Cryptocurrency is a virtual money that has no physical counterpart.
It is held in cryptographic wallets identified by an accessible address and secured by a private key. It allows us to store and exchange money, buy goods and services, use it as an investment and other things. Well, you might say we can also do this in the traditional way using domestic banks, correspondent and intermediary banks. That is correct, however, not as convenient and fast as using virtual money.
Going through the traditional way will consume time and will cost us some fees. Traditional institutions may also decline our bank account application, they may delay the release of funds from our employers, they may also place restrictions on our money, and a lot of hassle. Even with the strict security, there are still a lot of fraudulent activities going on which we can all avoid if we switch to virtual money.
With the growing economy and technological development, time may also come that traditional institutions will stop working.
In 2009, the first cryptocurrency, Bitcoin, was launched where people could easily and securely exchange its value without boundaries. They introduced a novel process called Mining using a consensus algorithm as a type of economic game. It forces validators to solve series of complex computational puzzles. It demands enormous computing power and energy consumption as they essentially burn money to solve the puzzle that earns them more Bitcoin.
Today, you can exchange Bitcoins for big money but it also takes big risks since the price of Bitcoin may change rapidly and unpredictably. People are afraid to join this cryptocurrency world because of the risk of investing or mining.
BUT THIS IS NOT ABOUT BITCOIN.
What you read was just a small overview about cryptocurrency.
Let me introduce to you the Pi Network as another cryptocurrency that is already in its Phase 2 right now!
Pi is led by a team of Stanford graduates to give people a greater access to cryptocurrency. We have 2 Stanford PhDs and 1 Stanford MBA backing us up.
Pi is a long term project whose success depends on the collective contributions of its members. It is helping people capture more economic value that goes to technology giants like Facebook and etc.
If you are looking for easy money, then Pi is not for you.
But, if you are looking for easy cryptocurrency mining using your phone, then you are on the right page. Click this link to download the app: www.minepi.com/download
Once you are done downloading the app, it should ask you to sign up.
Then, it will ask who invited you.
Now, this is important because you need to put bbhoho11 so I can add you to the Security Circle within 3 days of your registration.
It will help the community and help boost both of our earnings.
After all that, you should be able to log in and mine using Pi.
Once you’re in, you just have to check in every 24 hours by hitting the lightning button to start mining. You can also boost your hourly rate by inviting trusted friends and family to join the community.
After 3 days of mining, you can boost your earnings more by building your security circle which contributed to the overall security of the network.
Pi helps you mine with no financial cost, no battery drain and internet cost.
Instead of burning energy or spending money as proof of work in cryptocurrencies like Bitcoins and others, Pi secures its ledger when users vouch for each other as trustworthy by forming a network of interlocking Security Circles.
Today, Pi doesn’t have value yet which is similar to Bitcoin in 2008.
The team is still laying the infrastructure for this digital currency and marketplace by distributing the currency, building the community and developing the technology to ensure its security.
Pi launches Phase 1 in 2019 with its design, distribution and trust graph bootstrap.
Today, Pi has reached Phase 2 (the Testnet). After a thorough concurrent run of the Testnet to the Pi emulator’s systems in Phase 1, Testnet will reach a state where its results consistently match the emulator’s. At that time when the community feels it is ready, it will then migrate to Phase 3.
Once we reach Phase 3 (Mainnet), no central authority may control the currency, it will be fully decentralized and balances of unverified users will be discarded. This is the phase when Pi can be connected to exchanges and be exchanged for other currencies.
We are already on the road to Phase 3.
Come and join the community with over 5M members.
I think we should be able to do this easy mining especially with this coronavirus situation where most of us don’t really have anything to do. Well, it is pretty easy! You just have to check in every 24 hours and the app should mine itself. Inviting people will help us reach Phase 3 faster, so don’t forget to invite your trusted friends and family!
See you in our Security Circle!