I would be very wealthy if I could have a bitcoin for each new cryptocurrency idea. Every few months, there’s a new player promising to solve all of our global currency problems. These are issues that most people didn’t even know they had.
This article will tell you about a rapidly-growing entry to the world of digital currency. This is a new idea, and the Stamford University team behind this claim it could be revolutionary.Already, millions of people have signed up to get it!
Here’s what you need to know, including my thoughts on the risks and how you can get involved. It’s completely free and, while it won’t make you any money immediately, it could be worth taking a chance if it does take off.
So friends, I’d like to introduce you to Pi, a digital currency.
A quick reminder: We have been mining Pi from our phones for several month to check it out and make sure we understand what we are writing about. The article below represents our honest opinion of Pi Network. You can see this by the doubts that we have.
You may have arrived here specifically looking for a joining/Invitation code. You can use ours if you don’t know anyone on the network – FreeMobileMining
What is Pi cryptocurrency and why is it so different?
The Pi network cryptocurrency was launched in March by a Stanford University PhD team. It has received a lot of attention since then. Over a million people have downloaded the app to date. This has sparked a new wave of mobile crypto cloud mining.
The team behind Pi says that it is a new cryptocurrency designed for everyone. You can mine or earn it from your smartphone no high power GPUs needed which reduces the energy consumption & also reduces the impact on the environment and carbon emissions from mining. It sounds easy enough.
Three major selling points are:
- Pi Cryptocurrency mining is completely free.
- It is easily accessible and easy to mine or earn. All you have to do is start cloud mining through the Pi Network mobile application. It does not use any cell phone traffic or resources
- It allows everyone with mobile to gain more economic value.
They’re absolutely right about the first and Second point. It is very easy to earn. Anyone with a smartphone can do this by downloading the Pi App (available for android and iPhone) and simply checking-in once a day. You can find more information in the article about how to join and get started with a mining network.
It is all done in the cloud. It doesn’t matter if the app is closed completely or the phone is turned off. While you can continue mining, it will only allow you to start mining once every 24 hours. The app button can be pressed every 24 hours to start Pi mining.
Their third claim that it could be used by ordinary people as a currency to increase economic value is far from reality till now.
Here’s the video they made summarizing it all:
What is Pi Cryptocurrency used for?
The truth is that there are not many.
Pi’s clever minds have a long-term vision. They plan to eventually allow you to purchase goods or services directly using Pi digital currency by creating a peer to peer market place for goods.
The possibility to exchange Pi for fiat currency, such as EUR, or $ will also be available. All of this is possible in the ‘phase 3″ phase.
You’ll naturally be curious about what phase 3 is. Phase 1, which was about getting enough users onboard, was launched in March 2019.
We’re now in Phase 2 and users can volunteer to test the ‘node software’ on their computers to decentralize network. However, you can also use your phone.
Pi’s date to transition to stage 3 is not set. It will depend on how far he has come in phase 2.
We don’t know when it will happen. It could take months, years or even never happen. This lack of certainty is one reason to doubt the project.
Pi to be like bitcoin? Doubtful
Digital currencies are something I am skeptical about. It seems pure magic to think that a currency could be created out of thin air and exist electronically. I’ve already expressed my concerns over the fake coins.
Pi was developed by 3 people.
If I’m being honest – If Pi gets success, It will be mainstream, supporting hundreds of millions of transactions and users, and it is certain that the team must grow quickly.
It is obvious that Pi is not a free money. It is described as a “long-term project whose success depends upon the contributions of its members.”
The white paper is quite long, but it’s fairly complete.The problem with all this is when it will become a viable currency.. And, frankly, no one seems to know. Based on what I’ve seen I’d include developers in that.
At this point, it seems that the plan is to ‘grow numbers, test the system, and we’ll go from there’. There’s nothing to be gained for those who need a little more assurance.
