BitTorrent (BTT) marks yet another day of massive gains. The token has grown substantially since February 1st when they announced the upcoming release of BitTorrent Speed.
From Good to Better
BitTorrent had its ICO on January 28th and it managed to raise more than $7 million in less than 15 minutes.
The BitTorrent Token (BTT) has since grown in value from $0.00012 at the time of the ICO to $0.0012 at the time of this writing. Its (BTT) market cap has exceeded the purchase price of BitTorrent by TRON’s Justin Sun.
One of the potential reasons for the surge in BTT’s price was perhaps a recent announcement of BitTorrent.
On February 1st, BitTorrent Inc. announced on their official Twitter page that BitTorrent Speed is expected to be released in Q2 of 2019.
The news marked a substantial increase in the price of BTT, as evident from the chart below.
So, What is BitTorrent Speed and Why Does it Matter?
BitTorrent Speed, evidently from the tweet, will reward users of the platform with BTT tokens in exchange for their seeding and their bandwidth.
On the other hand, users who want to achieve greater downloading speed will be able to bid BTT tokens in exchange for it.
According to the official website, the tokens are going to be stored in a built-in wallet and they will be exchangeable for TRON (TRX). This will happen through a decentralized exchange.
Unfortunately, not all members of the cryptocurrency community have accepted the news of BitTorrent’s new found path to decentralization with positivity.
Jackson Palmer, the creator of Dogecoin, expressed his negativism on the matter prior to the ICO.
The “BitTorrent” brand is going to die the slow, painful death of becoming a scammy ICO token. Perhaps the open source community can rename the protocol itself to dissociate with this nonsense. – Tweeted Palmer.
What are your thoughts on BitTorrent’s current and future situation? Let us know down below!
Images credit to Pixabay; CoinMarketCap