The first time I heard the term “Bitcoin” was in 2016.
Back then, it was the first of its kind cryptocurrency, we were introduced to something new and different from any kind of coins or paper money we were used to. The idea of a virtual, non-tangible money that we can mine for ourself sounded revolutionary but it was just that, an IDEA worth nothing.
And Today, one single bitcoin is worth around 25,87,600 rupees.
Bitcoin wanted to be a decentralized cryptocurrency that would allow people to make money for themselves but over the years not only has Bitcoin increased in popularity and in value but its mining has become very expensive and now requires extensive knowledge of mining technology, and also contributes to CO2 emissions. So not only it is a lot of work but it is also harmful to earth.
Luckily, the rise of bitcoin led to the development of several other cryptocurrencies like altcoins, Ethereum, intended to make virtual finance accessible to all people.
One of the newest developments is Pi, Pi is a new cryptocurrency for and by everyday people who can “mine” (or earn) from their phone.
What are cryptocurrencies?
In these modern times, increasing technology usage in our everyday lives makes us want to search for an alternate and a much better option. Cryptocurrency is the next best step in the evolution of money. After Bitcoin’s influence in 2018, Cryptocurrencies are revolutionizing the world of money, one user at a time. New members who are accepting this new currency are pushing us towards the future.
Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. Cryptocurrency is a form of payment that can be exchanged online for goods and services. Think of them like casino chips. You’ll need to exchange real money for the cryptocurrency just like you would with casino chips.
Cryptocurrencies work using a technology called Blockchain. This technology ensures better trust and security.
Why are cryptocurrencies so popular?
*Cryptocurrencies look like the currency of the future and so people are racing to buy them, presumably before they become more valuable.
*People like the fact that cryptocurrency removes middle men like central banks from managing their money.
*Other people like the technology aspect of such cryptocurrencies, the blockchain.
*Some supporters like cryptocurrencies just for the fact that they can mine their own money.
What is pi?
Pi network is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can use the pi network invitation to mine Pi and help grow the pi network.
Pi is the first digital currency for everyday people, representing the next step in cryptocurrency globally. Their goal is to Build a cryptocurrency and smart contracts platform secured and operated by everyday people.
Today, you can mine Pi by helping build a secure community and by growing Pi’s trusted network. While most of the cryptocurrencies are very hard for everyone to earn and access, Pi gives you the power to mine your own currency in the palm of your hands.
How does it work?
You don’t need to purchase any new hardware. You only need your phone to mine. Whereas, Bitcoin requires initial investment for some hardware to mine Bitcoins.
Pi Network is still currently under beta mode, but they are looking to add more users to the network. Unlike Bitcoin, users can earn Pi coins though a mobile app download. Yes, you can mine on your phone.
What is the value of pi?
Today Pi is worth approximately 0 rupees/dollars but so was Bitcoin in the year 2008. Pi’s value will increase in phase 3. It’s price will be backed by the time, attention, goods, and services offered by other members in this network.
Today, they are laying the foundation for this digital currency and its marketplace by distributing the currency, building the community, and developing the technology to ensure its security.
How can I mine pi?
To start mining, download the Pi Network app and set up an account. You have to open the app and hit the “Mine” button once every 24 hours, but you don’t have to keep it open. It won’t use up much battery either. You can also use the app to invite people to your security circle, see a breakdown of your mining rate and even chat with a Pi Team Member if you have any questions.
Is the Pi network app safe?
It is an absolutely legit app. Started in March 2019 PI Network is a new start-up Cryptocurrency. It has around 10 Million active users currently.
Reasons why you wouldn’t want to download the Pi mobile app
1.You are old school you don’t like risks and the unknown and prefer a solid portfolio in blue-chip stocks.
2.You would rather wait for the beta release to catch on — and you want Pi to prove itself as a product. Currently, you think Pi sounds like a scheme and this is a totally legitimate concern and the world needs level-headed people like you. There is nothing wrong in waiting for Pi to mature and earn some value as a product. The purpose of Pi beta is to show investors that it can gain momentum with new users every day.
3.You don’t want another app on your phone screen with unknown security risks. According to the Pi website, the app does not drain battery or affect performance as the development team uses the Stellar Consensus Protocol (SCP) mainly as a way to check that you and your phone exist as a trust node.
4.You find it annoying to tap on the mine button once a day to mine.
Our Pi mining Review so far
We have been using their application for over a month now and we haven’t noticed any drawbacks in our usage of the device. We haven’t noticed a difference in performance, battery drainage, or network speed. You just have to remember to press the button to start mining every 24 hours. The application also doesn’t spam you with any notifications or ads.
Update on Pi network (2021)
There are three phases of development throughout their life cycle bootstrap, test net, and main net. Mainnet is when pi will become a full-blown cryptocurrency. Right now, it’s in phase two and it doesn’t really have any market value and you can’t transact it at all. Meaning, you can’t use the coin yet nor does it have any worth yet.
A lot of people are like people didn’t think bitcoin had any value back in the day they spent tens of thousands of bitcoins on pizza that’s something that could happen with pie in the future too that’s the whole narrative here and they also say it can’t be a scam because you’re not paying any money so there’s no harm in participating.
At worst if this project fails – you would then just lose your time that you have spent clicking on a button every day.
What is your take on this Cryptocurrency (Pi)?