What is Pi Cryptocurrency:
Now, let’s look at the most frequent questions that people have when they join or consider joining the Pi Network. The first among those questions is obviously If Pi is legit or if it’s a scam. And my first video about Pi Cryptocurrency was actually focusing on that question.
So I’m going to put a card up here and there is also a link in the description down below. If you want to know more about why, in my opinion, PI is definitely legit and it’s a great opportunity for everyone. Also, if you didn’t sign up for Piso far, You may want to consider using our invitation code, which you can also find in the description and in the first comment down below. Besides the question, if Pi is legit or if it’s a scam, one of the other important questions is if Pi Cryptocurrency is free money or not. And the official answer to that question is no Pi is not free money.
But if you think about it, it actually is free money to some extent. You can compare it, for example, with Bitcoin in its early days, where it was possible to mine, Bitcoin oncrappy computers, and where the cost of electricity did not outweigh the value of coins that you generated. In fact, because the mining difficulty was lower and so on, you could mine a bunch of coins with almost no effort. So back then, you also got Bitcoinalmost for free compared to the electricity that you paid, which would nowadays be worth millions of dollars. And when we look at this, we can see the Pi is in a similar state. Currently, you can join PI for free.
You need to know about Pi Cryptocurrency:
All you need is an invitation code, and if you don’t have one already again, you can find ours in the description down below, and then as a result, all you have to do is push a button once per day on your phone. And as a thank you for being active or because you push that button, you will receive Picredited to your wallet every day. So as a result, basically, for doing almost nothing, for investing five seconds of your time, you will receive Pi that hopefully will Pi achieves phase three, which we’re going to do talk about in a later part of the video, will have some value, making it almost free money.
Now there’s a downside to this, of course, because if you look at Pi as something that is free money, and once it can actually be exchanged, you just start selling your coins, it will instantly crash the value of Pi Cryptocurrency because any currency out there doesn’t matter if it’s Bitcoin or US Dollar or Euro. All of those currencies only have value because there are supply and demand. There are people paying with that currency, people that want to exchange it for another currency, and so on. And if everybody just wants to get rid of their Pi coins, what will happen is Pi Cryptocurrency would become useless instantly the moment it can be traded.
So it’s important that you look at it as something long-term, again, similar to Bitcoin. Imagine you mined in the early days, and you had 10,000 Bitcoins or something like that. And the moment Bitcoin actually had a financial value, you instantly sold them. You would have maybe gotten a dollar or $2 for all your coins. And today you would really regret that decision because you gave away millions just because you liked the patients to wait for Bitcoin to establish itself on the market. And we can apply the same thing to Pi.
If everybody, as soon as Pi reaches phase three, starts to dump their Pi to get Euro, Dollar, or whatever other currency you want to have, or an alternative cryptocurrency for that matter, then Pi Cryptocurrency will instantly lose in value because nobody wants to buy Pi, but everybody just wants to get rid of it. And that may even be the problem that you try to sell it, but nobody will be willing to buy it. And that all would be caused because nobody believes in the project.
So, it’s important that when you sign up for PI that you are aware that yes, you can get free Pi coins right now for the foreseeable future. And yes, those Pi coins will eventually, also most likely have a value. Again, keep watching this video, we’re going to talk about that a little bit more later.
But if you just want to have Pi to sell it on the day, number one for a few cents, or maybe a handful of dollars, you’re not going to do yourself a favor, because again, you may only get a handful of dollars and you’re not when I do the Pi community a favor, because you will participate in ruining the value of Pi for a very, very long time. So again, it’s important to understand. Yes, theoretically PI is something like free money right now, but you have to look at it long-term. While you get Pi coins now for free, you should not, once it can be changed or exchanged, sell your coins instantly, because that will not do you any favor because you may end up regretting it if the value of Pi increases over time and you would actually do something that harms the short term value of Pi, once it reaches phase three.
Now the next question is also something that confuses. Some people are just ISNA that logical at first glance. And the question is, how does the Pi app work and how can you increase your mining? And how does the mining actually work? People know from Bitcoin mining that people might on their computers or they have special hardware for mining and so on.
And all of that actually creates a load on their devices. So it takes power from your computer to generate or mine Bitcoin another cryptocurrency, however, the Pi app doesn’t use any kind of additional electricity or data on your mobile phone. And even if you close your app, you’re still mining. And that’s why some people mistakenly claimed the Pi would be a scam, but it works somehow differently. The fact is all you have to do to receive Pi is open your pie up once a day and push a button.
And as a result, your account will be credited with a certain number of Pi per hour for those 24 hours. So the Pi coins are not actually mined like Bitcoins are basically generated by solving complex mathematical calculations, but they already exist in some way. And you get them credited for being an active user. The goal behind this is to create an active user base. Ideally, you don’t just open the Papp and push the button and close it. But also you check the announcements here and there. You may be active in the chat and connect with other people and so on.
So that there is actually an active community of millions of users the day Pi achieves phase three, where it will be tradeable. Now the second part of the question is how can you earn more pie per hour? And there are multiple ways to do this. First of all, when you are mining, you receive 0.20 Pi per hour. So 4.8 Piper day. But it doesn’t stop there. After three days of mining, they don’t have to be consecutive, but once you’ve completed three days of mining, you can set up a so-called security circle, and in your security circle for the first five people that you add there, your mining rate will also increase 0.04 Pi per hour.
So if you add five people, it will actually increase by 0.20 Pi per hour. Doubling your initial mining rate. And on top of that for every member that you invite to Pi. When they are also actively mining, so when they also push the button, once a day, your mining rate increases by an additional 0.09 Pi per hour. Now there is no limit as to how much Pi per hour you can earn.
You can simply invite more people. And in fact, I personally recommend that everyone at least tells their closest friends and family about Pi because there is zero risks to signing up. There’s no investment required. And as a result, once Pi achieves areal value, again, it’s the closest thing to free money there is. And if you keep your Pi coins for a couple of years, it may actually eventually turn into a huge amount of money.
Now, I already partially answered the next question, but I want to have it as a dedicated question and answer as well, for people looking for it. And the question is, do I also receive Pi or does my app also mine Pi coins when I close or leave the app. And the answer is yes because as mentioned previously in this video, Pi doesn’t actually mean mine on your phone.
You get the coins credited. All you have to do is push the button once a day and they will then be credited over the next 24 hours to your Pi account. With that, we move on to the next question. And that is what is security circles and what are they good for now? Currently, I mentioned it earlier. If you add five people to your security circle, it will increase your Pi per hour rate by 0.20. So one benefit of the security circles is obviously currently that you can mine more coins. However, that’s not the real purpose of security circles.
The real purpose is actually, that you should only add users there that you trust. So people that, you know, personally, people that you know are human and people that you know are very, very unlikely to try to scam or defraud other people. Pi will use the security circles, basically as a verification system to judge which users are legitimate and which users may be scammers, for example. So that’s that mean that currently should only add users that you personally know to your security circle? No. Right now, if you don’t have five users invited that you’re personally no one trusts and simply add any user that you can add to your security circle because right now Pi is not live Pistill in phase number two out of three.
This means currently there is no real-world application to who you add to that security circle. Currently, the only difference that it makes us how many Pi per hour you get. So your goal currently is to simply have five people in there. It doesn’t matter if you know them if you trust them or whatever, just put them in there right now. So you earn more Pi.