Pi coin offers a groundbreaking new approach to cryptocurrency mining that sets it apart from other coins on the market. It stands out as the first digital currency engineered to be mined directly and easily from a mobile phone, without draining your battery or requiring expensive hardware. Yes! You heard it right! Mining Pi coin is easy and what is even more interesting is investing in it.
Mining Pi coin through smartphone is accessible, affordable, and convenient. Users leverage Pi’s cutting-edge technology to mine coins stress-free, directly on their phones. This unique approach aims to democratize participation so anyone can take part in the mining process.
Despite its advantages, Pi coin is still in a testing phase and has not yet been formally launched or listed on any exchanges. For now, the only way to obtain Pi coins is to mine them using the network’s mobile app. Direct purchase options are not yet available to the public, but may open up once Pi reaches full launch capability.
Before you move ahead to learn about how to invest in Pi coins, let us first give you a glimpse on Pi coin.
What is a Pi coin?
Pi coin is a new form of digital money that has been engineered specifically for easy mining from mobile phones. It is the core currency that runs on the Pi network – an innovative blockchain project founded at Stanford University.
What makes Pi unique is that it does not require expensive computer hardware and massive computing power like Bitcoin and Ethereum to mine coins. Instead, regular smartphones can help in mining Pi coins through the network’s mobile app. This approach aims to make mining accessible and eco-friendly.
The Pi network operates differently from most cryptocurrencies in a few key ways:
- It uses an algorithm called Stellar Consensus Protocol to verify transactions and secure the network, rather than traditional proof-of-work mining which consumes large amounts of energy.
- It is managed by a community of users rather than a centralized entity. Members who help grow and protect the network are rewarded with Pi coins.
- It is still in the testing phase, so Pi coin currently have no monetary value and are not tradable on any exchanges yet. They can only be earned through the app. Earning Pi coin is aslo like investing in it
Users join the network when invited by an existing member. By tapping a button in the app once per day, members can then start mining at a gradual rate based on their level of activity and number of contributors in their circle. Referrals also earn bonus Pi.
As the community grows in scale to further decentralize the currency, the rewards per member decrease accordingly. When launched fully, there may be options to buy, sell or cash out Pi coins.
Pi presents an eco-friendly and accessible way to get involved in cryptocurrency mining just by contributing computing resources from a mobile phone. It has significant development ahead, but early engagement could lead to future rewards.
How to Earn Pi Coins?
As Pi is still in testing phase, there is currently no option to directly buy Pi coins on any cryptocurrency exchanges. Legitimate platforms like AvaTrade, Binance, and Coinbase have not listed Pi coins yet.
However, some websites falsely claim to offer Pi for sale. It is advisable not to trust such sites, as the only means of acquiring Pi coins at present is through mining them on the official mobile app.
The development team has announced plans to list Pi on exchanges after the project transitions from testing mode to mainnet. The listings would enable users to buy, sell and trade Pi coins for the first time. But as the cryptocurrency is still being piloted, no exchange integration exists right now.
If exchanges do decide to list Pi in the future once testing concludes, standard purchase procedures may apply:
(1) Creating and verifying account on the exchange platform
(2) Depositing funds into your exchange wallet
(3) Using deposited funds to invest Pi network coin at market price
However, any reports of current sales or functionality to purchase Pi on platforms like AvaTrade should be considered untrustworthy. Claims of existing price or trading volume data are also inaccurate, since Pi has no numerical value associated yet as a test currency.
Users should participate in the testing phase by mining coins on the network app and await official updates from the developers on exchange listings for Pi in order to directly buy or sell the cryptocurrency down the line using the steps outlined above.
Here is a more detailed explanation of how to invest in Pi coin:
Step 1: Download the Pi Network Mobile App
Pi coin runs on the Pi blockchain network, which is specifically designed for everyday people to mine coins using just their smartphones. Start your investment by downloading the free Pi Network app on your mobile phone (iOS or Android).
Step 2: Create an Account
Once the app is installed, register for an account. You will need an invitation code from an existing Pi user in order to join. This referral-based system helps expand the network.
Step 3: Configure Your Account
After creating your username and password, confirm your registration. Then set up a security circle by inviting friends and family to join Pi and add them as trusted members. Having more trusted members boosts your mining rate potential.
Step 4: Begin Mining
Upon setup completion, you will gain access to the mining screen. This allows you to begin earning Pi coins immediately. To activate mining, just press the large lightning icon daily to indicate an active miner. Consistent mining is a sign to invest in Pi coin over time at faster rates.
Step 5: Check Your Mining Rate & Balance
As you mine more, you will accumulate greater Pi holdings. You can monitor your total balance and daily mining rate within the main app dashboard. The more consistent miners within your security circle, the greater Pi you can earn per hour.
Step 6: Share Access with More Users
Try to expand your circle by inviting new qualified members to the network using your personalized invitation code. Every member you add boosts your mining potency. This viral incentive structure rewards participants for helping strengthen the Pi ecosystem.
Step 7: Participate in Test Phases
Pi is pioneering an eco-friendly consensus model for verifying blockchain transactions using phone resources. As such, it depends on members’ computing resources during test phases leading to full launch. By mining, you play a key role while earning tokens.
Step 8: Withdrawal After Mainnet Launch
Once testing concludes and the live main net activates, there should be options to transfer mined coins to personal wallets or cash out to fiat currency by selling Pi on exchanges if made available. Active miners in early testing stages stand to potentially gain higher rewards.
Investing in new cryptocurrencies like Pi coin requires patience as the project navigates through development phases towards full mainstream adoption. While rewards remain early for engaged members, speculation on price or monetary value is premature.
However, participation represents significant upside potential if the network can build trust and scale up considerably over time. Consistent daily mining and contributing resources helps strengthen and secure the system.
Pi coin offers an intriguing opportunity with novel mobile-first mining and already over 30 million pioneers taking part in piloting the concept. But skepticism is always prudent until advances towards becoming a fully operational blockchain system materialize.
