BitTorrent was launched in 2001, which is about 8 years before Bitcoin was launched. It wasn’t launched as a cryptocurrency, and it had absolutely nothing to do with blockchain technology. Several years afterwards, BitTorrent has been acquired and is considered an integral part of the cryptocurrency universe.
There are so many attractive things about BitTorrent. Even before it became a part of the cryptocurrency world, it was a popular file-sharing platform. Since TRON completed the acquisition of the platform and added cryptocurrency to BitTorrent, its fortune has grown even bigger. It is not surprising that many crypto enthusiasts are investing in BTT.
Before deciding to invest in BitTorrent, it is important that you understand what it is all about and what it can offer you. So, what is BitTorrent? Should you invest in BitTorrent (BTT)? And where can you buy the BitTorrent token?
Depending on your knowledge of the cryptocurrency universe, you may have other questions about BitTorrent, Tron, and BTT. We will attempt to answer all critical questions that can help you make an informed decision about the digital coin. It is important, however, that you read every part of this post carefully to understand exactly what you are getting into when you invest in the trending coin.
Content:
- What Is BitTorrent?
- History of BitTorrent
- What Problems Does BitTorrent Solve?
- What Makes BitTorrent Unique?
- More about the BitTorrent Token (BTT)
- Should You Invest In BitTorrent?
- Is BitTorrent A Safe Investment?
- Major Reasons to Invest In BitTorrent
- Reasons to Reconsider Investing In BitTorrent
- Where Can You Buy BitTorrent?
- Best Platform to Buy BitTorrent
- What Next After Buying BitTorrent
- Key Points to Keep In Mind
- Final Words
What Is BitTorrent?
BitTorrent is originally a peer-to-peer file sharing and torrenting platform that has become decentralized in recent times. It can now be correctly described as a decentralized protocol for P2P file sharing. It allows users to distribute data and electronic files using the internet. Different kinds of electronic files can be shared through BitTorrent, including video, audio, and text.
The current BitTorrent protocol allows users to upload files. Users can also search for and download files that were uploaded by peers. The decentralized nature of the network means anyone can upload and download files from the protocol at a minimal cost.
As hinted in the opening paragraphs, BitTorrent was acquired by Tron, a blockchain platform. Several features have been added to the platform to make it a full-fledged cryptocurrency platform. A dedicated native cryptocurrency has also been added to make decentralized transactions easier for all participants. The native currency was launched on Tron’s blockchain as a TRC-10 token. According to the parent company, BitTorrent has become the “largest decentralized peer-to-peer communications protocol.
If you are interested in investing in BitTorrent, then you can view it as a cryptocurrency that is dedicated to file sharing and torrenting. As such, the currency is a digital asset that you can buy and sell on different cryptocurrency platforms. In this blog post, we are going to properly discuss BitTorrent as a platform and BTT as a token. Emphasis will be laid on the digital currency (BTT) since it is the investment vehicle you are eventually going to buy or ignore.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
History Of BitTorrent
BitTorrent was originally launched in 2001 by a man named Bram Cohen to usurp the old-fashioned entertainment climate that made obtaining files difficult. For more than 16 years, it operated as a top peer-to-peer file sharing and torrenting platform.
From the time it was launched, BitTorrent made sharing of entertaining content a lot easier for users. It faced several legal battles, but the founder insisted that it wasn’t breaking any copyright laws since users were only sharing files. Of course, there was a level of decentralization to the entire thing, but it had nothing to do with cryptocurrency or blockchain.
BitTorrent’s journey into the cryptocurrency universe started in July 2018 when it was acquired by the fast-growing TRON, which is a fully recognized blockchain platform. Once the deal was completed, BitTorrent came under the control of Justin Sun, the man behind TRON.
TRON has changed BitTorrent in many ways. It all started with the introduction of Project Atlas, which is responsible for introducing the TRC-10 token called BitTorrent Token or simply BTT. This token facilitates transactions on the network and is used to prioritize file sharing for users who pay file sharers with it. There are concrete plans to introduce more use cases for the coin and improve the incentives users can get from the ecosystem. The BitTorrent Chain has been launched too.
It is important to state here that the BitTorrent token (BTT) was launched through a relatively successful ICO in 2019. From that point, the value of the coin has grown significantly.
What Problems Does BitTorrent Solve?
