Pi Cryptocurrency – Should You Want Invest In It 2023?

Pi Cryptocurrency has made the mining of digital currencies accessible for crypto enthusiasts.

Pi Cryptocurrency – Pi Coin- What is it?

Pi cryptocurrency is a new project that promises to bring users all the benefits of Bitcoin while eliminating all of the drawbacks.

However, the Pi coin is unique because it can be mined on a mobile application.

Crypto miners from all over the world can download the free, energy-light mobile app on their smartphones and mine Pi tokens.

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This coin was introduced as a part of the Pi network project.

The main aim of the project was to allow the general public to be a part of cryptocurrency mining.

Which until now, was only reserved for people who had advanced crypto mining rigs.

To make mining more accessible for all, a team of three Graduates from Stanford University developed an application that would allow individuals to mine Pi coins from their smartphones.

Pi Cryptocurrency

Pi Network is a new crypto network that was purportedly founded on March 14, 2019. Like other cryptocurrencies,

Pi Network was created with the intention of decentralizing finance in order to make financial tools available to a wider user base.

What makes it unique is Pi Network was designed to be mined on smartphones.

The idea is that anyone can participate in the network’s activities as long as they have a smartphone and internet connection.

Transactions can be validated through the Pi App. Unlike other decentralized digital currencies like Bitcoin which run on the Proof of Work model.

The Pi network functions on the SCP or Stellar Consensus Protocol. Only a group of trusted nodes or groups can validate the transactions on the ledger.

Pi Cryptocurrency Value?

Pi coins are not currently trading on any cryptocurrency exchange, so it’s difficult to gauge their price.

The current Pi price is not available as you can not buy or sell these coins by mining them on a mobile application.

Once the blockchain is released, users will be able to transfer their mined Pi coins to their wallets and start trading.

The Pi crypto coin has gained popularity due to its ease of access and affordability. However, as of now, they are not listed on any cryptocurrency exchange.

This makes it difficult to ascertain its value. Individuals can mine these coins and store them on the app itself.

Additionally, you can also use these coins for buying goods available on the Pi marketplace.

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Pi Cryptocurrency – Uses?

The uses of Pi cryptocurrency are still not clear at the moment. Developers of the network have plans to release the blockchain, the Pi browser as well as Pi wallet.

However, it is still in progress with no concrete information about its release date or when it will get listed on the crypto exchanges.

How does it work?

It does not work. The Pi coin at this point is just a number on people’s phones.

The coin at present has no value and cannot be traded. In fact, it can’t even be withdrawn from the app because there is no such thing as a Pi wallet yet.

The app is supposed to turn into a wallet once the main net is launched. Crypto wallets usually exist as open-source software that can be accessed by anyone.

Pi Network differs from many other cryptocurrencies in that it employs a proprietary mechanism known as the Stellar Consensus Protocol,.

Which enables users to receive benefits for their participation in the network.

Pi Cryptocurrency – Is it Leight?

The Pi crypto Coin was launched with the main aim of making cryptocurrency mining and investment more accessible.

The developers wanted to bring a revolution to the segment of virtual currency.

What is the Future?

You can assess its future value by studying the current trends; however, it is subject to speculation.

If you have a high-risk appetite and are looking to invest in newer forms of cryptocurrencies can consider Pi coin mining.

The early movers may earn high returns in case the price of Pi coins move upward in the future.

Is mining it worth it?

This project does have some credibility as it has been developed by Standford graduates.

They have assured that users will get a chance to trade their digital assets and earn substantial value once the blockchain is released.

In the meantime, investors with a low-risk tolerance should consider avoiding the Pi coin as it is full of uncertainties.

Conclusion

It is a legitimate project that wants to make the cryptocurrency ecosystem more accessible.

However, we must wait for some time for definite answers because a lot of features on the app are still under development.

Pi is still under development. A clear picture of a Pi coin’s price can be accessed once it’s listed on the crypto exchanges.

For the time being those who want to take advantage of speculative pricing can take part in the mining process and accumulate Pi coins.

Pi Cryptocurrency not in the market Yet?

This project is still in progress for more than 3 years, and a number of crucial features are yet to be released.

Therefore you need to be careful and you should acquire the requisite knowledge before going ahead with investment in Pi coins.

Pi is not technically a cryptocurrency yet. While developers promise to launch the main net and a token at some point, no roadmap has been laid out.

It’s also not clear how the network might be secured given that there is no blockchain or consensus mechanism.

Meaning there is no way for nodes to sync up and agree on which transactions are valid.

It’s not clear if these are nodes in the first place.

It would be better if you wait and watch instead of investing hurriedly in the Pi Network App.

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FAQs

As of now, Pi coins are not in circulation. The developers are yet to provide the number of coins and the maximum supply that will be available for circulation once the project takes off.

Currently, one can store these coins on the mobile application only. However, it is not a secure place mobile apps are prone to hacking .

Once the coins are released for trading, you can store them in hardware wallets that are secured by a private key.

There has been a growing concern regarding whether the Pi tokens are a scam or not.

The non-transparency and delay in launching the coins have added to the doubt of many crypto investors.

However, as of now, it is difficult to judge whether it is a scam or not.

14 March 2019. Network type – Blockchain. The official website is https://minepi.com

The release of the main net was expected sometime in the latter half of 2022.

But it didn’t so at present have no idea how this new cryptocurrency performs on the open market if it gets launched.