Bitcoin is Booming - What is your favorite cryptocurrency? | BitTorrent (BTT).
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Most of us have used BitTorrent once in life to download a torrent file, but do you know that BitTorrent has their own token and integrated within BitTorrent.
In this post, I will cover and explain to you in detail about the below points.
- What is BitTorrent?
- What is the actual use of BitTorrent?
- What is BitTorrent File System?
- What is BitTorrent (BTT) token?
- BitTorrent (BTT) token Market Overview.
- My views and Investment in BitTorrent (BTT) token.
Frankly speaking, I just come to know about the BitTorrent (BTT) token a couple of days ago. I am one of the users who used BitTorrent when needed to download a torrent file, later when I come to know about Torch Browser wherein torrent is integrated and many more like download videos directly, no need for other special software as everything we are getting in one browser I stopped using BitTorrent.
Another reason for stop using BitTorrent is some torrent files come up with the Magnet torrent which sometimes BitTorrent did not catch properly, but in Torch Browser all types of torrent file can be download.
Let's talk about in crypto language, why BitTorrent (BTT) token is my one of the favorite cryptocurrency?
1. What is BitTorrent?
We all have BitTorrent to download the files. Technically it is a peer-to-peer (P2P) file sharing that enables users to distribute data and electronic files over the Internet in a decentralized manner. BitTorrent is one of the most common protocols for transferring large files; such as digital video files, TV shows, movies, video clips, digital audio, Softwares, Driver software, Higher graphic Games.
The BitTorrent protocol can be used to reduce the server and network impact of distributing large files. Rather than downloading a file from a single source server, the BitTorrent protocol allows users to join hosts to upload to/download from each other simultaneously
To send or receive files, a person uses a BitTorrent client, on their Internet-connected computer.
2. What is the actual use of BitTorrent?
As mentioned in the first point, we use BitTorrent basically for downloading large files of digital video files, TV shows, movies, video clips, digital audio, Softwares, Driver software, Higher graphic Games.
Downloading large files from other third parties sites did not provide all files and take a longer time for download, you cant pause-resume, once cancel then you need to download again, also there are chances for some DLL files may missing.
In BitTorrent, the actual person like you and me upload the file into the network with all files and allow others to download the same. You can pause - resume and complete the download at your convenience time.
SEEDERS are those who have downloaded the file already or initially only one person who uploads the torrent seeds to others. You may notice that after your download is complete the torrent turns from DOWNLOADING to SEEDING.
PEERS are those who are downloading and uploading at the same time. They do not possess the whole file. They only possess parts of the whole.
LEECHERS are those who don’t have all parts files and are not to share the required part of the file. These users don't leave their bit torrent clients in a seeding state after downloading the file.
3. What is BitTorrent File System?
BitTorrent File System(BTFS) is both a protocol and network implementation that provides a p2p mechanism for storing and sharing digital content in a decentralized filing system.
Traditional file storage systems have many disadvantages, including centralization or control by a single entity, the ability for governments to censor, higher costs, and low fault tolerance.
BitTorrent File System(BTFS) is a decentralized file storage system supported by millions of BitTorrent user nodes.* By running on the blockchain, which has a Delegated proof of Stake method of processing blockchain transactions, BTFS addresses these limitations. BTFS represents the first decentralized storage system that can be used by decentralized application (DApp) developers. Soon, BTT will be introduced into the BTFS ecosystem to incentivize a fair and abundant file system.
The BitTorrent network brings with it 100 million decentralized users via a wide array of client products.
4. What is BitTorrent (BTT) token?
BitTorrent Token(BTT) is a TRC-10 utility token based on the blockchain that powers features of the most popular decentralized protocols and applications in the world. DApps powered by BitTorrent Token(BTT) includes BitTorrent Speed, BitTorrent File System, DLive, and more are on the roadmap.
BitTorrent Token(BTT) offers a new experience to over 100M+ users by connecting the BitTorrent peer-to-peer network to the TRON blockchain.
As mentioned above about LEECHERS means those users who don't leave their bit torrent clients in a seeding state after downloading the file.
