BitTorrent is the world's largest decentralized peer-to-peer (P2P) communication protocol, designed to integrate blockchain technology into torrenting. It enables users to share files and download large files from the web efficiently.
In a multi-million dollar deal realized in 2018, BitTorrent joined the TRON ecosystem. Following this event, the BitTorrent token (BTT) was launched one year later. This cryptocurrency was created to leverage TRON's token-based infrastructure and to empower and incentivize the millions of users on the BitTorrent protocol.
As one of the largest P2P networks on the internet today, BitTorrent boasts over 100 million active users. This significant traffic aids TRON's scalability while allowing users to share and store files in a secure and permissionless manner.
Understanding BTT Token
BTT is the native digital currency for the BitTorrent protocol. It is a standard TRC-20 utility token built on the TRON blockchain. In short, BTT provides incentives and facilitates low-cost micro-payments within the BitTorrent network.
The total supply of BTT is 990 trillion tokens. Launched through an ICO that sold out in minutes, BTT reached its all-time high of $0.000003054 in January 2022. However, like many cryptocurrencies, its price was impacted by the bear market and has not fully recovered from its all-time low of $0.000000705.
Key Use Cases of BTT
As a utility token, BTT has several uses aimed at creating a healthier and more efficient BitTorrent ecosystem. It serves as the denomination for every transaction on the network.
BTT is the native coin on the BitTorrent Chain (BTTC), a cross-chain interoperability protocol that supports asset transfers across TRON, Ethereum, and BNB Chain. Consequently, BTT is used to pay for gas fees, staking, and governance purposes.
Within the software itself, BTT incentives encourage users to continue seeding (sharing) files even after their download is complete. This reward system has helped BitTorrent overcome one of its main challenges before joining TRON: swarm death (torrents without seeders).
Additionally, BTT powers BitTorrent Speed, a product designed to improve download speeds on the network. Downloaders can use BTT to enjoy faster speeds.
BTT can also be used to pay for goods and services from online merchants that accept the token. Currently, BitTorrent has partnered with popular crypto payment gateway providers like CoinPayments, Plisio, and CoinGate to facilitate BTT acceptance.
The Founders of BitTorrent
BitTorrent Inc. was founded in 2004 by Bram Cohen, an American computer programmer and technology visionary. Dissatisfied with traditional slow and inefficient file-sharing systems, Cohen created a faster way to download files by breaking them into smaller pieces, known as torrents.
BitTorrent was quickly adopted by the masses for downloading music videos and movies. By 2005, it accounted for 60% of peer-to-peer network traffic.
Despite massive adoption, the protocol faced serious challenges like network congestion, exploding bandwidth demands, and censorship laws. Moreover, BitTorrent lacked a clear way to monetize the platform.
To address these challenges, the BitTorrent protocol joined TRON in July 2018 for approximately $140 million. Since then, BitTorrent has been on the right path to achieve its vision of decentralizing the file-sharing system and providing innovative products for secure, trustless media transmission.
Cohen moved on to lead his other crypto project, Chia Network, and handed over BitTorrent (now known as Rainberry, Inc.) to Justin Sun, the founder and CEO of the TRON network.
How Does BitTorrent Work?
Originally, BitTorrent was created as a P2P file-sharing protocol with downloaders (often called seeders/peers) and uploaders (content providers), who together form a swarm. However, due to differences in upload and download speeds, many swarms deteriorated and eventually died.
By leveraging TRON's advanced peer-to-peer technology, BitTorrent can offer user incentives through a token-based bidding system. Users are rewarded with BTT for continuing to share their bandwidth, which is the component that keeps seed files alive even after downloads are complete.
It's important to note that BitTorrent uses an on-chain/off-chain approach. BTT transactions are first conducted in a private ledger and then transferred to be recorded on the TRON blockchain, ensuring transparency and accountability.
In December 2021, BitTorrent also launched its own blockchain, the BitTorrent Chain (BTTC). As a heterogeneous cross-chain interoperability protocol, BTTC utilizes a proof-of-stake (PoS) mechanism, using sidechains for smart contract scaling. Currently, BTTC supports asset transfers across three blockchains: TRON, Ethereum, and BNB Chain.
What Gives BTT Its Value?
The BitTorrent token is a core component of BitTorrent's operations. Here are some factors that contribute to BTT's value:
Scalability
As one of the world's largest torrent platforms, BitTorrent already has millions of active users. Furthermore, all BitTorrent users have the option to set up a cryptographic BTT wallet, making them aware and directing them toward a blockchain-based model. Over time, this initiative will help drive mass adoption of BTT and also enhance the scalability of the TRON blockchain.
Multiple Utilities
From the outset, the BTT cryptocurrency has had multiple real-world uses, particularly within its decentralized file-sharing system. Since then, BitTorrent has continued to innovate through the development of various projects like BitTorrent Speed, BitTorrent File System (BTFS), and the DLive protocol, all of which require BTT to operate. Moreover, BitTorrent is continually working to encourage global merchants to process micro-payments using BTT, which is cheaper and faster.
