In February 2019, a “fresh” coin from Justin Sun broke into the market. Cryptocurrency BTT caused a stir among users. Those who managed to buy it in the first days after the start of sales made good money. Exactly 3 years later, in February 2022, there was a big update and the BitTorrent token had a new history. If you trade on Binance, then you know this coin as BTTC. What will happen to the coin next? Will it become a top crypto asset?
Contents
What is BitTorrent?
This is one of the most famous file sharing platforms in the world. It was the first torrent tracker (established in 2001 by Bram Cohen). Later BitTorrent Inc. acquired uTorrent, a younger competitor, which began to oust the veteran from the market. The platform has over 1 billion users, surpassing Bitcoin by this number.
In summer 2018, BitTorrent Inc. was put up for sale. The creator of TRON (TRX) cryptocurrency, Justin Sun, took advantage of this. He said that he became one step closer to presenting users with a true decentralized Internet. The existing BitTorrent peer-to-peer network is now connected to the TRON blockchain.
The essence of the work of the torrent has not changed for many years. Files are divided into small parts. After that, they are loaded into a single whole from a variety of sources. Due to this, loading is carried out quickly with a minimum bandwidth. There is no single server for distribution – all downloads are decentralized.
The coin has shown good results for both investors and blockchain enthusiasts. At the beginning of 2022, there was a hard fork, after which the market switched to a new token of the same name. Binance has added a C symbol to the designation of the coins, which hints that this is a “classic” version of the token.
BitTorrent (BTT) Price Prediction 2023
Opinions about how much this cryptocurrency will cost in the next two years are diametrically opposed. But the fact that the coin is making noise in the market is obvious. The price of the updated token dipped a lot after the start of sales. The update comes at a difficult time in the market. The price of BTT has stabilized and only found support at around $0.0000007. In our opinion, the market will start from it in the future, because the former price merits of BTT are no longer suitable for technical analysis.
What factors will determine the value of a coin in the future? We do not divide them into favorable and unfavorable. In the case of this coin, any factor has two hypostases that everyone should know.
BTT price-influencing factors are as follows:
- The project received unconditional support from Binance. Changpeng Zhao personally “advertises” the coin. This really means that BitTorrent is not a scam and has a future. But don’t forget that the world is mercantile. The main Binance’s goal is to make money.
- Nearly 40% of all coin reserves are held by the TRON team and BitTorrent team. This means that they are interested in pumping their “brainchild”. But this situation can also cause price speculations.
- There is a prospect of mass implementation. 200 million users are no joke. Someone wanna overcome the daddy (Bitcoin)? But as it turned out, so far less than 100 thousand people hold BTT. This is a trifling quantity, especially when considering the fact that not all users will be active market participants. With the start of trading, the situation is gradually changing. We advise to periodically visit this Blockchain explorer to be aware of the real development of the coin.
- Wide choice of exchanges for trading. This is one factor that cannot have a dual meaning. The more exchanges, the more volumes. The easier access, the closer mass adoption.
It’s also worth noting that the team has aggressive but well-weighed marketing. It targets those folks who aren’t yet in crypto, not the current (experienced) community.
Even when the project was actively managed by Justin, he attracted sports and show business stars to promote BTT. Some sites reported that even Tom Cruise could become a “friend” of the project. The information foundation has been laid and it will not disappear anywhere. We believe that this practice will be fruitful. Experienced market participants are not particularly interested in these attempts. However, users who are far from cryptocurrencies will clearly pay attention to the updated project.
Well, how much will BTT cost in 2022 and 2023? We believe that the cryptocurrency will show growth. The above mentioned skeptical arguments will not be able to stop the popularization of the coin. Nevertheless, one should not overestimate the growth factors. Those who bought Ripple (XRP) at the end of 2017 understand what we are talking about. Endless growth is impossible, and dreams of new tips sometimes break into reality.
There is every chance that the main stage of BTT growth will be February-April 2023. During this period, a new market price of the coin will be formed. Probably, it can be twice as high as the current value of this cryptocurrency. In order to understand what numbers we can see, it is worth turning to basic technical analysis.
