Everything You Need to Know About BitTorrent (BTT): An In Depth Analysis

By Coins Reporter | Coinsreporter | 15 Dec 2023

BitTorrent (BTT) is one of the few tokens (not coins) that are massively popular worldwide. This token is one of the rarest, not only because its circulation is in the trillions, but also because each token represents a use case.

After the crypto market recently showed a bullish breakout, BitTorrent (BTT) has risen almost 200% in a few days and 400% in 60 days. This has pushed BTT back into the top 100 in market capitalization. Currently sitting at #64 and the outlook looks brighter for the torrent-based token in the coming days ahead.

A Brief History of BitTorrent

At its core BitTorrent is a software that has been around since 2001. Brahm Cohen, a software programmer, created BitTorrent in 2001 to facilitate peer-to-peer file sharing, allowing users to distribute large amounts of data over the internet. This was the first time in internet's history that users didn't require to upload and download data from a single server.

Before BitTorrent, file downloads were initiated from a centralized server or a single user (a peer), resulting in slow download speeds. The BitTorrent protocol addressed this limitation by enabling the download and upload of files between many users. Millions of users began to use the BitTorrent protocol to download and share files, and companies began to use the protocol to distribute data more efficiently.

Although BitTorrent always remained very popular, this popularity didn't translate into financial benefits for the BitTorrent organisation. In July 2018, the Tron Foundation acquired ownership of BitTorrent for $140 Million and introduced the BitTorrent Token, or BTT, to incentivize the BitTorrent protocol.

What is BitTorrent Token or BTT?

BitTorrent Token or BTT is a TRC 20 utility token based on the Tron blockchain. It provides the monetary aspect of the BitTorrent protocol. BitTorrent Token (BTT) works as fuel for the P2P model of file sharing.

The main goal of BitTorrent Token (BTT) is to incentivize those who enjoy torrenting (seeding) files via the BitTorrent protocol. BTT also aims to improve the problems of slow speed, scalability and interest in the protocol.

Additionally BTT can also be used to buy or exchange resources such as bandwidth, storage space and computing power on the BitTorrent Protocol. BTT is a proof of stake token so you van also stake it and reap rewards.

How Can Users Earn BTT?

These are the following ways in which users on the protocol can earn BTT:

You can receive BTT by forwarding Torent files. When the file download is complete, your BitTorrent client will automatically earn BTT tokens for you. The more files you seed, the more BTT tokens you earn'.
Another option is to stake your BTT tokens. I personally use Binance for staking BTT and the highest APR is currently 13.9%. There are also other platforms and staking pools like Justlend and sun.io where you can stake BTT.
You can participate in giveaways and airdrops on the BitTorrent protocol. There are a few software clients lime 'utorrent' that give away a few BTT tokens for new users.

Future Roadmap and Price Prediction for BitTorrent Token

It's not a good sign for any project that has not updated its official blog for over a year. There's no new major announcement as well. However, BitTorrent is quite active on X and regularly udate about new events for the BitTorrent Protocol here. The recent announcement is about 'Pyth Network now supporting BTT chain'.

As far as the price prediction goes for BTT, it's safe to say that BTT, considering its mammoth supply, will always remain behind 4 or 5 zeroes. The current price of BTT is $0.00000117 which is only 220% higher from its all time low. This shows that BTT has progressed much slower in comparison to many other cryptocurrencies launched around 2019.

The slow progress for the prices of BTT may be attributed to ever increasing circulating supply of BTT tokens. However before ignoring BitTorrent isn't so easy if one looks at the following stats:

BitTorrent has more than 170 million active monthly user base.
BitTorrent is accountable for approximately 3% of overall online traffic globally.
BitTorrent client has been downloaded and installed more than 2 billion times.
28 million people use torrenting for sharing files on a daily basis.
The p2p file sharing market is expected to grow 8.24% yearly till 2030.

Indeed, these are big numbers and if BTT cash it upon them and be the Pioneer to being out some new innovations or partnerships or developments, it could lead the BTT to new heights.

In a realistic scenario BTT could see an overall climb up to 0.0001 in the next big bull run.

In a Nutshell

Overall BitTorrent (BTT) has two positive aspects. First is it's user base and the last is its unique utility of sharing files on a decentralized and P2P model. If only the project needs is a serious attention by the developers in a way so as to engage the already intact user base. Another issue that may cut the growth of P2P model of file sharing is the ever increasing speeds for another centralised file sharing protocols.

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