Cryptocurrency BTT BitTorrent: overview, course, forecast and prospects of the token, how and where to buy or sell
BTT cryptocurrency is a token for expanding the capabilities of the BitTorrent network. Launched just the other day, the coin caused a real stir. At first, it seemed that the success of the project was guaranteed – almost $ 7 billion was collected on the ICO in 15 minutes. However, this was followed by harsh criticism from many experts, confusing investors. The editorial staff of Btcnewsweb.com will consider what the BTT cryptocurrency is, what its advantages and disadvantages are.
You can buy, exchange BitTorrent cryptocurrency on the Binance exchange (binance.com). Trading is available in BTT / BNB, BTT / USDT, BTT / TRX, BTT / TUSD, BTT / USDC pairs.
Updated 18/01/2022. Binance will support a plan to migrate, rename, and denominate BitTorrent (BTT) tokens. BTT will be renamed to BTTOLD, new tokens – BTTC. Details in the announcement.
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- 1 BTT cryptocurrency – what is it
- 2 Characteristics of cryptocurrency
- 3 BTT cryptocurrency rate, price
- 4 How and where to buy BTT token
- 5 Description of the project, history of creation
- 6 Cryptocurrency peculiarity, technical implementation
- 7 Advantages and disadvantages
- 8 Wallets
- 9 Mining
- 10 Prospects and forecast
BTT cryptocurrency – what is it
Justin Sun, owner of the Tron Foundation, says the coin’s key purpose is to expand the network’s functionality and make BitTorrent more efficient. But you can look at this from a global point of view – the project can provide humanity with unlimited access to a full-fledged decentralized Internet.
Many have noticed that BitTorrent is not having the best bandwidth right now – the download speed is dropping because the seeds do not want to distribute files, but delete the torrents from the computer immediately after the download is complete. To motivate users not to leave the distribution, we came up with a new currency. For storing torrent files on their PC, seeders will receive a certain amount of BTT.
It will be possible to spend the earned money on purchasing licensed content or conducting online streams. It turns out that the system will work as follows: users who want to quickly download the desired content reward those who distribute (or form) this content. As a consequence, seeders and authors will increase the speed of the entire network.
BitTorrent has bought the top uTorrent app for quite some time now, and it will be the first program to officially support BTT. In the summer, it is also planned to launch the BitTorrent Speed platform, which opens up extensive functionality for coin holders. Therefore, it would be wise to start saving coins now. By the way, the developers plan to not charge any transaction fees.
Characteristics of cryptocurrency
Indicators of BTT cryptocurrency at the end of February 2019:
- course – 0.00085671 $
- hashing algorithm – Delegated Proof-of-Stake
- maximum volume – 990 billion
- website – https://www.bittorrent.com/btt/
- White Paper – https://www.bittorrent.com/btt/btt-docs/BitTorrent_Token_Whitepaper.pdf
- browser – https://tronscan.org/#/token/1002000
- Exchanges: Binance, Huobi, Bittrex, Bitfinex and others.
The BTT token belongs to the TRON TRC-10 standard and acts as a mechanism for conducting transactions between BitTorrent clients and any other customers and service providers. The token is divided into component parts, which makes it possible to very accurately determine the price for services in a liquid market.
BTT cryptocurrency rate, price
Bittorrent to Tether (USDT) chart. The data comes in real time from the Binance exchange.
How and where to buy BTT token
You can buy / sell Bittorrent cryptocurrency in the following ways:
- In cryptocurrency exchangers. For example, the Baksman service. You can buy BTT token for other crypto coins or fiat money payment systems: Sberbank, Visa / Mastercard, Qiwi, Yandex.Money, Advcash, Payeer, etc. When buying: in the application you need to indicate the address of the wallet to receive Bittorrent cryptocurrency, the amount and account from which the payment will be made. When selling: only an account for receiving fiat money or cryptocurrency money.
- Using cryptocurrency exchanges. The largest trading volume on the Binance exchange. Currency pairs are available on this site: BTT / USDT, BTT / BTC, BTT / PAX, BTT / USDC, BTT / TUSDT, BTT / BNB. As you can see, the token is traded to all stablecoins.
Instructions on how to buy BTT on Binance:
- We create an account. We fill out the registration form and confirm the email. Set security settings (enable 2FA or SMS confirmation). If necessary, we go through verification (account confirmation). Please note: without verification, you can withdraw 2 BTC from the exchange or the equivalent in another cryptocurrency.
- Top up your account. The crypto exchange does not work with fiat money, so we buy cryptocurrency in exchangers or on another fiat money platform, for example, Exmo or Localbitcoins. Then, we transfer the cryptocurrency to the address that you will find in your account in the “Funds” – “Deposits” section.
- After crediting funds, go to the trading terminal and select a pair, for example, BTT / BTC. This means that we buy or sell a Bittorrent token for Bitcoins.
- We create an order. The following types of them are available on Binance: limit (you need to indicate the most reasonable price); market (execution at the current market rate); stop limit.
- After the order is executed, the received BTT tokens can be viewed in the “Funds” – “Balance” section.
Description of the project, history of creation
BitTorrent began in 2001, when the developer Bram Cohen formed a previously unused protocol for distributed information exchange. His program became the world’s first torrent tracker, to this day remains the most demanded peer-to-peer network on the planet. Since 2004, the company from the USA, engaged in the development and maintenance of the network, has a similar name.
