![]() ![]() An association with a file-sharing platform known for piracy in theory seems like bad optics. What makes BitTorrent a likely candidate to become the “next Dogecoin?”įor starters, it helps that the token has a familiar name. There are dozens of “altcoins” available for trading. But speculators are still chomping at the bit to find the next breakout coin or token. Market Psychology May Be on the Side of BitTorrentĬryptocurrency prices may have been volatile lately. Even so, the “story” behind BitTorrent may be enough to attract further interest from speculators. After all, few were able to forecast that the “jokecoin,” Dogecoin (CCC: DOGE-USD), would become one of the most popular “altcoins” out there. Admittedly, predicting the gains of any cryptocurrency is impossible. Yet, as shown by its initial breakout, BitTorrent has started to a take on a life of its own. Using the token, the ecosystem’s users can compensate file hosts, both for maintaining the availability of their files and enabling faster downloading of them. In a nutshell, Tron launched BitTorrent on its network to incentivize file hosting. In addition to facilitating Tron’s flagship token, Tronix (CCC: TRX-USD), the ecosystem is also utilized by other tokens. Tron has built up an extensive blockchain ecosystem. So how did BitTorrent get involved in the blockchain/cryptocurrency space? As InvestorPlace columnist Mark Hake noted on April 26, it all started when Justin Sun’s Tron acquired BitTorrent’s parent company. This decentralized file-sharing platform is most closely associated with content piracy, as “torrenting” has long been a method of downloading and sharing copyrighted material illegally. Why Did BitTorrent Launch a Token?Īs I mentioned above, this token is an offshoot of the BitTorrent peer-to-peer (P2P) file-sharing protocol. It’s already made parabolic moves, but its popularity may still be in the early stages. Yet for cryptocurrency aficionados looking for a long-shot opportunity, BitTorrent may be just the ticket. However, because it’s a niche cryptocurrency, its popularity may fizzle out well before making it to the mainstream. ![]() And for most investors, it may be too risky.īut if BitTorrent continues to gain critical mass, it could easily surge another three to ten times. Sure, this token is a bit more arcane than your “regular” cryptos like Bitcoin (CCC: BTC-USD) and Ethereum (CCC: ETH-USD). With all outstanding BitTorrent worth around $4.6 billion, CoinMarketCap is now the 35th most valuable cryptocurrency. ![]()
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