What is a Pi Coin (PI)?

What is a Pi Coin (PI)?

What is a Pi Coin (PI)?
What is a Pi Coin (PI)?

Pi Coin, or PI, is the cryptocurrency that runs on the Pi network, and it was designed to be “halved” on a regular basis, like other cryptos like bitcoin, to maintain scarcity.

The halving occurs when a miner earns half as many bitcoins for processing new transactions. It usually occurs once you’ve reached a certain age.

The mining rate dropped to 1.6 per hour when PI reached 100,000 users, then to 0.4 per hour when it reached 1 million, and finally to 0.2 per hour when it reached 10 million. It will continue to halve until one billion users are reached, at which time it will become zero.

The pi coin is a modern currency that can be easily mined even from your smartphone. Pi coin, or PI, is the primary cryptocurrency that operates on the Pi network. This network enables the users to mine the Pi coin directly from their smartphones and thus eliminating the need for expensive hardware and graphic processing units (GPUs).

Like any other digital currency, the Pi coin is regulated and managed by a social community rather than any form of government. Currently, the network is in the second phase of testing and is expecting a full-fledged launch that might happen in phase 3. Pi network is different from other kinds of cryptocurrencies as it works on a mechanism known as “stellar consensus protocol”, which enables users to obtain benefits on their contribution to the network.

It is to be noted, in the real sense, one cannot buy Pi coin in India or anywhere else, as it has not yet been listed on any cryptocurrency or non-crypto exchange. Pi coins are easily accessible and can be only obtained via mining.

The Pi network was launched in 2018, at that time the mining rate was almost 1.6 Pi per hour, which was condensed to 0.8 Pi when a total of one lakh new users got registered. Likewise, when a total of one million people were added to the Pi app, the reward got reduced more and it became almost 0.4 Pi per hour. Finally, it got dropped to 0.2 Pi per hour once its user base touched one crore.

Key features of Pi Network Coin

After it is fully released, the PiCoin will include a number of features. Here are several examples:

  • PI is decentralized: It is easily configurable, error-free, and adaptable. It is completely decentralized and has no single owner.
  • Exclusive Mobile Environment: PI’s worldwide technology creates an ecosystem, potentially allowing non-GPU users to acquire an interest in mining. The ecosystem contains a wide range of technologies working together. There are many social communities for individuals and corporations.
  • Mobile-Mining: A mining revolution has been bought by PI, which has made it possible for internet users to earn PI by mining with a smartphone.
  • Referral system: To generate cash and attract additional users, the app employs advertisements and a referral system. Because the founders are already benefitting, this process doubts the project’s aims.

What are the Uses of Pi Coins?

The uses of Pi cryptocurrency are still unclear at this point in time. Developers of the network have plans to release the blockchain, the PI browser as well as Pi wallet. However, it is still in progress with no concrete information about its release date or when it will get listed on the crypto exchanges.

Pi coin miners and crypto enthusiasts from all over the world are hoping for its early launch. Once the trading of these coins starts, there will be greater interest generated, which will lead to more innovations on the Pi network.

What is the Future of Pi Coins?

The Pi crypto coin has gained popularity due to its ease of access and affordability. However, as of now, they are not listed on any cryptocurrency exchange. This makes it difficult to ascertain its value. Individuals can mine these coins and store them on the app itself. Additionally, one can also use these coins for buying goods available on the Pi marketplace.

One can assess its future value by studying the current trends; however, it is subject to speculation. Investors who have a high-risk appetite and are looking to invest in newer forms of cryptocurrencies can consider Pi coin mining. The early movers may earn high returns in case the price of Pi coins move upward in the future.

How to Buy Pi Coins in India?

Despite India’s very tough stance on cryptocurrencies, you may still obtain Pi coins, however, you will be able to exchange them only when phase 3 of Pi Network gets launched, which is expected to be anytime soon.

To earn or mint Pi coin in India, the user is supposed to get its mobile app either from android based play store or the iOS app store and thus mine it via mobile easily. However, post buying the Pi coins, you can also keep them safe in your digital wallet.

The user can also download the Pi coin wallet application from the android based play store or Apple app store, which monitors the Pi-based transactions.

The Indian user can also use their regular money or fiat currencies such as INR to buy Pi Coins, which can be stored in their wallet.

The users can also visit the Pi Network website and earn Pi coins. Pi networks also allow users to send money to other users with their PI wallet username at a much quicker speed.

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