From what we have discussed about BitTorrent, you should be able to point out some of the problems it can solve for users. Even before TRON took control, BitTorrent made file sharing easier. Users can upload and download content with ease.
The decentralized nature of BitTorrent means that it is an efficient way to share files. As the world becomes more digitalized, the problem of sharing files through the internet can be significantly lessened due to the decentralized nature of the internet and what services like BitTorrent brings to the table.
As an efficient protocol, BitTorrent also makes file sharing and torrenting a lot cheaper. The cost of uploading large files has been significantly minimized, meaning that publishers can save costs. Consumers of digital content will also benefit from what BitTorrent offers since they will have to spend less to get more.
The introduction of a digital currency also makes monetizing easier for publishers. At the same time, it makes purchasing digital content a lot easier for users. The fact that BitTorrent token is an investment vehicle opens doors for online traders and investors to make money from it. To an extent, that is the purpose of this post – to make readers understand BTT and determine whether it is a good fit for their cryptocurrency portfolio.
What Makes BitTorrent Unique?
BitTorrent is considered unique for many reasons. For a start, it was in existence before blockchain technology was introduced. Again, it had already disrupted the legacy entertainment industry, which was both inefficient and expensive.
When TRON acquired BitTorrent, it inherited billions of users. In a few years, it has attracted many more active users, especially among the informed population that value decentralized solutions and cryptocurrencies.
To make BitTorrent more attractive, the TRON Foundation has introduced several features to improve its overall package. There are paid services, as well as premium versions that support VPN capabilities, ad-free browsing and more.
Read Also: How To Find The Next 1000x Altcoins To Invest Im
More About The BitTorrent Token (BTT)
As a regular cryptocurrency investor or trader, you should be more concerned about BTT because it is the asset you may buy for profit-making. It is the native currency of BitTorrent and it is issued on TRON’s blockchain, using the TRC-10 token standard. It is traded on many cryptocurrency platforms with the ticker symbol BTT.
BTT was launched through a successful ICO that reportedly raised $7.2 million in just 15 minutes. During the launch, BTT was offered at the price of $0.00012 per token, which was approximately 0.00000006 BTC or 0.00000094 ETH.
At the time of writing this post, BTT was selling for $0.00371 per token, with a 24-hour trading volume of $532,612,216. It had also recorded a 24-hour low of $0.003549 and a high of $0.003842. The market capitalization at the time was $2,451,149,322, making it the $59th ranked cryptocurrency in the world. However, the fully-diluted market capitalization was $3,663,937,750. The circulatory supply of the token is 659.95 Billion BTT and the total supply is expected to reach 990 Billion BTT.
Should You Invest In BitTorrent?
BTT is one of the newest cryptocurrencies out there, but it has become trendy just after months of being launched. In just about eight months, its value has increased significantly and some of the earliest investors must have made fortunes. However, that alone is not enough to make use declare BitTorrent a good investment.
There are several things to consider when trying to determine whether a cryptocurrency will be a good investment. The price of the token, its price history and recent performance, as well as price predictions, must be considered. To make it easier for newbies to determine whether BitTorrent can suit their portfolio, we will focus on discussing the reasons to invest and reasons to reconsider investing.
Is BitTorrent A Safe Investment?
The first thing to consider before making an investment is the safety of your investment. So, is BitTorrent a safe investment?
To an extent, we can all believe that BitTorrent is a safe network and that investing in the token is safe. The original BitTorrent network was a secured platform. TRON, which is the blockchain the new network is built upon is also safe.
The company behind BitTorrent has assured users that it employs “the highest level of security measures” to keep users funds safe. So far, there has not been any major reason to doubt its commitments or efforts.
BitTorrent Foundation acknowledges that cryptocurrency is bedevilled by risks. It recommends that users play their parts to protect themselves from malware and other cybersecurity shortfalls that can result in the theft of their digital assets.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Major Reasons To Invest In BitTorrent
You’ve probably picked up a few reasons why you may want to invest in BitTorrent. Here are some of the major reasons to trust your instinct and invest in the new coin:
BitTorrent has been around for so long and is considered a highly successful project
Unlike most cryptocurrency projects, BitTorrent was launched around 20 years ago. Though it is still considered an altcoin, it is older than Bitcoin, which is the first cryptocurrency. Besides being an old project, BitTorrent was very successful. It has an enviable history and has the potential to perform even better than it did when it was launched to transform the legacy entertainment industry.
