About BitTorrent (BTT)

Overview:

BitTorrent (BTT) has been developed in an attempt to create a token-based economy around the usage of networking, storage, and bandwidth on the massive quantities of computers making use of the internet. To add context, BitTorrent is an already established peer-to-peer file transfer protocol that focuses on sharing large amounts of data over the internet. Each part of a file downloaded by an individual is transferred to other users. The BitTorrent token's (BTT) initial objective is to implement token-based optimisations to the pre-existing BitTorrent protocol, in an attempt to capture the actual value of sharing bandwidth and storage.

Technology:

BTT operates on the TRON blockchain and has worked with the TRON foundation to develop BTT. BTT is, in essence, a token altcoin and falls into the category of cryptocurrencies being used to improve or make use of the pre-existing assets through tokenisation. Tokenisation is essentially linking the value of digital tokens to pre-existing, often physical, value-bearing assets. These tokens are then tradeable on a secondary open market and draw many similarities to the shares of a company.  

Future Focus:

The long-term objective of BTT is to expand outside of just the pre-existing BitTorrent foundations. The developers of BTT (the TRON and BitTorrent foundation) want to "provide a distributed infrastructure platform to third-party app developers and to enable consumers to continuously distil small amounts of value from their devices by allowing others to make use of their spare resources." (BitTorrent Token Whitepaper). For more information on BTT, visit their official webpage.

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

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POLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

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Storing your coins with Wallets

A wallet is essentially a bank account for your cryptocurrency and the wallet address is like your account number. The sender of the cryptocurrency needs a wallet address so they have somewhere they can send it from their wallet, much like a bank transfer. This wallet is giving you access to the blockchain where you can view your balance, send and receive cryptocurrency.

For information please read our beginners guide to cryptocurrency wallets.

Pay with POLI. Its fast!

POLI - internet bankingPOLI is secure and fast. It links directly to your internet banking – login with your normal details and the rest is easy. No extra fees or surcharges. Watch this short video to see how it works.

About Bitcoin

Bitcoin (BTC) is a form of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds. Transactions are stored on a distributed, immutable, online, public ledger known as a blockchain. Bitcoin was the first truly decentralised cryptocurrency which was created by a programmer under the pseudonym Satoshi Nakamoto and was released in 2009. The system is peer-to-peer, verified by network nodes and recorded in a public distributed ledger called the blockchain. Bitcoin can be exchanged for other currencies, products, and services with over 100,000 merchants and vendors accepting bitcoin as payment. Bitcoin can also be held as an investment. There are only a fixed number of Bitcoin will ever be mined (21 million), it’s not controlled by any one government or central bank, and there’s no such thing as quantitative easing or fractional reserve banking. These qualities make Bitcoin excellent as a store of value and a long-term safe-haven asset, similar to gold.

A Bitcoin success story that went viral on social media is Kristoffer Koch from Norway. Koch invested around $27 in Bitcoin in 2009 and then forgot about it for four years. He remembered about his Bitcoin wallet in 2013, which had then grown in value to $886,000.

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