Abhi
Would it not be awesome to have an app that mines crypto currency on your phone without you having to do much? The Pi mining app allows you to do just that. Install the app, sign in every day to validate and the app will mine crypto coins called Pi Coins for you.
What is the Pi Network and Pi crypto coins all about?
The Pi network looks at creating a new form of crypto currency that can be generated by actions in a community. Traditional crypto currencies you and I know of are mined using powerful servers and equipment, taking up a lot of electricity. But that is not the only way a crypto currency can be created. A crypto currency can be created by anyone using a standard set of rules applicable to all for defined actions.
On the Pi platform, users mine Pi Coins by being part of the community and taking actions within the community. As the community grows, and as users help the community grow more, they are awarded with more Pi coins. Gradually, as the network grows, users will be able to utilize these coins for transactions and purchases.
Team behind the Pi App
The Pi Network is conceptualized and built by a team of 3 Stanford professors and experts in Computers, Social computing and Community building. Two of the team members are PhDs. Taking them at face value, the team seems to have a good background in this area. And the idea seems be to believable.
Pi came into existence on 14th March 2019 and has been around for over a year now. At this point of time, the team is aiming to get as many users as possible. To do this, they are allowing users to get free Pi coins for being an early adopter to the Pi network.
So is the Pi App a pyramid scheme? Or is Pi coins a Scam?
It is definitely NOT a pyramid scheme or a scam. Do you need to put in any money to get Pi coins? No! All that is required from you is that you install their app, start logging in once a day to activate mining and refer friends to build the community.
Having said that, there have been a number of such services that started giving users coins for similar participation, but gradually could not sustain the business model. Most recently, we saw the demise of Elecroneum’s coin mining program. The same holds true for Pi. It all depends on if the team is able to successfully build a large community and move the Pi Network into the next phase.
The team themselves acknowledge the chances of failure and say they work hard to ensure that the project turns out to be a success.
Pi Coins as they are now
At this point of time, the Pi Network is pretty new and just starting up. They are only looking at building up a network of users. Right now, Pi coins cannot be transferred or exchanged.
With the increase in user base, the Pi program will move into the next phase which allows users to transact with each other and even link Pi to a wallet, which will allow you to exchange Pi Coins for other crypto currencies or even fiat currencies.
How start mining for Pi coins?
To start mining Pi, get the Pi App. You can only mine if you are referred by a current user. You can use my user ID: LITTLESAVES and join as my referrer. Joining as my referrer with this link allows you to mine 25% more Pi Coins.
Once you have the app and signed up, you can start mining coins. You will need to log into the app every day and select the mine button. This is to ensure that only active users get free Pi coins.
You need not keep the app open on your phone. As long as you take a few seconds to log in, click on the mine button, you are good and will get free crypto coins. This means you do not loose battery power on your phone.
How to mine more Pi crypto currency
There are 3 ways you can increase the number of Pi you mine per hour.
Increase Security circle
Once you have mined for 3 successful days, you will have an option to add people to your security circle. For every active user you add to your Security Circle, you will get an additional 0.04 Pi/hour. These users will have to be active for this to work.
Once again, after mining for 3 days, once you have an option to add trusted people to your network, add me as an trusted user to get more Pi coins per hour.
My username:
LITTLESAVES
Invite more users
The other way to earn more Pi coins per hour is to invite more people to mine on their phone. You will get an additional 0.04 Pi/hr for every new user you add.
Pi Node
If you are interested in running Pi on your computer, they have a node program that allows you to earn more Pis by validating the blockchain transactions. You need not do anything. Just download the program and let it run on your computer to earn additional coins.
Withdrawing, value and Verification
A big question for Pi blockchain users is how valuable is it? Is it worth the time invested? At this point of time, the coins are held on your phone and do not have a value. Once the project moves to the next phase, your Pi coins will have a value and you will be able to start transferring them or using the Pi coins for transactions.
Pi coins are not going to be given for free forever. The idea is to grow the user base to about 100 million users. Similar to Bitcoins, the rate of mining too decreases as user base grows. Eventually, once the user base is large enough, Pi network will stop mining and Pi coins can only be earned and not mined. More the reason for you to start on this early.
Get started mining crypto on your phone
You can only join the Pi mining network with a reference from an existing user. Use my link below to join. This gives you 25% more mining rate. After three days of mining Pi coins, you will be able to update your security circle. At that time, add me to your security circle again to earn an additional 0.04
My username: LITTLESAVES
Pi App Review
Summary
The Pi app is straightforward to use. It does get a bit irritating to log in every day to mine. Most other similar apps or networks allow for a weekly sign in. The other point to consider is how long it is going to take for the project to move to the next phase for your Pi coins to be worth while. As of now, it is still a great idea to start mining Pi crypto currency on your phone.
Some questions about the Pi Mining App
No, it is an honest effort to create a new form of community based crypto currency by a team of PhDs from Stanford and Yale.
You initially can mine 0.2 Pi/hour. With additional security circle members and referrals, you can mine up to, 0.6 Pi/hour. That is about 14.4 Pi/day
The Pi coin does not have a value yet as it is in it’s initial phase. Over a period of time, the Pi crypto accumulated will gain value.
No, at the moment, Pi coins cannot be withdrawn to a different wallet or used to pay anywhere. This is because, the Pi Network is in it’s initial phase of launch.
No this is an app only platform. You need a phone to mine Pi coins. The Pi Network has a Node program where you can run a node on your Mac or Windows computer that verifies transactions and makes you money.
No, Pi app does not drain or reduce battery life. In fact, the app need not even be open on your phone for you to mine Pi coins.
You can use LITTLESAVES as the username to join the network. Using this gives you 25% more mining power.