There are many reasons to believe in the Pi digital currency
Okay, the network may only be powered by three people working from their homes, but they are quite smart.
They are also being honest about the fact that it is not a scheme to get rich quick (unlike other currencies). They really seem to want to create something useful. There is something better.
The team is small and focused right now. However, many great ideas were born from small teams that worked in cramped bedrooms and garages (think Apple and Facebook).
Advertising is virtually non-existentThere were more than 3.5 million users on the network They moved to Phase 2 in March 2020, one year after the launch. It’s impressive just by word of mouth!
In many ways, I prefer to see the founders in a more modest, budget-oriented manner – it is much more trustworthy than if they were continuing on as Fyre Festival organizers, posing on yachts with models. This app is more credible because these guys are willing to share their reputations and faces.
In the End,There are no guarantees when it comes cryptocurrency. Their proposal doesn’t offer that. It’s simply inviting you to join them and watching what happens.
This seems reasonable considering you don’t have to spend anything except the effort to download and open an app once per day. It is especially so when you consider what this project could become.
Update: The Pi network launched their first trail digital wallet in April 2021. This was a major milestone. This was a significant milestone in the long journey towards Pi becoming a valid, usable currency. Are we getting closer to something else? It’s possible!
How to get a piece of the Pi by mining
The app has been in our hands for some time now, and we haven’t experienced any problems. It doesn’t use a lot of data or drain battery.
To help ensure the security of the Pi network, you must join another member. If you don’t have anyone else to join then you can use my code freemobilemining (or this link will give you 1 free Pi: https://minepi.com/freemobilemining)
Do not do the same as me and guess a code instead, because a) you are connected to a total stranger and b) the stranger might be inactive, which slows down your mining progress.
There are many ways to increase your mining rate on the network. The easiest and best way is to join other active miners. It’s well worth it.
Invite your friends to join Pi Network so you can mine more Pi Coins. If you successfully invite another friend, your payout amount can be increased by 25%. After three days of registration, you can activate Safe Circle and add friends to the Safe Circle in order to increase your mines.
It is not a multi-level digital marketing scheme. It seems like there is no limit on how many people can join your network. This means that you can mine a lot more Pi when you have a lot of people joining. This is clearly an attempt to grow the platform in its early stages.
There is a built-in mechanism in Pi Network to prevent fake accounts, and each user can only register one account. Additionally, Pi Network plans to add KYC authentication to lock cloned accounts. For pi coins to be freely transferred in the future, the account must be authenticated. So don’t try to use the automatic invite to withdraw more Pi coins.
Simillar Article :- Start MIB Mobile Mining…..!
Pi Network has a mechanism that prevents fake accounts. Each user can only create one account. Pi Network will also add KYC authentication in order to prevent cloned accounts. To allow pi coins to be transferred freely in the future, an account must be authenticated. Don’t attempt to withdraw additional Pi coins by using the automatic invitation.
Pi currency mining difficulty
As the number of users grows, mining becomes more difficult. Mining becomes more difficult when there are ten times as many users, such that it reaches 100 million or 10 million. If you start mining sooner, you will receive more pi coins.
Although Pi is still in its early stages, the growth rate is unstoppable. It’s easy and free to earn it. For us, that’s worth it. The development of the pi coin is currently in its second phase. It is not yet traded on any exchanges and does not have any real value. This makes it a great time to mine and store pi cryptocurrency.
You have very little to lose, other than wasted time. However, there won’t be any cost or risk to mine Pi digital currency. It takes just one click to access the app every day. This button could bring you huge profits in the near future. It might not be enough, but it will make a difference if it achieves its goals. In that case, it could be a good idea to get in early.
Pi Coin will also add computer mining capabilities and prepare for a blockchain implementation phase 3.Pi currency are highly in demand and many people have expressed their desire to mine pi.
We’d love to hear your thoughts in the comments. It is possible that your comment will not be approved if it is merely to leave a joining code.