Pi coin is a new cryptocurrency, developed by Stanford PhDs with an innovative social-based approach. Unlike openly tradable currencies, Pi relies on community contributions and engagement from users to distribute and “mine” coins organically without excessive power consumption. Once launched on mainnet in phase 3, users can claim and exchange Pi they have accrued.
Pi is the first digital currency that can be mined simply from a mobile phone. But it’s the breakthrough technology behind Pi that makes the mining experience accessible, enriching, and free of stress. Although highly unique, Pi is not yet available for purchase anywhere.
So how does one buy Pi coin? Currently, mining is the only method to obtain Pi since it has not yet been listed on any exchanges. Here is a detailed guide on mining Pi coin and how the network operates.
Introducing Pi Coin
Pi coin is a modern digital currency that can be easily mined from even a basic smartphone. Referred to as PI, it is the primary cryptocurrency that runs on the Pi Network. This network enables users to mine from their phones, eliminating the need for expensive hardware or GPUs.
Like other cryptocurrencies, Pi coin is community-managed rather than government-regulated. It is currently in phase 2 testing and expected to fully launch on mainnet in phase 3.
The Pi Network is unique because it works on a “stellar consensus protocol” – users earn rewards based on contributions to the community. In a sense, Pi cannot be bought outright anywhere yet since it hasn’t been listed on exchanges. Access is only through mining.
How Mining Works?
To mine Pi coin, the mobile app is used extensively. Users tap a button once every 24 hours. For participating, a referral code from an existing member is used to join. The more active users someone refers, the more potential mining bonuses.
Pi Network implements a dynamic mining rate that adjusts depending on the total number of active users mining within the network. This ensures a fair distribution of coins as the community scales over time.
Specifically, when Pi first launched in 2018, the base rate per user was set at approximately 1.6 Pi per hour. Later at about 100,000 total pioneer miners, the rate dropped to 0.8 Pi per hour. Again at 1 million miners, it halved to 0.4 Pi per hour. Currently with over 10 million pioneers, base rate stands at around 0.2 Pi per hour and can be verified within the app.
Rates may further halve as the community continues adoption to promote equal distribution opportunities even for later members rather than initial joiners taking all supply.
Pi Coin Value
Since it’s not officially available on exchanges yet, Pi coin has no measurable real-world value. There is no trading data available.
At writing, the hypothetical price is $29.77 per PI coin, or ~₹2,477. But market cap and circulating supply are both 0 since the network has not disclosed these stats.
For now, miners earn Pi coin rewards which hold no monetary value. Per Pi Network’s site, actual exchange withdrawal/trading is expected during phase 3 mainnet launch, but there is no set timeline. The project disclaimer states it has no affiliation with any unofficial exchange listings to date.
Key Attributes
Some unique features that set the Pi Network apart:
- One can mind Pi coins just by using a smartphone. It does not require any kind of costly hardwares.
- It has a large and engaged community of 35M+ pioneer members.
- It is fully decentralized, so no single entity controls the network.
- User rewards increase for active contributions
- Seamless referral system to drive organic growth
- Flexible enough to integrate across blockchain projects
While actual utility remains speculative during ongoing development, Pi strives to leverage social connections and mobile accessibility to power mainstream adoption longer-term.
If you want to get in early and start accumulating Pi, here is a step-by-step guide on how to buy Pi Coin.
1. Get a Pi App Invitation
Since Pi is still in development, you need an invitation from an existing user to join the network. Visit the Pi Network website and click the link to download the mobile app for iOS or Android. On the install page, you’ll be prompted to enter an invitation code – reach out to a friend or community member who already has the app to get a code. This links your account to the member who referred you.
2. Install and Set Up Your Pi App
Once installed using the invitation code, set up your Pi account. This just requires entering a name and password, along with accepting the terms and conditions. No personal info beyond a username is needed at this point since identity verification comes later.
3. Begin Contributing and Mining Pi
Once set up, you can begin contributing to the network and start mining Pi coins. The mining process at this phase just involves making regular contributions by interacting with the app daily.
There are 3 main activities:
1. Checking in each day via the lightning icon to earn a flat mining rate
2. Completing tasks like taking surveys or watching ads that contribute data
3. Growing your security circle to increase your mining rate
All of these interactions are designed to grow the Pi community while rewarding contributors (miners) with the Pi coin that builds in your account. It’s important to keep mining consistently to maximize earnings.
4. Enable Maximum Security
Since balances can’t be transferred yet, security boils down to locking down your account. Make your username and passwords long, complex, and only used for Pi. Additionally, set up two factor authentication through the security screen.
Lastly, build up your security circle with 5 trusted members you know to improve mining power – this way only trusted members can vouch for your identity later. Avoid random ads for security.
5. Withdraw Pi to Exchange or Wallet
Eventually once the mainnet is established, users will be able to withdraw earned Pi coins to external wallets or exchanges. The Pi blockchain will support both mobile wallet apps as well as exchanges for converting Pi to traditional currency or cryptocurrencies like Bitcoin.
At launch, verified members who passed KYC can transfer Pi out to exchanges that support the coin or to personal wallets. Transfers between app users will also become available. Withdraw and exchange options will be limited at first but grow over time with adoption.
Getting in early with Pi Coin now is key before wider exchange trading begins. By mining Pi and building security circles today with consistent engagement, users can accumulate potentially valuable crypto holdings for the future. While verification and transfers are not yet activated, by leveraging the social-based mining process, anyone can contribute to the Pi network and earn Pi that can later be exchanged once the project reaches the next phases.
The process requires patience as the development and technology matures, but those participating today stand to benefit the most once mass adoption occurs. Pi’s model of social engagement and community contribution helps grow the broader ecosystem while rewarding engaged users. So download the app, start mining, and be part of the Pi community’s mission.
