How to buy Pi Coin: Beginners Guide

One of the most common allegations against cryptocurrencies, whether Bitcoin or any other altcoins, is that they use a lot of energy. Indeed, Bitcoin mining consumes enough power to sustain an entire European country. This has given skeptics the cause to avoid and restrict the broad usage of cryptocurrencies, particularly in a world striving to transition to a more green and energy-efficient business.

The pi token has become one of the most renowned cryptocurrencies due to its environmental safety, and its low-energy mining using phones has proven fairly popular. In this essay, we will go through the many elements of the PiCoin, as well as discuss how and where you may acquire Pi Coin.

What Is Pi Coin?

Blockchain innovation has achieved new heights throughout the years, with the mining procedure becoming simpler and less time-consuming.

The Pi crypto is a new cryptocurrency that claims to offer all of the benefits of bitcoin (BTC) while avoiding its drawbacks. As of October 21, 2022, the Pi coin has no monetary value. It is not for sale on any exchange. It is not yet available on a live blockchain. It does not have a wallet. People mine it simply by logging into the Pi application on their phones and hitting a button.

The Pi Network, created by a Stanford University alumni, lets people mine PI cryptocurrency currencies using computer and mobile phone apps while confirming transactions on a distributed ledger.

How Does Pi Coin Work?

Unlike nodes on networks like Bitcoin, which employ proof-of-work (PoW) algorithms, Pi nodes use a Stellar Consensus Protocol-based method (SCP). Pi Nodes confirm transactions on a decentralized system and agree on the order in which new transactions are recorded on the ledger.

SCP requires Pi nodes to create security circles, or teams, of three to five trusted persons known to all network users. Because transactions may only be authenticated on the shared ledger if the trustworthy nodes approve them, security circles create a worldwide trust network that prohibits fraudulent transactions.

The PI mining app functions as a bitcoin wallet, which is linked to the user’s mobile number or Facebook profile. The Pi blockchain, like other public blockchains, will allow foreign wallets to store PI currency and publish transactions to the blockchain. Unlike other blockchains, however, its inventors have not yet given the source code.

Phase 1 of the initiative, with branding centered on the mathematical constant, started on Pi Day, March 14, 2019, with an unrestricted PI mining app. The network had over 100,000 active users by June. When Phase 2 was released a year later, there were over 3.5 million users. In May 2020, the app began serving adverts to provide funding for the project.

After being tested using community moderators, the KYC app pilot was released “on a limited scale” to begin validating pioneers and enhancing the app’s usefulness and machine automation. The Pi Block Explorer has also been installed. The Pi wallet was also upgraded, allowing developers to build push notifications to notify pioneers when they get a payment on the blockchain and correcting a glitch that prevented Android users from seeing their wallet passcode.

On December 28, 2021, Pi Network opened an “enclosed mainnet” to continue testing before its official debut. It also included a new mining method and “infrastructure to allow pioneers a simulation of the forthcoming mining formula.”

Is Pi Coin a Good Investment?

The discussion of whether the Pi Network is a legitimate endeavor or a fraud is still ongoing. If it is a fraud, it is not in the typical sense of a Ponzi scheme because users are not investing money but rather time on their smartphones.

The organization has been chastised for allegedly taking advantage of its community by leasing advertising space to these 35 million people. This statistic comes from a statement made by the platform on Twitter on May 19. There has been no update on the overall number of “pioneers” since then.

Nevertheless, early adopters are stockpiling the PI cryptocurrency in the expectation that the price will skyrocket once the network becomes online. Even though the coin’s mining rate has been halved, individuals can enhance their mining rate by linking with other efficient miners. New Pi Network members can only join if they have a promo link from another user.

The project’s architects believe that these personal networks improve security on the Pi Network by motivating users to bring in family and friends, which has fueled speculation that it might be a multi-level advertising or pyramid scam. However, unlike an MLM scheme, users may only earn coins from their direct networks, not from the networks of their friends.

Pi Network has maintained that it is not conducting an ICO or crowdfunding sale, and currencies that may be mined on the contained mainnet are currently retained in the eco-system.

