The Pi coin is a highly sought-after digital currency due to its revolutionary technology. It is the first cryptocurrency that can be mined from a phone, making it both affordable and convenient to access. As of now, the only way to obtain Pi coins is by mining them, as they’re not listed on any cryptocurrency exchanges, either in India or elsewhere.
This article will provide you with a step-by-step guide on how to get your hands on Pi coins in India, as well as insight into how the Pi network works.
What is Pi Coin?
Pi coin is a digital currency that runs on the Pi network. This network enables users to easily mine the Pi coin from their smartphone, eliminating the need for expensive hardware or graphic processing units (GPUs). The Pi network is managed and regulated by a social community, not by a government. The network is currently in the second phase of testing and is expected to launch in phase 3.
The Pi network uses a mechanism called the “stellar consensus protocol,” which rewards users for their contribution to the network. It is important to note that Pi coins cannot actually be bought, as they are not yet available on any exchange. Pi coins can only be acquired through mining.
To mine or obtain Pi currency, the Pi Network app is used. Users press a button every 24 hours for a reward. The app also features a referral system, which allows users to make extra money based on the sign-up of new users.
In September 2022, the Pi Network launched their Pi Bridge, which is designed to connect the Pi Network to other blockchains such as Binance smart chain, Ethereum, and Polygon. The Pi Bridge helps to quickly and freely transfer data across networks and Pi holders.
Pi Network Price
At the time of writing, the price of Pi is $51.0, with a current market capitalization of value worth nil. The circulating supply of Pi coins is currently zero, as the total number of coins in circulation has not been revealed by the Pi network. This means that the maximum supply of Pi coins is unknown.
The Pi network compensates miners with Pi coins, which have no real value until the main net launches in phase 3. The Pi network website states that users will be able to exchange their Pi coins with other currencies then. However, there is no set launch date yet. The company has also stated that they were not involved with any purported listings or postings of Pi coins on any exchange.
Key Features of Pi Network
Working of Pi App: The Pi Network app has a lightning button which users tap to mine Pi. A 24-hour countdown is also featured, and the user needs to tap the button again after this time has elapsed. All that is required is opening the app and tapping the button every 24 hours.
Pi’s Popularity: According to Coinmarketcap, the Pi network has over 35 million engaged users and a mining mechanism that allows anyone to mine Pi from their smartphones. The Pi network strives to give power back to the masses, and ensures transactions through a mobile system backed by web 3.0 experience.
Pi Network: The Pi network is user-friendly, configurable, error-free, and adjustable. It is a fully decentralized network with no single owner.
Unique Ecosystem: The Pi network has a rare network ecosystem, which even allows non-GPU users to mine via their smartphones. This ecosystem is backed with a range of technologies managed by several social communities.
Mobile Mining: Pi coin is a pioneer in the revolution of mobile mining.
Strong Referral System: The Pi network has a robust referral system, which allows users to make more money and attract new users. This system is supported by advertisements and a referral system.
How to Buy Pi Coins in India?
Despite India’s tough stance on cryptocurrencies, you can still obtain Pi coins. However, you will be able to exchange them only when phase 3 of the Pi Network launches, which is expected soon.
To obtain Pi coins in India, users must download the Pi Network app from either the Android or Apple app stores and begin to mine. Users can also keep their Pi coins safe in a digital wallet, which can be downloaded from the Android or Apple app stores. The wallet is used to monitor Pi-based transactions.
Indian users can also pay for Pi coins with fiat currencies, such as INR, and store them in their wallet. The Pi Network website also allows users to earn Pi coins. It also enables users to quickly send money to other users with their Pi wallet username.
The Pi Network recommends that users do not connect to any crypto exchanges or third-party aggregators, as this could cause loss or damage to Pi users. The Pi Network has also requested that exchange listings be removed, as it is important to reiterate that the transaction of Pi through an exchange is completely prohibited during the closed mainnet period.
Bottom Line
In India, it is possible to mine Pi coins, but the option to sell them is currently not available due to the Pi blockchain’s lack of a set release date. Right now, you can focus on accumulating the Pi coins at your own risk, and call it a “financial investment” that can be realized later, possibly at a profit.
Once phase 3 of the Pi network is completed, Pi coin holders will have full control over their public and private wallet keys. They will be able to spend their money on the Pi network’s peer-to-peer marketplace, even buying goods and services.
