BitTorrent (CCC:BTT-USD) is known to its users as a peer-to-peer network providing file-sharing services. However, only a small proportion of its users would know that it is also one of the most popular cryptocurrencies in the market. It is one of the industry’s best performing altcoins, growing over 2,500% in the past 12 months. Industry experts are bullish on its potential in 2021, and expect BTT to continue its spectacular run this year.
For years, the company struggled to monetize its hugely popular service. However, all that has changed since BitTorrent’s acquisition by the Tron Foundation.
The new owners introduced a crypto of the same name to expand its protocol and incentivize the network’s participants. The BTT coin is for individuals needing faster download and upload speeds and other services which would otherwise be unavailable to them as free users. The system ultimately improves the quality of service and lays the foundation for the platform’s future growth.
Crypto Economics, Design, and Features
The supply of BTT is limited to 990 billion tokens, and its distribution began in early 2019. More coins will be unlocked in 2028 by the BitTorrent Foundation. 19% of all tokens are attributable to the BitTorrent team and its foundation, while the Tron Foundation gets 20%. The coins ecosystem received roughly 19.9% of the tokens, and other partnerships get just 4% of the supply.
BTT is a TRC-10 cryptographic token on the Tron protocol. The ecosystem essentially allows its users to act as either service requesters or providers. It is essentially an incentive-based system within the dynamics of the platform.
The transactions occur once the service provider gets a bid from a requester. This process initiates what’s known as a payment channel on a ledger and begins the transaction between the parties. The process involves verification measures every step of the way until the requester confirms the transaction is complete.
Price Performance and Prediction
BitTorrent has had it rough for the most part. It struggled to build any momentum during 2019 and 2020, but has taken off considerably since the start of the year. Volatility remains high, but BTT’s performance remains solid in the past couple of months.
There are varied price predictions for BTT at this point, most of which point to a substantial increase in its price from current levels.
Analysts on Digitalcoin believe that BTT will be worth about 1 cent this year. Moreover, they expect an increase in its price each year until at least 2028. According to the experts at Trading Beasts, BTT’s price is likely to rise by a significant margin this year. They also expect it to close out the year at about 1 cent on average and expect growth sizeable growth each month after May. Analysts on the website Coinpedia have a very lofty prediction for the price of BTT; they believe it has the potential to be worth $1 by the end of this year, and could perhaps hit the $3 mark by 2022.
Final Word on BitTorrent
BitTorrent is one of the most promising altcoins out there, which offers investors a smooth entry into the lucrative crypto market. Moreover, it will continue to improve its platform’s overall performance, which will lead to a bigger market for its crypto. Analysts predict a bullish run for the better part of the year and beyond. Therefore, it is advisable to invest in BitTorrent and rake in the gains in the coming months.
On the date of publication, Muslim Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article
Muslim Farooque is a keen investor and an optimist at heart. A life-long gamer and tech enthusiast, he has a particular affinity for analyzing technology stocks. Muslim holds a bachelor’s of science degree in applied accounting from Oxford Brookes University.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.