BitTorrent users that earn BTT for sharing files can now redeem them for everything from baby food to sports cars with Bidali.

Eric Kryski
May 28 · 3 min read

Today we’re excited to officially announce support for BitTorrent Token as a payment method on our payments platform and our gift card service.

Starting today BTT holders can buy gift cards from over 150 top brands such as Amazon, Ebay, Uber through our gift card platform! This allows the people who earn BTT to redeem the tokens for everything from diapers, to food, to travel, to renting a sports car.

In addition to being able to buy gift cards with BTT, now any online merchant will be able to utilize our online payment and accounting software to accept BitTorrent Token with ease. Online retailers that accept BTT through our payment gateway will also have the option of being paid out in local currency including USD, CAD, Euro, and GBP and having their taxes and conversion rates automatically calculated.

What is BitTorrent?

BitTorrent is a communication protocol for peer-to-peer file sharing (P2P) which is used to distribute data and electronic files over the Internet. Originally created by Bram Cohen, a former University at Buffalo student, in April 2001 to make sharing files faster easier, the first available version was released on July 2nd, 2001. BitTorrent clients are available for a variety of computing platforms and operating systems including an official client released by BitTorrent, Inc.

BitTorrent is one of the most common protocols for transferring large files, such as digital video files containing TV shows or video clips or digital audio files containing songs. Peer-to-peer networks have been estimated to collectively account for approximately 43% to 70% of all Internet traffic (depending on location) as of February 2009. In February 2013, BitTorrent was responsible for 3.35% of all worldwide bandwidth, more than half of the 6% of total bandwidth dedicated to file sharing.

To send or receive files, a person uses a BitTorrent client on their Internet-connected computer. A BitTorrent client is a computer program that implements the BitTorrent protocol. Popular clients include μTorrent, Vuze, Deluge, BitComet and Tixati. BitTorrent trackers provide a list of files available for transfer, and allow the client to find peer users known as seeds who may transfer the files.

As of 2013, BitTorrent has 15–27 million concurrent users at any time and is utilized by 150 million active users.

What is BTT?

BitTorrent Token (BTT) is a TRC-10 token that is issued on the TRON blockchain. BTT allows content creators to connect with their audience, earn and spend digital currency for sharing files without a middleman. By connecting the BitTorrent peer-to-peer network to the TRON blockchain, they offer a new experience to over 100M+ users and are creating a proper incentive system that has been missing from the file sharing ecosystem.

One of the problems that has plagued peer-to-peer file sharing has been the issue of not having enough “seeders” (people sharing files) to keep files readily available and downloadable at consistent speeds. This new micro-payment incentive mechanism created by TRON and BitTorrent is an interesting attempt at creating a robust, decentralized peer-to-peer file sharing network.

We’re excited to see where they take things and incredibly proud to be able to offer their users the ability to redeem BTT they earn for goods and services all over the world. 🌏

Until next time,

Eric & The Bidali Team


Are You a Wallet, Exchange or News Site?

We have over a dozen integration partners already working on integrating the new Commerce SDK. If you would like to encourage real adoption of crypto and earn money for purchases made by your users give us a holler.

Do You Sell Things?

Bidali enables merchants to sell products and services to anyone in the world for a fraction of the cost — without chargebacks, tax headaches, high exchange fees, and volatility risk. Now your customer base is only limited to where you can ship. If you want to give your customers the option to pay using next generation payment methods you can sign up here.


Originally published at https://www.bidali.com on May 28, 2019.

Bidali

Bidali allows businesses and individuals to easily accept low cost crypto-payments from anyone in the world.

Eric Kryski

Written by

Partner @bullishventures, creator of @feathersjs, co-founder of bidali.com. Passionate about transparency in finance.

Bidali

Bidali

Bidali allows businesses and individuals to easily accept low cost crypto-payments from anyone in the world.

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