welcome to my video in this video i want to talk about the difference between pi network and bitcoin bitcoin is the face of cryptocurrency and i want to see how Pi coins compare to this video basically will compare the similarities and differences and also answer the question of whether or not the coin could be the next bitcoin now I think this is a big project to match but also some the striking similarities between the two cryptocurrencies one thing you must know is that the idea of the pi network actually originated in bitcoin, the original idea of bitcoin was to create a decentralized currency that was used as Cash and the creators here want to see people use bitcoin instead of cash for everyday transactions One of the reasons that person did this was because they didn't trust the organizations, especially
right after the 2008 financial crisis during this time banks and institutions failed to protect ordinary people instead they are the reason for the collapse and our money was used to save them I think this movement really kicked off the onset of blockchain and also cryptocurrency in general and since this bitcoin was introduced in general and over the years, I think the idea of cryptocurrencies has really started to gain some traction and I have no doubt that it will only get bigger and bigger from here and there Although many feel that cryptocurrencies in general will become more and more popular with many doubting that bitcoin will continue in the first place and this is because the design of bitcoin does not succeed daily currency And I really think this is where the pi network or the pi coin can step onto the disk you see there are so many things about the pi network that make it suitable for being what bitcoin wants to be one of the things that bitcoin doesn't can be included or accessible to anyone and everyone around the world that you saw in the early days of bitcoin, you have to have a lot of knowledge to be able to mine bitcoin in fact, it is quite difficult to reach for the average person and it is also very expensive as mining bitcoin requires a lot of computational power and is not Everyone has and people with more computing power start getting a bigger and bigger share of the network you see about 87 percent of all bitcoins owned by one percent of the network and a few of these individuals already get so big they are making billions of dollars in profit each year from bitcoin money and although bitcoin is technically decentralized a very small number of people have control over the network now I think the creators The pi network recognized this as a problem and instead of forcing people to use their computing power to mine coins, they allowed people to mine from just their phones and from anyone around the world
will now be able to mine coins from the pi network using only mobile devices i think this will create a fair system g is much more than bitcoin and the wealth here will be much more evenly distributed to miners and one of the reasons this might happen is the network uses the consensus protocol, the idea behind The version here is that we don't actually mine any pie coins from our phones instead, what we have on the phone just serves as profiles for the developers here and Developers here will distribute pi based on these records when the time comes I think this is a pretty elegant way to bypass the need for competitive power to be able to mine any type of electric currency It also helps people increase their stake on the network just by promoting it thus essentially creating a system that is much fairer than bitcoin and in addition to being much fairer than bitcoin, the pi network is Well done when there's enough scarce, you see one of the problems with bitcoin is that it's too scarce to be considered a medium of exchange or cash there are about 21 million bitcoins and this makes bitcoin too expensive to be used as cash because I'm making this video right now a piece of bitcoin is about 50,000 and because of this I can't see individuals buying full bitcoin instead of I just see companies that can use bitcoin to make big purchases and one of the things I really love about the pi network is that it balances this scarcity factor in my other video, I was able to get a rough estimate of how many coins are out there and I came up with about 83 billion coins and after doing some calculations I was able to find out that the price of a coin was shaped the round must be currently around a dollar and 70 cents, this price is already in line with some websites trying to estimate the price of a penny but largely this is still based on a lot of speculation, what I can To say for sure that the price of a coin will not be anywhere near the price of a bitcoin instead, I think the goal here is to try to make money
The element is usable in everyday transactions and that could be anywhere from a few dollars and more if you really think about it the pi network or the pi coin could actually be bitcoin wanted instead of being a medium of exchange bitcoin became a store of value, it became something people gathered and saved instead of spending, and that actually beat the ban At the beginning of bitcoin, now I want to say that the price of a coin may increase in the future but it will not increase it the same way bitcoin does a piece of bitcoin actually turns from a few to fifty thousand dollars in a few years and I suspect that we will see the same simple growth because there are so many more coins in the world than bitcoin right now this is not impossible but I suspect that this is an intended purpose of the creators here an example of why the coin pi can not be increased very much worth is why is a different socio stella The crypto has a supply of 22 billion it doesn't really have the same supply as the pi network but it's quite close to the other cryptocurrencies and it's been growing in price similar to bitcoin over the years, which is real telling me that even with a large supply of round coins, the price is still very good and it has the ability to keep track of bitcoin's price for a while since bitcoin is still number one but I think over time as the number of coins pi continues to be used, it will be possible to set the price by itself as I mentioned about a million times on this channel, the channel price is determined by supply and demand and as more and more people buy to use or even read about the pi network, the price will be higher in the future and this is because all of these create immediate or future demand for pi and unlike like many other cryptocurrencies that end in crypto, the pi network here actually has a fairly strong network of supporters, which helps ensure that virtual that pycon does not die on issuance and also provides immediate protection and price increase upon issuance this basically ensures that the network pi does not suffer the same fate as bitcoin in its early days i think it all We've all heard stories of people throwing away hard drives full of bitcoin or using it to buy the most ridiculous things like stickers or pizzas but one thing you have to realize is that many of those I did not see the demand for cryptocurrencies at the time in fact, it is not difficult to imagine that many of these people simply thought this fever was going to die and this is one of the reasons I love see promotional code for pi network on my video this just means to me that the network is still very alive and many others will see these comments and some of them may even become important interested in the pi network I really think the system introduced here is probably one of the things systems smart about this project because without it this would just be another one among thousands of other cryptocurrencies with no value instead what we have here is without need the currency to officially launch, we've got people to speculate on its value and there will also be lots of official and informal places where the pi network or the pi coin will officially be used right now the pi network has about 13 million official users and this is really far from the end goal of 100 million users but as it gets bigger, it's a lot easier for the network to evolve as well
exponentially I think we will reach nearly 100 million users at the end of this year and this could not reach the people who love Bitcoin but it is still quite considerable however, and goals from developers in this is issuing pi coins as a decentralized cryptocurrency later this year which means anything related to Questions and doubts you have about the pi network will be answered later this year what we can see so far is that pi actually solves a lot of problems with bitcoin as I said bitcoin was created to it became a medium of exchange, but in the end it became a store of value that was too scarce and inaccessible to the average person and as a result, some miners now own the bulk of This bitcoin supply includes companies in Chinese companies in Southeast Asia and also companies in the US and they own so much bitcoin that they have quite a bit of control over the network I think a lot of things in This number prevents bitcoin from becoming a decentralized cash so that the decentralized cash will come from somewhere else and right now is the closest place to the competition that I can think of would be the coin and this is because most people around the world have access to a cell phone will allow them to exploit the mining cake coins it's really not that hard and the scarcity has also been built on the network since supplies are fixed and the rewards are getting less and less over time and not to mention the growing popularity of pi The main takeaway here is that the pi coin can actually do what bitcoin failed in the first place and even though it may not grow to the same price as bitcoin simply due to the above mechanism net it will still go up in price steadily in a real world use case i hope you guys liked this video, remember to like and subscribe to be sure to enjoy some of the free deals in my description free for you and i hope you have a great week and as always i will see you again
