What is Pi Network & Cryptocurrency Coin?
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.
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.
You can mine crypto and monitor your metrics on the Pi Network app. This is a free app available for both Android and iOS devices. Let’s look at what this app offers to get a better idea of the Pi Network.
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.
What Is the Pi Cryptocurrency?
The Pi cryptocurrency is the native coin of the Pi Network blockchain and can be mined via the Pi app. As Pi is a cryptocurrency, it exists on a blockchain. The Pi blockchain uses a consensus mechanism known as the Stellar Consensus Protocol, originally developed for the Stellar (XLM) blockchain.
One Pi coin has a value of around $58 at the time of writing, though it’s important to note that cryptocurrency prices constantly change and always remain exposed to hikes and crashes. What’s more, PI is particularly volatile at the time of writing, with daily fluctuations sometimes exceeding ten dollars, a significant chunk of the asset’s overall value.
How to get Pi
Pi can’t be bought or sold and isn’t available on any crypto exchanges. The only way to acquire it is through the Pi Network app.
- Download Pi Network on your smartphone.
- Set up an account with a username, password, and either an email address or phone number.
- Enter an invitation code. If you don’t have one, you can find plenty online.
- Tap the lightning button to start mining.
- Check the app every 24 hours and tap the lightning button to keep mining.
If you want to start saving up Pi, it’s a simple process. Will this cryptocurrency ever have any value? Time will tell, but the Pi Network is extremely unconventional and controversial, and it offers little use so far, so look for other options if you plan to make crypto part of your investment portfolio. You could try cryptocurrency stocks or invest in cryptocurrencies that are available to buy and sell such as Bitcoin and Ethereum (CRYPTO: ETH).
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.
PI Coin Exchanges
PI will be exchanged with various cryptos and bought on renowned and prominent platforms and many other exchanges like BuyUCoin.
BuyUcoin offers classic trading facilities with a user-friendly interface while maintaining advanced charts for professional traders. BuyUcoin has numerous coins, and we will include PI Coin too.
There isn’t any financial risk with Pi because the app is free to use. The only thing you’re spending is your time when you check in to keep mining.
The question is whether Pi is worth your time. Some users see it as a no-lose situation. If Pi never amounts to anything, they’re not out any money. If it does, they can sell the PI coins that took very little time and energy to obtain.
That’s one way to look at it, but don’t hold your breath on Pi being worth anything in the future. The project has been around for years without launching, and its cryptocurrency has zero value. There has even been speculation that it could be a social experiment to see how long people will continue mining a cryptocurrency they can’t withdraw or use.
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