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The crypto world is constantly moving forward, creating even better utility tokens and improving end-users’ lives. BitTorrent token serves as a token that powers BitTorrent sharing, downloading, and streaming platform. It makes the upload, download, storage, and streaming easier, without them having to worry about censorship, high maintenance costs, or lost time.
This article aims to present the BTT token in-depth, analyzing its purpose and major advantages of trading with it. Learn what is a BTT, where to buy it, and whether it is wise to invest in this token or not.
So, what is BTT?
Being a TRC-20 utility token, the BitTorrent token is here to stay. uTorrent platform has come a long way since its creation in 2001. It is a peer-peer downloading and sharing platform for both audio and video content. Widely popular for many years, they began collaborating with Tron, after Tron acquired them in 2018 for achieving the best results.
In 2019, they created the BTT token, as an incentive for all the users who torrent. The aim of the BTT token is to incorporate Web 3.0 technology into torrenting. Imagine having no intermediaries between the content creators and users. With the use of the BTT token and its features, it is possible.
The decentralized file sharing and downloading platform can now achieve better results, offering a much faster delivery. BTT token is used for payments of the truncations made.
The current price of the BTT token is $0.00000100. It has a 24-hour trading volume of $40.16 million. Furthermore, the token has risen in price by 0.24% within the last 7 days.
What is BTT used for?
BTT is used for making all the payments, transactions, incentives, and rewards on the BitTorrent platform. Users are stimulated to create a BTT wallet and start trading in BTT by downloading and sharing files and seeding afterwards.
The payments occur on the private BitTorrent network and then are transferred to the Tron blockchain.
Currently, the BitTorrent token is mostly used on the BitTorrent platform. However, you can use it outside as well, on platforms like CoinGate, Plisio, and CoinPayments.
BitTorrent has features such as BitTorrent Speed, BitTorrent File Syste, and Dlive Protocol which uses BTT token for functioning.
The issue of imbalance between download and upload speed has been resolved with the creation of the BitTorrent Speed protocol. Namely, the download is usually faster than the upload, and then the user does not have any reason to continue seeding for other users.
This situation causes swarm deaths, and it represents a serious issue on BitTorrent. With the introduction of the BTT token, users get incentives to continue seeding for longer periods of time. BTT is the main cryptocurrency of the BitTorrent Speed feature.
Also, whenever someone new joins the platform, they get an incentive of 50 BTT airdrop, for example.
BitTorrent File System
Centralized file storage systems have some flows. One of the biggest ones is censorship and high maintenance costs. This is why decentralization is necessary and why the company has created the BitTorrent File System for sharing and storing files.
BTT is not the main cryptocurrency that is in use here. Another token, Wrapped BitTorrent Token is available, and the two are completely equal.
The system functions in a way that renters pay for the storage of uploading the files, and the hosts receive tokens in return. This is yet another use of the BTT token on the platform, and there are many more as well.
Using the Dlive Protocol, a live streaming protocol, users can avoid warehouses, censorship, servers, and CDNs as well. The feature is available around the globe and makes live streaming much easier and less costly.
The Dlive Protocol does not require any passwords or account creations. You can stream any time you want, from any place that you want. The viewers will also receive an incentive in the form of a BTT token.
BTT token’s main use is for low-cost transactions as it enables users to download, share, and stream without breaking the bank.
Where to buy BTT crypto?
BTT is available on major exchange platforms such as Binance, for example. While you are on Binance, you should check out the Pancake Swap vs. Pancake Bunny decentralized mechanisms.
Other platforms include Kraken, KuCoin, Gate.io, as well as Huobi Global. The first thing you need to do is to find a wallet where you will store the tokens. Wallets compatible with BTT tokens are Math wallet, Satowallet, and Atomic wallet.
Once you have a wallet to store the tokens in, you can continue to purchase the token from an exchange platform. If you don’t have an account already, we recommend you open an account and go through the KYC process.
The KYC (Know Your Customer) process can last from a few minutes to a few days, but if everything is alright with the documents, the process does not last long. Then you can proceed with funding your account and buying the BTT token.
What is a BTT transfer?
One major question around a BTT token is what is happening with BTT. With the introduction of BTTC, BitTorrent Chain Mainnet, the BTT will switch from TRC10 to TRC20 token at the TRON blockchain.
If you have your BTT on a centralized platform, the BTT transfer from the old token to a new token will happen automatically.
On the other hand, if you store your BTT on a decentralized platform, such as TronLink Wallet, you should make the transfer manually. Here are the steps on how to do this:
- Go to the BTTC app.
- Click on the Get BTT, which you will see on the navigation bar at the top of the page.
- Fill out the Amount to Swap field with how many tokens you would like to change.
- Click on Confirm Swap.
- Go to your TronLink Wallet and confirm the action.
- Once the swap finishes, press an + sign in your TronLink wallet to add the new BTT token.
The process is fast and simple, and it allows you to safely transfer your tokens from old to new BTT tokens.
What is the future of BTT?
The future truly seems bright for the BTT token. Considering that it introduces the Web 3.0 technology and has millions of active users currently, it is only a matter of time before the value of the coin will become much higher.
The token is used for transactions on BitTorrent, and BitTorrent is becoming the most desirable file sharing, downloading, and streaming platform. This is because the processes are easy, straightforward, fast, and most importantly, low-cost.
Is BTT a good investment?
With excellent future predictions, BTT is a good investment at the moment. However, you need to bear in mind the volatility of the market and its ever-changing nature. Closely monitoring the market, doing plenty of research, consulting with crypto experts, and visiting tradecrypto.com are steps to take before investing in any cryptocurrency.
Many experts agree that BTT has plenty of potentials, and investing in this token at the moment appears to be a great idea. At the end of the day, investing wisely and with the measure is what the crypto world is all about.
Maksym has denied the existence of crypto as an asset for 3 years when he was working with standard financial instruments. Became Head of Treasury. Won the best bank employee award and left the bank for cryptocurrency exchange the next day. Got a second university degree, but that didn’t stop him from studying finance yet. Combines fiat and crypto experience to be as objective as possible in general matters. His dream is to be interviewed by Bloomberg
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