Update: December 8, 2021 – BitTorrent remains a preferred cryptocurrency for many investors. Its price has been volatile and it is expected to increase in the upcoming months and weeks.
Crypto prices have surged in 2021. One famous peer-to-peer project the price of which has been increasing recently is BitTorrent (BTT). But BitTorrent is not simply a token. It is a file-sharing project and a torrent platform (as the name suggests). Serving as a native token for TRON (TRX), BitTorrent has become a much-needed asset for many people in 2021 so far.
But can the same be said about the BTT future? Is BTT a worthy investment or is it simply a token whose reputation can die out soon? To know the answer to these questions, it is necessary that you know the basics behind the BitTorrent project, what it tries to achieve, price history, as well as potential price factors. So let’s begin with some background information for BTT.
What Is BitTorrent (BTT)?
Originally, BitTorrent was one of the first decentralized networks, which offered file sharing and other torrent services. It was created by American computer programmer Bram Cohen. This P2P computer program had a very successful launch, despite various legal issues that were resolved throughout the years. The goal of BitTorrent was to allow people to share files, movies, songs, and other entertainment material in an efficient way: fast and cheap.
On the other hand, with the launch of Bitcoin, many other cryptocurrencies were emerging that offered more decentralized services than Bitcoin so that they had a chance to compete with the world’s first and biggest cryptocurrency. In 2017, a new cryptocurrency that offered decentralized services was TRON (TRX). Launched by Justin Sun, TRON grabbed the attention of many investors immediately. After its quick success, Justin Sun wanted to improve TRON even more.
As such, he purchased the BitTorrent program for $120 million. When doing so, not only he acquired one of the biggest file-sharing programs in the world, but he also created a new native token for the TRON cryptocurrency, named in the same way, BitTorrent (BTT). Ever since the BitTorrent token was released, it has been widely used by traders as a trusted investment. Moreover, BTT tokens are used as TRC-10 tokens in the TRON blockchain.
When BTT was purchased by TRON, it received huge community attention. To ensure more funds for this new BTT token, Justin Sun held Initial Coin Offerings because he knew that a lot of people would buy BTT tokens because of BitTorrent’s reputation. The private ICO raised around $20 million. The public ICO that occurred on the Launchpad platform in Binance, raised $7.2 million within 15 minutes. As expected, it was one of the biggest and most successful ICO’s in the history of cryptocurrencies.
But what about the utility of BTT within the Tron blockchain? It was clear that the combination of one of the first decentralized projects (BitTorrent) and one of the youngest and most promising cryptocurrencies (TRON) would be a good match. However, the first use of BitTorrent tokens was to improve the efficiency of the BitTorrent file-sharing program itself. To share a file in BitTorrent, peers, and seeds are needed. Peers are the ones who want to download a file, and seeds are the ones sharing a file. File-sharing requires that files are broken down into smaller pieces so that the download is faster and much more simple.
A feature that makes this possible efficiently is BitTorrent Speed. By using BTT tokens as payment, downloading speed is much faster. Furthermore, if users use BTT tokens, they move higher in the downloading queue so that they do not have to wait for the download to even start. Seeds that share the files are the ones who receive such payments so that they are incentivized for sharing files with others. This process has optimized the BitTorrent even more, and it is quite possible that the file-sharing program can receive further updates that make it better in the future.
Another suggested feature of BTT is bid advertisement, where users can pay with BTT tokens to receive content faster. Another feature is decentralized storage through BitTorrent File System (BTFS), where users can pay with BTT to have additional storage or offer storage to others. Last but not least, BTT can offer a proxy service (completely private) for additional BTT tokens.
BitTorrent plans to become the best open-source network, where anyone can access and propose modifications to the BTT protocol. Both TRON and BitTorrent have a superordinate goal to become one of the biggest ecosystems that can offer all possible decentralized services within that blockchain. Moreover, such ecosystems are devised to grow as their community grows.
Since BTT is a TRC-10 token of TRON, their mechanisms are generally the same. Same as TRON, the consensus mechanism of BitTorrent Tokens is Delegated Proof of Stake (DPoS). BitTorrent has a total supply of 990 trillion BTT, with around 660 trillion BTT in circulation.
How to buy and store BitTorrent (BTT) tokens?
Before deciding to trade coins or tokens (not only BTT) it is important that you choose a trusted, legit, and efficient cryptocurrency exchange. Some exchange platforms may ask for large additional fees, which may not be necessary. The best cryptocurrency exchanges that support BTT tokens are Binance Exchange, Upbit, gate.io, OKEx, etc.
As for storing BTT tokens, they can be either stored on hot wallets or cold wallets. The best hot wallets (online) that support BTT tokens are TRON Wallet (app or extension), Trust Wallet, Atomic Wallet, etc. The best cold wallet that supports BTT tokens is Ledger.
Now that we have covered the main features of BTT, let’s look at its price history.
BitTorrent (BTT) Price History
After it was purchased by TRON, the BTT token was launched in 2019. According to Coinmarketcap, BTT debuted with a price of $0.0004 in February of 2019. Because of the large attention, the price increased to $0.001 within 4 days. This was a 150% price increase in just a matter of days. The price decreased in the following weeks, however, reaching around $0.0006 in May of that year. The price started increasing again, reaching a new high of $0.0017 by the end of May 2019. Then, there was another price decrease, where the price reached its lowest ever point at $0.0001 by March of 2020. Price ranged from $0.0002 to $0.0004 in the following months. In January 2021, BTT joined other cryptocurrencies in their bull runs, reaching as high as $0.0014 in February 2021. The price has kept increasing and has recently reached a new all-time high of $0.01 in April of 2021.
