What Is Bittorrent Coin (BTTOLD) & How It Works: Full Review Of 2022 For Crypto Traders

What Is Bittorrent Coin (BTTOLD) & How It Works Full Review Of 2022

Large file transfers over the Internet can be done using the P2P protocol BitTorrent. What is BitTorrent, as defined in this article? We’ll respond to your query. We’ll also talk about some other project-related issues.

What is BitTorrent (BTT)?

What is BitTorrent (BTTOLD)

BitTorrent is a peer-to-peer protocol for distributing big files over the Internet developed by Bram Cohen in 2001. Video games, TV shows, movies, programs, documents, and many more files can be transferred. Torrent or Torrent Classic is the name of the project client. More than 150 million people utilize torrents worldwide (170 million at its peak).

Background of BitTorrent

BitTorrent is a well-known P2P platform for file sharing and torrenting that has grown increasingly decentralized in recent years. BitTorrent, first introduced in July 2001, was bought by the blockchain platform TRON in July 2018.

Since being acquired, BitTorrent has expanded its toolkit and introduced BTT, a unique digital token that became life in February 2019. BTT published it on the TRON blockchain network using the TRC-10 standard.

How Does BitTorrent Work?

Your computer connects to the web server and downloads the data from there when you download a web page like this. The data is downloaded from each computer’s central server of the web page. This is how a large portion of online traffic operates.

Because BitTorrent uses a peer-to-peer protocol, data can be transferred between computers in a BitTorrent “swarm” (a collection of machines downloading and uploading the same torrent) without a centralized server. Once connected, a BitTorrent client gets all the data it can gather by downloading little portions of the torrent’s contents.

The BitTorrent client can start sending data to other BitTorrent clients in the swarm once it has some data. In this manner, everyone who downloads a torrent also uploads it. This increases each person’s download speed. A central server is not overworked if 10,000 individuals download the same content simultaneously. Instead, each downloader shares its upload bandwidth with other downloaders to keep the torrent moving quickly.

How Does BitTorrent Work?

What Problems Does BitTorrent Solve?

  1. Legal Concerns: Copyrighted data is not stored in BitTorrent metafiles themselves. Whether BitTorrent metafile publishers infringe on copyrights when they link to protected content is debatable. Legal action has been taken against websites that host BitTorrent trackers in several jurisdictions  Therefore, steps should be taken to ensure that it is acceptable and secure for public usage.
  2. Cheaters and leechers: Leechers are a constant issue for any file sharing mode. BitTorrent uses the tit-for-tat policy.You will receive something at full speed if you share and upload something. Leechers can still download files. However, they don’t contribute to others.
  3. Missing Anonymity: Due to the swarm’s large number of users, none of them are acquainted with one another. Because of this, unlike with torrents, where our identity should be hidden from others. Our IP addresses are open to public view, which may not be secure.

The BitTorrent Team

  1. Eric Klinker: Eric Klinker serves as the CEO / President of BitTorrent: He is recognized for leading BitTorrent as CEO through the 2008 financial crisis and expanding the user base to over 170 million members. Introducing new distributed apps, including BitTorrent Sync, BitTorrent Bundles, Bleep, and BitTorrent Live, a linear streaming P2P protocol also created by Bram Cohen, BitTorrent expanded its goal under Klinker and widened the product portfolio in 2012. Project Maelstrom, a distributed web browser introduced by BitTorrent in 2014, is intended to fuel new publishing and consuming models for web content.
  2. Monica Piriz: serves as the VP of Content Acquisition of BitTorrent: At Digicel Group, Monica Gonzalez-Piriz oversees content acquisition. Since she has spent several years specializing in global rights management and international licensing, she has actively participated in the negotiation, acquisition, and international exploitation of numerous major licenses, enabling businesses to maximize the return on their rights and supporting the strategic growth of their global operations. Before joining Piksel, Monica held the position of vice president of content acquisition and strategy at BitTorrent.
  3. Dipak Joshi serves as the CFO of BitTorrent: Joshi relocated to the United States in 2005 and carried out 42 transactions while serving as eBay’s Director of Acquisitions. He worked at Google in Silicon Valley as the Corporate Financial Controller from 2006 to 2010, after which he left to become the CFO of several startups. After serving as CFO at FuzeBox, Milestone Internet, BitTorrent, Retail Solutions, and SightCall, Joshi has worked at New Western, his sixth growth business. He has an MBA from Duke University’s Fuqua School of Business and is a UK-qualified accountant.

