BitTorrent crypto is getting hammered despite backing the biggest P2P file network, the price of BTT is bleeding out, and BTT crypto seems weak in use-case – lets take a look.
BitTorrent has reigned supreme as the biggest peer-to-peer file-sharing since dial-up and floppy disks.
When I was a kid, we used a website called The Pirate Bay to download everything for free, including movies, video games, and, well, you know, naughty things… like anime. I was 13. Give me a break.
The Pirate Bay was only one part of the equation, however. What you really needed to get all these stolen goodies was ‘BitTorrent.’
BitTorrent is still around today, and not only that, but it also has one of the best-performing cryptocurrencies on the planet, BTT. Torrenting will play a huge role in Web3, so let’s talk about it.
BitTorrent Beat Satoshi Nakomoto
Typically, when you download files somewhere online, they are downloaded from one centralized place like a website. However, in file-sharing, those files are coming from dozens of users who already downloaded them.
The users are sharing the files with you on the BitTorrent network.
File-sharing is like giving each of your friends the same puzzle and then trying to build one single puzzle out of it. If someone loses pieces, another friend can help by providing them from their box.
$0.00000100 🚀
— Bittorrent_#BTTC Army👁️🗨️ (@BittorentArmy) October 19, 2024
Do you know what this means? Decentralized peer-to-peer networks did not begin with Bitcoin or its creator Satoshi Nakamoto. It began with file sharing (and 90s open web tech), which dates back to 1999. In other words, file sharing is one of the most important technologies in modern history. Is any of this legal? NO!
How BitTorrent Escapes the Law & Is There Crypto Worth It?
“The war against illegal file-sharing is like the church’s age-old war against masturbation. It’s a war you just can’t win” — Lawrence Lessig, Professor of Law at Harvard
BitTorrent is running in more than 138 countries and has over 100 million active users. How? Like seriously — how in the hell?
Pirated video material gets over 230 billion views a year, and video piracy costs the US economy between $29.2 and $71 billion each year.
All that being said, the government can not shut down file-sharing services. It’s not possible. The Pirate Bay doesn’t actually host any illegal content. It’s more like a phone book where you can easily look up where to download files from all the users who downloaded it previously. As for BitTorrent, that’s just a tool. It can be used to download legal and illegal material online.
🚨 KyberSwap Delisting Notice 🚨
As part of our ongoing efforts to streamline and enhance our platform, we will be delisting Cronos and BitTorent chains from KyberSwap, effective early next week.
We are continuously optimizing our services to ensure KyberSwap remains a… pic.twitter.com/RDO7kcOqTp
— Kyber Network (@KyberNetwork) October 18, 2024
So is the BitTorrent cryptocurrency worth it? Short answer: no.
BTT
Price Trading volume in 24h Last 7d price movement was a major hit in 2019, with almost 60 billion tokens sold minutes after its official launch. The token was engineered by Justin Sun and the Tron Foundation and served as a utility token for the BitTorrent network, offering faster download speeds and financial incentives for torrenting.
(BTTUSDT)
The rub is that BitTorrent doesn’t need BTT token. Torrenting is massively popular and doesn’t need a coin to make it much more successful (just look at the price action). While many centralized sectors of the economy can benefit from crypto, file sharing is not one of them. Stick with BTC, ETH, SUI, and Solana.
The end. No, seriously. Especially since everything Justin Sun touches turns to ash afterward. Be wary.
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