Decided you want in on the action? You can buy BitTorrent (BTT) on eToro and Voyager.
BitTorrent is a peer-to-peer (P2P) file-sharing platform that pre-dates Bitcoin’s (BTC) distributed ledger technology. However, after being acquired by the blockchain platform TRON in July 2018, it has integrated many decentralized tools. BitTorrent launched its native cryptocurrency token, BTT, on the TRON network in 2019.
BitTorrent also entered the world of non-fungible tokens (NFTs) with the launch of its NFT Hub. The NFT Hub is a specialized storage solution developed on the TRON blockchain for NFT data storage. Developers can protect NFT metadata, ensuring that all NFTs follow the best practices and are accessible in the long run.
TRON has been one of the largest capped cryptos for several years. Adding BitTorrent and its NFT Hub to the TRON ecosystem may have positively affected the BTT price. Thus, the new BTT all-time high appears to be driven by solid market sentiment combined with the overall bullish momentum of the crypto space this year.
What is BitTorrent?
BitTorrent is a software that connects users accessing its network to compute file sharing requests. Integrating blockchain technology into the protocol allows collaborations among users to continue securely for extended periods. Moreover, decentralized technology enables the protocol to open up a new borderless economy, exchanging value for computing resources globally.
The BitTorrent network also leverages TRON’s suite of smart contracts to build a variety of dApps. One of its premier dApps, BitTorrent Speed, allows users to purchase provider bandwidth using BTT to increase download speed. Another popular dApp is the BitTorrent File System (BTFS), a file storage protocol that addresses cost and trust issues inherent in centralized storage systems. BitTorrent’s long-term vision is to broaden the usage of the protocol by being a distributed network for dApp developers and a pivotal factor in the rise of the decentralized web.
The upgrade of BitTorrent with BTT makes the network more distributed. It increases the efficiency of sharing large files reducing server and network impact.
The BitTorrent network shares similar characteristics to Bitcoin, like decentralized information sharing, protecting users’ anonymity, and being devoid of a centralized control point. The original incarnation of BitTorrent in 2001 was engineered to replace the old, outdated entertainment industry, which made obtaining content slow and expensive. In 2021, the price of the BTT token rallied to a new all-time high of about $0.01 and a $10 billion valuation. What’s more impressive, the token’s value is still up over 1,000% since the start of the year, currently trading around $0.003. Several factors are speculated to have caused the price spike of BTT this year — primarily, the announcement of BTT staking on the Poloniex exchange. Poloniex users can now earn staking rewards while maintaining the flexibility to trade, deposit and withdraw at all times.
BitTorrent Market Position
The market cap of BitTorrent as of September 2021 is around $2 billion, ranking it the 56th biggest cryptocurrency according to CoinMarketCap ($2,176,270,412). There is much room for the project to expand compared to its biggest competitor, Filecoin, which has around an $8 billion market cap at the time of writing.
The market cap is a valuable tool that can help you evaluate the actual value of a crypto project. You can calculate a project’s market capitalization by taking the product of the token’s circulating supply and its price. The market cap is a simple way to summarize a project’s value without extensive fundamental and technical analysis. Established large-cap coins are regarded as safer investments due to their vast liquidity, allowing investors to remove their money quickly from the market. Therefore, the price of an individual token is irrelevant when evaluating a project’s worth.
The BitTorrent ecosystem is forecasted to grow exponentially, especially after adding its NFT Hub. This growth should also lead to increased demand and price of the BTT token.
Chrys Lux’s Bull Case for BitTorrent
Chris Lux is a technical and fundamental analyst and host of the Crypto Addiction podcast. Chris believes that building prolonged wealth in crypto assets takes patience. He thinks that BTT is a long-term play, and it’s a good idea to own at least 20,000 BTT tokens because he predicts it could hit $1 by 2025.
Despite the short-term price volatility, BTT’s price is still performing well this year, even after a sharp overall market correction to the downside. The BitTorrent user base has about 100 million monthly users worldwide and should continue to grow. This expected uptick in the user base should also increase demand for the BTT token. TRON goal is to create a sidechain for BTT payments and process all microtransactions on the TRON blockchain. The payment network would use the BTT token to reward file-sharing or as a payment method for those who want to increase their download speed.
A Bear Case for BitTorrent
Bearish Bull provides technical and fundamental analysis on various cryptocurrencies on his podcast. He makes the bearish case for BitTorrent with the premise that the BTT token doesn’t solve any financial issue. Therefore, neither institutional investment nor inherent growth potential is driving its price action. He also states that because BitTorrent is a peer-to-peer file-sharing system, it opens itself to being used for piracy. Fear of piracy on BitTorrent is why large institutions, venture capitalists and hedge funds may choose to stay away from investing in the platform.
Bull also claims that the TRON network can’t handle the long-term transaction volumes involving BTT tokens. However, it doesn’t hurt that the BitTorrent File System and the TRON blockchain are very popular worldwide. He doesn’t give an exact price target in the bearish scenario but suggests the token price could take a sharp move to the downside.
Where to Buy BTT
You can buy the BTT token at several exchanges, including Voyager, Binance and Huobi Global. Binance is an easy-to-use platform that has low trading fees. Voyager lets you earn monthly interest payments for maintaining minimum balances of different cryptocurrencies. Huobi Global is a leading exchange that offers leveraged trading and a daily trading volume of over $9 billion.
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How Long Will it Take for BitTorrent to Reach $0.10?
Despite a harsh market correction, BitTorrent has performed well this year, hitting an all-time high of $0.01 and looking to expand its reach into the ever-evolving NFT industry. BTT has a promising future, millions of users and is involved in innovative projects like BitTorrent File System and BitTorrent Speed. These factors may ensure that its price keeps up its positive momentum. For BitTorrent to reach $0.10, the overall crypto markets must remain bullish. This is mere speculation and conjecture and not financial advice.
Where to Store BitTorrent Safely
Some exchanges allow you to stake your BTT tokens directly on their trading platform. However, leaving your crypto assets on an exchange is not the best practice. The best thing you can do is store your crypto in a hardware wallet (cold wallet) or online in a software wallet (hot wallet). Software wallets store your tokens and are connected to the internet. Hard wallets are flash drive-like devices that hold your keys offline, making them more secure.
Best hardware wallet: Trezor
Trezor is the original hardware wallet and ensures the utmost security for your coins. The interface is easy to use and if you lose your wallet, you can always recover access to your assets from your offline backup.
Best software wallet: Atomic
The Atomic Wallet is a superb choice for beginners because it’s free and securely stores your crypto. The Atomic Swap exchange enables you to exchange almost any coin and token directly in your wallet.
Bonus Section
Huawei, the largest telecommunications equipment manufacturer globally, has listed BitTorrent (BTT) on its latest devices through AppGallery.
Current Crypto Prices
As of September 2021, the crypto market cap has fallen below the $2 trillion threshold. Bitcoin’s price is recovering after suffering a harsh correction and ranging between $42,000 and $45,000. Ethereum (ETH) is also recovering and trying to stay above $3,000.
For the most up-to-date crypto prices, check out the table below.
So, is BitTorrent a Good Investment?
This year, BitTorrent has achieved outstanding price performance and increased demand for its services, making it an excellent investment option in 2021. The vast and growing user base of the BitTorrent platform should continue to support the positive price action of BTT. BitTorrent has completed the 2nd phase of its Hub NFT airdrop project and is projected to be a top 10 cryptocurrency in the next few years. However, crypto traders and investors need to take precautions when trading in cryptocurrencies, as they are highly volatile.
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About Tyran Christian
His expertise is in blockchain technology and cryptocurrencies.