Partnerships

  • In the BitTorrent partner ecosystem, Partnerbase has identified 3 partners. Two of these partners are in the technology sector, and one is in the channel. This ecosystem’s three most significant partners are Cleverbridge, Travis CI, and Accrualify.
  • In addition, TRON’s BitTorrent partnered with Huawei through Mobile Services, been incorporated into the Huawei ecosystem. Through their mobile devices, more than 3 billion Huawei users in 170 different countries can now immediately access the biggest and most well-liked decentralized network.
  • KyberSwap collaborates with BitTorrent Chain for accessibility and availability.The partnership’s combined advantages of the finest trading and earning rates, simplicity, security, and multichain capabilities will hasten the adoption of decentralized finance (DeFi).

What Is BTT Token?

What Is BTTOLD Token

The native token of BitTorrent is BTT currency. The BitTorrent team wants to provide incentives for torrenting and address problems like sluggish download speeds and decreasing file availability with the token.

The BTT token is a utility token that enables users to access the benefits of the BitTold platform. The token can be used to pay for services, to receive discounts, and to earn rewards. The token is also a means of governance, allowing users to vote on platform decisions. On the TRON network, BitTorrent (BTT) will change from a TRC10 token to a TRC20 token. BTT was the new name for the TRC20 BTT tokens on the TRON network. BTT is the new name for the previous TRC10 BTT tokens.

Basic Information About BTT

  • Token name : BitTorrent Token
  • Ticker : BTT
  • Blockchain: TRON
  • Token standard: TRC20
  • Contract: 0x8595f9da7b868b1822194faed312235e43007b49
  • Total suppy: 990,000,000,000,000 BTT
  • Circulating Supply : 937,418.50B BTT

Token Allocation

  • Public sale: 6%
  • Private sale: 2%
  • Seed round: 9%
  • TRON airdrop: 10,1%
  • BitTorrent protocol airdrop: 10%
  • Team, the BitTorrent foundation: 19%
  • TRON foundation: 20%
  • BitTorrent ecosystem: 19,9%
  • Partnership: 4%

Token Allocation

Token Sale

The BitTorrent (BTT) token sale was held on January 28, 2019. The Binance Launchpad conducted the sale and raised a total of $7, 200, 000. The tokens were sold for $0. 00012 per token. A total of 60, 000 ,000 tokens were sold during the sale.

Price of BTT Today

BitTorrent (BTT) is currently trading at $0.0000009473 USD, which is a decrease of -1.78% since yesterday. In the last 24 hours, BitTorrent has a market capitalization of $887,662,850 with an average volume of $29,855,186.

What is BTT Used For?

What is BTTOLD Used For

  • To publish their software and services in the BitTorrent ecosystem
  • To purchase or download digital goods.
  • Users who want to download files more quickly pay with BTT tokens.
  • Users use BTT tokens to tip for live stream footage of the causes they believe in.
  • Help content producers raise money.
  • When seeders contribute to the system by seeding or sharing bandwidth with the community, they are rewarded with BTT tokens.
  • Pay its holders’ monthly airdrops.

How to Buy BTT Tokens?

  • Head over to an exchange that offers the token. For example, Binance is one of the exchanges that list the token at the time of writing.
  • Once you have an account set up, deposit some cryptocurrency you’re looking to trade for BTT into your account. For example, if you’re looking to trade Bitcoin for BTT, deposit Bitcoin into your Binance account.
  • Once your deposit has cleared, navigate to the trading page for the pair you want to trade, and place an order.
  • Now you own some BTT BitTorrent tokens.

