The Pi network claims to be a new revolutionary digital currency that you can mine directly from your phone. Simply install the Pi Network App on playstore or Appstore to get started. But what exactly is this new digital currency? It sounds like some dodgy math question – What is Pi? Digital currency review will hopefully shed some light on the matter.
What is this new Cryptocurrency?
The Story of PI – The first Digital Currency that you can mine from your phone.
Here is a short video directly from Pi themselves.
With over 9 million currentl users mining, it definately does have some great selling points:
- Anyone can mine the currency with very little effort or special equipment.
- It give everyone the potential to earn their own crypto-currency unlike the biggies such as Bitcoin and Ethereum.
- you are able to utilize your friend network to help you earn alot more coins.
The Digital Currency was started in March 2019 by a team at the university of Stanford. In the hopes of bringing a new form of digital money maintained by a community rather than governments & banks.
Can I use the Digital Currency?
Simple answer… no.
Currently there is no way of withdrawing, spending or exchanging the currency.
The team are working on the basis of 3 phases:
- Phase 1 – Getting people on board. With the ease of mining and being able to increase your mining potential by inviting your friends, in just one and a half years, the network has managed to reach almost 10 million users!
- Phase 2 – The phase that they are currently in is the testing phase. Users have volunteered to test ‘node’ software on their computers to decentralize the network.
- Phase 3 – This is the phase that the currency will come into it’s own. The plan is to be able to purchase goods and services using the currency by creating their own peer-to-peer marketplace. There will also be the chance to exchange the digital currency in to cold hard cash, such as, Pounds, Dollars and Euro’s.
However, the date for phase 3 to open is not set in stone and largely depends on how well the testing of phase 2 goes.
Why should i start mining?
I am a hugely skeptical person! The thought of anyone and everyone being able to mine these coins from little more than a button sounds too good to be true.
how three people could create a network so large, so quick and expect to say that these coins will be worth something at the end?
In my mind, i foresee the coin being worth little more than $0.0001 per coin meaning you’d need a LOT of coins to ever do anything with. Or, the entire system crashes and the coins are worthless.
Nonetheless, the good points about the entire system is that it is completely free to register, download and start mining. I myself have been mining the new Digital Currency and i do not see any difference made to both my phones data nor battery life.
The team are very upfront about everything and even say on their website that they do not guarantee the project will succeed! However, other than the few skeptics that say it will not work, there is nothing to say that this will not be the next BIG thing!
Just looking at the ratings on the Android Appstore, will tell you just how many people are hopeful of this new currency!
How do i mine Pi?
The network, to remain secure, is an ‘invite only’ network. This means to join the network and mine, you need join someone else’s network. If you already have a friend then ask them for their network code. However, if you do need a code, you can use mine, which should give you free Pi for joining – https://minepi.com/panky555 (code panky555).
Mining (minting) Pi is genuinely ridiculously easy!
Every 24 hours, all you need to do is log in to the app, and click this button.
As you can see with my account, over the last few weeks, i have accumulated just over 900 Pi. However, i have no idea if this is worth a lot or not worth much because we are not able to exchange them yet. Fingers crossed, the testing phase will not take too long, so the currency can show its true form!
I mean, me personally, I am definately still a huge skeptic about this entire project! I do not believe that you can gain something for nothing. However, I have tested the app, and i have concluded that it does not drain my battery, and it does not take up data. So realistically, all it actually does it wastes 20 seconds of my precious time going in the app and clicking that one little button…
I mean, seriously… You’d be mad NOT to give this a go…
The absolute worst case scenario would be the entire thing is a bust and we all carry on with our lives as if nothing ever happened…
The best case scenario would be, we end up at the forefront of the next biggest thing to happen to digital currencies since Bitcoin arrived on the scenes…