The creators stated on March 11 that the Enclosed Network period would provide pioneers time to complete KYC verification, adjust the mainnet, and add additional apps. They did not indicate when the network will become open, just that “the Enclosed Network time is in keeping with Pi’s vision of a utility-based eco-system and its iterative methodology .”However, a new release is unlikely shortly.

While the value of PI has yet to be determined, several cryptocurrency analysts and algorithm-based sites have already tried to forecast PI coin prices.

Where to Buy Pi Coin?

Check out our list of the best sites to get Pi Network (PI). Remember that different platforms are accessible in various countries. In the options table on the right, you may pick the nation you require. You may also select the best payment option for you (bank transfer, credit card, or Paypal), the platform type, and the ability to use the system without verification.

Consider the user rating of a platform before purchasing Pi Network (PI). When selecting a platform, make an informed decision. Examine the firm page on their site, read customer evaluations, and decide whether or not to utilize this service.

1. eToro — The Best Overall Broker for Purchasing Pi Coin

For many reasons, eToroetoro-logo-1-e1623748139151 is the finest overall Pi trading platform in the US for 2022. To begin, the platform is strictly regulated by both the CySEC and the FCA in the United Kingdom. This is especially significant in the crypto market since it implies that any cryptos you trade via eToro are done securely, putting your cash at risk. In addition to Pi Coins, the site allows you to purchase about 17 cryptocurrencies.

2. Binance

Binance is among the most renowned crypto marketplaces in the world, with the most cryptocurrencies available. There is a very good probability that Binance will have any cryptocurrency you want to invest in, whether small-cap or large-cap. For example, the site has supported the Pi currency from its inception in early 20321, allowing you to swap Pi not just for fiat money but also for BTC, ETH, ADA, and a range of other cryptocurrencies. Every day, the platform handles billions of dollars in trade activity. Typically, you can deposit funds into Binance using a debit/credit card or a bank transfer, making it a simple process.

3. Coinbase

Coinbase logoCoinbase, a cryptocurrency trading and investing platform offers over 100 tradable cryptos, e.g., Bitcoin, Ethereum, and Pi Coins. Coinbase has over 73 million users and manages more than $255 billion in assets.

On the original Coinbase platform, newbies will likely choose simple buy and sell orders. Coinbase Pro, which is available to all Coinbase customers, provides more complex tools and order types.

How to Buy Pi Coin

• Step 1. Register an account

Before starting trading the Pi currency, you must have a validated Pi account. Yes, your Pi account has managed to pass the required KYC verification procedure.

This is critical because keeping Pi money in an unverified Pi account poses a substantial risk. Only verified users, according to Pi, can take ownership of the Pi coins kept in their wallets.

• Step 2. Whales of Pi

In my observation, the Pi Whales constitute most consumers prepared to part with their Pi money. Those are the early investors and miners who have acquired millions in Pi currency holdings. Find these massive Ni currency holders, and you might be able to negotiate a reasonable buying price with them.

• Step 3. Circle of Security

This is one of the simplest methods I’ve seen for exchanging Pi coins. Users within your security area are most likely familiar with you and are comfortable trading Pi money at a reasonable price. If you ask, you may become the next “Pi coin whale.”

• Step 4. Customer Recommendation

The second fantastic way to obtain Pi coins is to ask folks you’ve already purchased from to recommend their friends. A network effect may occur if suppliers promote other sellers to you. When there is an overstock, the market price decreases naturally. Using this strategy, you may begin stockpiling Pi coins at a lower price than the current market pricing.

Conclusion

The Pi Network looks to have accomplished what few crypto ventures do: catch the imagination of average customers. However, forecasting the potential value of a coin like the Pi coin is challenging due to various factors, including the fact that the cryptocurrency is not yet available on an exchange. To make matters worse, the mainnet has yet to be activated. So, where should we check next for a 2022 Pi network pricing prediction?

Indeed, potential future development is dependent on a variety of elements, including announcements, modern technological solutions developed by Pi coin initiatives, the crypto eco-system in general, legal status, and so on. As a result, before purchasing Pi coins, you should conduct your study.