Key Takeaways:
- Bitcoin’s groundbreaking features include a limited supply of 21 million coins, a decentralized nature, and pseudonymous transactions.
- Pi Network employs a unique consensus mechanism called “Proof of Mining, ” allowing users to mine Pi coins directly from their smartphones.
- Pi Network emphasizes accessibility, inclusivity, and user engagement, aiming to bring crypto to the masses by making mining available to anyone with a smartphone.
Introduction
In the ever-evolving world of cryptos, two names stand out: Bitcoin and Pi Network. Bitcoin, the pioneer of digital assets, has dominated the market for over a decade. On the other hand, Pi Network, a relatively new player, has gained immense popularity and a massive user base in a short span of time. In this article, we will delve into the intriguing comparison between these two crypto projects. We’ll explore their fundamental concepts, highlight their similarities and differences, examine key features, and provide the latest updates on both Bitcoin and Pi Network. So, let’s dive into the world of these prominent cryptos and discover what sets them apart and makes them significant in the current crypto landscape.
What is Bitcoin?
Bitcoin, often referred to as the “king of cryptos,” is a decentralized digital asset that was introduced in 2009 by an anonymous person or group known as Satoshi Nakamoto. It operates on a blockchain technology, a distributed ledger that records all transactions made with Bitcoin.
At its core, Bitcoin is designed to be a peer-to-peer electronic cash system, enabling individuals to make secure, direct transactions without the need for intermediaries such as banks or governments. Transactions are verified by network nodes through cryptography and added to the blockchain, ensuring transparency and immutability.
Bitcoin’s groundbreaking feature is its limited supply. Unlike traditional fiat currencies, which can be printed by central banks, Bitcoin has a maximum supply cap of 21 million coins. This scarcity has contributed to its store of value narrative and has often been compared to digital gold.
Bitcoin’s decentralized nature and cryptographic security make it resistant to censorship and manipulation. It has gained widespread adoption as a means of payment, an investment asset, and a hedge against inflation. Bitcoin has also paved the way for developing thousands of other cryptos, collectively known as altcoins, and has become the benchmark against which other digital assets are measured.
Overall, Bitcoin represents a paradigm shift in the world of finance, offering individuals greater control over their wealth and challenging traditional financial systems. Its impact on the global economy and its continued evolution make it a captivating and influential force in crypto.
Key Features of Bitcoin
- Decentralized: Bitcoin operates on a decentralized network, meaning no central authority governs or controls it.
- Blockchain Technology: Bitcoin utilizes blockchain technology to record and verify transactions transparently and immutable.
- Limited Supply: Bitcoin has a maximum supply of 21 million coins, making it a deflationary asset and potentially valuable due to scarcity.
- Pseudonymous Transactions: Bitcoin transactions are pseudonymous, meaning they are linked to unique cryptographic addresses rather than personal identities.
- Security: Bitcoin employs robust cryptographic techniques to ensure the security and integrity of transactions and users’ funds.
Read More: Bitcoin vs Ethereum
Latest news on Bitcoin
- One of the biggest news in favor of Bitcoin has to be the recent filing for a spot Bitcoin ETF by the financial behemoth BlackRock in the United States earlier this month. This triggered a major rally in Bitcoin, pushing BTC price above $30,000 in a matter of a few days.
- The crypto space is gearing up with anticipation of the Spot BTC ETF approvals ahead of the halving event.
🚀 Urgent Update:
The upcoming deadline for the next #Bitcoin Spot ETF is just 4 days away!This also marks the conclusion of the potential timeframe for the approval of all 12 Spot ETFs. pic.twitter.com/eVogGecOrM
— BITCOINLFG® (@bitcoinlfgo) November 14, 2023
- Alongside that, another financial institution, Fidelity, is also reportedly preparing to file for a Bitcoin ETF!
Follow: Bitcoin Halving Countdown Live
What is Pi Network?
Pi Network is a relatively newer crypto project that aims to create a decentralized digital currency that can be mined on mobile devices. A team of Stanford graduates named Nicolas Kokkalis and Chengdiao Fan created it, and it offers a unique approach to mining by leveraging users’ daily activities on their mobile devices. Pi Network aims to provide an accessible and user-friendly platform for individuals to participate in the crypto economy. Unlike Bitcoin, Pi Network is still in its early stages and is currently in the testing phase.
Pi Network is a crypto project that was created with the objective of redefining the way individuals mine and participate in the crypto world. Pi Network introduces a novel consensus mechanism called “Proof of Mining” that allows users to mine Pi coins directly from their mobile devices. What sets Pi Network apart is its focus on accessibility and inclusivity, aiming to bring crypto to the masses by making mining accessible to anyone with a smartphone.
The project emphasizes user engagement, encouraging individuals to contribute to the network’s growth by simply engaging in their daily activities. By leveraging the power of social networks and user trust, Pi Network seeks to create a truly decentralized and user-friendly digital currency ecosystem. As a result, Pi Network has gained significant attention and a rapidly growing community of users. While still in its early stages, Pi Network has the potential to revolutionize the way individuals engage with and benefit from cryptos.
Key Features of Pi Network
- Mobile Mining: Pi Network allows users to mine Pi coins directly from their mobile devices without the need for expensive mining equipment or high energy consumption. This approach enables a more accessible and sustainable mining process, making it possible for anyone with a smartphone to participate in the network.
