price of BTT in the hope of getting the best price.
BTCEX
BTCEX which is a spot and derivatives trading platform can be one of the platforms where you can buy BTT. It is available in the spot market with the pair BTT/USDT. BTCEX market cap based on Coinmarketcap is over 7 billion USD.
Bybit
Bybit is a spot trading platform and cryptocurrency derivatives, using an intuitive platform users can trade BTT/USDT with the available indicator tools, there are moving averages and volume indicators. It was found in 2018 that Bybit had a transaction volume of over 5 billion USD.
Kucoin
Founded in September 2017, Kucoin uses the charting platform from Tradingview which is a well-known charting software for crypto assets, forex, commodities, and stocks. The Kucoin platform provides BTT in pairs with USDT. This exchange has a daily transaction volume of up to 4 million USD in 24 hours.
Gate.io
Gate.io is an exchange that has a transaction volume of more than 3 billion daily, using the Tradingview platform with a bright chart display giving the impression of elegant charting software. Users can add indicators as needed to help market analysis.
BitTorrent BTT price prediction
BTT price is currently at $0.000001936 price level in a downtrend in the last few days. But in a short timeframe, the price is currently trying to crawl up.
Some forecasting sites predict the price of BTT is likely to rise with the potential to reach $.0.007 after slumping to the lowest price.
CryptonewsZ predicts the BTT price level in 2022 to reach the range of $0.0042-$0.0050. In the following year, it rose again at $0.0049 price level. Until 2024 BTT price reaches $0.0073. Next up again at $0.0092 in 2025. In the following year, BTT remained bullish at $0.0109 in 2026.
CoinQuora forecasts BTT in a long-term bullish trend. They predict the price of BTT to reach a $0.01426 all-time high in 2022. Then rise again the following year to the $0.025 price level in 2023. Further in 2024 and 2025 CoinQuora predicts BTT price will not change much in the $0.045 range. It is only in 2026 that the price is predicted to reach $0.1.
Wallet investors predict in the long term BTT is an awesome investment with forecasts in the next year reaching $0.002061. While the forecast for the next five years or in 2027 the price of BTT will reach $0.010029.
TradingBeast predicts BTT in the long term also in a bullish trend. Although not as high as other forecasting sites, TradingBeast predicts the end of 2022 the price of BTT will reach $0.0000032. Further in 2023 it reaches $0.0000044 price level. The price is predicted to rise again in 2024 in the range of $0.000005. Next 2025 at an average of $0.0000056 price level.
Final thought
BitTorrent BTT should have had a solid foundation because the brand name BitTorrent has been well known since its creation in 2001. Although some forecasting sites have predicted the price of BTT will be bullish in the long term. But the skeptical voice from Bit2me who considers BTT to be a shitcoin is a negative value for the BTT token.
However, there is no accurate forecast all the time. Given that crypto assets are volatile, there are always risks behind crypto investing that all crypto investors should understand.
Note: this article is for informational purposes only and does not constitute investment advice. Each investor is responsible for their investment.
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