What is BitTorrent?
BitTorrent is a file-sharing platform that lets users download files directly from each other. It’s essentially a file marketplace, bringing buyers and sellers together to trade files without needing a central body. The BTT token is a payment method on the platform, as downloaders can use it to pay for priority access or faster download speeds.
BitTorrent’s origins as a file-sharing platform date back to 2001, but this version, embedded in cryptocurrency, is a fairly new endeavour. Justin Sun’s Tron Foundation bought BitTorrent in 2018, leading to the release of its new token a year later.
How does BitTorrent work?
BitTorrent works by matching download requests to users who already have a file stored on their computer. The more people hosting the file, the quicker the download speeds, as the BitTorrent software can break a file down into multiple parts and download each from a different host.
As anyone who used the original BitTorrent will remember, the lack of an incentive to host files could create a bottleneck with far more demand than supply. Now BitTorrent has solved this problem by using its BTT token as an incentive. People who supply files are now rewarded with tokens.
BitTorrent offers some other services, too that are all powered by the BTT token. One is a way for users to pay BTT for faster downloads, another lets them pay for file storage similar to Filecoin and Storj. The transactions for all these apps are stored on the Tron blockchain.
How is the BitTorrent network secured?
The BitTorrent network is secured by the blockchain that it runs on. It has been built on the Tron blockchain, which uses a proof of stake consensus algorithm. This means that other users on the network, known as validators, verify and secure all transactions. To become a validator, users must stake a certain number of tokens but are rewarded for their work with additional coins.
What is BitTorrent used for?
It is used for sharing files. Users on the BitTorrent network can download files directly from each other. When the platform was first created, it was audio and video files that were predominantly shared; however, these days, a variety of files can be downloaded. Since moving to the Tron blockchain, the BTT token offers users access to premium services, including VPNs and ad-free browsing.
Why does BTT have value?
BTT can perform multiple functions on the network, making its utility diversified. The token’s main use is as a medium of exchange on the BitTorrent ecosystem, where users can pay for faster download speeds, ad-free surfing, and other premium services. Not only is it a payment method, but it can also be used for staking to earn rewards and has a role in governing the network. Overall, BitTorrent’s network growth, development, and new features will determine BTT’s future value.
Who created BitTorrent?
BitTorrent was created by Bram Chohen in the early 2000s. The platform provided an easy way to share music and video files, although it had a number of legal issues surrounding copyright law. In 2018, TRON, headed by Justin Sun, bought the platform and has since added it to its blockchain and released the BTT cryptocurrency.
Where can I buy BitTorrent?
Most cryptocurrency brokers allow you to keep the coins you buy in your account. However, you may want to sign up for a dedicated crypto wallet for some extra security.
You can deposit money into a broker or exchange account by a bank transfer or card payment. However, if you prefer to use a different payment method, like PayPal, then your options may be more limited.
Are there any other ways to invest in BitTorrent?
The simplest way to invest in BitTorrent is to buy it outright. However, another option is to simply open a crypto account. Crypto accounts are like regular bank accounts and allow you to store a variety of currencies, send and receive payments, earn interest on savings, and spend freely with a credit card.
You can also invest in crypto more generally through a crypto ETF or a crypto fund. These are financial instruments that give you exposure to a group of leading cryptocurrencies, more suited to high net worth individuals.
More about the BTT price
What is the BitTorrent price today?
The BTT price is currently $0.0008353, as of November 2022. The price of BitTorrent is down 99% since the start of 2022. You can use the live BitTorrent chart to track the BTT/USD price in real time above, or compare the BitTorrent value today to its past performance using the BitTorrent price history tab at the top of this page.
What is the price prediction for BitTorrent?
The average BitTorrent price prediction values the coin at $1 by the end of 2025. Things like the economic climate, establishment support and acceptance, and the crypto market as a whole can all have an impact on the price.
It’s best to take predictions with a grain of salt but you can use expert estimates to help you understand the weight of opinion about a coin.
What is the total supply of BTT?
The circulating supply is 990,000,000,000 BTT, out of a total maximum supply of 990,000,000,000 BTT.
Are there any BitTorrent alternatives?
BitTorrent is one of the best known file-sharing platforms out there, but there are similar projects that compete with it. Here is a selection of the best BitTorrent alternatives.
- Upfiring. Upfiring is a p2p file-sharing network which pays users for sharing files.
- Axel. Axel is a file-sharing application that offers robust encryption.
- Tron. Tron is a decentralised blockchain that supports smart contracts.
More crypto guides
Yes, when you buy BTT tokens, you can store them inside of a crypto wallet. A wallet is like a digital safe, where your crypto is stored. To unlock it, you need a private key, a long number known only to you. Keeping your BTT tokens in a wallet is considered safe as wallets are nearly impossible to hack.
Before moving under the ownership of TRON, BitTorrent had been subjected to several hacks. The most recent came in 2016, when hackers stole the personal information of many BitTorrent users.
Recent BitTorrent price analysis
Invezz is a place where people can find reliable, unbiased information about finance, trading, and investing – but we do not offer financial advice and users should always carry out their own research. The assets covered on this website, including stocks, cryptocurrencies, and commodities can be highly volatile and new investors often lose money. Success in the financial markets is not guaranteed, and users should never invest more than they can afford to lose. You should consider your own personal circumstances and take the time to explore all your options before making any investment. Read our risk disclaimer >