If you want to learn more about Bitcoin, what Pi Network is, and the kind of profits and risks that come with investing in cryptocurrencies, then this is the article to read.
I am going to be bluntly honest here and say that this was not an easy topic to research and study. Maybe because it has been a while since I did some comprehensive reading on a topic I am not familiar with, or perhaps because it is indeed a bit of a complex topic.
Either way, I hope that in this article I would have managed to make it simpler and easier to understand for those who have absolutely no idea what bitcoin is and how it works. So, take a deep breath and let us dive in!
What is Bitcoin?
Bitcoin is a cryptocurrency that isn't managed by any authority, and in which transactions are recorded in a blockchain that is public and contains records of every transaction that takes place.
It was created in January 2009 by an anonymous person/group under the pseudonym Satoshi Nakamoto, and it is considered to be the first alternative to fiat currency.
Bitcoin is also the first cryptocurrency that managed to use a peer-to-peer transaction and eliminated the middleman, like the credit card company or the bank, where an authorization for the transaction needs to take place first.
Downsides to Bitcoin
Earning Bitcoin has become more complex and mining has become almost impossible for the general public, people with no special mining equipment and enough money to afford the huge consumption of electricity that the mining process consumes have no chance.
There are around four million computer rigs worldwide that are constantly mining for Bitcoin, yet 98% of them will never get the code first, and so will never verify the transactions, despite the huge electricity expense.
And even when they do manage to get it, the rewards are often incredibly low compared to cost. A recent case study showed that the mining setup and electricity costs mean that mining one Bitcoin at home in 2020 will also cost about one Bitcoin at current prices.
Another downside is that, while Bitcoin started out as a new means for a currency that is decentralized, accessible to all, and is controlled by all its users, as the network grew, this has somewhat changed.
Bitcoin has in a way become centralized, in that the majority of the currency is withheld by only a small number of people and so, in a way, they have an upper power of the currency. It is reported that 87% of all Bitcoins are owned by less than 1% of the network.
What is Pi Network?
Pi is a new cryptocurrency that was created by 3 Stanford PhDs and was launched on March 14th, 2019 (also known as Pi Day, as 3/14 is the first three digits of the π).
It is considered the first digital currency that can be used by everyday people. Meaning you don?t need special devices or extensive technical background to be able to mine and earn Pi coins, unlike Bitcoin for example.
It is also the first cryptocurrency that enables mining through your phone (both
Android |
iOS), without draining your battery or using up too much power.
Pi Network mainly relies on its contributors to strengthen its security circle right now. From March 2019 to March 2020 they managed to have 10 million miners in their network.
I was introduced to Pi Network by an ex-coworker and I was intrigued by the idea that it is still in its beginning phases, and the fact I can mine with the click of a button on my phone, so I decided to learn and read more into it.
I have seen many people being skeptical about it, thinking that they are making it is too easy? and it is too good to be true.?
Or that this is going to just crash and burn, like many other types of cryptocurrency that tried to be ? the new Bitcoin? and failed.
However, I do nott see the harm in going for it still, since we are not really risking anything by doing so. They are not asking you to pay to earn those coins.
All they ask of their miners is that they use the app once every day, by just clicking an icon, and then the app will continue earning Pi for them for another 24 hours.
They also encourage miners to contribute to strengthening the network by adding 3-5 people to their security circle. And when they open the app everyday, they start earning by confirming that those 3-5 people are trustworthy people.
While cryptocurrencies like Bitcoin secure their ledgers by forcing miners to burn energy (proof of work), Pi secures its ledger when its members vouch for each other as trustworthy.
Pi is Contributors vouch for each other by building security circles composed of 3-5 members they deem as trustworthy.
Security circles should be composed of people you trust not to execute fraudulent transactions. The network security circles form a global trust graph that determines who can be trusted to execute transactions on Pi is ledger.
Apart from your security circle that consists of 5 people, you can add more to the network to be a part of your earning team.
When you add more people to your earning team, your Pi earning rate per hour increases, and you also help grow the Pi network.
Is it worth it to join Pi Network?
Well, I remember, as some of you might too, when Bitcoin first came out in 2009/2010, how everyone was skeptical, most people thought it was a scam.
Only few people believed that it could actually amount to something and decided to take the leap and go for it.
Let us say, someone in 2010 took a chance on Bitcoin and decided to buy it when a single coin was for around $0.06.
If this person bought 100 Bitcoins for only $6 thinking, ? it is just $6, no big deal.?
Fast-forward to 2018, a single Bitcoin reached $19,783.
This person who decided to buy 100 Bitcoins for $6 in 2010, in 2018 had 100 Bitcoins for $1,197,830.
See where I am going with this?
Though there is absolutely no guarantee that Pi will go as high as Bitcoin, or even go anywhere at all, since this is all still a beta version of the real thing. However, there is also a great chance that it might go somewhere.
If you look at how quickly their platform is growing, how in only 12 months from launch date they managed to gain over 10 million users in 180 countries and are still growing every day, this is a really good indicator that it might get somewhere.
