Important Information about the BTT Redenomination Plan, Swap from BTTOLD to BTT
Since BitTorrent Speed and BTT was introduced into BitTorrent’s Windows and Mac-based products, millions of users have enjoyed the benefits of a speedier downloads and a healthier peer-to-peer network. With that, many BTT holders have asked about the BTT redenomination plan and the swap from BTTOLD to BTT. First, it’s important to note that the redenomination has no impact on the location of your tokens. Your tokens will not go anywhere and we will continue supporting both BTTOLD and BTT until you make the swap.
What is the BTT redenomination?
The BTT Redenomination is an upgrade of the BTT token to a faster, better blockchain technology. BitTorrent Chain enables interoperability with the public chains of Ethereum, TRON, BSC and others, while driving faster and more secure transactions and lower transaction fees. During the redenomination, BTT will maintain its current market cap, and swap the old TRC10 BTT token with the new TRC20 BTT token at a ratio of 1:1000. The existing BTT will be renamed as BTTOLD whereas the new token will be named BTT. Note that on Binance, the new BTT will be called BTTC.
To redenominate BTTOLD, the total supply of the tokens will be increased from 990,000,000,000 to 990,000,000,000,000, with the market cap unchanged. The BTT tokens will be upgraded from TRC10 to TRC20, and the new BTT will be issued as TRC20 tokens on the TRON mainnet and mapped to the BTTC mainnet.
What are the Benefits of the redenominating BTTOLD?
There are four main reasons for doing a redenomination.
- Cross chain support. The new BTT token, is interoperable between Tron, Ethereum, and BSC networks
- Faster transactions. The underlying protocol adopts the PoS consensus mechanism, which speeds up transactions, with an average block time between 2 to 3 seconds
- More secure. Proven security of mainchain and multi-node validation work together to safeguard every transaction
- Lower fees. Extremely low transaction fees (<$0.01 on estimated average) eliminate the headache of paying exorbitant transaction fees
What will happen to my tokens after the redenomination?
After the redenomination, your tokens will become BTTOLD. Your tokens will not go anywhere and BTTOLD and BTT will continue to be supported. If you have not swapped your tokens by January 12, 2022, nothing will happen, and they will remain as BTTOLD until they are exchanged.
The contracts to swap the old tokens for the new tokens will be effective permanently and users can swap at any time.
How do I swap BTTOLD to BTT?
Swapping depends on where you hold your BTTOLD. There are two scenarios:
1. Your BTTOLD is held on exchanges:
Depending on where you exchange, there may be different procedures to swap BTTOLD to BTT. Please find your exchange below and follow their instructions. If your exchange has not provided any information, please reach out to them directly.
PLEASE NOTE: While the issuers of BTT have worked with many exchanges to streamline the redenomination process, BitTorrent makes no representation or warranties regarding the specific redenomination procedures of the respective independent exchanges. All transactions initiated on a third party platform are subject to and governed by the Terms and Conditions of the respective platform.
If your exchanges do not support the BTT redenomination plan for now, you need to withdraw your BTTOLD to TronLink Wallet, and then swap them on the BitTorrent Chain website.
2. Your BTTOLD is held on wallets:
If your BTTOLD is held on decentralized wallets, you need to deposit your BTTOLD to your preferred exchanges and withdraw them to TronLink wallet. Then swap them on the BitTorrent Chain website.
How do I swap BTTOLD to BTT via TronLink?
Please click here for a video tutorial.
1. Go to https://bttc.bittorrent.com.
2. Add TronLink to Google Chrome extensions.
3. Click “Swap BTT” on https://bttc.bittorrent.com, and click “Connect to wallet”.
4. Enter the amount of BTTOLD you would like to swap.
5. Sign and approve the action in your wallet.
I need more information. Where do I go?
When looking for information about products leveraging the BitTorrent ecosystem, please make sure you start your search from our official websites listed below:
https://bttc.bittorrent.com (for swapping BTTOLD to BTT)
When seeking BTT news and information, interact with official, verified, accounts only. This is applicable for both BitTorrent and the exchanges where BTT is available. A full list of key communication channels include:
Twitter: https://twitter.com/bittorrent, https://twitter.com/utorrent
Facebook: https://facebook.com/bittorrent, https://www.facebook.com/utorrent
BTFS WeChat (customer service): BTTService02
BTFS Discord community: https://discord.com/invite/pMSDKhG4m7
As always, please do not share your personal information with anyone online, including your private key or your recovery phrase. BitTorrent representatives will never request personal information from you other than what is needed, such as your email address, to answer your inquiry. Most importantly, we will never request your BTT private key or recovery phrase.
Finally, if you have a customer support inquiry, please note that we currently do not provide support via Twitter. To ensure a faster response time, we recommend submitting a ticket or sending an email to firstname.lastname@example.org. This is the best source if you need help with one of our products or have a BTT-specific inquiry.