BTT Price: Technical Analysis and Forecast
The price of $0.0000007 per coin may be the starting point for further movement. Beneath it is a huge amount of liquidity, which cannot be ignored by the market.
If you bet on growth, then the obvious first target is the price of $0.000001. This is a round mark and a resistance zone. Previously, she showed herself as support, but did not survive the onslaught of sellers. The second touch from below will be the end for this price zone.
Favorable market conditions will give investors a chance to reach a more serious level of $0.0000017. On the weekly timeframe in 2023, it will be possible to see a breakout of this zone with a touch of marks around $0.0000021, i.e. approximately +300% of global support.
Prediction Based on Fundamental Factors
Torrent on the Blockchain: Pros and Cons
The torrent market is perfect for blockchain integration. The very essence of the work of the torrent (explained above) makes it clear that the idea of decentralization was born and realized a long time before the advent of Bitcoin. Transferring a torrent to a blockchain is a reasonable decision, but was there such an urgent need for it?
The main limitation of the pre-blockchain BTT protocol is that contact between the parties using it cannot be maintained for a sufficiently long time, preventing stable and fast exchange. The Tron’s blockchain technology, as its team says, allows for cooperation between “unreliable” parties for a much longer period. If you examine White Paper BitTorrent, with which the updated project entered the market, it becomes clear that this is almost the only task that the blockchain solves in the torrent ecosystem. The question of network bandwidth is still open, namely, whether it has grown so much that we can talk about the torrent revolution.
The rest of the blockchain features go beyond the framework of file sharing. This seems to be an advantage. A new tokenomics is being created. It includes interesting reward system and other things (read on to know more).
However, we’ve paid attention to something that no one talks about. Updated BitTorrent team completely forgot about their brainchild Bleep messenger. On the official BitTorrent forum, which is more dead than alive, users are crying out to return to the idea of a secure decentralized messenger. We believe that the blockchain messenger is relevant nowadays, taking into the account current privacy issues and the great demand of society.
BitTorrent Token: BTT Cryptocurrency
Binance Launchpad precisely described the essence of the coin: “Tokenizing the world’s largest decentralized file sharing protocol”. The torrent tracker has received a cryptocurrency created on the Tron platform. BTT coin is the premier representative of the TRC-10 token class.
The crypto for the torrent will ensure the effective functioning of the entire BitTorrent ecosystem. Each seeder will be able to get a reward for not deleting the file, placing it in the distribution. In fact, BTT is becoming a user incentive mechanism. This is kinda mining.
BTT cryptocurrency has the following features:
- Implementing an additional set of backward-compatible protocol extensions that allow customers to make and receive “bets” on their bandwidth and make money on it.
- The coin will be used in various service functions, eg, for the operation of a VPN or CDN.
- In the future, the token will be used for purchasing content, crowdfunding, and in online broadcasting.
Justin Sun and his young team reserves 20% of the total number of tokens; there are 990,000,000,000 of them. The torrent tracker’s team will get slightly less quantity – 19% of the coins. Another 20% will be circulated in the BitTorrent ecosystem.
The most important things about the newly appeared coin can be seen in the figure below.
Uses of the Newly Created Coin
The cryptographic asset is used in BitTorrent for paying seeders in torrenting process (for providing decentralized content downloading). In the future, the coin can get more functionality. Its team conducted a survey on how users would like to use the project’s cryptocurrency. Over 1/3 of surveyed twitterers have chosen means of payment for goods and services. Earning virtual money via trivia games (like QuizUp, Trivia Crack Kingdoms, HQ – Trivia & Words, SongPop, Psych!, etc.) hasn’t inspired them.
Where to Buy BTT Coin?
The cryptocurrency immediately hit dominant exchanges. Naturally, the main platform is Binance. In addition, the coin is traded on UPbit, OKEx, Gate.io, KuCoin. News about new listings are constantly appearing on the project website. Given the grandiose plans of Justin Sun, it stands to reason that not a single high-volume exchange will stand aside from this coin.
