Pi Cryptocurrency: A Guide To Investing In The Digital Currency

Pi is a unique cryptocurrency that can be mined on a user's phone. It is the first digital currency that can be mined from just a phone, and its breakthrough technology makes the mining experience inexpensive, enriching, and stress-free. The Pi Network app has a lightning button that users tap to mine Pi. The app also has a 24-hour countdown, and when it finishes, the user needs to tap the button to continue mining. The Pi Network is a digital currency project with the main goal of making cryptocurrency mining more accessible. It is important to note that Pi is not available on any crypto exchange platforms and can only be mined through the Pi Network app.

How to mine Pi cryptocurrency

Pi is a cryptocurrency that aims to lower the barriers to crypto ownership. It was launched in 2019 by Stanford PhDs Dr. Nicolas Kokkalis and Dr. Chengdiao Fan. The Pi Network's main product, Pi cryptocurrency, can be mined on your mobile device with minimal impact on device performance. The maximum supply of Pi is currently set at 100 billion, with 25% of all coins allocated to the Pi core team.

To start mining Pi, you must first download the Pi Network app from the App Store or Google Play. After downloading the app, you will need to sign up using either your Facebook account or email address and create a password. Once you have signed up, you will receive 1 Pi. You will then be prompted to enter the invitation code of the person who referred you.

To begin mining, simply click the lightning button within the app. Remember to do this every 24 hours to keep mining Pi coins. You can increase your mining rate by clicking the lightning button more frequently and by referring other users with your referral code. It is worth noting that one person can only have one Pi account.

Risks and Benefits of Mining Pi Cryptocurrency

Pi Network brings a fresh perspective to the crypto space by democratizing mining and making it accessible to everyone. It does not require any specialized knowledge or expensive hardware to mine Pi coins, which can be appealing to crypto newcomers. The network also takes a cautious approach to user data, only requiring an email address or Facebook account to sign up. However, when the network moves out of the test phase, a KYC procedure will be required to confirm the legitimacy of the miners.

It is important to note that Pi coins currently have no value and cannot be traded on cryptocurrency exchanges. The project's success largely depends on its ability to move from a test network to a fully functional blockchain, and many users may be cautious of the time this is taking.

Maximizing Your Profit

While Pi coins do not currently have any value, there are several ways to maximize your potential profits if the Pi Network becomes successful:

• Increase your mining rate by clicking the lightning button more frequently (at least once every 24 hours).
• Encourage friends and family to join using your referral code, which will increase your mining rate and the number of Pi coins you earn.
• Join a security circle by adding trustworthy people to your network, which will improve overall security and increase your mining speed.
• Set a lockup configuration or increase your commitment, which will stabilize the Pi blockchain network.
• Use apps in the Pi Browser directory to increase app usage rewards and help develop the Pi ecosystem.

How to store Pi cryptocurrency

Storing Pi cryptocurrency safely and securely is a key consideration for anyone investing in this digital currency. Here is a step-by-step guide on how to store Pi cryptocurrency securely:

Step 1: Understand the Risks of Storing on an Exchange

Firstly, it is important to understand the risks of storing your Pi cryptocurrency on an exchange such as Coinbase or Binance. While this is the most common approach for many cryptocurrency users, it comes with several downsides, including high fees, the risk of theft, fraud, and security breaches. Therefore, it is generally recommended that individuals take custody of their tokens.

Step 2: Set Up a Pi Wallet

To sell and store Pi cryptocurrency, you will need a suitable wallet. The Pi Network app includes a built-in wallet that can be set up by downloading the app, signing up for an account, and following the in-app instructions to create a secure passphrase and safely store your wallet's recovery phrase.

Step 3: Choose a Cryptocurrency Exchange

At the time of writing, Pi Network coins (Pi) are not listed on major cryptocurrency exchanges. However, the Pi Network community has expressed plans to enable Pi trading. It is important to monitor updates from the Pi Network to be aware of when and where Pi trading becomes available. Reputable exchanges such as Binance, Coinbase, or Kraken may offer Pi trading options.

Step 4: Transfer Pi Coins to the Exchange

Once you have identified a suitable exchange, you will need to transfer your Pi coins from your Pi Network wallet to the chosen exchange. This typically involves logging in to the exchange, navigating to the wallet or deposit section, generating a deposit address, and then initiating a transfer from your Pi Network app to the designated address.

Step 5: Consider a Hardware Wallet for Long-Term Storage

For added security, it is recommended to use a hardware wallet for the long-term storage of your cryptocurrencies. Hardware wallets are dedicated devices that connect to your computer via USB and offer superior security as they are designed specifically for cryptocurrencies and serve no other function.

Alternatively, for those on a budget, a Raspberry Pi can be used as a "cold storage" hardware wallet. This involves installing an operating system on a Raspberry Pi device, setting up a suitable wallet, and then transferring your Pi coins to this secure offline wallet.

Step 6: Enable Security Measures

Finally, it is crucial to enable additional security measures to protect your Pi cryptocurrency. This includes enabling two-factor authentication (2FA) on your exchange accounts and wallet apps, using strong and unique passwords, and keeping your wallet recovery phrase or private keys in a secure offline location.

By following these steps, you can securely store your Pi cryptocurrency, protecting your investment and personal information.