BitTorrent is currently the largest decentralized P2P communication protocol in the world
Before BitTorrent was repositioned to become a cryptocurrency project, Bitcoin was the biggest decentralized peer-to-peer protocol. At the moment, it has overtaken Bitcoin, thanks to its old users who automatically joined the crypto community. It is now well-positioned to attract more users and maintain the lead over other crypto platforms.
BitTorrent is built on the TRON blockchain, which is a reliable cryptocurrency platform
BitTorrent was acquired by TRON, which is recognized as an incredible blockchain project. The successes recorded by TRON has rubbed on BitTorrent, and it is likely to yield several benefits in the future. Again, the TRON Foundation has done so much to improve BitTorrent, and BTT will continue to enjoy the benefits of the acquisition.
BitTorrent is poised to become better as the TRON Foundation has big plans
As mentioned in the paragraph above, TRON has done so much to position BitTorrent for exploits in the cryptocurrency universe. The Atlas Project has proved to be successful so far, and there are good signs that it will perform better. TRON has already introduced a lot of beneficial features, and there are big plans for the future.
BTT has performed really well in a short period
The BitTorrent token was launched months ago but it has already climbed the ranks to become one of the most attractive digital tokens. Some industry insiders see this as a good sign for something better. Early investors have already seen their investments gain more than 70,000% in the past months.
BitTorrent has the potentials to explode even further
Experienced cryptocurrency investors started investing in BitTorrent in the early days and most have enjoyed huge returns. The story is not likely to change anytime soon. Many experts have predicted that BitTorrent will explode further in 2021 and coming years. As BitTorrent attract more users, the value of the TRC-10 standard token will continue to improve and put smiles on the faces of investors.
BTT is a relatively cheap cryptocurrency
BitTorrent is currently one of the most attractive cheap cryptocurrencies to buy. The current price is just a huge fraction of a dollar. The implication is that investors/traders can start with very little funds. Even if you decide to buy big, the chances of losing a lot of money are very slim.
BitTorrent can be great for long-term investors
HODLing is one of the most rewarding cryptocurrency investment strategies. It involves buying tokens and waiting for a longer period before selling. As we have stressed in the last paragraph, BitTorrent is currently cheap but has the potentials to grow significantly. Investors who can wait for years stand a good chance of seeing their little investment become huge fortunes in the future.
Check Out: How To Invest In Crypto With Just $200?
Reasons to Reconsider Investing In BitTorrent
Though there are several things to love about BitTorrent, it is not infallible as an investment vehicle. There are reasons to think twice before investing in the coin, and these are the most important ones:
BitTorrent is volatile
Volatility is a big issue in the cryptocurrency universe for good reasons. It is the primary reason many investors lose their money, especially when they are day-trading. Every cryptocurrency is considered volatile. The key to making profits is timing, which can be an issue for inexperienced traders.
BitTorrent is a relatively new cryptocurrency
There are several cryptocurrencies that started really well but failed to maintain the momentum. This is another major reason people lose money. Experts also advise that investors and traders tread cautiously when banking on new digital coins. As attractive as it seems now, BitTorrent may experience difficulties in the future. Again, there is very little price history to use for analysis of BTT’s performance pattern.
TRON Founder has an awkward reputation
Justin Sun, the TRON founder, may be recognized as a crypto whiz kid, but he has a reputation that can be considered awkward. He invested $10 million in GameStop and lost out on a $69 million NFT. He has also been severely criticized for biding $4.5 million at a charity auction to have lunch with Warren Buffet, who is a known anti-crypto figure. Though his intention was to discuss cryptocurrency with the renewed billionaire, many believe that the bid was extravagant and unnecessary.
BitTorrent can face very big competition in the future
BitTorrent was a disruptive project even before it entered the cryptocurrency arena. Already, it has made a huge impression, but the crypto space is a lot more competitive than the traditional file-sharing and torrenting scene. Many similar projects can be launched in the future, and they can pose serious competition. Ethereum, for instance, is already a bigger project than TRON, and it is possible that a similar project can be launched on its blockchain.
Where Can You Buy BitTorrent?
The cryptocurrency market has grown so much that tokens are easily available on the internet. There are several platforms where you can buy BitTorrent or any other digital currency, but you need to understand the differences between these platforms and choose the one you are comfortable with.
