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You need to download a Bitrate converter.
1Mbit/s
You need to re-encode your video with the changed bitrate.
Bluetooth 2.0 Nominal bitrate is 3.0Mbps but the practical bitrate is 2.1Mbps
FASM "Quality Enhancer Bitrate Squeezer" is an application for compressing h264 video streams, optimised for low bitrate.