Some of the biggest gainers in cryptocurrency investing are those who invest for the long term. Some buy digital assets and leave them in their portfolios for several years before selling when the market is favourable. You can choose this strategy if you desire to be rich in ten years through cryptocurrency investing.
Of course, it is possible to become rich in the next ten years by making reasonable cryptocurrency investments. In this post, we are going to discuss whether BitTorrent is a good fit for this type of investment. In simple terms: will BitTorrent make you rich in ten years?
A “Yes” or “No” answer cannot do justice to this important question. It is important that we discuss every aspect of BitTorrent that can influence its long-term value or viability as an investment vehicle. The cryptocurrency (BTT) is just one of several digital assets you can buy, so you need to be sure it is a good bet before having it in your long-term portfolio.
Before we fully delve into discussing whether BitTorrent can make you rich in ten years, it is important to reiterate that we will not offer investment advice here. All we can do is discuss the aspects of the coin that can help you decide whether it is a good fit for you. You should read every part of this blog carefully to understand. That’s how you can make an informed decision and improve your chances of succeeding.
- BitTorrent: What Is It?
- A Brief History Of BitTorrent
- How Can You Make Money With BitTorrent
- Is BitTorrent A Good Investment?
- Can BitTorrent Make Me Rich In Ten Years?
- Price History Of BitTorrent
- Recent Performance And Current Standing Of BitTorrent (BTT)
- BitTorrent Price Predictions
- Where Will BitTorrent Be In the Next Ten Years?
- Major Reasons To Invest In BitTorrent
- Reasons To Reconsider Investing In BitTorrent
- Should You Play The Long-Term Game With BitTorrent?
- Final Words
BitTorrent: What Is It?
BitTorrent is a popular peer-to-peer file sharing and torrenting platform that has entered the cryptocurrency universe in recent times. Though it had existed for several years, BitTorrent had nothing to do with cryptocurrency in the past. However, it has become increasingly decentralized since it was acquired by TRON.
Though it has been transformed in some ways, BitTorrent has not deviated from what it was originally designed to do. It still supports file sharing as the primary service, so users can download movies, music, games, and more using torrent. Since it is now decentralized, uploading files is also easy. The best part of the deal is that there is no limit to file capacity.
BitTorrent became a part of the cryptocurrency universe when TRON, a blockchain platform, acquired it in 2018. The TRON Foundation has made some radical changes to make the platform conform to the rules in the crypto universe. New tools and features have been added, including a native token that trades under the ticker symbol BTT.
You can also describe BitTorrent as a cryptocurrency platform that supports peer-to-peer file sharing and torrenting. It has been dubbed the “largest decentralized peer-to-peer communication protocol” in the world (ahead of Bitcoin).
For the sake of this post, we are also going to regard BitTorrent as strictly a cryptocurrency. Though its history matters, the focus here is the new platform that is considered part of cryptocurrency. The native currency is a digital asset, and the primary goal of this post is to help you decide whether this token (BTT) is a good long-term investment vehicle. It is a TRC-10 cryptographic token on the TRON protocol.
A Brief History Of BitTorrent
The original founder of BitTorrent is Bram Cohen, a developer and entrepreneur who is pretty well-known in the cryptocurrency scene. His BitTorrent platform was created to disrupt the legacy entertainment industry by making access to materials easier and less expensive.
BitTorrent exposed many flaws in the way the entertainment industry distributed materials. It allowed users to share materials with ease, without paying exorbitant fees to download them. There were several legal battles in the early days, but Cohen insisted that BitTorrent doesn’t break copyright laws.
TRON completed the acquisition of BitTorrent in 2018 and made a number of changes to make it ready for the crypto scene. Of course, the deal brought BitTorrent under the control of Justin Sun, the eccentric founder of TRON and a somewhat controversial figure. One of the key changes was the introduction of a token to reward BitTorrent users. The native currency now facilitates transactions on the network and makes monetization more efficient.
How Can You Make Money With BitTorrent
Depending on how much you are involved in the system, there are different ways to earn money with BitTorrent. Experienced users of the network can create their own torrent links and share them with their friends or through social media. Users can be rewarded with tokens. There are different decentralized apps powered by the BitTorrent token (BTT), including BitTorrent Speed, BitTorrent File System, and DLive. The company says more are in the pipeline.