- User-Friendly Interface: Pi Network focuses on creating a user-friendly experience, allowing individuals to easily navigate the app and engage with the platform. The intuitive interface and simplified mining process make it accessible to crypto beginners and those without technical expertise
- Security and Privacy: Pi Network strongly emphasizes security and privacy. It employs advanced cryptographic algorithms and protects user data by not storing personal information on the blockchain. This commitment to privacy ensures that user information remains secure and confidential.
- Social Connection: Pi Network leverages the power of social networks by incorporating a referral system that rewards users for inviting friends and family to join the network. This social approach encourages community growth and creates a network effect, fostering widespread adoption and participation.
- Decentralization and Governance: Pi Network is designed to be decentralized, allowing its community members to participate actively in decision-making through the consensus mechanism. Users can propose and vote on changes, ensuring a democratic and community-driven governance model.
Additional Read: Pi Network vs Ethereum
Comparing Bitcoin vs. Pi Network
| Bitcoin | Pi Network | |
| Launch Date | January 3, 2009 | March 14, 2019 |
| Founder | Satoshi Nakamoto (pseudonym) | Nicolas Kokkalis and Chengdiao Fan |
| Native Token | Bitcoin (BTC) | Pi Network (PI) |
| Market Cap | $699,753,921,712 | N/A |
| Token Type | Native | Utility |
| Circulating Supply | 19,542,800 BTC | ~0 (in the testing phase) |
| Max Supply | 21 million BTC | Unknown (circulating supply) |
| Consensus Method | Proof of Work (PoW) | Proof of Mining |
Key Differences between Bitcoin vs. Pi Network
Here are the key differences between Bitcoin and Pi Network:
| Bitcoin | Pi Network |
| Bitcoin is minable only after completing a mathematical puzzle in computer. | PI tokens are minable on smartphones, with no need for heavy mining equipment. |
| Bitcoin is an established crypto asset that is available for trading and usage. | PI is still in its testing phase; thus, no token can be traded. |
| BTC’s supply is capped at 21 million. | Unknown, as PI tokens are in the testing phase. |
| Bitcoin relies on Proof of Work, where miners solve complex mathematical puzzles to validate transactions. | Pi Network uses the Stellar Consensus Protocol based on a federated Byzantine agreement. |
Bitcoin (BTC) vs Pi Network (PI) Technical Analysis
Source: Coinpaprika
Peeking a glance at 2023 so far, Bitcoin has had an interesting journey. With anticipation of the Bitcoin Halving event, BTC price has been running an overall bullish sentiment, with its value surpassing the $36k mark and trying to maintain that level till it surges and attempts to reach the $40k mark by the end of 2023.
Even though the PI network is in its testing phase, the token has garnered significant interest within the crypto communities, making PI price go higher, with anticipation that the token’s real-world value may also go high. However, as the token is not listed yet, there is no analysis of how it may be perceived once made public.
Bitcoin Price Prediction 2023
Source: TradingView
With the approaching Bitcoin halving event, tentatively in the second quarter of 2024, historical market patterns appear to resurface. Bitcoin’s price has been consistently surging, achieving significant milestones since the start of November 2023. Currently valued at $36,000, the expectation is for the BTC price to hit $45,000 as the Bitcoin halving event draws nearer.
Beyond the halving event, the potential approval of the Spot Bitcoin ETF has contributed to the upward momentum in the asset’s price. However, as of the time of writing, the BTC price reflects a bearish trend, evident in the presence of red candles. The projection indicates a temporary dip below the $36,000 level in the short term, with a subsequent bullish trajectory expected to propel the price beyond $36,000 by mid-December, ultimately concluding the year just above $40,000.
Read latest BTC Price Prediction here
Pi Network Price Prediction 2023
Source: TradingView
Currently standing at $35, continuing with its strong support base at around $34 throughout November. The price could revisit the upper resistance level at $40, potentially initiating a strong ascent toward the target of $50. Nevertheless, the bears might impede the rally, compelling the price to conclude the monthly trade within the range of $42 to $45.
Know More: Pi Network Price Prediction
Should you Buy Bitcoin (BTC) or Pi Network (PI)?
Well, this is a rather tricky question – because out of the two coins on this list – only one has been actively traded, namely Bitcoin, while on the other hand, Pi Network is still in its testing phases and hasn’t been listed yet. From a purely technical point of view, Bitcoin has been performing extremely well in 2023, having gained over 80% since the beginning of the year. Pi Network on the other hand has been gaining popularity across the space, but hasn’t touched the real market yet and thus, it is impossible to discern what value the real world will assign to it.
Since the migration of Pi Network’s mainnet began on August 3, 2022, the project has been dedicated to various endeavors such as technological advancements, developing a KYC solution, establishing the Pi platform and ecosystem, and more. However, the specific date for the final phase 4 launch of Pi Network is currently undisclosed.
How to buy Bitcoin in India?
Investing in Bitcoin today is extremely simple, fast, and secure with the CoinDCX App. All you have to do is register on the platform.
To register, follow the below-mentioned steps:
- Download the CoinDCX App
- Register by entering your details.
- Complete KYC and verify your mobile and email.
- Once your profile is validated, add funds to your wallet.
- Buy BTC!
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