This BitTorrent Token review has revealed that BitTorrent Token is also known as BTT has the potential to allow creators and users to obtain and spend the coins without the involvement of intermediaries. Thus, users can use BTT to give new value to contributed computing resources as well as the transaction process.
Choose your quick section of our BitTorrent Token review below.
A Quick Overview of our BitTorrent Token Review:
BitTorrent aims to become a content delivery system, allowing users to advertise bids and pay in BTT to receive content faster.
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What is BitTorrent Token?
The BitTorrent Token (BTT) or TRC-10, was built on top of the BitTorrent protocol. It is the result of collaborative work between the TRON and BitTorrent Foundations. BitTorrent is a file sharing protocol that has more than 100 million users, with BTT becoming the bridge between content creators and their audience.
Key Features and Takeaways of BitTorrent Token
BitTorrent was acquired by TRON in 2019 and followed the introduction of a BTT cryptocurrency that has the following features:
- BTT has the potential to allow creators and users to obtain and spend coins without the involvement of intermediaries. Thus, users can use BTT to give new value to contributed computing resources as well as the transaction process.
- BTT lays at the heart of a future decentralization of platforms that have the goal to promote transparency, spurn censorship, and reward participants.
- BTT brings blockchain closer to becoming mainstream technology by making the BitTorrent peer-to-peer network and the TRON blockchain work as a unified ecosystem.
- BTT offers market-driven incentives to users to promote collaboration, this allows for the optimization of BitTorrent Swarms.
- BitTorrent Token’s protocol brings together a variety of online service providers such as Torrent sites, trackers, and in swarms, BTT token acceptors can become seeds or peers.
- There is a total supply of 990 billion BTT and distribution started early in 2019 with more coins that will be unlocked in 2028 by the BitTorrent Token Foundation.
- The ecosystem allows for users to act either as requesters or providers of services, which results in an incentive-based system within the TRON platform.
- Transactions can occur as soon as a service provider is offered with a bid from the requester. This initiates a payment channel on the ledger and starts the transaction. There are verification measures during each step until the requester confirms the completion of the transaction.
- There are currently 212 billion BTT in circulation, which is 21% of the total supply and even though the other 79% has already been created, they are yet to be distributed.
- Of the 212 billion BTT that are in circulation, there are 20 billion that are staked on DLive, which means that nearly 10% of all BTT in circulation is currently locked up on DLive.
- DLive distributes 25% of the donations that it receives to users that stake on its platform, attracting more investors daily to stake their BTT on DLive.
- BitTorrent aims to become a content delivery system, allowing users to advertise bids and pay in BTT to receive content faster.
- BitTorrent also aims to become a storage platform that allows for users to pay for additional storage or get paid to offer additional storage.
- The end goal that BitTorrent has is to become an open-sourced protocol that will allow third-party developers to create new and useful applications to meet the demands of users. This will subsequently also lead to incentives for developers as they are contributing to the BitTorrent ecosystem and the expansion of such.
BitTorrent Token Mining
BTT cannot be mined in a conventional way, as with other cryptocurrencies such as Bitcoin, however, BTT can be staked. This allows users to earn a certain percentage of profits back annually.
BTT tokens that are earned from BitTorrent can be staked on DLive, which is a video as well as a streaming platform. DLive awards content creators and audiences through a rewards system without taking any commissioning fees.
Many users prefer to keep their BTT tokens in their wallets, however, this may mean that users cannot actively earn anything back on those tokens. By staking BTT, users can participate in helping the TRON ecosystem grow and subsequently increase their holdings.
BTT can be staked either via a DApp browser such as TronLink, GuildChat, Klever, or any others and if users make use of a desktop computer, they can easily install the TronLink browser extension and create a wallet or import their existing cryptocurrency wallet.
Once this is completed, users can visit the DLive website and link their wallet with TronLink to start staking. Once connected, users have between three options, namely:
- Claim Reward
- Stake In
- Stake Out
Stake In
Once this is selected, a field will appear and require that the user enter the amount of BTT that they wish to stake. It is advisable that users ensure that they have some TRON (TRX) in their wallet to cover any fees.
Once the amount of BTT has been entered, another screen will show the amount of TRX “energy” that the user has. If the user does not have enough, they will be provided with the exact amount of TRX necessary to cover their fee proportional to the BTT they wish to stake.
Once this part is completed, the user must accept the request signature from TronLink and the transaction result screen will appear, allowing the user to choose whether they want to view the transaction on the blockchain or whether it is not necessary.
Users can view their stake status on the main staking page under “My Stake Status” and it will show the total BTT tokens that have been staked.
Claim Reward
To claim staking rewards, users must visit the same page as they had when staking their BTT and select the option to “Claim Reward”. Rewards can be claimed daily, however, users are advised to wait until they have acquired a decent amount as “energy” or TRX is spent every time rewards are claimed.
For those who wish to claim often, it is advisable to freeze TRX so that energy can be earned from it.
Pros and Cons
| ✔️ Pros | ❌ Cons |
|---|---|
| BTT contributes towards improvements in the BitTorrent ecosystem | There are some issues faced with technical indicators even though there is potential for increases |
| BTT targets an extremely large user base | BTT is considered overvalued |
| Enables users to download files faster when spending small amounts of BTT on the platform | There is a significant amount of resistance and bear markets must be considered before investing |
| Solid community that backs BTT | |
Transaction Fees
| 💰 Type of Fee | ℹ️ Information |
|---|---|
| Trading Fees | 0.08% - 0.75% |
| Withdrawal Fees | 1.0 BTT – 1 493 BTT |
Should you buy BitTorrent Token?
