News

BitTorrent Token Sold Out in 15 Minutes as Investors Flooded the Platform with $7 Million

By Bill Toulas / February 2, 2019

At the beginning of the month, we talked about BitTorrent’s plans to launch a cryptocurrency token that would have the capacity to unlock new potential for faster file sharing and give peer to peer communications a more decentralized character. All that this new token needed was a dynamic entry into the bittorrenting world through a powerful first wave of initial investors. As it seems, the enthusiasm of these investors for the token was whopping, as the Binance sale reached an end in just under 15 minutes after its launch, raising a total of $7 million for the company.

In total, the tokens that went out for sales were 23.76 billion, and at the time of the sale, they were priced at 0.00001824 BNB (Binance Coin) or 0.00447261 TRX (TRON). The minimum amount of BTTs that someone could purchase was set to 100k, while the maximum was 167 million. Considering the little stir that all of this has caused to the BitTorrent community, a very small number of these tokens has reached the actual BitTorrent users, who are currently estimated to be about 100 million/month. As was the case during the period that preceded the sale, BitTorrent and uTorrent forums where actual P2P users hang out are dead silent on the token matter, so the deduction is that the investors are those who’re into it to make money, seeing great potential in this new crypto coin.

Whether they will be vindicated remains to be seen, but the course and value of the BitTorrent Token will largely depend on how much users will use it in their daily torrenting activities. The new token is supposed to turn bandwidth into currency and correlate the two to create a new form of decentralized content generation and distribution system that favors both the creators and those who support the technical side of file-sharing (seeders). Will the users pay to get faster downloads, or are seeders going to be left hanging with the appetite to get paid for their bandwidth? The die is cast, and time will show how speed levels will work in the world of BitTorrent.

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