The new crypto currency. Pi
Everyone is talking about Crypto currency these days. The Dollar value of Bitcoin is sky rocketing. People are speculating different type of crypto currency. Here are some basics about the technology and my perspective, some pointer to think about and the new crypto currency that coming up called Pi.
You understand how Money works, How transactions are recorded in banks and in other financial institutions. you also understand to some extent how Credit cards works. in the same way you need to have a basic understanding of Crypto currency as well
- What is Crypto Currency ? There is no need to reinvent the wheel, there are tons of videos on this, so I have added this video here, which explain in a very simple way How Crypto Currency works.
2. Why there are so many different types of crypto currency ? Imagine when there were no credit cards, no one had thought about the possibilities of online buying and selling of goods and services. with credit card technology that's possible. If you have cash of $100, and two more member of your family need to have cash, you had to divide it among them. with credit card, if you have a credit limit of $100, you can have add on card for each of you can carry $100 buying power. you see the flexibility ? What you can not do possibly is, limit who is spending how much on what. How about allocating $20 for entertainment in TV ? so that only a max of $20 can be spend on buying entertainment on TV. You may be able to do that today with subscriptions, but how cool it will be to give the amount to your TV ? Cool isn't it. this is just a very simple example to make you think about possibilities. Here is my favorite use case which I am exited about. If I donate $10 to some homeless person, I have no idea if he/she will use it for food or he will buy alcohol. How about I give him crypto currency which can be used for a specific purpose only ? Think about it. The different crypto currencies exists with different features in them to open up endless possibilities. May be the way you carry multiple credit cards todays, you will have multiple crypto currency in future.
3. What is Pi currency ? yet another currency. here are some of the aspects that I liked.
- Its simple and easy to get, at this time. Think of it as pre-IPO, Its not in the market for trading as of now. the complexity is low. and you just install a phone app though which you can earn coins. There are two ways to earn crypto currency. You buy by exchanging $$, or you contribute by mining. Complexity of Bitcoin has reached to such an extent that mining Bitcoin is not a very profitable any more. It needs huge Processing power. For Pi, you don't even have to Mine ( at least at this time ) you simply build a network of active participants. You can do that with your phone.
- Focus is on network building. The power is in the network. When Amazon started with book business they were essentially building a network. once the network is build you can channel any product/services in it. When google was provides search and email for Free Its building network. Facebook, Uber.. You got the point. Pi is doing the the same. Its focusing on building the network. Pi has already created 12M user base ( as per announcement in the Pi Mobile App. If you really believe in Metcalfe's Law ( v = n2 ), you will appreciate this
- You can get a slice of Pi just by joining the network, and remain active. Note that you don't get any money by joining Facebook, LinkedIn, so why not one more network which have some potential to earn money in future. Since Its the very early stage of this currency, the rate at which one receive Pi currency is very good.
Here is one more video to explain Pi Currency.
To claim your share of the Pi, follow this link https://minepi.com/biswajitind and use my username (biswajitind) as your invitation code.
Have a great time building Pi Network and earn Pi currency.