Buy Pi Network Coin in India
Pi (CRYPTO: PI) is a perfect example of the phrase, “If it sounds too good to be true, it probably is.” It’s designed to be a cryptocurrency you mine on your phone using the Pi Network app. With no start-up costs and no other equipment required, it’s easy to see the appeal.
While Pi Network has managed to build a large community of more than 33 million users, it has also gone years without launching a blockchain or its cryptocurrency, meaning PI coins have no value. Here’s a full guide to how Pi works and if it’s worth checking out.
What Is Pi Network?
Founded in 2019 by Stanford University students Nicolas Kokkalis and Chengdiao Fan, the Pi Network comes in the form of an app, a coin, and, controversially, a multi-level marketing (MLM) scheme.
On the official Pi Network website, the service is described as one which makes crypto mining easier by allowing you to mine on your smartphone. It is also claimed on the site that this can be done without taking a large toll on your battery.
If you’re familiar with crypto mining, then you’ll know that it usually requires expensive specialized equipment that eats up energy at an almost exorbitant rate. The sheer cost of crypto mining makes it a no-go for many individuals, but the Pi Network has attracted many because it allows smartphone mining.
How Pi works
The Pi Network app is about as straightforward as it gets. It has a lightning button that you tap to mine Pi. This also starts a 24-hour countdown, and, when it ends, you need to check in and tap the button again to continue mining. You don’t need to leave the app open to mine, so all it takes is opening the app and tapping the button every 24 hours.
Your hourly mining rate is determined by when you signed up. Earlier members earn at a higher rate than those who came after. You can boost your mining rate by inviting new users or building a security circle.
There are four roles users can play on Pi:
- Pioneer: Mines Pi by tapping the lightning button.
- Contributor: Adds three to five other users they trust to a security circle. Contributors earn an extra 0.2 PI per hour for each member of their security circle.
- Ambassador: Introduces new users to Pi through their invitation code. Ambassadors earn up to a 25% mining bonus for each person they invite.
- Node: Runs the Pi node software on their computer. This software is currently in the testing phase.
How to Buy Pi Network Coin?
If you’re wondering where to buy Pi coins in India, BuyUcoin is one of the best exchanges in India for trading in Pi Coin. All cryptocurrency pairs, fiat currencies, and stablecoins are available. The best place to acquire Pi Coin in India is BuyUCoin, which has one of the highest PI-INR trading volumes in India.
It is a five-step procedure. First and foremost, the account must be registered after it has been opened. After completing the KYC process, users must complete Google 2-Step Verification, followed by supplying bank information, before they may begin investing in Pi Coin.
Follow this step-by-step guide to buying Pi Coin:
Step 1 – Opening a Digital Crypto Wallet
A digital wallet has all your cryptocurrencies stored in one place. It uses blockchain technology to communicate with other users on the network. BuyUcoin is a primary digital wallet provider.
Step 2 – Download a TrustWallet Wallet
Step 3 – Set up your TrustWallet
Step 4 – KYC Completion
For the Indian jurisdiction, KYC is compulsory. Your data is secured and encrypted and stored only in Indian data centers. You will be redirected to another URL for KYC completion. An image of your pan card is mandatory. The mobile number linked with Aadhaar is necessary.
Step 5 – 2 Step Verification
Install the Authenticator app to secure your account with 2FA. Whenever you log in to your account, you will be asked to enter a 6-digit one-time password ensuring maximum security for your cryptos.
Step 5 – Add Bank details
Enter the mandatory information, such as your name credentials, the holder’s account name, and the IFSC code.
Trade Pi Coin
To trade or sell Pi coins in India, you need to open your account with any Crypto exchange. You can buy Pi coins on various crypto exchanges and can convert them into any other Cryptocurrency. After buying, you can also transfer your Pi coin to your wallet and keep your private key safe.
You can also download the Pi coin wallet application from the play store to monitor the PI transactions. However, if you are planning to buy PI, then it is not possible as it is in the testing phase. Users who have mined Pi can transfer or withdraw their coins in the third phase when Pi moves to a completely decentralized blockchain.
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