The TRON Vision
Behind the ambitious mission to decentralize the web, TRON's vision is also driven by a solid team. Since joining TRON, BitTorrent has undergone a continuous overhaul that adds value for its users. The expansion into live streaming is expected to further drive the mass adoption of the BTT cryptocurrency.
What Makes BitTorrent Unique?
Decentralized High-Speed File Downloads
BitTorrent Speed is designed to increase download speeds from torrent clients. This blockchain-based product also rewards BitTorrent users for continuous seeding, even after completing their downloads.
The product is free, easy to use, requires no server equipment, and is backward compatible for those not interested in earning BTT.
Decentralized File Storage and Sharing System
BTFS is BitTorrent's blockchain-powered file storage and sharing platform, created to address challenges faced by traditional archival systems, such as censorship and exploding maintenance costs.
BTFS runs on nodes consisting of tenants and hosts. Each week, hosts are rewarded with BTT for their contribution in providing storage services, while tenants pay using BTT to store data on BTFS.
Decentralized Live Streaming
DLive provides a decentralized live streaming experience using a peer-to-peer network. With the DLive protocol, viewers become nodes in the network by distributing their stream across the swarm. Consequently, viewers are incentivized to watch streams because they are rewarded. They also have the option to stake BTT on the platform to earn more.
BTT Token Supply and Circulation
The old version of the BTT token, now known as BTTOLD, had a total supply of 990 billion coins. Following the launch of the BTTC mainnet, the BTT token was upgraded from TRC-10 to TRC-20, and its total supply was increased to 990 trillion. The current circulating supply of BTT is 937.42 trillion coins, with high trading volume across various cryptocurrency exchanges.
BTTOLD tokens can be exchanged for the new BTT tokens on centralized exchanges or on the official BTTC website.
How to Store BTT Safely
Since BTT is a TRC-20 token, you can store it in TRON-compatible wallets like TRON Wallet and TRONLink. Additionally, you can use Trust Wallet, Atomic Wallet, and Math Wallet. For enhanced security, hardware wallets such as Ledger and Trezor are also safe options for offline BTT storage.
Where to Buy BitTorrent (BTT) Tokens
You can purchase BTT on most top cryptocurrency exchanges.
How to Buy BTT on Bybit
To buy BTT on the Bybit exchange, please follow these simple steps:
- Navigate to the Bybit Spot Trading page (Home → Trade → Spot Trading).
- Select the BTT/USDT trading pair on the left side of the page.
- Choose your desired order type: Limit Order, Market Order, or Conditional Order.
For a Limit Order:
- Select Limit.
- Enter your order price.
- Enter the amount of BTT you wish to buy.
- Click Buy BTT.
- After confirming the information is correct, click Buy BTT.
- View your order details in the Active section on the web page, or under Orders in the Bybit app.
For a Market Order:
- Select Market.
- Enter the amount of USDT you want to spend to buy BTT.
- Click Buy BTT.
- After confirming the information is correct, click Buy BTT.
- View your order details in the Filled section.
For a Conditional Order:
- Select Conditional.
- Enter your trigger price.
Choose to execute at Market Price or Limit Price.
- Market Price: No need to set an order price.
- Limit Price: Must set an order price.
Depending on the order type:
- Market Buy: Enter the amount of USDT you want to spend.
- Limit Buy: Enter the amount of BTT you want to buy.
- Click Buy BTT.
- After confirming the information is correct, click Buy BTT.
- View your order details in the Conditional section on the web or under All Orders → Current Orders in the Bybit app.
For more detailed assistance, you can 👉 explore the complete spot trading guide provided by the exchange.
Frequently Asked Questions
What is the main purpose of the BTT token?
The primary purpose of BTT is to incentivize users within the BitTorrent ecosystem. It rewards seeders for sharing files, pays for faster download speeds via BitTorrent Speed, and serves as the native currency for transactions on the BitTorrent Chain (BTTC) and within its decentralized applications.
How does BitTorrent Speed work with BTT?
BitTorrent Speed is a feature that allows downloaders to pay seeders with BTT tokens to prioritize their connections, resulting in faster download speeds. This creates a micro-economy where bandwidth sharing is directly incentivized with cryptocurrency.
Can I still use BitTorrent without using BTT?
Yes, the classic BitTorrent client remains free to use. The BTT integration is optional. Users who do not wish to participate in the token economy can continue using the software as before, without earning or spending BTT.
What is the difference between BTT and BTTOLD?
BTTOLD is the original TRC-10 token. After the BTTC mainnet launch, a new TRC-20 standard token was created. The new BTT has a larger total supply (990 trillion vs. 990 billion). Users need to swap their old BTTOLD tokens for the new BTT tokens on supported exchanges.
Is BitTorrent considered a good investment?
As with any cryptocurrency, investing in BTT carries risk. Its value is tied to the adoption and usage of the BitTorrent ecosystem, the success of its various projects like BTFS and DLive, and the overall health of the crypto market. Always conduct your own research before investing.
How can merchants start accepting BTT payments?
Merchants can integrate BTT payments through partnerships with payment gateway providers like CoinPayments, Plisio, and CoinGate, which support the token. These services handle the conversion and settlement process.