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Investing in BitTorrent Coin? Take a Deep Dive into How BitTorrent(BTT) works?

BTTC Price

Snapshot:

  • What is BitTorrent(BTT)?
  • How BitTorrent works?
  • Key Attributes of BitTorrent(BTT)
  • Technical Indicators to consider before investing in BTT
  • Correlation of BTT Coin with Top 4 crypto assets
  • Where & How can you invest in BitTorrent Token?

Basics of BitTorrent

BitTorrent is a popular peer-to-peer file-sharing and torrent platform which has become increasingly decentralized in recent years. 

BitTorrent came into existence in the year 2001 and was recently bought by the blockchain giant TRON in 2018. Since the acquisition, there have been numerous tools with a native token for the platform BTT that was released in 2019. BTT follows the TRC-10 standard of TRON and therefore can be called a Tron token.

BitTorrent is currently the “largest decentralized P2P communications protocol” in the globe.

The price of BitTorrent’s native token BTT as of February 2022 is $0.000002 USD with a 24-hour trading volume of $91,632,745 USD according to CoinMarketCap. The total market capitalization of this token stands at $1,710,174,981 USD. It has a circulating supply of 932,497,500,000,000 BTT coin with no set maximum supply. BTT reached its all-time high value of $0.034 on 26 January 2022. 

How Does BitTorrent Token Work?

Being a TRC10 token, the BTT token runs on the TRON network. Similar to many other cryptocurrencies, the TRON network uses a blockchain to keep track of all transactions. However, unlike most popular coins, TRON uses a Delegated Proof of Stake (DPoS) consensus mechanism. This means that users who verify the blockchain must hold a stake in TRON tokens, and be voted on by others.

BitTorrent Consensus mechanism Delegated Proof of Stake (DPoS)
Token Type TRC10 token
Use case File sharing services, an asset for investment
Issue date 2018
Website https://www.bittorrent.com/ 

Additional Read: Ukraine-Russia Crisis: Impact on Crypto Investors

Key Attributes of BitTorrent(BTT)

The huge growth and anticipation for Web3 is no news. Among the names already making their space within the Web3 domain, BitTorrent is not far behind. It is already one of the assets that have made its place within Web3; the reasons being

  • BitTorrent Speed: This is a new feature that the team at BitTorrent Inc. is working on. It aims to solve the architectural inadequacies, which usually result in swarm mortality or early degeneration. BitTorrent Speed will be implemented into future BitTorrent and uTorrent clients that will participate in file sharing.
  • BTT Incentives: BitTorrent Inc. wants to expand the universe of possible participants by creating a system for value storage and exchange. The participants can be service requesters, service providers, or both. The BTT incentives will be used to advertise the BTT initiative to present potential participants.
  • BitTorrent Wallets: The team plans to pay minute attention to accessibility and usefulness because they will be distributing the wallets on a massive scale to mass-market end customers. 

Additional Read: BitTorrent Price Prediction

Quick Facts:

BitTorrent Technical Indicators

Short Term Mid Term Long Term
The short-term price indicates a further upward trend for a while. The asset is pretty bullish and making small moves within an ascending channel.  After the continuous surged prices, the asset is indicating an upward trend for a while, though it might see a downward trend because of the volatility of the crypto market.

Additional Read: BitTorrent Technical Analysis

Correlation of BTT Coin with Top 4 Cryptos 

BTC  .90
ETH .89
LTC .85
XRP .02

Source: CryptoWatch

How to Invest in BitTorrent(BTT) Coin

Investing in BTT is as easy as ordering food online with CoinDCX. If you are a beginner in crypto all you have to do is:

  • Download CoinDCX app
  • Sign up*
  • Complete your KYC
  • Transfer your INR funds
  • Start investing!

* If you are a CoinDCX Pro user, use the same credentials to Log-in on to CoinDCX.


Disclaimer: The above views, information represent the independent views of Primestack Pte. Ltd, Neblio Technologies Pvt. Ltd, and/or their affiliate entities and are for informational/ educational purposes only. The content, information or data provided above is not an offer, or solicitation of an offer, to invest in, or to buy or sell any interest or shares, digital assets/ cryptocurrencies or securities, or to participate in any investment or trading strategy. Any statement or communication made above shall not be treated as legal, financial, investment or tax advice by the reader. The calculations, data, risk-return formulations, performance or market capitalization indicators captured above are based on the independent data sourcing including collation of public information and/or analysis performed by analysts, advisors or employees of Primestack Pte. Ltd/ Neblio Technologies Pvt. Ltd and/or their affiliate companies and/or any third party. Past performance is not indicative of any future results. The reader(s) are hereby advised to consult their financial/ legal/ tax advisor(s) before making any investment.


 

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