Read more: Binance Vs BinanceUS Guide 2022: Which Exchange is Best?

How to Store BTT Coins?

To store BTT, you will need to create a wallet. The recommended way to do this is to use the official wallet from the BitTold team. To store your BitTorrent BTT coins, you will need a secure wallet. There are many different wallets available, so choose one that meets your needs. Cove Markets recommend you should pick Metamask or Trust Wallet which are the best hot wallets at the moment for an alternative.

Read more: What is Metamask and Trust Wallet? Difference of Metamask Vs Trust Wallet? Which Is Better For You 2022

Goals of BitTorrent

Goals of BitTorrent

The goal of BitTorrent coin is to provide a decentralized way to store and manage data. The team behind BitTorrent coin believes this will allow for a more efficient and secure way to manage data. Additionally, the team hopes that the BitTorrent coin will help reduce data storage and management costs.

Prospect Of BTT

As per our BTT price prediction, the average BitTorrent price is forecasted to reach $0.00000200, with an expected maximum price to hit $0.00000230 by the end of 2025. However, the recent price trend suggests that the BTT token might not be able to hit $1 by 2025, and it may take a few more years to cross the $1 mark.

FAQs

FAQs

How to earn BTT tokens?

BTT is an ERC20 token that can be earned by participating in the BitTUBE advertising and video platform ecosystem. There are a number of ways to earn BTT tokens, including:

  • Creating and uploading videos to the BitTUBE platform
  • Viewing videos and advertisements on the BitTUBE platform
  • Interacting with other users on the BitTUBE platform
  • Referring new users to the BitTUBE platform

Read more: TOP 10 Best ERC20 Coins To Trade & HODL In 2022: A Full Guidance Of Potential Crypto For Traders

Should you invest in BitTorrent?

Predictions for the BitTorrent token price show that it is a good investment. The BitTorrent cryptocurrency may not do well in the short term, but it is forecasted to reach an average of $0.00000160 in 2024. This makes BitTorrent an average investment choice. The above prediction is only true if BTT shows an optimistic scenario.

Is investing in BTT risky?

The recent price movement of BitTorrent (BTT) indicates high risk relative to changes in volume and market capitalization. Over the past 24 hours, $107,139.57 worth of the crypto has been exchanged, and the market capitalization for the token now sits at $1,132,638,470.86. However, volume is below its average level, and the token’s market capitalization has risen.

Read more: Day Trading Cryptocurrency: The Best Strategies for Success

BitTorrent coin is popular because it is a decentralized, peer-to-peer protocol that allows users to share files without the need for a central server.

Is it the right time to buy BTT?

BTT’s price will likely continue to fluctuate shortly, and it may not be the best time to buy right now. However, if you believe that BTT has long-term potential, it may be a good time to buy.

What can I buy with BTT?

BTT is a native token of the BitTorrent protocol and can be used to purchase content on the BitTorrent network.

How is BitTorrent different from other blockchain projects?

A magnet link includes a unique identifier, different data based on the torrent’s exact nature, and, most significantly, a cryptographic hash of the torrent’s contents. And that’s really cool because you can search for different torrents that lead to the same file.

Can I convert BitTorrent coins to other currencies?

BTT can be converted to other currencies like USDT, ADA, or SOL on a wide range of exchange platforms such as Binance, Coinbase, FTX, and more.

Read more: Coinbase vs Binance: Which Crypto Exchange is Best?

How can I find more information about BitTorrent?

Another way to find information about BitTorrent is to ask someone already using it. They may be able to give you some tips or point you in the right direction. Finally, many forums and online groups are dedicated to BitTorrent or on their website.

Conclusion

The disruptive decentralized applications that this project will enable, its open ecosystem approach, which will welcome and reward participants at every level, and the enormous head start the BitTorrent ecosystem enjoys in developing and deploying a decentralized computing economy all contribute to the project’s compelling potential.

Disclaimer: The information provided in this article is not investment advice from Cove Markets. Cryptocurrency investment activities are yet to be recognized and protected by the laws in some countries. Cryptocurrencies always contain financial risks.

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