The obvious and most recommended way to make money with BitTorrent is trading of the token. In fact, the purpose of this article is to discuss the viability of the token as a long-term digital asset. In other words, we are trying to determine if buying the token now can make you rich in ten years’ time.
Is BitTorrent A Good Investment?
BitTorrent is an incredible platform by many standards. Even before it became a part of the crypto universe, it was a popular peer-to-peer platform with millions of users. Upon becoming a decentralized crypto platform, it retained most of the users and gained several more users who know little or nothing about it.
The popularity of a cryptocurrency or the exploits of its platform does not determine whether it will be a good investment. Yes, they help to determine the value of the token, but the performance of the token and its long-term prospect are more important.
We can say that BitTorrent can be a good investment because of the successes of its ecosystem. The token has also performed relatively well, and we are going to discuss that in a bit.
Can BitTorrent Make Me Rich In Ten Years?
As hinted above, BitTorrent has performed relatively well in the last couple of years. The price of the token has increased significantly, but that is not enough to conclude that the token will be good for long-term investment.
If you intend to invest in BitTorrent with the hope of becoming rich in ten years’ time, then you need to look at the past, the presence, and the future of the coin. You will also need to weigh key reasons to invest in the coins and reasons not to invest. Your final decision should be based on logic alone.
Price History Of BitTorrent
By looking at the price history of an investment vehicle, you can determine its usefulness and how well it has been accepted. You can also see patterns that can help you avoid pitfalls while investing.
BitTorrent had a successful ICO, raising $7,200,000 in just 15 minutes. The ICO token price was $0.00012. Token sale ended on 28th January 2019. By 1st February 2019, the coin was available on select exchanges, trading for $0.00049505. It gained momentum afterwards to reach $0.00099421 on February 24th. By 20th May, it had reached $0.00105277. More growth happened within a week and the token traded for $0.00171683 on May 28th.
BitTorrent had a tough time in June and July. By July 31st 2019, it has fallen to $0.00078661. The downward trend continued throughout 2019, though there were times of stability and slight gains. It ended the year at $0.00028854.
2020 started as a good year for BitTorrent as the price was on an upward trend in January and February. Things started going south in the last week of February. By February 29th, it was trading at $0.00037321. It reached an all-time low of $0.0001394 on March 13TH, 2020. The coin didn’t recover quickly, only reaching $0.00034478 on July 9th. The rest of the year was pretty uninspiring and the coin ended 2020 at $0.00029321.
2021 also started on a positive note for BTT. By the end of January, it was already trading for $0.00037088. By February 24th, it was trading for $0.00136447. March was even better as the price continued to climb. By 19th March, BTT was trading for $0.00165419. By March 31st, it was $0.00462564. Five days later (April 5th, 2021), it reached an all-time high of $0.01426.
April was a really good month for BTT, but it dropped to about $0.00722083 towards the end of the month. By May 5th, it traded for $0.00659451. By May 31st, it had dropped further to $0.00368938. It had a turbulent time in June and July, reaching $0.00215368 on July 22. By August 12th, it was up again to about $0.00443995.
Recent Performance And Current Standing of BitTorrent (BTT)
The last few months have been relatively okay for BitTorrent, though it has been generally volatile. On September 1st, it was trading for $0.00423011. By 27th September, it had dropped to about $0.00319984. On the last day of last month (September), it traded for $0.00304335. It improved in early October, reaching $0.00376142 on the 9th.
At the time of writing this piece, BitTorrent was trading at $0.003637 per token with a 24-hour trading volume of $370,681,605. Within the last 24 hours, the price had recorded a low of $0.00353 and a high of $0.003669. The market capitalization of BTT is $2,400,562,485, making it the #60 ranked cryptocurrency in the world.
BitTorrent has a circulatory supply of 659,952,625 BTT and the total supply, according to the project’s whitepaper, is expected to be 990,000,000,000 BTT.
BitTorrent Price Predictions
To have an idea of what the future holds for BitTorrent, we will look at predictions from authority websites. These are mostly algorithm-based predictions.
Wallet Investor is one of the most interesting websites for coin predictions and it is positive about the future of BitTorrent. The recent forecast states that BTT will be worth $0.00713. In the next five years, it predicts that BitTorrent will be worth $0.0212 per token.
Digital Coin Price is also positive about the price of BitTorrent in the future. Its recent prediction suggests that the coin can reach $0.005585 before the end of 2021. It also predicts that BTT will be worth $0.006094 in the next year. In the next five years (2026), it can be worth around $0.012846, rising to $0.016561 in 2028.
