Back then in 2000, a new product came out where you could literally share and download files on a peer-to-peer basis without the hassle of a third party termed bittorrent. However over a period of time as users swarmed the ecosystem, the downloading became sluggish and  most of the contents weren’t available on the BTT ecosystem. 

To help resolve this issue and incentivize more than 150 million active BTT users, in 2019 the Tron Foundation acquired BitTorrent and released a new peer-to-peer blockchain-powered file-sharing ecosystem known by the same name BitTorrent however with an upside propelled by the BTT token cryptocurrency. 

Under the BTT crypto ecosystem, the server distribution is shared, which significantly improves downloading speed and incentivization scheme to not delete any file allows longer files and content available within the BTT ecosystem. 

The BTT ecosystem breaks a single file into various fragments and stores the same on multiple servers. Here servers mean users who are actively dedicating their storage space to the BTT ecosystem. Whenever a user queries a file, that file will be sourced from different network/nodes storing a part of the file. To initiate the process, the user who is querying about the file must pay the file sharer in BTT tokens. 

 High speed is a challenge and that can happen only when instead of one server/user sharing the file, the entire ecosystem participates. To make such a possibility happen, the BTT ecosystem rewards every user within the ecosystem who remains active on the ecosystem with respect to file download and sharing. Thus making the ecosystem sustainable and battle-tested from a speed and uptime perspective. 

There’s another upside on the BTT ecosystem where users can participate in other people’s distribution and earn rewards. This will be facilitated by a distribution channel that has not enough space and wants to share space with other users. For this service, the users who will be sharing the space get  BTT tokens in return. 

A 500% return in 2021 would make investors piqued to any token, BTT did deliver the same in 2021. It shot to fame on April 05, 2021 trading at $0.0142; however, the question to raise would be whether BTT would be worth $0.007 by 2022. Let’s find out; 

Looking at the market, despite a lot of pessimism around crypto and the bear market in full swing, we do see BTT crypto defending its market position. For example, if you look at the chart, the BTT price movements as per the Keltner channel signal an upside in formation. 

As you can see, the bottom curve has already touched the last candlestick in the 1-day chart. This denotes that the downtrend is all about to get over and an upside will soon follow or the return of bullish momentum is imminent. 

The MA or moving averages of 50 Day and 100 Day show that the curves are well over the last candlestick signifying that bullish momentum would return 

The positive momentum could push prices well above their current ATH of $0.01426 in 2021. However, there’s resistance visible at the R4 level at 0.00498440. If the crypto market goes back towards a bullish trend, we could see an upside as high as the previous ATH by 2022 end. 

? Buy BitTorrent Token ?

• Binance
• KuCoin
• Gate.io

We are assuming that you have USDT in your account. You can swap the same to BitTorrent crypto. 

Login to Binance.com

Input your email ID and password. 

Click on trade and convert.

Pick the amount of USDT, here I have picked $20 for a demo; though I do not intend to buy the token so I have not finalized the same. But once you do, it will reflect on your spot wallet. 

You can keep your portfolio on the exchange wallet or you can keep it in your hardware wallet. You are free to choose any option, but storing all your cryptos in a hardware wallet keeps you safe from hacks and misuse. 

The fear index for crypto has been flashing in red owing to a double-digit cut as high as 1/3rd of the value of the assets and Fed’s financial tapering. If you think that it was all, Russia’s recent crackdown on crypto further paints gloomy days ahead. Hence, if the charts show higher lows and lower highs for all the cryptos in continuous succession; it shouldn't be surprising that a long crypto winter could be knocking at the door.

However, some of the cryptos lose almost 90% to even 100% of their value despite a strong use-case for the future, when such things happen, a trust deficit in the market becomes inevitable. Hence, it is necessary to unravel why such an incident is happening.

Is it the domino effect of the crypto market to blame or have there been other factors involved? In this article, we will look at the Bit Torrent project and why there was such a sharp fall in its prices. On top of this, we shall also look at the countermeasures that the ecosystem has adopted to mitigate the loss.  

Bitcoin creates a domino effect for other cryptos; so once Bitcoin falls; other cryptocurrencies follow the trail. Hence, justifying why we are seeing a sharp fall in the crypto market. Most of the events have been influenced by the dollar strengthening against a basket of other currencies, assets, and even stocks. As a result, the selling pressure seems to be at its pinnacle and traders want to close their position with whatever they could manage. 

However, some coins have fallen relatively higher than BTC like BitTorrent and that becomes a problem, and the rhetoric that cryptos need regulation may well pop out all over again. Let's deep dive to know about BitTorrent, an unlucky mention in this category. 

BitTorrent project is an extended version of the erstwhile BitTorrent software that allowed downloading files on a peer-to-peer basis from shared servers. However, over time, most of the files were either scraped away or they failed to stay on the server for long. So the need arose where everything can be done in a truly decentralized manner and downloading and file-sharing should reach the next level in terms of providing a gratifying experience to the users. 

Hence the Tron foundation acquired the BitTorrent project and launched BTT token which would make downloading faster and ensure files stay on the server for a long time due to the incentives attached. A nice use-case since everyone wants to skip the hurdle of paying extravagantly to the OTT platforms or online libraries. Despite such a groundbreaking or innovative use-case, why the token has been biting the dust lately. 

BTT is the native token of the BitTorrent ecosystem.  However, lately, the price of the token has been completely written off on certain exchanges. Much of the events have been attributable to almost unprecedented gains in the last few months. In July, the token appreciated by 400%. Despite such a sharp rise, investors do not have a very positive outlook for the token in the near future due to its limited use-cases.

Apart from providing ways where users can store the file and take profits or service charges whenever someone else uses the file, Bittorrent fails to provide anything new. As a result, despite the protocol upgrade happening recently, there were no positive sentiments among investors who hold this token. On the contrary, these investors had made up their minds to book profits and close their positions. Hence, it kind of justifies why the token has lost almost all its value on some aggregators. 

BitTorrent will adopt the redenomination measures to eliminate the pullback from the investors. While redenominating a currency or a token, the ecosystem/government recalibrates the currency or token and breaks the same into smaller fragments. In doing so, a new value establishes for the currency or token. BitTorrent has been redenominating with a 1:1000 ratio. 

Meaning, for 1 BTT token, a total of 1,000 BTTC tokens will be minted. The ecosystem has taken the approach to accommodate the increasing influx of the clients in their ecosystem who would pitch into the ecosystem to cash in on new use cases like staking, farming, and liquidity mining.  Using the token redenomination, the BitTorrent ecosystem will scale up the existing 990 billion tokens to 990 trillion making it more accommodative and fixing an unprecedented rise in the prices. 

With that said, the ecosystem has asked wallets, exchanges, partners, and developers to swap to the BTTC token from BTT within 30 days of the mainnet launch which has happened on Dec 12, 2021.