Pi Cryptocurrency is the first digital currency you can mine on your phone. It’s decentralized, secure, immutable, non-counterfeitable, and interoperable digital money. It works on your mobile phone and does not drain your battery. Pi’s blockchain is a scalable, secure, and environmentally-friendly alternative to existing cryptocurrencies.
How to mine Pi Cryptocurrency?
Mining Pi is not really a crypto-mining operation. There’s no proof-of-work like there would be with Bitcoin mining.
Bitcoin mining necessitates large expenditures and power inputs, which are harmful to the environment. However, the developers of the Pi Network app took a significant step forward in mining processes. The main idea was to create a user-friendly network where people could form chains and mine coins using a mobile application at a low cost and with little battery drain.
The Pi Network app allows you to earn PI by following simple instructions and contributing to the Pi community.
Here’s a step-by-step guide on how to mine PI coins:
Step 1: Install the Pi Network app from your phone’s app store.
Step 2: You can sign up by entering your Facebook login information or using a phone number to set up an account.
Step 3: Set up your password
Step 4: Fill out the profile section of your user account. Use a real name (not “superman12345” or other made-up username). Next, enter your country and phone number.
Step 5: Use the invitation code that your friend gave you or look it up online.
Step 6: Congrats! The next step is to start mining PI. When you sign up, each new user receives 1 Pi.
Is Pi a Good Investment?
As of September 14, 2022, investors can still not purchase Pi coins. If you expect the project to launch a cryptocurrency that people will use regularly and won’t cost too much money to obtain—such as Bitcoin or Ethereum—you can help support it by mining for Pi Coins now.
You could also decide to wait until you can buy the Pi coin on an online exchange. Whether or not this investment will be suitable for your portfolio is something only you can determine. Always do your own research and never invest money that you cannot afford to lose.
Is Pi a Scam or Legit?
The founders of the cryptocurrency project have been accused of running a pyramid scheme by employing multi-level marketing tactics.
Technically, because the cryptocurrency isn’t live on an exchange yet, it can’t be bought or sold. The project has a veneer of credibility—it was founded by graduates from Stanford University—but this doesn’t mean that investors should take its claims at face value.
Cryptocurrency has created financial opportunities for many people, but it’s also rife with fraud.
Can You Get Rich With Pi Cryptocurrency?
So far, the Pi coin has not been listed on any exchange, and is only available for mining. The main question for Pi coin holders is whether their currency will ever be listed on exchanges, giving users an opportunity to sell it. If it does happen, what kind of price can they expect?
Experts predict that the Pi cryptocurrency will be worth less than the U.S. dollar but also say it could gain value if more people start using its network. Based on projections, the Pi network seems likely to be listed on exchanges in 2022. If that does indeed happen—and barring any drastic market conditions—we should see the price of the Pi coin rise above $0 for the first time since its launch.
Alternatives to Pi Coin
If you’re looking for another program like Pi Network, try one of these alternatives to see if it fits your needs.
MIB Coin
MIB wants to develop a global cryptocurrency where everyone can be both a miner and user. By focusing on smartphone mining, the project might be off to a good start. MIB is also an acronym for Mobile Integrated Blockchain—a name that pays homage to this goal of creating something accessible from any mobile device.
Phoneum
Phoneum is a mobile-only cryptocurrency that gives users the ability to earn coins by mining through cloud infrastructure.
Phoneum hopes that its currency will one day be used for apps and games, but it remains to be seen how successful the company will be. Users can earn Phoneum by downloading the mobile app for Android; there is no iOS version at this time.
Electroneum
Electroneum, or ETN for short, is a user-friendly and mobile-oriented cryptocurrency that allows users to send funds through its app instantly.
The Electroneum mobile app has been well received on both Android and iOS, although there is always room for improvement.
The Pi Network provides a compelling new opportunity.
The Pi Network provides a compelling new opportunity to earn cryptocurrency without having to invest a lot of capital up front.
Miners can now hold coins right on their phone, and even get paid by contributing to the community. It’s an interesting concept, and one that will likely appeal to a broad range of crypto enthusiasts.