Although there are now thousands of torrent trackers, the technology itself hasn’t changed. Large files are split into small pieces and transmitted as separate pieces over the network, after which they are connected back into one whole. Any of the clients, downloading the pieces, automatically sends them to the rest. Example: if there is a single 100 GB video file and there are 100 peers on the network, then each of them only needs to download 1 GB to become a seed, having access to the entire file. Thus, it is possible to maintain a huge network bandwidth even at very low capacities.
As you know, scalability is one of the main problems of the blockchain. Therefore, it is not surprising that it occurred to people to combine these two technologies in the service of a good cause. BitTorrent protocols now cover up to 40% of all Internet traffic on the planet, and every day up to 200 million people use programs from this company. Unable to resist such a tidbit, the Tron Foundation bought BitTorrent for $ 127 million.
Having acquired the world’s largest p2p network, Tron employees decided to implement it in their Blockchain. This is how the BTT cryptocurrency was formed.
Cryptocurrency peculiarity, technical implementation
The BitTorrent project has evolved in light of three key ideas / concerns:
- There are many unrealized opportunities for the use of the decentralized BitTorrent protocol, and the market is now ready to accept useful innovations in this regard.
- Today, the protocol is showing limited effectiveness due to outgoing seeds, which are not encouraged by anything to stay on the distribution.
- Many app users, including BitTorrent, are reluctant to pay for purchases in fiat currency for virtual things. As a result, information monopolies suffer.
The developers plan to expand and improve BitTorrent by combining the protocol with the equally promising Blockchain technology. The result will be a decentralized network that allows app creators to directly reward users and allow them to use this reward to interact with authors and publishers directly without using fiat currency.
To speed up the implementation of the new functionality, it is planned to start by eliminating the current disadvantages of BitTorrent. This will stimulate interest in the underlying technology and introduce a wide range of users to the existence of the new BTT token and the surrounding economy.
In parallel, work will be carried out with third-party developers with the aim of introducing API and marketplace into distributed services in the same infrastructure.
Advantages and disadvantages
The obvious advantages of the BTT token stand out:
✅ Significant improvement and expansion of the functionality of programs running on the BitTorrent protocol. Ecosystem development.
✅ Implementation of a generalized approach, thanks to which it will be easy for developers of third-party applications to introduce new functionality to themselves.
✅ Encouraging seeders to share downloaded content, which ultimately benefits the entire system.
✅ No commission fees.
✅ Sufficiently detailed technical documentation and a clear vision of the plan for further development.
However, critics have identified a number of disadvantages that can ruin the whole situation:
✅ There is no full guarantee that the update will speed up and simplify the network. One of the former BitTorrent employees, Simon Morris, believes that Tron does not have sufficient technical capacity to achieve the goal.
✅ When Tron bought BitTorrent, people began to leave the second company en masse. Including, Bram Cohen also left – he moved to China and is engaged in the creation of his own cryptocurrency. The resigned employees explained their action by the fact that they did not trust the new leaders.
✅ The project is so large-scale that it will require a Blockchain throughput of at least 500-1000 transactions per second. Therefore, if the blockchain turns out to be too slow and heavy, then the BitTorrent network will simply freeze.
✅ A pump is possible – the developers have saved 40 percent of all coins for themselves.
✅ Overly aggressive marketing. The BTT cryptocurrency is frenziedly promoting, inviting Hollywood stars to the videos. Advertising posts constantly appear on social networks, and it is obvious that those who post them have little to do with cryptocurrencies.
In this regard, the point of view was formed that BTT is an ordinary hype, with the help of which TRON owners want to make money on newbie investors.
The BTT token complies with the TRX-10 standard, so it can be stored in the same wallets as Tron coins. On the official website, mobile and desktop versions are available for download, there is also a web wallet.
The network does not need mining – the algorithm is not PoW, but DPoS. This scheme implies the selection of special “delegates” by voting. These delegates ensure that the system is stable and are rewarded for this. All those who voted for them receive a share of the award. The exact size of the awards has not yet been announced.
Prospects and forecast
Despite the fact that opinions on the BitTorrent coin are diametrically different, no one will deny that it has already caused a lot of noise in the market and is going to continue in the same spirit. Compared to the initial sale, now the token price is three times higher. In the future, the market will build on this course.
There are several factors that will affect BTT pricing and project development prospects:
- In favor of the fact that the coin is not a scam, active support from the Binance exchange and personally Changpeng Zhao speaks. However, it is clear that for Binance, like any commercial project, it primarily cares about its earnings.
- Up to 40% of the emission is concentrated in Tron and BitTorrent, which at the same time indicates the possibility of speculation and the desire to pump.
- In the long term, implementation will be massive – at least 200 million active users. But in fact, BTT is currently owned by less than 10,000 people. Moreover, not all of them will actively participate in market relations. Perhaps the situation will return to normal with the opening of trades.
- Marketing is aimed at people who are only superficially familiar with crypt. It is not yet clear what this strategy will result in.
- Supported by many cryptocurrency trading exchanges. This factor is strictly positive, because the more sites, the larger the volumes and the easier it is to organize access.
Most experts believe that BTT will see growth in the next couple of years, despite all the negative arguments. But this growth will be limited, as happened with Ripple.
Particular hopes are pinned on the spring of 2019. During this period, the market value of the currency will be formed and its further direction of development will be determined.
Rating of BTT cryptocurrency on the Binance exchange 8 out of 10; prognosis: positive.