BTT is becoming popular, and it forms part of the top 100 cryptocurrencies in the market.
When BTT was launched, there was significant hype around it and even though it is still a popular cryptocurrency, more investors are staking it than actively trading it. BitTorrent is responsible for more than 22% of internet traffic around the globe, making BTT a big deal and ensuring that it will be supported by larger networks.
Earlier during April, BTT saw a significant increase of 75% as a result of both hype and fundamentals. BTT has been increasing in price steadily and it has crossed the 70 billion ZAR mark as well. Analysts have suggested that there is no clear fundamental backing for the increase in price, yet it has still led to massive trading volumes.
A lot of analysts put these increases down to staking offers that Poloniex has been offering recently to attract investments from users. In addition to this, Non-fungible tokens (NFTs) or crypto collectables, have drawn the interest of many as well.
Other theories surrounding these increases relate to BTT’s associations with TRON and even though it is a good thing, the fact that there is association may make the future of BTT limited unless BitTorrent spins off onto its own blockchain, allowing for further developments and the adoption of smart contracts.
How to buy BitTorrent Token (BTT)
Step 1 – Open an account on Binance.
Navigate to the official Binance website and select “Register Now”. You will be redirected to a “Create a Free Account” where you can either register with your email address or your mobile number.
You can enter your email address and user-selected password or select the “Mobile” option at the top of the form. Select your country code and enter your mobile number along with your user-selected password.
Once you have completed the necessary fields, you can read and accept the Terms of Service before selecting “Create an Account”.
You may have to complete a Security Verification that will confirm that you are not a robot. Next, there is an account verification. During this, a 6-digit verification code is sent to the email address or mobile number that you provided. The code is only valid for 30 minutes and must be entered in the blocks provided on this page.
Once the verification is completed, a welcome page will load, and you will be given the options through which you can either trade or purchase cryptocurrency. If you are new to crypto, you can visit the “Learn More” Section at the bottom of the page.
Step 2 – Secure account with two-factor verification
On the trader’s dashboard, select the option to secure your account with two-factor verification. Even though phone verification is a secure option, the most preferred and secured method is to make use of the Google Authenticator.
Once downloaded and installed, either scan the QR code or type in the one-time, unique code provided to add your Binance account credentials onto Google Authenticator.
Once completed, write down the back up key provided to recover your account on Google Authenticator in case you lose or misplace it. In the final step, enter the 6-digit code which you will receive on your registered email address along with the Google verification code.
Step 3 – Deposit funds
Binance allows for the purchase of cryptocurrencies via fiat deposits as well as cryptos. Deposits can be accessed from the following locations:
- The “Welcome to Binance” banner.
- Hovering over “Buy Crypto” at the top of the web page and selecting your preferred method.
- Selecting “Deposit” on the “balance details” section on your traders dashboard.
Once you have selected the option to “Deposit”, you can select whether you wish to deposit cryptocurrencies from another wallet, or whether you want to make a fiat deposit.
For Crypto deposits, follow these steps:
- Select your coin between Bitcoin, Ethereum, TetherUS, BNB, or EOS.
- Select the network to be used between BEP2, BEP20 (BSC), ERC20, or TRC20 and accept the conditions for using the network.
- Copy the address or scan the address QR code from the wallet where you are depositing and follow further prompts. Kindly note that each network has its own set of network confirmations between 1 up to 15 confirmations before the deposit will be done.
For deposits in Fiat currencies, follow these steps:
- Select the deposit currency from the dropdown list. To gain access to more currencies, it is necessary to verify your identity and face.
- Select the payment method to be used, depending on the currency chosen.
- Enter the deposit amount and any other details. Kindly note that the transaction fee will be displayed along with the balance after this is subtracted.
- Continue with the deposit.
Step 4 – Start Trading
Once you have completed your deposit, you can navigate to the “Markets” section at the top of the page to view the available cryptocurrencies. From here, you can buy, sell, and trade currencies at competitive prices.
Frequently Asked Questions
When was BitTorrent Token first launched?
BitTorrent was launched early in 2019.
Who founded BitTorrent Token?
BitTorrent Token was launched in partnership with BitTorrent (founded by Bram Cohen) and TRON, the Ethereum competitor Justin Sun.
What is “ICO”?
It is Initial Coin Offering that, unlike an IPO, does not mean that those who invest in the cryptocurrency will have an ownership stake of the company that they provide funds to.
When was BitTorrent Token’s ICO and how much did it raise?
BTT’s ICO occurred in 2019 and ended in less than 15 minutes, having raised 101 million ZAR following a 281 million ZAR private sale.
Is BitTorrent Token legit?
Yes, BitTorrent Token is legit.
What is BitTorrent Token’s total supply?
The supply of BTT is limited to 990 billion tokens.
What is the purpose of BitTorrent Token?
BTT is a TRC10 token which is built on the BitTorrent Token protocol to provide a network which is robust and secure, extending current functions of the file-sharing protocol.
On which blockchain is BitTorrent Token based?
BTT is based on the TRON blockchain.
Does BitTorrent Token work with smart contracts?
No, Bit’Torrent does not currently work with smart contracts. However, if BitTorrent becomes a blockchain, this will allow for the deployment of smart contracts and several other decentralised applications.
Does BitTorrent Token have the potential to become more valuable?
Yes. However, there are opposing opinions on the future of BTT as a result of the TRON blockchain on which BTT is still based. In addition to this, there is also the fact that creators hope that value will increase based on the promise of financial rewards from BitTorrent for people to seed torrents that they download.
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