Will Pi coin ever rise? What will happen to my entire Pi coin? Have I been wasting my time mining Pi all this while? Is there a future for the Pi coin at all?
These are the questions amongst many others that run through our minds when the words ‘PI COIN’ are mentioned. It looks like it’s taking forever for the Pi coin to be launched.
Want to know how to earn from Pi? Then this article is for you.
This article will discuss and bring to the spotlight, how to earn from Pi coin, as well as dish out requisite or essential information that is to be known regarding Pi coin.
This will be tackled through some categorized sub-topics. They are;
- What is Pi?
- History of Pi
- How can I earn more Pi?
- How can I sell my Pi?
- How can I withdraw my Pi?
- Will pi coin ever rise?
Table of Contents
What Is Pi Coin?
Pi Network is a digital currency project that intends to keep cryptocurrency mining accessible, as first-generation currencies such as bitcoin have become increasingly centralized, making them out of reach for common people.
The Pi Network, which was created by a group of Stanford graduates, allows users to mine currencies using mobile phone software while also authenticating transactions on a distributed ledger.
Pi or pi coin is the cryptocurrency that runs on the pi network. It is the first crypto that you can mine with your smartphone. As it is, pi has no value according to many crypto experts and crypto sites.
However, the pi coin is expected to become a massive cryptocurrency after it will be released. So, the basic thing that is needed to be known about the pi coin is that it is a cryptocurrency that was launched in 2019 by some Stanford Ph.D. students. Also, that pi coin can be mined via or through a smartphone when the app is being downloaded.
The Pi coin can be recognized by its symbol, pi (π) in a golden circle. Pi uses a Blockchain network type. Also, it is a token type of asset.
Pi can be generated through Pi mining. Currently, pi has a current supply of 1,378, 368.8048804. With this figure, it is sad to note that it has 0 in circulation. The last known price of the pi coin is 0.00707719 USD. However, this could be mere speculation as it currently has no value since it hasn’t been released.
History Of Pi Coin
The pi coin was launched on March 14, 2019, when three Ph.D. students of Stanford, Vince McPhilip, Chengdiao Fan, and Nicolas Kokkalis, established Pi Coin. On March 14, 2019, the mobile app was released. In less than a year, the project was monetized by adverts, and the number of users grew to over 3.5 million.
It is imperative to note that the major aim of founding the pi network was to make cryptocurrency available for everyone in a cost-effective manner.
Furthermore, through the course of its (Pi) history, pi has passed through various phases. These are from phases one to three. Phase one revolved around “Beta” phase two was centered on “Test net” and phase three was on “main net”.
Finally, according to various observers, phase four of the pi network will be launched very soon.
Can I Earn Money By Mining PI?
According to most experts, you can only earn pi by mining the coin with your phone. Interestingly, for you to earn more pi coins, that person must invite more people using their invitation code and thereby earning at a faster rate.
The Pi network has evolved into a large ecosystem of linked businesses, rather than merely a mining tool. The Pi wallet has a test version with a remarkable payment speed of fewer than 8 seconds. Developers can now use the Pi browser software to test and launch decentralized third-party Pi apps.
The Pi program is energy-efficient and environmentally friendly, unlike many other mining applications. It benefits from people vouching for one another because it aids in the security of the ledger.
However, it is also important that those who might have an interest in earning more pi should invite many people because the more people you invite the more you earn pi.
To be more factual a person may earn 25% of the base mining rate from every active person who has joined their network.
So, the prerequisite for earning more pi is on a more you refer, more you earn basis.
How Can I Sell My Pi?
Currently, the pi coin cannot be sold. Since the pi coin is not listed on any major exchange and is in a pre-sale phase right now, this virtual currency cannot be sold. However, crypto analysts expect the pi coin to be listed before the end of this year.
In a nutshell, the pi coin cannot be converted into any monetary value right now.
How Can I Withdraw Pi?
As it is, the pi coin cannot be withdrawn. The only positive thing here is that you can only withdraw it to a digital wallet. The reason behind this is due to pi not having value as well as not being listed as a full-fledge cryptocurrency.
