A cryptocurrency is a digital asset designed to work as a medium of exchange of money where ownership records are stored in a computerized database using strong cryptography to verify the transfer of coin ownership, secure transaction records, and control the creation of additional coins.
Cryptocurrencies do not exist in physical form and are typically not issued by a central authority, instead, they use a decentralized control system. This is because when implemented with decentralized controls, these crypto works through a distributed ledger technology, which is usually a blockchain, that also serves as a public financial transaction database.
Crypto involves limited entries in a database that can not be changed without having proper authorization and fulfilling specific conditions.
What is Pi Network
Pi is the first cryptocurrency out there that allows you to mine using your smartphone. The main aim of Pi Network or Pi Crypto is to bring the benefits of crypto-currency into the hands of the general public without needing any expert knowledge. Since Pi uses your smartphone for mining, the mining speed is not determined by the hardware or operating system of your smartphone, instead only depends on the number of people you invite to join your Pi Network it’s by far the simplest approach to building a cryptocurrency. Pi network is free available on your smartphone as a mobile app and users can earn Pi coins at an hourly rate through it.
Once its beta stage is over you will be able to buy or sell your PI currency. It is also somewhat similar to bitcoin. It is quite possible PI coins reach 5$ until 2025 and can be of more value.
What’s most important is to join as early as possible to take all the major benefits of it still being in the early beta stage. Since it does not cost any money to start mining, it’s basically a free cryptocurrency. It’s also for both those that are well versed in crypto and beginner-friendly enough for people just looking to start out.
How to Get Involved in Pi Coin Cryptocurrency Network
- Go to the app store/play store and search “Pi Network” app and download it.
- While going through the set-up process you will be asked for a referral code to join the network.
- Simply press the mine button and start mining and to increase your mining rate, invite more users using your referral code which you can find on the app itself.
Disclaimer: Pi is NOT free money
It is a long-term project whose success only depends on the collective contributions of its members. Pi is dedicated to helping everyday people capture more economic value that today goes to technology giants (e.g., Google, Apple), companies, and other intercessors. If you are looking to get quick money, look elsewhere.