Pi Network! Is it worth investing your time?
Hello there,
This is @sush4n. Please be sure to follow me if you find the information useful.
Today, I am going to write about new hype "Pi Coin", the new cryptocurrency they say you can mine from your phone.
The mass is divided into two groups. One, those who believe it is scam and other, those who believe it is next bitcoin.
Lets get answers to most general questions first.
What is Pi network?
Pi network is the system behind the Pi coin. Pi coin is new cryptocurrency which is yet to release on mainnet. It is still testing and there is not any monetary value as of the time of writing this article.
How to mine Pi coin?
Pi coin is mined through mobile apps. But it does not use your device's performance or battery. All you do is open the app once every 24 hours to keep the mining going on.
Who are behind Pi?
Pi is being developed by Stanford graduates, namely, Dr. Nicolas Kokkalis, Head of Technology, Dr. Chengdiao Fan, Head of Product, and Vincent McPhillip, Head of community.
How much is Pi worth?
Pi coins cannot be on any exchanges yet, we cannot put a dollar value to Pi Coin. However, depending upon the road map and team that can pull this off, it will be worth something in future.
Is Pi worth mining?
Pi network app do not consume data and drain battery, so there is no downside in participating. Pi follows halving system, just as bitcoin, so it make the Pi coin more dear after each halving.
When can I withdraw Pi I mined?
The withdrawal system is yet to come. As per the official site, Know Your Customer (KYC) verification process will be implemented to perform transactions .
Is it next bitcoin?
Just like bitcoin in 2008, Pi is not worth a single penny. In this sense, they are both same. But the similarities end here. Bitcoin need performance and resources to mine whereas to mine Pi you just need to open a app and tap mine. If implemented well and everything works well, Pi is next cryptocurrency for sure.
Scam? We will be observing from scam angle now.
Is it a scam?
Maybe or maybe not. Only time will tell. If it turns out to be a scam, we can always find its founders in Stanford University.
How can it be a scam?
The easy mining process is too good to be true. We cannot neglect the fact that there have been billions of dollars worth scam. But how can I be scammed? I have not invested a single penny?" Well, you have invested your data in the app. And, once KYC verification goes live, you will be adding more information about you. Plus, they have added ads in the app now. An easy way to earn a few bucks.
What should you do then?
You can try and mine Pi before it is too late. Or you can skip this one. The choice is yours.
** Just keep in mind to be sure before investing in any cryptocurrency."