Unlike the majority of cryptocurrencies on the market today, BitTorrent is not based on distributed ledger technology. BitTorrent was founded before the advent of cryptocurrency, and it developed a peer-to-peer file-sharing network with over 100 countries around the world. BitTorrent launched its initial coin offering in 2019, with ambitions to embed the coin into the network and use it for transactions, personalized usage, and cloud storage.
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BitTorrent currency (BTT) is a Tron-based token that follows the TRC-10 token standard. The coin is used to give file-sharing priority to individuals who pay BitTorrent coins to file sharers. This also provides a financial incentive for file sharing to retain their files on the network. According to the business, BTT will be used for more use cases shortly, including decentralized file storage solutions.
BitTorrent's initial coin offering (ICO) in 2019 was a huge success, earning $7.2 million within only 20 minutes. The coin's starting price was $0.00012, and it is currently trading at $0.0085. Despite its low price, BTT has a market worth of $5.6 billion because there are 660 billion coins in circulation.
BitTorrent is a decentralized peer-to-peer file-sharing system that allows users to share video, music, and text files. To access the protocol, users must use a BitTorrent client, which allows them to search for and download files that peers have uploaded to the protocol.
BitTorrent drew the attention of Tron CEO Justin Sun because of its decentralized nature. Sun bought the company in 2018 intending to integrate a cryptocurrency onto the network. Tron is an intelligent contract blockchain, thus tokens can be created as side groups on the Tron blockchain, much like how Ethereum's ERC-20 currencies function.
The original BitTorrent was created by Bram Cohen, a developer, and entrepreneur who has since made a name for himself in the Bitcoin world. Cohen has stated that BitTorrent was created to replace the outdated media sector, making downloading content difficult and expensive.
The network has been involved in a number of legal challenges, with Cohen claiming that enabling users to share things such as music and movies among themselves does not violate copyright rules. TRON completed its acquisition of BitTorrent in 2018, putting it under Justin Sun's management.
TRON is also responsible for BitTorrent's cryptocurrency adoption, as the BTT token was published on TRON's blockchain. The move was made as part of TRON's efforts to expand the platform's decentralized capabilities.
BitTorrent's original purpose was to upend the traditional entertainment sector and the way people get content. The primary objective was inefficient and expensive distribution networks, with initial developer Bram Cohen seeing advantages in letting web users exchange material directly among themselves.
BitTorrent became the de facto P2P file-sharing system in the early 2000s, with TRON following suit in 2018. BitTorrent's user base has grown to include individuals interested in decentralized solutions and cryptocurrency, as well as its own users. BitTorrent Speed, which employs the BTT token as part of this process, is one of the new features.
BitTorrent has also ventured into the world of commercial services, with multiple "premium" versions of the platform available that include VPN access and ad-free browsing.
On major exchanges, BTT can be traded for cryptocurrencies, stablecoins, and even fiat currencies. Among the options are Binance, Huobi Global, and OKEx. Read CoinMarketCap's simple tutorial to learn how to buy Bitcoin (BTC) or any other cryptocurrency.
BTT is now trading at $0.00 and is ranked 47th among the top 100 cryptocurrencies on Coinmarketcap, with a recent gain of 4.15 percent at the time of writing. BTT has indeed been featured on several cryptocurrency trading, and however, unlike other major cryptocurrencies, this can be purchased directly with fiat currency.
On a crypto exchange like Coinbase or Coinmama, you may buy BitTorrent currency with a credit or debit card. Before you can buy, you must first create a BitTorrent coin wallet (account) and get it approved.
Binance is among the world's largest and best-known digital currencies. The advantages of buying BitTorrent (BTT) here include lower exchange costs than other exchanges, as well as improved liquidity, which allows you to buy and sell rapidly to reap the benefits of market-moving new releases.
You'll be prompted to provide a payment option. You have the option of using a credit/debit card or a bank transfer here. When you use a credit card, you will pay a greater cost, but you will be able to make a transaction right away. Whereas a bank transfer is less expensive but takes longer, certain countries provide low-cost, quick cash deposits depending on your place of residence.
You'll need to retain your BTT tokens on Binance's exchange if you want to trade them. Binance is considered one of the safer exchanges, as they have a continually expanding insurance fund in case their website is hacked.
BitTorrent official website https://www.bittorrent.com/token/btt/
BitTorrent nightscan https://tronscan.org/#/token/1002000
BitTorrent twitter account https://twitter.com/BitTorrent
BitTorrent Medium https://medium.com/bittorrent/bittorrent-foundation-unveils-more-details-regarding-bittorrent-btt-airdrops-for-tron-trx-8bbd194f8a87
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