What Is BitTorrent (BTT) How It Works & Where To Buy It?

BitTorrent is a decentralized file storage system that has been around since 2001. The platform facilitates peer-to-peer file sharing – in 2018 the Tron foundation acquired BitTorrent.

The acquisition aimed to decentralize BitTorrent and incorporate blockchain systems. BTT is the 58th largest cryptocurrency by market capitalization.

How BitTorrent (BTT) Works

BitTorrent is a file-sharing protocol (platform) that has been around since 2001. It has played an integral part in the sharing of various media and files, especially during a time when technological advancements were slightly slower.

Essentially, there are main roles within the platform that help the platform function optimally.

Seeds – This is the host of a specific file and is also known as a torrent. There are multiple seeds and when a torrent is downloaded, the torrent is split up into multiple pieces – making the downloading of the torrent more efficient for the user.

Upon the completion of the download, the user then has the option to become a seed. When a user becomes a seed, they help the network and other users seeking to download torrents. If a user chooses not to become a seed, they are considered a leech. The principle of the BitTorrent platform is to aid in file sharing, and leeches aren’t seen as beneficial to the protocol.

The BitTorrent file system recently transitioned to incorporate the BitTorrent token (BTT), along with some other adjustments to the BitTorrent protocol.

Simply put, traditionally there are two types of individuals that use the BitTorrent platform – providers (host files) and requesters (seek files). The implementation of BTT tokens allowed for providers or hosts to earn BTT tokens when they service requesters.

Furthermore, the expansion of the BitTorrent ecosystem has led to the increased utility of the BTT token. For example, BitTorrent speed, a decentralized application (DApp) in the BitTorrent ecosystem, enables users faster download speeds if they pay for the providers’ bandwidth using BTT tokens.

Statistics indicate that BitTorrent has more than 45 million daily users and 170 million monthly users. The BitTorrent foundation has pioneered the file-sharing space and the acquisition by Tron blockchain has ensured that the peer-to-peer network can uniquely service BitTorrent clients.

A more detailed insight into how the project works, the vision of the project, and the transitions the project has undergone can be found in the whitepaper.

What Is BitTorrent (BTT) Used For?

BitTorrent’s platform now enables hosts of seed files to earn BTT tokens for participating in the decentralized file-sharing protocol. Requesters can pay hosts BTT tokens for faster download speeds.

The BitTorrent speed DApp has created a lucrative way for hosts to be incentivized for their contributions, and the tokenization of Bittorrent is aimed at encouraging hosts to continue seeding files.

The BitTorrent token was only released in 2018 when the BitTorrent team hosted an ICO – where over $7 million was raised and only 6% of the supply was available for purchase.

Additionally, many individuals choose to trade BTT tokens because of the cryptocurrencies volatility. The daily price fluctuations in the token make it favorable to trade for swing or arbitrage traders.

Where To Buy BTT Tokens

BTT tokens are frequently traded on most of the well-known cryptocurrency exchanges around the world.

Before purchasing BTT, users will need to deposit fiat money onto an exchange. Sequentially, BTT tokens will be credited to their unique BTT digital wallet on the exchange.

The crypto exchanges below are the safest place where you can buy, sell and store BTT tokens.

1. Gate.io
2. HTX
3. KuCoin
4. Binance
5. Crypto.com

The best way to store BTT tokens off-exchange is a Tron-compatible wallet. The best Tron wallets can be found here.

About BitTorrent (BTT)

How long has BitTorrent (BTT) existed?

BitTorrent has been around since 2001 and quickly grew to become the world’s largest file-sharing platform – amassing more than 170 million monthly users.

In 2018, the BitTorrent network and platform were acquired by Justin Sun of Tron Blockchain. It was then decided that the platform required its own native token, and the BTT token sale commenced on the 28th of January, 2019.

The ICO was hosted on Binance but the returns since the ICO have been dismal. The ICO price for 1 BTT = 0.00012 USD. At the time of writing, the current price of BTT is $0.000001118.

What’s controversial about BitTorrent (BTT)?

The amount of new projects entering the crypto space daily is staggering. Most of these projects aim to bring new solutions to the crypto space but other projects simply fall by the wayside relatively quickly. Many people fall victim to scams and ”rug pulls” because they don’t do sufficient research into a project before investing.