How to buy Pi cryptocurrency

Pi is a cryptocurrency that aims to make crypto mining accessible to everyone. It is possible to mine Pi coins on your phone without draining your battery. However, it is important to note that Pi is yet to officially launch and there are no coins officially in circulation. The Pi Network is currently in the testing phase.

If you want to buy Pi coins, you can do so on certain online trading platforms and cryptocurrency exchanges. Here is a step-by-step guide:

Step 1: Sign up for an account

Head to the website of your chosen platform and click on the "Sign Up" or "Join Now" button. You will need to provide some personal information, such as your name, email address, and password. Some platforms may also ask for additional verification, such as a copy of your ID and proof of address.

Step 2: Deposit funds

Once your account is created, you will need to deposit funds into your account. The minimum deposit amount varies depending on the platform, but it is generally a small amount, such as $10 or $100. You can usually deposit funds using a bank transfer, credit/debit card, or e-wallet.

Step 3: Search for Pi coin

After depositing funds, go to the search bar on the platform and search for "Pi coin" or "PI." This will bring up the Pi coin trading page.

Step 4: Place a buy order

On the trading page, enter the amount of Pi coins you want to buy. You can specify the amount in your local currency or the number of coins. Then, click on the "Buy" or "Order" button to place your order.

It is important to note that investing in cryptocurrencies like Pi is considered high-risk. The value of Pi coins is highly speculative, and there is no guarantee that the price will increase. It is also important to do your own research and only invest what you can afford to lose.

Additionally, when buying Pi coins, it is essential to use a secure and trusted platform to avoid scams and fraud. Some popular platforms that offer Pi coins include HTX, BitMart, and Biconomy Exchange. These platforms offer low fees, user-friendly interfaces, and strong security features.

Other ways to acquire Pi coins

Aside from purchasing them on an exchange, there are other ways to acquire Pi coins:

• Mining: You can mine Pi coins on your phone by downloading the official Pi Network app. Mining is free, but it requires an invitation from an existing trusted member of the network. The mining process involves signing into the app daily and restarting the mining process.
• PayPal: eToro is a platform that allows users to deposit money through PayPal and then use those funds to purchase Pi coins.
• Bitcoin: Binance is a platform that allows users to purchase Pi coins using Bitcoin or other cryptocurrencies.

How to sell Pi cryptocurrency

As of September 2024, Pi cryptocurrency cannot be sold officially on any crypto exchange platforms such as Binance, Coinbase, or Kraken. The Pi Network is yet to launch its mainnet and move to an Open Network, which is expected to happen in 2024. The launch date is uncertain and subject to various conditions, including technical and legal preparations, network KYC and migration, and the absence of unfavourable external factors.

Unofficially, Pi coins can be sold through peer-to-peer transactions, but this method comes with significant risks, including a high likelihood of encountering scammers. Online P2P trading also lacks a secure platform for transactions, while offline P2P trades are limited by geography and safety concerns during in-person meetings.

Another option is to trade Pi coin IOUs (Informal debt acknowledgments), which are available on some recognised exchanges, including Huobi and Bitmart. However, these are not the actual Pi coins, and their value is subject to extreme volatility based on market speculation.

Once the Pi Network launches its mainnet and moves to an Open Network, users will be able to sell Pi coins officially. This will involve first transferring Pi coins from the Pi Network to a compatible external cryptocurrency wallet, and then selling them on a crypto exchange that lists Pi coins by creating a sell order.

A Note on Pi Cryptocurrency

Pi is a unique cryptocurrency that can be mined on a mobile phone through the Pi Network app. It combines digital currency with multi-level marketing, offering easy mining but currently lacks tangible worth as it has no functional blockchain or coin value. The Pi Network has a vast user base of over 33 million, but its cryptocurrency is still in the testing phase and has zero value.

In summary, while it is possible to sell Pi cryptocurrency through unofficial channels, it is recommended to wait until the official launch of the Pi Network's mainnet and its transition to an Open Network to sell Pi coins securely and directly on crypto exchanges.

How to exchange Pi cryptocurrency

As of September 2024, Pi cryptocurrency is not available on any crypto exchange or platform. The Pi Network is currently in its third phase of testing and has not yet been launched. The Pi coin also has no real value as of May 2024.

According to the Pi Network website, users will be able to withdraw or exchange Pi coins with other currencies in the third phase of its roadmap when the mainnet launches, although no formal launch date has been announced. The Pi Network has also requested the removal of any exchange listings as Pi transactions through an exchange are banned during the enclosed mainnet period.

Despite this, there are a few options for selling Pi coins, although these are limited and may carry a high risk of scams. These include:

• Online peer-to-peer (P2P) sales: This method carries a high risk of scams and involves trusting the buyer to keep their end of the deal.
• Offline P2P sales: Meeting in person is less convenient but is generally considered safer as there is less opportunity for scams.
• IOUs on exchanges: IOUs (informal agreements acknowledging debt) for Pi coins exist on exchanges like Huobi and Bitmart. These are not actual Pi coins but can provide insight into the coin's price potential.
• Direct spending: Some businesses accept Pi coins for products and services, such as gaming items or larger purchases.

The safest option is likely to wait for the launch of the Open Mainnet and the introduction of safer and more standardized selling options.

Frequently asked questions