BitTorrent News (BTT)
- BitTorrent Speed and BTT Integration
One of the major developments in 2022 was the successful integration of BTT into BitTorrent Speed, a feature that rewards users with tokens for seeding and bandwidth sharing. This integration has not only increased the adoption of BTT but has also boosted the overall BitTorrent ecosystem, benefiting both content creators and users.
- BitTorrent File System (BTFS)
The BitTorrent File System (BTFS) made significant progress in 2022. As a decentralized storage platform based on the InterPlanetary File System (IPFS), BTFS leverages BTT to reward users for sharing storage space. This innovative approach to distributed storage has positioned BTFS as a promising alternative to traditional cloud storage providers, garnering attention from users and investors alike.
- BitTorrent Chain (BTTC) Launch
2022 saw the successful launch of the BitTorrent Chain (BTTC), a high-performance, cross-chain, and multichain-compatible infrastructure. The BTTC aims to improve the interoperability and scalability of various blockchain networks, including Tron, Ethereum, and Binance Smart Chain. The BTTC launch has garnered attention for BTT, as it enables seamless transactions and interactions between different blockchain ecosystems, further enhancing the token’s utility and value.
- Partnerships and Collaborations
BitTorrent has entered into several strategic partnerships and collaborations throughout 2022, further boosting the adoption and utility of BTT. These partnerships include collaborations with leading DeFi platforms, decentralized exchanges (DEXs), and content distribution networks, which help solidify BTT’s position in the crypto space.
Events that may affect the price
- Expansion of BitTorrent Speed
The BitTorrent team plans to further expand the reach of BitTorrent Speed in 2023, with new features and optimizations aimed at enhancing user experience and increasing the adoption of BTT. This expansion may include support for additional torrent clients, as well as partnerships with content distribution networks.
- BTFS Network Upgrades
In 2023, the team behind BTFS will continue to work on improvements and upgrades to the platform. This may include enhanced storage capacity, improved security features, and user-friendly tools to help users better navigate the decentralized storage ecosystem. These upgrades are expected to attract more users to the platform, driving the demand for BTT.
- BitTorrent Chain (BTTC) Ecosystem Growth
The BitTorrent team aims to further grow the BTTC ecosystem in 2023, by onboarding more projects and partners, as well as increasing support for cross-chain transactions. This growth will enhance the interoperability of the BitTorrent Chain and further solidify BTT’s position within the crypto landscape.
- BitTorrent NFT Marketplace
In 2023, BitTorrent plans to launch its own NFT marketplace, leveraging the growing popularity of non-fungible tokens (NFTs) in the digital content space. The marketplace will allow users to create, buy, and sell NFTs using BTT, which is expected to increase demand for the token and further expand its use cases.
- Community and Developer Initiatives
To foster growth and encourage participation within the BitTorrent ecosystem, the team will continue to roll out community and developer initiatives in 2023. These initiatives may include hackathons, developer workshops, and educational resources aimed at encouraging the development of new dApps and services built on the BitTorrent platform.
Long-Term Perspective
BTT Price Prediction 2025
In our opinion, the biggest pumping wave will occur in 2025. But it will be determined by general market trends.
Some experts do not like this cryptocurrency, or rather its connection with Tron. Their explanation is that Tron is written in Java, which means that the expansion of the user base can negatively affect the network. This is a controversial statement, but we cannot fail to mention it.
In addition, we have repeatedly come across the point of view that torrents as such are less and less interesting to users from developed countries that do not accept pirated content. How the issue of “piracy” (copyright infringement) in BitTorrent will be addressed is currently unknown.
In general, in 2025 and later, price dynamics will be determined by the marketing component of the project.
BTT Price Prediction 2030
The forecast for such a long period is not as bright as for 2023 or 2025. The project still has investment appeal, but the foundation for a firm foothold in the market is too weak. After 2025, we predict the beginning of the reverse process to reduce the number of cryptocurrencies. All this time, small projects created the necessary and unnecessary tokens. More than half of the list of coinmarketcap now exist only formally. We are not BTT haters, but after the next big bull run, a protracted downturn is most likely.
Disclaimer: We do not give investment advice. We provide you with food for thought so that you can make your own conclusions.
