Every Coin wants to be the next bitcoin, but do they actually have what it takes? let’s check out my Honest Pi coin review: written based on Technical facts, Analytical Research and User Opinions..Enjoy!
Table of Contents
What is Pi Coin?
Well, Pi Coin Claims to be the very First Digital Currency You Can Mine On Your Phone for free, with a energy-light mobile app, no internet connection, less battery usage.
The Crypto Currency is known as Pi Coin While the Network/Team is Pi Network
PI Network was invented on March 14, 2019 by group of three graduates from Stanford University California. The introductions are as follows –
- Nicolas Kokkalis (Computer Scientist), Head of Technology
- Chengdiao Fan (Anthropologist), Head of Product
- Vincent McPhillip (Business Head), Head of Community
If you are wondering how to buy Pi Coin for your portfolio, it is not yet possible. Users that have mined the Pi coin will only be able to withdraw or exchange their coins during the third phase of the project when Pi moves to a completely decentralised blockchain. Pi coin cannot be transferred during the testing phase, to prevent fake accounts from accumulating coins, according to the project website. Pi wallet balances are expected to be honoured when Pi shifts from the testnet to a mainnet, when the blockchain protocol comes out of development and is fully deployed.
As a result, Pi Coin is not yet available to trade on any of the cryptocurrency exchanges or trading platforms.
Once Phase 3 launches, holders will be able to take full control of their private and public wallet keys and use the coin to buy products and services on Pi’s peer-to-peer marketplace or exchange it for fiat currency. Without the keys, users cannot transfer or spend the currency they hold.
The Pi coin mobile app acts as a cryptocurrency wallet, linked to a user’s phone number or Facebook account. As with other public blockchains, the Pi blockchain will allow external wallets to hold Pi coins and transact with them by submitting transactions directly to the blockchain. However, unlike other blockchains, its developers have not yet released its source code.
In December 2023, the Pi coin developers introduced a new Pi Brainstorming app to allow users to propose app ideas, join projects and engage other users.
Early adopters are accumulating Pi coin in anticipation that the price will rise sharply after Phase 3 goes live. Although the coin’s mining rate has been reduced by halving, users can increase their mining rate by connecting with other active miners. New users can only join the Pi Network if they have a referral code from another user.
The project’s developers claim that the security of the Pi Network is enhanced by personal networks, encouraging users to bring in friends and family – which is prompting scepticism that it is a multi-level marketing or pyramid scheme. However, it is worth noting that users can only earn coins from their own direct networks – and not from their connections’ networks as with an MLM scheme.
How do I Mine Pi Coin?
To start earning PI coin, you have to register yourself in mobile (PI APP) through a link received from the PI community. It is mandatory to open the PI APP once every 24 hours and start mining (Earning) by pressing the tap button given in the app.
After that you can increase your hourly PI earning rate by inviting your trusted friends and family. After 3 days, you can further increase your earnings by building your security circle. This step contributes to the security of the network. Keep in mind, the first members of the network are at a higher rate than those who come after them.
How to get PI coin Link ?
For your convenience, we are providing you a proper link. You can start mining by downloading the PI APP as per the instructions given below.
Step – 01.: First of all, click on this link – http://minepi.com/Friendsimpact.
Step – 02.: Then click download button.
- Step – 03.: After downloading the app, open the APP and register yourself with Facebook. There are other mediums but our experience does not recommend the rest.
- After that, go ahead by entering some details which will be related to you and enter the code of Invitee (member of PI community) which is “Friendsimpact”. After that press submit button. Then start the mining by pressing TAP button then press next-next. Read this blog completely for further information.
What will be the value of one PI coin?
Today PI coin is about 0 ₹ / Dollar / Euro etc. like Bitcoin of 2008. The value of the PI coin will be determined by the time, attention, services etc. given by the other members of the network. Today the value of Bitcoin has gone from zero (0) to ₹ 7,79,918.27 in Indian currency. So nobody can predict the value of PI now.
What is PI Role ?
The PI roll is divided into four parts, which are as follows:
- Pioneer – In this, the user has to keep the PI APP active in their mobile continuously for the first 3 days. Data and mobile should not be closed and open the APP once in 24 hours.
- Contributor – After 3 days, you will see the icon of the security circle in the app., click and follow the instruction. To become a contributor, one has to add 3-5 people.
- Ambassador – New members join your team using your invitation code. When they are actively mining, each member of the team offers a 25% increase in your earnings. A new member can only be added to their invitee’s team, as each member joins the PI after using only one invitee’s invitation code.
