Combine File Sharing and Tokenization with BitTorrent

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Media and tech aficionados have known BitTorrent (CCC:BTT-USD) for years as a popular peer-to-peer (P2P) file sharing platform. Nowadays, however, BitTorrent is also a tradable cryptocurrency.

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It seems like almost everything in tech is represented by a cryptocurrency. Perhaps you might be starting to think that there are too many crypto tokens out there.

So, is BitTorrent a worthy cryptocurrency in its own right? Is there something that sets it apart from all the others?

And just as importantly, is there a compelling reason to add it to your crypto portfolio? As we’ll see, the bull thesis may be surprisingly strong for this up-and-coming digital coin.

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A Closer Look at the BitTorrent Price

Reaching a full penny seems to be a significant goal of the BitTorrent bulls. But, is this a reasonable objective? It seems so far away.

According to InvestorPlace contributor Muslim Farooque, “Analysts on Digitalcoin believe that BTT will be worth about 1 cent this year.”

Not only that, but they’re expecting “an increase in its price each year until at least 2028.”

I’d say that this is entirely possible. Consider this: the BitTorrent price reached one cent on April 4 of this year. So, the buyers have demonstrated the ability to achieve the one-penny goal.

As of May 1, the price was down to $0.0072. Thus, the bulls still have to prove that they can clear the one-cent hurdle and stay there for the long term.

It’s probably just a matter of time before that happens. For all we know, the Reddit crowd might decide that they like the BitTorrent token, or Elon Musk might post a tweet about it.

Then, the token would undoubtedly move far beyond a penny.

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A Crypto Newcomer

BitTorrent (the coin, not the file sharing network) was launched in early 2019 by the BitTorrent Foundation. Therefore, it’s fair to say that the BTT token doesn’t have a lengthy history.

If you’re seeking a very safe and well-established investment, this probably isn’t your best choice.

On the other hand, the BitTorrent token could be suitable for a small allocation in a risk-tolerant investor’s portfolio.

One reason to own the BTT token is because of its use cases. After all, I wouldn’t recommend buying a cryptocurrency unless it has real-world applications.

The token definitely has real-world uses for folks who like to share media files. Specifically, people who share files with strangers on the BitTorrent network can get rewarded with BTT for torrents (file sharing protocols) using their bandwidth and resources.

There’s practically an army of users involved in this. Reportedly, there were 100 million BitTorrent users in 2019 throughout 138 countries.

Moreover, the users can convert the BTT tokens into fiat money, or they can spend the tokens to unlock benefits on the network. So, it can be said that BTT tokens have monetary value.

Capping the Supply

Before moving on, I should add one more use case to the list. BitTorrent has a decentralized filing system for storing and sharing digital content, called the BitTorrent File System or BTFS.

Apparently, “Soon, BTT will be introduced into the BTFS ecosystem to incentivize a fair and abundant file system.” So, we can add that to the list of the token’s functionalities.

Finally, let’s talk about the supply of BTT. One of the features that separate some cryptocurrencies from fiat money, such as U.S. dollars, is the built-in cap or limit on the supply.

This is important because it helps to prevent inflation of the supply, which can cause the asset’s price to decline.

The total supply of BTT is limited to 990 billion tokens. That might sound like a lot, but these are very cheap tokens, so it’s really not an excessive amount of coins in circulation.

The Bottom Line

Since the BitTorrent coin is a relative newcomer, caution is definitely advised and position sizes should be small.

Still, the use cases and the limited supply add to the bull thesis for this interesting and unique crypto asset.

On the date of publication, David Moadel did not have (either directly or indirectly) any positions in the securities mentioned in this article.

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