Trading Beasts is known to be conservative when it comes to price predictions for altcoins. It doesn’t disappoint with its prediction for BitTorrent. It predicts that BTT will sell for a minimum of $0.0039575 and a maximum of $0.0058198 in December 2022. By December 2023, it predicts that the coin will sell for a minimum of $0.0036845 and a maximum of $0.0054184. By the end of 2024, it predicts that the coin will sell for a minimum of $0.0049225 and a maximum of $0.0072390.
It appears Long Forecast has doubts about the future of BitTorrent in the coming years. It predicts that the coin will be worth between $0.0025 and $0.0032 in December 2021. By December 2022, it predicts that BitTorrent will be worth between $0.0042 and $0.0049. The prediction only gets interesting in December 2025 when the coin is expected to trade for $0.0059 to $0.0070.
Where Will BitTorrent Be In The Next Ten Years?
From the predictions above, one can easily tell that BitTorrent is likely to gain more value and increase in price over the coming years. However, predictions can fall. In fact, considering the fact that the predictions from different websites differ significantly, you can tell that it is difficult to determine what will become of a cryptocurrency with accuracy.
Regardless of what you think of expert predictions, there are reasons to believe that BitTorrent will increase in price. It has been trading for just about two years but has gained significantly. Though there had been several disappointing moments in its price history, the token has been gaining value.
We may not know exactly what will become of BitTorrent in the next ten years, but there is a good chance that it will become a much more valuable asset. The chances are also there that it will face serious competition or encounter difficulties that can send the value on a downward trend. However, if things remain this way, the token can become more valuable and reward investors handsomely.
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Major Reasons To Invest In BitTorrent
BitTorrent is fast becoming popular in the cryptocurrency universe. Many people will likely invest just because it is trendy. What are your reasons for choosing the coin? Here are some of the major reasons you may decide to invest in BitTorrent (BTT):
✅ BitTorrent is a peer-to-peer platform that has been active for about two decades. It is older than all cryptocurrency platforms.
✅ BitTorrent was a successful company before it entered the cryptocurrency scene and won more hearts.
✅ BitTorrent is still focused on the legacy entertainment industry it transformed many years ago. Its users will only continue to grow.
✅ BitTorrent is currently the largest decentralized peer-to-peer communication protocol in the world (ahead of Bitcoin).
✅ BitTorrent is a highly secured network with an excellent ecosystem that comprises several decentralized apps and products.
✅ TRON Foundation, the blockchain platform that bought and transformed BitTorrent is a highly successful platform and has done enough to show that it intends to take BitTorrent higher.
✅ BitTorrent (BTT) has performed well in two years of trading in major exchanges.
✅ BitTorrent is one of the cheapest cryptocurrencies out there, meaning you can start investing with very little funds.
Reasons To Reconsider Investing In BitTorrent
Mostly, we’ve focused on the positive sides of BitTorrent. It will be had to convince some that there are bad sides to the network and its token. However, that is the reality. Here are a few reasons you may want to reconsider investing in BitTorrent (BTT):
❌The original business of BitTorrent was highly controversial and the company faced many legal battles in the past. It is still considered a high-risk business and is not ideal for individuals with conservative views on intellectual property laws.
❌BitTorrent (BTT), like most other cryptocurrencies, is volatile. In fact, it is extremely volatile, meaning it can fetch huge rewards as well as huge losses.
❌BitTorrent is a relatively new cryptocurrency, and no one can tell if it can really stand the test of time.
❌BitTorrent price may not rise so much since regular users of the network use it to make purchases.
Should You Play The Long-Term Game With BitTorrent?
If you are planning to get rich in the next ten years by investing in BitTorrent now, then you are a patient type. But then, is BitTorrent really the right coin for you? Will BitTorrent really make you rich in the next ten years? In other words, should you play the long-term game with BitTorrent?
Being patience can be rewarding in cryptocurrency trading, but BitTorrent is not looking like the best coin for long-term investment. There are concrete reasons to believe that the value of the token will rise in the future, but it is not likely to rise to a certain level.
BitTorrent is also a relatively new coin. And from its price history, you can see that it is extremely volatile. It is a high-risk token that can also reward you massively if you play your game right. You can also go for long-term investment in the token, but remember that you mustn’t wait for ten years before cashing out if the market favours you.