This is to say inclusively that the pi displayed on people’s devices is just a number.
Will Pi Rise At All?
Even though pi currently has no value, a lot of experts believe that the pi coin is likely to follow any market boom that occurs. So the year 2023, might see its price rising to a new all-time high. Additionally, the general hype for crypto can greatly benefit the pi coin. It is even speculated that between 2038 and 2041 the price of one pi coin will be in the region of $800.
The best answer we can give is that Pi Network is listed on the exchange, and only Pi that has achieved KYC certification can be monetized after that. We don’t know when it will be achievable, but I believe it will be between 2022 and 2023.
I’m going to explain this since you need to know about it if you want to know when your Pi will start making money.
Pi coin vs. Bitcoin: Will Picoin Be Like Bitcoin?
In stark contrast to Bitcoin, the Pi coin network is not decentralized. It is composed of a single node that validates every transaction and generates every block. All Pi coin nodes are identical, being simply copies of each other. The validity of transactions and blocks in Pi coin is determined by the validity of the node that produces them.
The pi coin is not a decentralized cryptocurrency at all because it has no nodes except for one single master node that generates all transactions and blocks. All other nodes are identical copies of each other, with no authority over any other node whatsoever (other than what they generate). This means that the Pi coin has no redundancy or fault tolerance — a single hack would take down the whole network permanently.
Bitcoin was the first cryptocurrency to successfully record transactions on a secure, decentralized blockchain-based network. Launched in early 2009 by its pseudonymous creator Satoshi Nakamoto, Bitcoin is the largest cryptocurrency measured by market capitalization and the amount of data stored on its blockchain.
The Bitcoin software is free and available online to anyone who wants to run a Bitcoin node and store a copy of the Bitcoin blockchain. As Bitcoin matures, engineers have designed additional protocols to improve the speed and privacy of Bitcoin transactions, including the Omni Layer, Lightning Network, and Liquid Network. You can use Bitcoin to send money to anyone via the Internet with no middleman.
Bitcoin is an upcoming new cryptocurrency that targets to compete with Bitcoin by offering similar services but with lower commission fees, faster transaction times, and better security.
PI KYC Certification
To make money with your Pi, you must first understand it. You can join the Pi Network using your phone number or Facebook account. The difficulty is that knowing this information isn’t enough to keep you from mining Pi for profit.
It is possible to mine this method by utilizing many mobile phones with one account or by stealing other people’s data.
Pi Network is now doing KYC verification for some users to be able to invalidate Pi mined in this manner.
When you choose 100,000 people at random for authentication, the majority of them haven’t had an opportunity to validate their KYC. This is presently only validated by a passport, and it is being processed by Yoti, an agency based in the UK.
It is not yet known when all users will finish this. The crucial thing is that before Pi may be exchanged, the Pi core team must complete the process of burning Pi mined using fraudulent means and provide KYC verification opportunities to all users. Perhaps this procedure will be adopted following Mainnet’s completion in Q4 2021.
As a result, before we can monetize the Pi, we must first complete this process. Although, it could also exceed the intended period
What Is The Relationship Between Mainnet and PI
It’s also useful to be aware of the Mainnet, which I mentioned earlier. This will also assist you in determining when your Pi will become monetizable.
Pi will have its coin issuance technique once Mainnet is completed. The Pi is now using the Stellar Consensus Protocol (SCP), the “Stellar Lumen” consensus technique.
Only roughly 50 types of coins have finished the Mainnet out of all the currencies available on the coin market today. All coins listed outside of the Mainnet are regarded as “tokens” and have a low value.
Without a Mainnet, the Pi Network may go through the listing process, but I don’t want that to happen. If the Pi is listed in this manner, it will be classed as a token and will not command a premium price.
Pi Network has yet to make any public announcements. However, Mainnet’s completion date has been set for the fourth quarter of 2021. This means that Mainnet will be built before Pi is listed on stock exchanges.
As a result, we must first wait for the completion of the Pi Network’s Mainnet and the completion of KYC verification for all users before the Pi may be monetized.