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BitTorrent is a peer-to-peer file sharing protocol that allows users to share text files, videos and songs. To access the protocol, users need their own BitTorrent client. This ‘client’ allows users to search for and download files that have been uploaded by other users.
Unlike most modern cryptocurrencies, BitTorrent wasn’t built around blockchain technology. It was founded in 2001 by Bram Cohen, before blockchain technology had been implemented. In total, it had over 100 million users before being purchased in 2018 by Tron CEO, Justin Sun. Sun planned to improve the efficiency of BitTorrent through its own cryptocurrency token. He paid $140 million and released an initial coin offering (ICO) shortly after the purchase was completed.
Tron itself is a smart contract enabled blockchain. It allows for tokens to be minted on the blockchain and that’s exactly what happened with BitTorrent. BitTorrent (BTT) now runs on Tron’s blockchain, using Tron’s TRC-10 token standard. The token is used on BitTorrent to prioritize file sharing to those who pay file sharers using BTT. This works as an incentive for file sharers to keep their files on the network, as they’ll be rewarded financially. BTT will also be used for additional decentralized file storage solutions in the future.
The BitTorrent initial coin offering was a huge hit. It raised $7.2 million in 15 minutes with the initial price of $0.00012 per token. Since its ICO, the value of BTT has increased by over 70,000%, making it one of the biggest increases in cryptocurrency history.
As of August 2021, VTT had a market cap of $3,058,559,248 with 659.95 billion tokens in circulation. It has a maximum supply of 990 billion and a fully diluted market cap of $4,580,860,551. One BTT can be bought for $0.004632 and reached highs of 0.01 in May 2021.
From a historic perspective, BTT is a great investment. Its value has increased faster than Bitcoin and it’s currently worth over 70 times its ICO price. Should BTT successfully integrate with the platform, the token price could increase to new highs.
At the moment the use of BTT is limited to the BitTorrent platform. This means the platform must remain popular for the token to succeed. Should the platform fail to thrive, the value of BTT could decrease significantly and may even become worthless.
How does BitTorrent work?
BitTorrent is a peer-to-peer protocol, which means the computers in a BitTorrent “swarm” transfer data between each other without needing a central server. On a normal web page, your computer connects to a web server and downloads data from that server. This download comes from the web page’s central server. This is how most traffic on the internet works.
A computer can join a BitTorrent swarm by loading a .torrent file into a BitTorrent client. The client will then contact a tracker specified in the file. This tracker is a special server that tracks all connected computers. The tracker shares their IP address with other clients in the swarm, which connects them.
After they’ve connected, a BitTorrent client downloads small pieces of the files. Once it has some data, it will begin to upload the data to other BitTorrent clients in the same swarm. This means everyone downloading a torrent must upload the same torrent. The result? Faster download speed. If 10,000 people are downloading the same file at once, the central server isn’t put under any pressure. Each downloader instead contributes upload bandwidth with other downloaders.
BitTorrent clients never actually download files from the tracker. The Tracker participates in a torrent by keeping track of the BitTorrent clients that are connected to their swarm. They don’t download or upload any data.
How to buy BitTorrent online
You can buy BTT on most major exchanges. The most popular options are Binance, Pancakeswap, BitPanda and Gate.io. Here’s how you buy.
Open an account with any of the exchanges listed above. If you already have an account, log in. If your account is new, you’ll need to verify it before proceeding. This will take around 24 hours.
Once your account is ready, fund it with fiat or a cryptocurrency of your choice, then search for BTT.
Select the number of BTT tokens you want to buy and confirm your purchase. Click on your account and check your wallet to ensure the transaction has gone through.
How to trade BitTorrentonline
BTT is commonly traded amongst the cryptocurrency community. You can trade it directly on exchanges for other cryptocurrencies. Here’s how.
Using the exchange you bought BTT on, search for the cryptocurrency you want to trade with.
Make sure your account is funded with BTT and select the number of tokens you want to buy.
Click “Trade” and confirm your purchase. The cryptocurrency you chose should now be available in your account.