Also, the fact they are filling a hole in this industry, providing a simple way for the everyday person to acquire cryptocurrency; adding to that the fact it is an eco-friendly system that still is not compromising security; these are some promising factors as well.
How can you start earning Pi coins?
You can not just download the app and join the Pi Network on your own; in order to join the network, you need to have an invitation code from someone in the network.
So, if you feel like you want to give this a try, you can click here and when asked for a code, you can use my invitation code RanaRay.
When you join, you will create your own code that you can then share to invite others to join too, if you wish to increase your hourly earning rates.
At the moment, the earning rate for a new user is 0.25 pi/hour. This rate used to be much higher when the network had fewer users.
The more people join the network, the lower the rates become. The base rate of mining halves every time the number of active users increases by a factor of 10
So it went from 1 pi/hour at 1000 users to 0.50 at 10,000, and to 0.25 at 1,000,000. The next milestone, at 10,000,000 users, the rates will either be halved again or fall to zero.
When the rate eventually falls to zero, the users will then be rewarded through transaction fees not minting new currency.
So, the sooner you join the network, the better!
If you want to learn more or have any questions about how Pi Network works, feel free to send them my way.
When will Pi coins be worth money?
On their website, Pi Network team has explained what their plan is and the steps and phases they are going to take until this currency takes off and can be traded for money.
There are 3 different phases for the launch of the currency. I am not going to get too technical, you can read everything in detail here.
However, to put it simply, they are done with Phase 1 and Phase 2 started in March 2020, which consists of testing the process on a testnet mimicking the real system before going live.
In Phase 2, users are encouraged to set up their computers to act as Nodes in the network and to participate in the current testing process. This is not a requirement though, and there are no announced benefits to the users doing it so far. For now, it is just a way for contributors to help the Pi network grow.
When these tests are finished, they will move to Phase 3 where the official launch of the currency will take place, and that?s when Pi will be listed in currency exchange lists and have a price, and that?s when your coins can be traded for other currencies.
During Phase 3, all users with verified accounts on the current beta version will be migrated to the live, official version with the balance of Pi coins they have earned during this period.
(You are asked to verify your identity by verifying your phone number, so do not forget to do that when you join.)
There is no official date set for the start of Phase 3 yet; however, it is speculated that it would be sometime late 2020 or early 2021.
Pros of Pi Network
Simple. You can easily mine and earn coins with the click of a button. No need for technical background.
Fair. Coin distribution does not depend on the capacity or the performance of your device. Rates for all users start the same, and only increases as each individual contributes to the network.
Affordable. You do not need to buy special mining devices or pay too much on electricity. And it does not drain your phone battery.
Eco-friendly. Mining for Pi does not consume too much power, unlike mining for other cryptocurrencies.
Pi network. Everything you need to know about the new digital currency Pi Network. Pinterest.
1 Bitcoin is worth 18,745 USD as of the writing of this article.
Pi is a new digital currency created in 2019 and the creators are offering FREE coins (no payments required) until they reach Phase 3 of their launch.
The price/value of 1 Pi is not yet identified, and will not be until they reach Phase 3.
You can only join the Pi Network through a referrer. So if you are interested in joining and earning those free coins, you can visit the below site to join, then use cakzxd as your invitation code.
I believe Pi will blow bitcoin out of the water when it comes into its own in phase 3. Stanford has produced 77 billionaires. When they begin using PI as their go to digital currency the value will skyrocket. We pioneers may be in for the ride of our life!
More Information? Please visit us at
https://www.pinetworkapp.orgor
https://minepi.com/cakzxdBitcoin just boomed over $18K last week.
Some people achieved the crypto dream while others realized how ignoring the trend was a terrible mistake.
PI could be the next opportunity, It is a new digital currency developed by Stanford PhDs in 2019, with over 9million members worldwide today. It seems to follow the same pattern as Bitcoin in 2009.
At this stage, the PI network plan seems to just be "grow the numbers, test the system, and we will take it from there."
You just need to take one minute a day, give yourself a chance to get rich. PI is Zero risk, no investment, no credit card required
If you miss the bitcoin at an early stage, don't let this opportunity pass by again.
There's no reason not to join the PI network and earn some tokens. Join now, or regret it later.
PI is a long term project, If you want to make money fast and take some risks, please visit the below subsite， This subsite will be updated weekly. It is going to provide you some idea on how to earn with ZERO or little investment to make money, Please visit us frequently.
https://www.pinetworkapp.org/freeOn December 15, 2020 all yahoo group members will no longer be able to send or receive emails from Yahoo Groups.
If you want to still receive those messages on how to invest in the crypto FREE and SAFE, Please join our new google group Great_Opptunity_Invest_
Blockchain
You just need to send a blank email to l0731goibc+subscribe@googlegroups.com. Then you will get a reply from this group.
Please DO NOT click the button "Join This Group". But just reply it with another blank email again. You will be added to the group.
You will get the confirmed email message "You are now a member of the l0731goibc group".
Good Luck.
