What Is Pi Cryptocurrency and How Is It Different? - Pi Review
Here are the things you need to know about Pi cryptocurrency – including the hazards – and how you can get engaged. The basic line is that it's completely free to do so, and while it won't make you any money in the short term, it might be worth a shot if it truly takes off!
We’d be immensely wealthy if we had a bitcoin for every new cryptocurrency idea that came along. Every few months, a new entrant appears, professing to be the answer to all of our global currency woes. Most of us had issues we didn’t even realize we had!
A newcomer to the realm of digital currencies that is quickly gaining traction. It’s a novel concept, according to the Stanford University team behind it, and it has the potential to be revolutionary. Hundreds of thousands of people have already signed up to earn it!
Here are the things you need to know about Pi cryptocurrency – including the hazards – and how you can get engaged. The basic line is that it’s completely free to do so, and while it won’t make you any money in the short term, it might be worth a shot if it truly takes off!
For several months, we’ve been mining Pi on our phones to test it out and make sure we know what we’re talking about. We have no further ties to the Pi Network, and the following article is our honest assessment of it — as evidenced by our reservations.
Some of you have come here deliberately looking for a code to join. You can use ours if you don’t know anyone on the network already: iamthenewking
What is the Pi cryptocurrency, and how is it different from other cryptocurrencies?
Pi is a new cryptocurrency for and by common people that you can mine (or earn) using your phone,” according to the team behind it. It appears to be straightforward.
Here’s their own video summarizing the situation:
There are two major selling points:
- It allows ordinary people to capture more economic value rather than lining the pockets of banks, technological behemoths, and other middlemen.
- It’s open to anyone and simple to mine (or earn).
They’re absolutely correct on the first point. It’s been a breeze for us to earn. Anyone with a smartphone can do it by installing the Pi app (which is available for Android and iPhone and checking in once a day.
The phone app is very unobtrusive. It consumes no battery power and transmits very little data, so you hardly notice it’s there.
This is in sharp contrast to Bitcoin mining, which necessitates specialized equipment and knowledge. And the amount of energy spent in the process is startling (pun intended) - as evidenced by Digiconomist’s helpful tracker:
The second claim, that it will be utilized as a currency by regular people to capture more economic value, is far from reality.
Related: What is an NFT and How does it work?
What can I do with Pi Cryptocurrency?
Right now, the truthful answer is not much.
Pi’s creators have a long-term strategy in mind. By developing a peer-to-peer market area for products and services, they want to eventually allow you to directly purchase things and services using Pi.
You’ll also be given the option of exchanging Pi for fiat currency (such as £, €, or $). All of this is anticipated to be attainable in the project’s ‘phase 3’.
You’re probably wondering what ‘phase 3’ is all about. The first phase, which included enlisting enough users, began in March 2019 and ended one year later.
So now we’re in Phase 2, which is primarily a testing phase in which individuals can volunteer to test ‘node’ software on their computers in order to decentralize the network (though you can just stick with your phone).
Pi’s transition to stage 3 is thus not set in stone and is dependent on his or her progress in phase 2.
We have no idea when it will happen; it could take months, years, or even never happen at all. One of the main reasons to be skeptical of the idea is the lack of uncertainty.
Is there Pi in the sky? Reasons to be skeptical
When it comes to digital currencies, We are always cautious. The concept of creating a currency out of thin air, having it exist electronically, and then suddenly becoming worth real money appears to be pure alchemy. We’ve already expressed our doubts about Bitcoin’s worth.
Pi was created by only three people. Would be honest, this isn’t how we imagined the digital money revolution to play out.
Pi’s crew will have to grow quickly if it is to become mainstream and handle hundreds of millions of users and billions of transactions.
The currency’s creators have published a lengthy white paper outlining the currency’s workings, benefits, and future. Technical geeks will enjoy it, but the Pi FAQs are much easier to understand for the rest of us.
The first thing that becomes evident is that Pi is not free money — which is a shame. It is described as a “long-term project” whose success is contingent on the contributions of its participants.
The sticking point in all of this is when, if ever, it will be a viable currency, despite the fact that the white paper is extensive and quite complete.
At this point, it appears like the strategy is to simply “increase the numbers, test the system, and we’ll take it from there.” There isn’t much to go on for those of us who want a little more certainty.
Related: Is it Worth it to Buy Axie Infinity?
There are a number of reasons to believe in Pi digital money.
Okay, so the network may only be powered by three people working from their bedrooms, but they are incredibly intelligent.
Plus, they’re being straightforward about it: this isn’t a get-rich-quick scheme they’re selling (unlike many other currencies out there). Their intention appears to be to create something valuable. Something more suitable.
And as for the team’s current tiny size, a lot of big ideas have come from small groups working in gloomy garages and bedrooms (looking at you Apple, and Facebook).
The app’s Android version has a lot of positive ratings but do your own research. Those that gave it one star appeared to be having technical difficulties.
When they switched to Phase 2 in March 2020, just one year after opening, there were over 3.5 million people on the network using virtually no advertising. It’s quite impressive solely based on word of mouth!
In many respects, I prefer the founders’ modest, low-key appearance — it’s far more trustworthy than if they were posing with models on boats. These guys are willing to put their names and reputations on the line for this software, which adds to its legitimacy.
At the end of the day, when it comes to cryptocurrencies, there are no guarantees. And their proposition doesn’t promise that; all it does is invite you onboard and see what happens.
When you consider that all you have to do is download an app and open it once a day, it seems like a good deal, especially when you consider what this may become.
Update: The Pi platform began advertising advertisements in May 2020. This is a vital step, according to the developers, in order to support the various costs and make it self-sustaining. The advertisements appear to be quite unobtrusive, and it helps them support the development of the platform into something useful.
Update #2: The Pi network launched its first trial digital wallet in April 2021, which was a huge milestone. This demonstrated how the platform is evolving and is an exciting step forward on the long road to Pi being real, useable money. Is it possible that we’re getting closer to something?
How to get started with Pi - Things you need to know
Mining Pi is as simple as downloading the app (search for ‘Pi Network) and checking in once a day.
We’ve been using the app for a while and haven’t encountered any problems. We can also confirm that it does not use a lot of data or drain the battery.
You must join someone else on the network in order to assist the Pi network remains safe. If you don’t know anyone else who wants to join, you can use my code iamthenewking (or this link, which should get you a free Pi: https://minepi.com/iamthenewking) - but there’s no obligation to do so.
Don’t merely guess a code because you’ll be linked to a complete stranger, who may or may not be active, slowing down your mining.
Joining other active miners is the easiest and most obvious way to increase your mining rate on the network, therefore it’s worth getting any interested friends and relatives involved.
Signing up friends and relatives sounds suspiciously like a pyramid scam, so expect some skepticism. These personal networks, according to the Pi Network, improve security and let you mine faster.
It’s worth noting, though, that you only earn from your direct network; you don’t gain credit from other people’s networks, so this isn’t a digital MLM scheme. Currently, it appears like there is no limit on the number of individuals who can join your network, so if you get a lot of people to join, you can mine a lot more Pi. This is certainly a strategy for assisting the platform’s growth in its early phases.
While Pi is still in its infancy, it is developing at a rate that cannot be ignored. It’s free and simple to start earning it, so we decided to give it a shot.
Apart from some squandered time, you stand to lose very little. Of course, it may not amount to much, but if it meets its objectives, it will be rather impressive. And in that case, getting there early could pay out nicely!
Leave your thoughts in the comments section below.