One of the most integral parts of investing involves researching. It’s crucial to research as much as possible and find out about the project, its aims, the target market, the solutions it provides, tokenomics, and a host of other important factors associated with the project.

Let’s take a look at the top controversy surrounding BitTorrent (BTT):

• Too Few Features – The principle of any solid cryptocurrency involves building utility for the token. Most successful projects have excellent tokenomics models and the tokens play an integral role in the project’s network or ecosystem.However, BTT tokens are lacking utility. The BitTorrent platform has amassed an enormous amount of daily users but the users aren’t directly required to use BTT tokens to use the platform. This can be seen as a massive lack of utility for BTT tokens, and many people believe that the BTT token isn’t even necessary.

How many BTT Tokens tokens are there?

At the time of writing, BTT has a circulating supply of 929,275.16B BTT

The total supply of BTT is 990,000,000,000,000

The max supply of BTT is not specified.

Can BTT be mined?

BTT is not a mineable cryptocurrency. BTT uses a delegated proof-of-stake consensus algorithm which differentiates it from mineable crypto currencies such as Bitcoin – which uses a proof-of-work consensus mechanism.

However, users can earn BTT tokens by becoming seeds on the BitTorrent platform. The process is relatively simple and BTT tokens are directly credited to the seeders wallet.

Some centralized exchanges also offer staking rewards for BTT holders that stake their tokens for a certain duration.

What is the market cap of BTT?

The market cap of BTT is:

BTT market cap = total amount of coins in circulation x current market price of BTT.

BTT Market Cap = 929,275.16B BTT x $0.000001123 = $1,04 billion (58th largest market cap),

BTT is currently one of the top 100 cryptocurrencies by market capitalization – the BTT price is currently trading lower than its ICO price.

The market cap fluctuates according to circulating supply and market price.

Biggest Competitors Of BitTorrent (BTT)

The BitTorrent platform with its unique torrent software and torrent file downloading and sharing has been around for more than 20 years. The platform has seen extensive growth over the years – file sharing protocols are common and the biggest competitors of BTT are listed below.

BTT’s biggest competitors are:

• Filecoin
• Storj
• Arweave

What are the future plans for BitTorrent and BTT token

BitTorrent continues to keep building a larger ecosystem that will facilitate the use of BTT tokens, helping participants earn BTT rewards for their contributions. The growth of the BTT coin is directly dependent on its utility and the exponential growth of the BTT community.

Pros And Cons Of BitTorrent (BTT)

Pros:

• Huge Userbase – Millions of people around the world utilize the BitTorrent platform.
• Real Use Case – There is a definite need for decentralized file sharing and BitTorrent is pioneering the file-sharing space. The implementation of blockchain has given the platform added utility and providers now have the chance to earn BTT tokens for their contributions to the platform.
• Growing Ecosystem – Bittorent has prioritized the growth of its ecosystem. The expansion of the BitTorrent ecosystem will likely lead to bolstered trading of BTT tokens and provide platform users with a more valuable and decentralized experience.
• Tron Blockchain – BTT tokens are run on the Tron blockchain – which has recently garnered a significant amount of attention in the crypto space. The Tron blockchain has proved to be fast, efficient, and affordable – BTT tokens being powered by the Tron infrastructure is an advantage.

Cons:

• The BTT Token Isn’t Required When Using BitTorrent – One of the most concerning factors surrounding the BitTorrent platform and the project as a whole is that BTT tokens aren’t essential for using the BitTorrent platform.BTT tokens’ only utility at the moment is when being used to pay providers for faster download speed / enhanced bandwidth – this is especially concerning because it is indicative of there not being a sufficient need for the BTT token.
• BTT Price Has Collapsed – Since the ICO launch of the BTT token, there has been catastrophically negative price action. The listing price of the BTT token was more than 100x its current price. Many people in the crypto community consider BTT to be a failed project.
• Huge Supply – The total supply of BTT is 990,000,000,000,000. This supply is incredibly high and has led to many retail investors choosing not to purchase BTT tokens because there is not sufficient scarcity.