Altcoins

What You Need To Know Before Investing In BitTorrent

You must have heard about BitTorrent before the creation of Bitcoin, the first crypto coin. Before its acquisition as a crypto asset, BitTorrent has been a major player in the entertainment industry.

Originally released in July 2001, BitTorrent was purchased by blockchains platform TRON in July 2018. Its token is among thousands of cryptocurrencies listed by CoinMarketCap.

BitTorrent has been an asset to consider by crypto investors as they look to diversify their portfolios. If you want to consider this coin too, it is very important for you to know more about it.

In this post, we’ll learn more about the growth of BitTorrent as a token to invest in.

What is BitTorrent?

BitTorrent is a popular peer-to-peer file sharing and torrent platform which has become increasingly decentralized in recent year.

BitTorrent was created by Brain Cohen, a developer and entrepreneur to usurp the dated entertainment industry. The developer aims at correcting the speed and price of obtaining files.

In 2018, TRON completed its acquisition of the platform, bringing it under the control of Justin Sun, the CEO of TRON. Sun is known for plugging TRON as a cryptocurrency and its blockchain technology.

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TRON is also behind the addition of crypto to BitTorrent. The platform’s token trades by the symbol ‘BTT’ . The token was released on TRON’s blockchain as a TRC-10 blockchain standard token.

investing in BitTorrent
Investing in BitTorrent

BitTorrent token in the Crypto Market

As at the time o writing, BTT is ranked 206th among over 17,000 crypto assets listed by CoinMarketCap. The current price is $0.002242 with a trading volume of $94, 165.17 USD. BitTorrent has a live market cap of $2, 220, 986, 575 USD. It has a circulating supply of 990 billion BTTOLD coins.

BTT is tradable for cryptocurrencies, stablecoins and even fiat currencies on major exchanges like Binance, Huobi global, OKEX, etc.

What Makes BitTorrent Different From Other Crypto Assets?

BitTorrent is unique as a P2P file sharing platform before its acquisition by TRON in 2018. It however has its distinct features as a crypto asset.

BTT has expanded its user appeal to those interested in decentralized and cryptocurrencies. It has also appealed to its own user base.

According to its official literature, BitTorrent is currently the ”largest decentralized P2P communications protocol” in the world. New features such as the BitTorrent speed has been added which uses the BTT token as part of its operation.

The platform has also branched out into paid services as well as offering several premium versions of its platform. This include VPN capabilities and ad-free browsing.

Is It Safe To Invest In BitTorrent?

Some crypto investors have labelled BitTorrent as the ”biggest shitcoin”. Its volatility in price just like other crypto assets make it risky to invest in.

Despite these, holders of this token has seen it as an opportunity to make profit from their investment. Although BTT is far below TRON in the crypto market, it is climbing up the ladder. This makes it a choice for crypto investors/traders.

However, if you must invest in this coin, you should put the amount you can afford to lose. This will help to reduce the effect of a huge loss.

Also Read- Why is Crypto Booming In Nigeria and Africa In 2022

 

 

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As a cryptocurrency and gift card expert, I am passionate about exploring the intersection of finance and technology. With a background in both fields, I bring a unique perspective to my writing, offering an in-depth analysis of the latest developments and trends in the world of digital currencies and gift cards.

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