Basically, there are three types of platforms where cryptocurrencies are available to online traders and investors, including cryptocurrency exchanges, brokerages, and cryptocurrency apps/investment platforms that are neither exchanges nor brokerages.
Depending on your experience level, you may know the difference between these different types of platforms. It is important that you understand them and choose the one that works best for you. It is recommended that you read about any platform of your choice before deciding whether to go ahead and buy from it or look for a more reliable option.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
Best Platform To Buy BitTorrent
As stated already, BitTorrent is available on various platforms. However, where you choose to buy from will determine the experience you will get. Though exchanges are safe for buying and selling, they have some disadvantages that a newbie will want to avoid. Also, many cryptocurrency exchanges have been hacked in the past, leading to losses on the side of investors. Leaving digital assets on an exchange, regardless of the steps you’ve taken to protect your account can be dangerous.
Cryptocurrency investment platforms or apps that are advertised as cryptocurrency apps are also not the safest places to buy BitTorrent or any digital asset at all. While there are many such genuine platforms, some are run by scammers who won't hesitate to run away with the funds of unsuspecting and inexperienced traders/investors.
Clearly, brokerages may be the best platform to buy cryptocurrencies. However, this does not mean that every brokerage out there is better than all crypto exchanges and investment platforms. Some brokerages are not as reliable as others, but a good brokerage can make your cryptocurrency investing experience exciting.
eToro is recognized as one of the best platforms to buy cryptocurrencies, and BitTorrent is currently available. eToro is recognized by many as the number one social trading platform. It has lots of features that make trading/investing in cryptocurrencies easier. The most interesting thing is that it is suitable for traders/investors or all experience levels.
eToro – Top Cryptocurrency Platform
eToro have proven themselves trustworthy within the crypto industry over many years – we recommend you try them out.
Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.
What Next After Buying BitTorrent
Where you choose to buy your BitTorrent from matters, but what becomes of the token after you’ve paid for it. Digital currencies need digital for safekeeping. You will need a digital wallet to keep your BitTorrent and other digital currencies safe.
Like all other digital products/services you can think of, digital wallets are not created equal. Some are better than others, and you need to consider such important factors as privacy and security, ease of use, and fees.
If you choose to buy BitTorrent from eToro, you will be spared the headache of looking for a good digital wallet. eToro offers a multi-token digital wallet that is safe, reliable, and easy to use. Indeed, using eToro can make your online investment journey a lot easier and improve your chances of earning big profits.
Final Words
BitTorrent has been around for a while, but its entry into the cryptocurrency universe happened a few years ago. Thanks to an incredibly large user base, the platform was almost ready for the evolving cryptocurrency universe at the time TRON completed the acquisition. The TRON foundation has also done a lot to position BitTorrent for success, and we believe that the native currency can yield even bigger returns than what we’ve seen already.
Are you considering investing in BitTorrent? You should consider the risks involved and determine whether the coin is a good addition to your portfolio. Remember also that choosing the right platform to buy from and storing your digital asset in a safe digital wallet is vital.
Key Points To Keep In Mind
We have discussed BitTorrent as an investment option for cryptocurrency traders. Here are some of the key points you can keep in mind while deciding whether to invest in the crypto or ignore it:
- BitTorrent has been around for about two decades, serving as one of the most popular peer-to-peer file sharing and torrenting platforms.
- BitTorrent transformed the legacy entertainment industry and is currently contributing to making publishing, downloading, and sharing of materials, easier, cheaper, and more profitable for all parties.
- BitTorrent was acquired by TRON in 2018, and the native currency (BTT) was released in 2019.
- BitTorrent has become the largest decentralized peer-to-peer communication protocol in the world.
- BitTorrent is built on the TRON blockchain, but there are plans to launch the BitTorrent chain, among other improvements to the network.
- BTT has performed really well as a digital currency, and it is in a good position to gain more value with time.
- BitTorrent is a safe investment.
- BitTorrent can be great for long-term cryptocurrency investors.
- Like other cryptocurrencies, BitTorrent is volatile, which means traders and investors need to pay attention to market trends before buying or selling their BTT.
- BitTorrent is well-positioned for success, but it may face serious competition in the future.
- There are several places you can buy BitTorrent, but eToro is one of the very best ones.
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