Currently, it has an average price of $0.007 as of the 5th of May 2021. Based on its market capitalization, BTT is ranked at number 36 in the crypto market, with a market cap of around $4.6 billion. Its fully diluted market cap is around $7 billion. Now let’s look at what prediction experts have to say about the future price of BTT.
BitTorrent (BTT) 2021 Price Prediction
Digitalcoinprice predicts that the price of BTT may increase at the same rate in 2021. The price may increase again to $0.01, and it may remain at that amount for the rest of 2021. Tradingbeasts also predicts that the maximum price of BTT may remain $0.01, while the lowest price in the following months might be around $0.007.
In the same way, Walletinvestor also predicts that while the minimum price of BTT in the following months can be around $0.006, the maximum can be around $0.01 for 2021.
Long-term Price Predictions for BitTorrent (BTT) 2022, 2023, 2024 and 2025
But do these experts predict that BTT may increase at the same rate in the long run?
Digitalcoinprice predicts that the average price for 2022 might still be around $0.01, indicating that there may not be big changes in the price of BTT. As for 2023, they predict that the price may have slight increases up to $0.015. The same can be said for 2024, with the price reaching as high as $0.018. In 2025, Digitalcoinprice predicts that BTT can reach $0.02 for the first time in its history.
Tradingbeasts also predicts relatively small changes in the price of BTT for the long run. In 2022, its price may range from $0.007 to $0.012, which is relatively similar to predictions for 2021. In 2023, the price is forecasted to range from $0.009 to $0.014. In 2024, the minimum price might be around $0.01, while the maximum might go as high as $0.016, which is approximately a 120% increase from the current price of BTT.
Walletinvestor has a more optimistic prediction. The minimum price of 2022 is predicted to be around $0.009, and the maximum reaching very close to $0.02. In 2023, the minimum might be around $0.014 and the maximum can get very close to $0.03. In 2024, the price may continue this rate of increase, ranging from around $0.02 to $0.037. Lastly, in 2025, it is predicted that the price may range from a minimum of around $0.02 to a maximum of $0.047, which is very close to hitting $0.05 for the first time in the history of BTT.
What Potential Factors Can Affect the Price of BitTorrent (BTT)?
There are a lot of factors that determine the price of BTT. Here are the most important ones:
Supply
BitTorrent has a total supply of 990 trillion BTT, with around 660 trillion BTT already in circulation. This huge amount of supply is one of the reasons why the BTT price is inflationary and is predicted to remain less than $0.05 in the next few years. Burning BTT can have a deflationary effect on its price.
TRON (TRX) Price
Since BTT is the native token in the TRON blockchain, there is a direct correlation between the price of TRX and the price of BTT. If TRON experiences price increases, BTT can experience price increases as well. The same can be said if the price decreases. A decrease in the price of TRX can cause a decrease in the price of BTT since the two are complementary.
Competitors
BTT competitors also play a role in the price of BTT. For instance, Upfiring (UFR) is considered one of the biggest BTT competitors because it offers P2P file-sharing in the same way as BitTorrent. A change in the price of UFR can influence the price of BTT as well.
Utility
One of the main reasons why BTT is considered a ‘success’ is that it offers something that other cryptocurrencies did not offer at first. Its reputation as a torrent system and file-sharing program, as well as the efficiency that BTT tokens provide within the TRON blockchain are the main reasons why people buy BTT in the first place. The more they buy BTT, the more can its price increase.
What’s Next for BitTorrent (BTT)? What to Expect in 2021?
BitTorrent is constantly updated and the team behind TRON and BTT tokens are planning to implement new features so that BTT becomes more private, efficient, and secure. Since these features suggest that BitTorrent might improve in the short run, then the future of BitTorrent is in good hands.
Is BitTorrent (BTT) a Good Investment?
Overall, BTT has proven to be a steady investment. Its price has increased and is predicted to slightly increase in the long run as well. Judging by the fact that BitTorrent usage is increasing, it is regularly updated, and its price can increase, then investing in BTT might be a good idea.
Also Read:
Elrond (EGLD) Price Prediction 2021 and Beyond – Is EGLD a Good Investment?
TRON Price Prediction 2021 and for the Next 5 Years – Will TRX Reach $1?
Nano (NANO) Price Prediction 2021 and Beyond – Is NANO a Good Investment?
Takeaways
- BitTorrent (BTT) is the native token of the TRON (TRX) blockchain. Originally, BitTorrent was a file-sharing program, which was later purchased by TRON.
- BTT tokens within the TRON blockchain are used as TRC-10 tokens. Despite transactions, they can also be used to increase download speed, move up in the download queue, as well as other services.
- BTT price has been increasing over the last few months.
- Its price is predicted to have small increases both in the short and the long run.
- BTT large supply, price of TRX, price of competitors, and BTT utility can influence the price of BitTorrent.
- BitTorrent is generally considered a good investment by analysts.