In 2021, the Tron Foundation and the BitTorrent network launched the BitTorrent Chain (BTTC), a Layer 2 scalability solution designed to address cross-chain challenges on the Tron network, including issues with decentralized applications (DApps) and non-fungible tokens (NFTs). With this upgrade, a new BTT token using the TRC-20 standard was introduced, requiring users to migrate their old tokens. This guide provides a complete walkthrough for converting BTTOLD tokens to BTT.
Understanding the BTT Token Migration
The BitTorrent Chain upgrade introduced a new token standard. Key points to note:
- Each old BTTOLD token is equivalent to 1,000 new BTT tokens.
- The market capitalization remains constant; therefore, the price of each new BTT token is one-thousandth of the old BTTOLD token.
- The new BTT token is the official currency of the BitTorrent Chain. BTTOLD tokens are deprecated and will no longer be functional on the network.
- The conversion is a one-way process (from old to new); converting new BTT back to BTTOLD is not possible.
According to the BitTorrent network, the migration process is perpetual, meaning users can swap their old tokens for new ones at any time.
How to Convert BTTOLD to BTT: Prerequisites and Overview
The conversion process depends on where you currently hold your BTTOLD tokens.
If Your Tokens Are on a Centralized Exchange (CEX)
- First, check if your exchange supported the automatic token migration plan. If it did, your tokens have likely already been converted to the new BTT standard, and no action is required.
- If your exchange did not support the migration, you will need to withdraw your BTTOLD tokens to a personal TronLink wallet and perform the swap yourself.
If Your Tokens Are in a Personal Wallet
- If you use a custodial wallet service, check if your provider has already handled the token upgrade.
- If you use a non-custodial wallet (where you control the private keys), you are responsible for the conversion process.
BTTOLD tokens exist on two main networks: Binance Smart Chain (BSC) as a BEP-20 token and on the Tron network as a TRC-20 token. This guide focuses on converting TRC-20 based BTTOLD tokens, as the direct conversion for BSC-based tokens is not currently supported.
👉 Explore the official migration portal
Step-by-Step Guide: Converting TRC-20 BTTOLD to BTT
Follow these steps to convert your Tron-based BTTOLD tokens.
Step 1: Install and Set Up TronLink Wallet
The TronLink wallet is essential for this process. You can install it as a browser extension (e.g., for Google Chrome) or as a mobile app.
- Visit the Chrome Web Store to find the TronLink extension.
- Click "Add to Chrome" to install it.
- After installation, create a new wallet or import an existing one using your seed phrase. Always keep your seed phrase secure and never share it with anyone.
Step 2: Transfer BTTOLD Tokens to TronLink
- Ensure your TronLink wallet is set to the Tron Mainnet.
- Locate your TronLink wallet's public address for receiving tokens.
- From your current wallet or exchange, send your BTTOLD tokens to your TronLink Tron address.
- You may need to add the BTTOLD token manually in TronLink. Click the "+" icon on the assets page and search for "BTTOLD." Select the correct contract address (it should start with "TX") to display your balance.
Important: You will need a small amount of TRX in your TronLink wallet to pay for network gas fees for both the transfer and the subsequent conversion transaction.
Step 3: Access the Official BTT Conversion Portal
- Open your web browser and navigate to the official BitTorrent token migration website at bt.io.
- Scroll down to the "Ecosystem" section and find the "BTT Redenomination" option.
Step 4: Connect Your TronLink Wallet
- On the BTT Redenomination page, click the "Connect Wallet" button, usually located in the top right corner.
- Select "Tron Network" from the list of options and choose TronLink as your wallet provider.
- A connection request will pop up in your TronLink wallet. Review the details and confirm the connection.
Step 5: Execute the Token Swap
- Once your wallet is connected, the interface will display the amount of BTTOLD tokens available for conversion.
- Enter the amount you wish to swap or click "Max."
- Click the "Confirm Swap" or similar button.
- A transaction confirmation pop-up will appear in your TronLink wallet. Verify the details, including the gas fee (in TRX).
- Approve and sign the transaction.
Step 6: Confirm the Conversion
After signing, the transaction will be processed on the Tron blockchain. The conversion is typically swift. Once confirmed, your BTTOLD balance will be replaced with the new BTT tokens at a 1:1000 ratio. You can view your new BTT balance in your TronLink wallet.
Congratulations! You have successfully converted your BTTOLD tokens to the new BTT standard.
Important Note on BSC-Based BTTOLD Tokens
Currently, there is no direct method to convert BEP-20 (BSC) BTTOLD tokens to the new BTT on the BitTorrent official portal. The site only supports conversions for tokens on the Tron network.
If you hold BSC-based BTTOLD tokens, your primary option is to swap them for another cryptocurrency, like BNB, on a decentralized exchange (DEX) like PancakeSwap. Be mindful of the price impact, pool liquidity, and slippage tolerance when executing such a swap. The BTTC team may enable conversion for BSC-based tokens in the future.
Frequently Asked Questions (FAQ)
What is the difference between BTTOLD and BTT?
BTTOLD is the deprecated legacy token. BTT is the new official token on the upgraded BitTorrent Chain (BTTC). One BTTOLD equals 1,000 BTT, with the total value remaining the same post-conversion.
Is there a deadline to convert my BTTOLD tokens?
Officially, the BitTorrent network has stated there is no deadline for the conversion. Users can swap their tokens at any time. However, it is advisable to do so promptly to ensure access to the fully functional new token.
Why won't my wallet connect to the bt.io website?
Connection issues can be caused by browser extensions, cache issues, or wallet settings. Try disabling other extensions, clearing your browser cache, restarting your browser, or using the mobile version of TronLink. Ensure your TronLink is set to the Tron Mainnet.
I sent BTTOLD to an exchange, but it didn't arrive. What should I do?
Most exchanges no longer support the deprecated BTTOLD token. If you accidentally send BTTOLD to an exchange, you must immediately contact that exchange's support team for assistance. There is no guarantee they can recover the tokens.
Do I need TRX to convert my tokens?
Yes, you need a small amount of TRX in your TronLink wallet to pay for the gas fees required to sign the conversion transaction on the Tron blockchain.
Where can I buy and sell the new BTT token?
The new BTT token is listed on major centralized exchanges like Binance, OKX, KuCoin, and Gate.io, as well as on decentralized exchanges like Uniswap and PancakeSwap. Always ensure you are trading the correct (new) token contract.