Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.
For a novice, we can simply say that cryptocurrencies are digital currencies ( something you can not touch or feel and completely electronic), also called virtual currencies that act as a medium of exchange and are made financially secure through the technology of cryptography, in which you can not spend the same coin twice.
Many cryptocurrencies are formed on the basis of blockchain technology. If you are looking at entering into the world of digital currencies, this is a good choice as there is so much profit to be made in this industry and Pi is one of such.
However, extreme caution must be taken to avoid bitcoin and other digital currencies scam both online and offline. Bitcoin scams come in various formats and it isn’t far from the truth that as the cryptocurrency sphere experiences advancement, more scams continually emerge, causing unsuspecting Bitcoin users to lose their hard-earned bitcoins to scammers.Quite obviously, the presence of fake wallet apps now constitutes the various scams used in tricking people into fake transactions and ultimately defrauding them.
Meanwhile, it’s noteworthy that the popular Apple store has been discovered to host fake bitcoin wallet apps looking very identical to some of the widely used ones such as BreadWallet, Green Address and Coinbase.
One can imagine the number of innocent persons who might have been scammed before the Bitcoin community’s intervention and resolve for such apps to be removed.
As a novice in the cryptocurrency sphere, you could fall victim of fake bitcoin transactions.
Lets Get down to the brass tacks and understand some key concept in Pi Network.
Is Pi a free money?
Pi is NOT free money. It is a long-term project whose success depends on the collective contributions of its members. Read less .
Pi is dedicated to helping everyday people capture more economic value that today goes to banks, technology giants (e.g., Facebook, Amazon), and other intermediaries. Pi depends on the collective contributions of its members. If you are looking for quick money, look elsewhere.
What is the value of Pi?
Today Pi is worth approximately 0 dollars / euro etc. similar to Bitcoin in 2008. Pi’s value will be backed by the time, attention, goods, and services offered by other members of the network
Is this real? Is Pi a scam?
Pi is not a scam. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency.
Pi’s core team is led by two Stanford PhDs and one Stanford MBA, all of whom helped build Stanford’s blockchain community. We cannot guarantee that the project will succeed. However, we do promise to work our hardest to make our shared dreams a reality, while maintaining the highest standards of integrity. You can learn more about us in “Core Team” page in the main menu of the app.
How does this app work? How do I earn more Pi?
This app allows you to earn Pi by making simple contributions to Pi’s community. The more you contribute, the more Pi you earn.
To start earning Pi, check in every 24 hours and hit the lightning button to start mining. Once you are mining, you can boost your hourly rate by inviting trusted friends and family to join the community. After 3 days of mining, you can boost your earnings more by building your security circle, which contributes to the overall security of the network. Keep in mind, earlier members of the network mine at a higher rate than those that come after them.
Do I need to leave the app open to mine? Does the app drain my battery or data?
You do not need to leave the app open to mine. Pi does not affect your phone’s performance, drain your battery, or use your network data. Once you hit the lightning button, you can even close the app and you will continue to mine Pi.
So how can you mine a cryptocurrency without draining your battery or data? Instead of burning energy as proof of work cryptocurrencies like Bitcoin do, Pi secures its ledger when members vouch for each other as trustworthy.
This forms a network of interlocking “security circles” that determines who can execute transactions. This novel approach allows crypto mining on your phone by leveraging your existing social connections, with no financial cost, no battery drain and a light footprint on the planet. Read the technical section in our White paper for more accurate and detailed explanation.
What is the Ambassador role? How does the earning team work?
As an Ambassador, you earn up to a 25% bonus on your base mining rate for each person you invite to the network
You become an Ambassador when new members join your earning team by using your invitation code when they sign up for Pi Network. Each member of your earning team provides a 25% boost to your earnings when they are actively mining. A new member can only be added to their inviter’s earning team, because each member only joins Pi once using one inviter’s invitation code. In other words, unlike the security circles where people can be added into multiple member’ circles based on trust, earning teams are fixed based on who invited whom. Each invitee in the world can only be claimed by one inviter.
When will Pi be worth something? When can I turn Pi into “real” money?
Pi’s holders will be able to turn Pi into “real” money when they either purchase goods and services on Pi’s marketplace or exchange Pi for fiat currency.
Can I withdraw my Pi? What is the timeline for withdrawals?
No, you cannot withdraw Pi yet. You will be able to withdraw Pi or exchange Pi for other currencies in Phase 3 of the project when Pi transitions to a fully decentralized blockchain.
Pi launched Phase 1 of the project on 3/14/2019 (Pi Day). During Phase 1, your balances are being recorded with a guarantee of being honored when Pi transitions to mainnet (Phase 3). Transfers of Pi are restricted until we reach mainnet to prevent bad actors from accumulating Pi from fake accounts.
For example, a bad actor could mine from fake accounts, transfer the Pi to a legitimate account, and then pass through Pi’s account verification process despite their illicit gains. We are still refining the exact development timeline for the project. For more details, please refer to the Roadmap section of our white paper.