My intention of this article is never meant to bash the coin and its holder but is for readers and investors to understand and what to expect from the BitTorrent coin (BTT).
First of all; I don't wish to elaborate further about what's BitTorrent, however, to simply put, in the early 2000s, it is the common protocols for transferring large files in the form of peer-to-peer; such as digital video files containing TV shows and video clips, or digital audio files containing songs. So back in the days, where there is no easy access to movies and music such as Netflix, Spotify, Apple Music, etc. majority of the millennials utilize the BitTorrent platform to download free movies, music, software, and many others. It is still the most useful platform up until today. [to read more about BitTorrent: Link].
At that time BitTorrent was just that but after the founder of Tron- Justin Sun- acquired BitTorrent, now it has its own cryptocurrency and blockchain.
So what's the purpose of the BitTorrent coin (BTT)? The coin is just to speed up your download of torrents/ files especially those files which have zero to little seeders. Thus from here, we can state that BTT is a utility token.
To own BTT, you can purchase them on certain exchanges or you could download BitTorrent Web and be a seeder to earn (seeders are those who continue to share the completed files/ torrents which they have just downloaded).
It seems like a good project, right? It was until early this year I decided to try its web to earn by being a seeder. Today, after 2-3 months, I only managed to earn just 1 BTT.
Here's the problem:
Nowadays; everyone's internet is fast enough to download files within few minutes and at times, seconds. Now; if my internet can download such files and torrents at greater speed, why do I need to pay BTT to speed up my downloads? I could have just wait for few minutes and my downloads will be completed. Such as movie files, it simply took me less than 5-10 minutes for it to be completed. For more, in this new era, not many are aware of BitTorrent as they are already comfortable with the use of Netflix- simply, pay USD 10 monthly and you can watch a handful of movies without any hassle.
Maybe BTT can be useful for bigger files or files that have zero seeders? So one day I tried to download such a file as that and it only took me just 45 minutes. Depending on individuals, to me, 45 minutes are short enough to wait. So why would I want to hassle myself, swapping Fiat to USDT then to BTT, just to pay for faster downloads? I could have just wait or do other tasks while waiting for my files to be fully downloaded.
So if let's say everyone has the same mentality as me who rather wait than pay for faster downloads; then what's the use of BTT?
From here; I dare to state BTT has zero fundamentals as there are no real applications of the coin for now (who knows in the future, they find better ways to improvise or implement better projects thus further analysis is needed).
I'm aware that BTT has been bullish lately but that's because of the speculation play of the market and not due to its real applications such as Ethereum.
I state so because if you follow the BitTorrent subreddit, you can see that the majority of those who own BTT are holders and traders but never the users. If that's the case, that means BTT is just another store of value instead of the utilization of its real purpose as intended. [here's the BitTorrent subreddit: Link].
Another thing is that readers and investors also must aware of its market cap, total, and circulating supply. For now, the market cap is at USD 5.6B with a total supply of 990B and a circulating supply of 660B. With just the numbers, we can already know that this coin is just a speculative coin as they have an enormous amount of supply with a market cap that amounts to billions but in the underlying asset, it has zero application.
Since it's more to speculative coin, readers and investors must be extra careful in jumping the ship. If you get it right, you could earn enormous gains as long as the volume of the BTT market maintains or increases. But 1 wrong move, you will get eaten by the whales and stuck (I stated so because I've been getting a handful of updates from Whale_alert twitter about whales getting in and out of BTT so frequently). So if you have technical skills in reading charts and know when to enter your position, BTT can bring you prosperity. Otherwise, dump BTT and find other good coins.
