Perhaps you've heard of torrenting, but did you realize it has now been tokenized? BitTorrent is one of the most widely used file-sharing protocols ever to exist online. It was created to facilitate users' speedier, decentralized file downloads. Censorship resistance and decentralization are at the heart of the entire torrenting idea. Therefore it should be no surprise that this protocol is tokenized to enhance performance even more. The BTT Token is a fascinating cryptocurrency with a bright future in many respects.
What is BTT Token?
As previously mentioned, BitTorrent (1) is a file-sharing protocol created to enhance the downloading experience for users. Users could only upload and download files to one server in the days before torrenting, which was prone to censorship and had slower download rates. The solution to this problem was the BitTorrent protocol. Despite its evident complexity, the idea behind this brilliant protocol is that users can upload files to a network of "peers" rather than just one server.
These peers are different machines that consent to share a portion of the file whenever it is downloaded. In other words, when you download a file from the BitTorrent network, you aren't just doing it from a single server; rather, you are getting various portions of the same file from many other volunteer computers, also referred to as "seeders." As you can see, the decentralized BitTorrent protocol is based on the idea of sharing. The BTT crypto token is an effort to enhance this system further.
How was BTT Crypto created?
When BitTorrent was launched, it was a huge success. Still, its developers could not use this widespread popularity to enhance and commercialize the system in the years that followed. The Tron Foundation, the business behind the Tron blockchain, purchased the BitTorrent client in 2018. The BTT crypto token was created under new management to give the network a means of revenue and address its most critical problems.
The absence of "seeders" and the gradual disappearance of certain files are the two primary problems that plague torrent networks. For instance, files cannot be sent over the network without seeders. The BTT crypto resolves these two problems by offering a means to reward seeding for longer intervals.
How does the BTT Token work?
The BitTorrent protocol was designed from the outset for decentralized file-sharing. It is more difficult to censor and shut down the network since you will receive fragments of the same material from several "volunteer" machines if you download something from it. Theoretically, this is a good system. It still has problems, though. It significantly depends on seeders, for starters. Seeders are voluntarily operating machines that share pieces of a single file with anyone on the network who wants it. While this configuration has benefits, it might potentially backfire if a file has no willing volunteer seeders.
Some advantages include the following:
(a) User-Based Rewards
Users of the BitTorrent network will experience a market-driven dynamic with the launch of the BTT crypto token, which is predicted to improve interactions between seeders and downloaders. In essence, the BTT crypto token may be used for various services by downloaders. They will have to pay tiny amounts of BTT for file requests and enhanced upload bandwidths.
The seeders who supply the file will subsequently receive a portion of this reward. More BTT tokens will be awarded to these providers the longer they "seed" their files. You may always trade your BTT token for cash, whether you're a supplier or a downloader. As a result, a connection is created that is motivated by BTT crypto tokens for both sides.
(b) File transfers
The BTT network will continue to be where all file transactions occur. However, the transaction's cryptocurrency component will take place on the Tron blockchain. A transaction will be established and completed on the blockchain once a match has been made between the downloader and the seeder.
The development of additional decentralized apps (DApps) is made possible by establishing the BTT and its incorporation into the Tron blockchain. The Tron Foundation has also developed and released DApps like BitTorrent Speed that are intended to assist the functionality of the BitTorrent client. With this software, customers may pay service providers for more bandwidth to accelerate their downloads.
How Do I Purchase BTT Crypto?
BTT crypto tokens may be purchased on most altcoin exchanges just like any other cryptocurrency token. Follow the instructions below to start trading or using BTT for torrent downloads.
1. Create an account on a cryptocurrency exchange
Even if there aren't many well-known exchanges that now support BTT crypto tokens, you may still locate the best one for you. Binance is the biggest cryptocurrency exchange. Setting up an account should be simple and quick regardless of your platform. You might have to go through a KYC procedure to verify your identification.
2. Secure a crypto wallet
A cryptocurrency wallet is a location to safely keep your crypto assets, just like their physical equivalent. Opening a wallet is strongly advised because having all your bitcoin at the exchange leaves it extremely insecure, even if this step isn't strictly necessary. Any wallet that supports the BTT coin, including those that support Tron, can be used.
3. Add funds to your altcoin exchange
It's time to fund your account after you've protected your wallet and exchange platform accounts. Direct bank deposits, deposits from cryptocurrency wallets, and occasionally even wire transfers are options for doing this.
4. Purchase BTT token
Now that you have enough money in your cryptocurrency exchange account, you may purchase BTT tokens and put them in your wallet. Most sites, including Binance, sell cryptocurrencies in trading pairs similar to forex. The USDT-BTT pair is one of the most secure for purchasing BTT tokens. The USDT cryptocurrency token moves in lockstep with the USD. Therefore its value fluctuates in line with the USD. This may be used to purchase your personal BTT tokens.
How Do I Sell BTT Token?
The specific method for selling BTT crypto tokens depends on your chosen trading platform. n most cases, though, all you need to do is find the Sell button on the exchange, input the necessary details, pay attention to the costs, and authorize the transaction. The BTT crypto token is a fantastic illustration of how blockchain technology may be used to enhance current services. In the case of BitTorrent, introducing a cryptocurrency token offers a chance to address the network's seeder shortage and file accessibility issues, which boosts the network's overall profitability. although although although to this point, if this trend continues, it appears the BTT crypto token has a promising future.
What is the latest price prediction regarding BTT Token?
BTT's price (2) journey has been filled with unexpected twists and turns. The price of BitTorrent is now hovering around $0.000001071, with a total supply of 932,028.89B circulating supply. BitTorrent (New) has a market valuation of $994,973,244 and a 24-hour trading volume of $52,686,637. According to technical research by specialists, because BTT is a result of current decentralized blockchain innovation, its future appears promising.
The BTT's all-time high price is around $0.000003054. The BTT cryptocurrency has traded at a lower price this year, with fewer surges. The BitTorrent token traded for more than $0.0000030 on January 18. After that, though, it ran into opposition and dropped as low as $0.0000009956 in the previous month. The BTT price had a little comeback after reaching $0.0000017, but it could not hold that price.