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A Crypto Horror Story: BTR Coin’s Rise and Fall (and Second Coming)

In the world of cryptocurrencies, no other currency holds the same dubious distinction as simultaneously accruing the fastest amount of value and losing it at the same exact speed as BTR coin.

The native coin of the Bitrue exchange, BTR coin was launched during the summer of 2019, gaining significant traction among cryptobros everywhere, thanks to Bitrue’s introduction of an XPR base market. A smart move, considering the huge following XPR has.

At launch, BTR coin earned a value of $0.15, rising to $0.20 in a span of five days. After the first week, BTR coin saw a sudden and steady decline in value, reaching an all-time low of $0.01 by March of 2020. It was an investor’s nightmare, and even though it’s had a slow and surprisingly steady climb (with a couple of fluctuations) since then, BTR coin has pretty much lost all investor trust at this point.

But what exactly happened? Let’s take a brief look at BTR Coin’s brief rise and quick fall.

What is Bitrue?

Launched in early 2018, Bitrue is a crypto exchange and digital asset management platform that quickly became both the novice and veteran crypto trader’s choice of platform because of its comprehensive financial navigation.

Bitrue acts as an all-in-one platform that allows users to buy, sell, exchange, deposit, and withdraw crypto and other blockchain-based digital asset. It also holds the distinction of being one of the first platforms to allow users to take out loans that are both backed and supported by crypto and other blockchain-based assets.

Financial regulation and cyber security of Bitrue falls under the jurisdiction of Singapore, one of the world’s leading markets for cryptocurrency, thanks to the island nations expert handling of financial assets, both digital and otherwise.

So What Happened to BTR Coin?

Despite all the features of Bitrue that made it such a popular platform, a series of unfortunate events triggered a drop in its trust rating among users even before the launch of BTR coin a year later.

Chief among the complaints about the app are its favoring of Chinese-speaking users and cyber-security issues, and the lack of support for fiat currency deposits.

With the world being generally wary of Chinese crypto traders (due in large part to unscrupulous actors who have attempted to scam the general public) and Bitrue’s predominantly Chinese origins (despite being based in Singapore), the platform struggled to gain international trust, despite offering trust tokens to over 160+ markets.

However, as time went on, Bitrue has managed to get their trust rating back up because of reliable trading and price predictions. With more users signing up every day, this might be a sustainable trend in the years to come.

In the months before BTR coin was launched, Bitrue was already fighting an uphill battle to create credibility.

Unfortunately, in June of 2019, just a month before BTR coin’s launch, Bitrue encountered a cyber-security issue that saw the platform being hacked out of a significant number of XPR and ADA tokens worth $4.2 million. Since then, the company has taken steps to improve its cyber-security, and save for a couple of website malfunctions and minor DDoS attacks (par for the course for any crypto platform, to be fair), the Bitrue platform does have relatively average cyber-security measures in place.

But a combination of the hack and people’s general wariness toward Chinese-backed crypto platforms severely affected BTR coin’s initial value, with the negative reputation continuing to pull down the currency’s value until March of 2020 and staying within the $0.015 and $0.03 range for the next year or so.

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Photo by Jeremy Bezanger on Unsplash

Is BTR Coin Worth Investing In?

(Disclaimer: again, take our opinions with a grain of salt. Crypto values rise and fall depending on such a wide range of factors that it’s mathematically impossible to actually predict exact values, and one should be wary of any person claiming predictive powers in crypto or stocks. Caveat emptor.)

In a strange turn of events, the pandemic actually stabilized most crypto values, with BTR coin seeing a brief stop to its free fall and managing to find some footing to recover value. It surpassed its initial offering value in March of 2021, with BTR coin seeing its peak sometime April of 2021 at $0.43 (before going back down to its current value of $0.28 as of October of 2021).

The Bitrue exchange enjoys a relatively average trust ratings among crypto enthusiasts because of the company’s extensive steps to ensure its own cyber security. Bitrue has pretty much recovered the trust it lost during the 2019 hack, although investors remain wary.

What can be said with almost-utmost certainty is that the Bitrue platform is a legitimate crypto exchange that was not designed to scam people out of their fiat currency.

But the Bitrue platform and the BTR coin are struggling to compete with other platforms and currencies out there. Is it a safe investment? At its present values, it could be a safe investment. However, is it a lucrative investment? It’s hard to say. But given historical data, it probably won’t be for a while.

As with any cryptocurrency investment, weigh your risks.

As of October 2021, BTR coin is a low risk and low return investment that doesn’t require investors to come up with much capital, but the payout will be just as small.

We probably won’t see a stellar rise as we did in its first 5 days of existence, but if this slow and steady climb in value continues, BTR coin could just be bumped up to a low risk, medium return investment over the next few years.

Total BTCs mined currently sit at about 20 million, which means there are only some 2 million BTCs left.

With more and more powerful processors becoming widely available to the public, this value can shrink exponentially over the course of the next couple of years, which means the crypto world is going to experience a power vacuum once its most recognizable face goes away. And when that happens, will BTR coin be able to compete with the big boys, like Ethereum and Binance?

Only time (and Bitrue’s current cyber-security policies) will tell.

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