- Node – This role is not available yet. Likely to come soon.
How will PI coin be used ?
It is estimated that the PI will also be used to buy goods or services or trade for profit, just like the rest of the cryptocurrency. Unlike most currencies, it is a digital currency and will be used like cryptography to provide secure online transactions.
PI Features :
Today, PI APP have more than 8 million users worldwide. This is an Android APP that consumes least mobile battery and Internet data. You can start your day by mining PI.
You can earn PI by expanding the trusted network. Most cryptocurrencies (such as bitcoin) are very difficult for everyday people to use. PI provides the power of cryptocurrency in your palm.
Is the PI Fake ?
PI’s core team is led by two Stanford PhDs and a Stanford MBA, all of whom helped build Stanford’s Blockchain community. We cannot guarantee whether the project will be successful or not. However, this network promises to work hard to realize its dreams, while maintaining the highest standards of honesty. You can learn more about them by going to the “Core Team” page in the main menu of the application.
Pi Network Red Flag
Alert 1) If not the first, at least one of the first things we look at in each cryptocurrency is white paper. Imagine it as a business plan. The document written by the team that created the currency and describes what it is, where it aims, why it pursues the goal pursued and plans to meet the deadlines and goals. Ideally, this is something simple, resembling Bitcoin. Without a lot of marketing interventions. Show that the developers are writing it. Uncertainty is not our friend here and unfortunately this one is pretty vague. It does not even seem that there is a specific limit to the production of coins.
Alert 2) It is not Standford University that is involved in the project, but some of its graduates or professors, such as Kokkalis. Dr. Kokkalis, as he says in his resume, has experience designing social applications that have become extremely viral, attracting millions of users. Here’s a bell-sized bell!
Alert 3) You don’t do mining on your cellphone. When we say mining, we mean that you are helping to verify and verify cryptocurrency transactions. It’s another process that simply rewards you as long as you keep the Pi in your wallet or attract other people to the network. You tell me, let them say it as they want, it gives money? That matters. You are right here, but the concept of mining refers to Bitcoin.
Alert 4) The working code is closed. No one knows how it works, only suspects. That is why there are a bunch of jokes about the wonders that this pioneering idea, this enlightened program, and so on are doing. Everything has come out of the narrator’s imagination. We know nothing about it. Of course Windows is closed and linux is open. Doesn’t mean it’s worse. Yes, but it is not in line with the philosophy of cryptocurrencies, as it deprives you of the right to confirm.
Alert 5) there is no blockchain none exchanges for the network yet, Perhaps in the nearest future.
Is Pi Coin Legit
Well, even though it turns out not to be legit It costs you nothing, except the 12 seconds a day you have to invest to restart the mining process…Certainly there’s no value AT THIS TIME, to Pi, but there was a time when Bitcoin wasn’t worth a single dime, and that was why few people were lucky to hold bitcoin then, the same sentiment will always repeat.
Pi Network: Pi Coin price prediction for 2023-2025
As with other digital coins at launch, the Pi coin value is likely to start at a relatively low level against the US dollar and rise as its usage grows. What do some of the price forecasts suggest?
At the time of writing, on March 18, Digitalcoinprice.com’s Pi Network price prediction 2023-2025 projected that the coin’s price would rise from an average of 0.0107 against the US dollar in 2023 to $0.0127 in 2023, and $0.0212 by 2025. Over the longer term, it predicted the PI price to average $0.0319 by 2028.
Final Verdict On Pi Network
The Intensions of the developers and the Pi Team is a significant one no doubt , I strongly believe the expression ‘ The freer the money the freer the people. ’ The same concept applies here with Pi. They want to make it the freest cryptocurrency in the world and available to every person who owns a smartphone. This is a great idea considering the fact that major cryptos of the world are being made in huge factories with ASIC devices. This limits the availability of the coin and makes it harder for the average user to get into contact with it.
The developers of the coin have created a new algorithm to validate the transactions, called the Stellar Consensus Protocol. (SCP) was architected by David Mazieres a professor of Computer Science at Stanford who also serves as a Chief Scientist at the Stellar Development Foundation. SCP uses a mechanism called Federated Byzantine Agreements to ensure the updates on the Stellar blockchain are accurate and trustworthy, besides it cost nothing to mine, no investment whatsoever, it would be wise to join the miners before the proper launch of the project.