Now, with BitTorrent Speed enabled, downloaders will have the option of providing tokens to uploaders in exchange for faster download speed. By introducing an incentive of earning BTT tokens, uploaders have a reason to seed files longer and to dedicate more of their bandwidth and storage to other torrent clients in the network.
BitTorrent Token(BTT) serves as a crypto torrent token in BitTorrent, is responsible for powering a healthier BitTorrent protocol.
How it Works
5. BitTorrent (BTT) token Market Overview.
In this section first, I would like to point you on that BitTorrent is one of TRON's (TRX) partners.
According to the coingecko.com, BitTorrent (BTT) is on rank 68 with;
Market Cap: $211,126,162.
24 Hour Trading Vol: $74,310,135
24h Low / 24h High: $0.00030425 / $0.00032311
Circulating Supply: 659,071,882,049 / 990,000,000,000
Loot at the current price level. 1 BTT = $0.00031895(INR 0.02359).
BTT Price On January 1st 2019, BTT price went up from $0.000001 to $0.000299 on December 31, 2019. Basically, the TRON and BitTorrent merger together is known as the “Project Atlas”.
The public sale of BitTorrent Tokens (BTT), which was conducted on Binance Launchpad – the token sale platform by leading cryptocurrency exchange Binance, sold out in less than 20 minutes.
The token sale, which followed the acquisition of BitTorrent by TRON last year, offered 59.8 billion BTT, worth around $7.2 million, through two separate sale sessions.
One session was for those who paid using TRON’s native token TRX, and the other for those who paid with Binance’s BNB token. The TRX session saw participation from 622 participants, while the BNB session saw 340 participants.
6. My views and Investment in BitTorrent (BTT) token.
According to my side, BitTorrent (BTT) is one best and most popular applications to download large-sized files.
Personally, I have download large size higher graphics Games which are around 10-15 GB, whenever a new movie gets released we use BitTorrent (BTT) to download those movies.
Now, BitTorrent (BTT) is rewarding to the user for seeding the downloaded files, so it will get more use and use low bandwidth when one file get seeding from multiple locations. The mean uses of BitTorrent (BTT) will get an increase.
The current price level looks like nothing 1 BTT = $0.00031895(INR 0.02359), but still, it is listed on exchanges and trades are executing
You will get more time BitTorrent (BTT) tokens than your investment.
I always say that Cryptocurrencies are a dynamic market, where changes might happen overnight, never know what will happen tomorrow.
So, why we can't use just our daily use fund, there is no big concept behind daily use fund, just trying to say that sometimes we use normally INR 1000 ($ 13.52) for shopping, outing contribution wherein we did not get anything in return and we just enjoy that time.
If we use that small fund to buy BitTorrent (BTT) tokens and forget, we are getting a lot of BitTorrent (BTT) tokens in that fund. It will not affect more even we lose that fund, but as I said Cryptocurrencies are a dynamic market, where changes might happen overnight, never know what will happen tomorrow.
I guess it is worth using our daily use fund in this, we are losing nothing like just think that you did the shopping, outing contribution and forget.
Key Point
- BitTorrent (BTT) is a TRON Partner.
- BitTorrent (BTT) giving tokens To seeders.
- It is Very Cheap at the current price.
After understanding all these I added INR 1100 in wazirx.com and brought 44000 BitTorrent (BTT) tokens.
Information Sources:-
coinmarketcap.com
Bittorrent Price Foreseen To Go High
BitTorrent (BTT) tokens sell out in less than 20 minutes
BitTorrent Token
For More Information On The Market Status Of BitTorrent (BTT), Check coingecko.com here.
Check BitTorrent (BTT) White Paper here.
Thank You.
@stream4u
As Preference, My All Posts and Comments are Set For 100% Power Up.
Hello @stream4u
Nice to know that we share some similarities. I have been using BitTorrent for torrent downloads for a long time before I got to learn that it has a token. I've not invested in it yet but with what you, a fellow BitTorrent user have said about it, I think it's worth a try.
Yeah, sure. But I've never cared what it meant haha. Thanks for the explanation.
The use of tokens to incentivize faster download speed is a good innovation. Usually, torrents are used to download very large files. The larger the file, the more speed is needed.
Nice post, thanks for sharing.
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