Pi coin was created in 2014 by 3 university students. Users can download the app on their mobile device and earn pi tokens by mining the coin every 24 hours. They claim their main purpose for creating the coin was to allow for democratization of the crypto space, where everyone can be allowed to use, participate and earn from cryptocurrency. Mining of cryptocurrency is expensive; and a capital intensive project. For example, the average bitcoin mining hardware with a total hash rate of around 100 TH/S should cost about 3,000 dollars which is equivalent to 2.3 million Naira.
Using the Pi network app is free. There is no mining hardware to buy. There is no initial payment or deposit to be made before you start earning your pi tokens. All you need to do is open the pi app on your phone and press the green flash icon in order to earn from mining the coin every 24 hours.
Over the years, the app has been able to achieve over 50 million downloads on Google play store, as many people worldwide can see the potential, benefits and originality of the coin. Since the coin was available to users, pioneers as pi holders are called have been mining the coin to earn tokens and also earn more pi coins from people they referred to the platform.
Mining Pi is free and the pi core team have not demanded any money or created any pricing plan in order to use the crypto. All you need to do is download the app on your phone to start earning.
Is Pi Scam or Legit?
Definitely Pi coin or the team behind it are not scam. Since the coin was launched, they have been very open about the various phases of the coin’s progress. From the beta phase, to testnet phase, and then the enclosed mainnet phase which are currently. There has been adequate information provided by the core team to drive enough confidence and trust to the Pi ecosystem. I have not parted with any money since I started using the Pi network app, so it’s definitely not a scam.
Is Pi coin a shit coin?
Obviously Pi coin is not a shit coin as well. We are in the enclosed mainnet phase where KYC verified pioneers worldwide can use their pi coins to pay for goods and services Over 35 million active holders globally are already using the coin in this closed mainnet period, hence the coin has a utility and is valuable in the hands of many human beings worldwide.
Is Pi mining worth it
Nobody knows what value or price Pi coin would be when it is fully in the open mainnet phase where it would be listed for trading on various crypto exchanges worldwide. Hence it would be difficult to say if mining pi coins now is worth it or not. But as it is with every great and successful project out there; during the early stages, it’s always going to look like a fruitless or meaningless endeavor, but over time the unimaginable successes come in with geometric profits.
Since it’s free and costs you less than 2 minutes of your time, you can see mining of pi coins as a fun activity that you can do every day. Setting a reminder on your phone would also allow you to be consistent and regularly earn your free pi tokens. You never can predict the value of Pi when it’s eventually launched in the open mainnet phase, you could just be on your way to being the next crypto millionaire in Nigeria.
Value of Pi coin in Nigeria: Pi to Naira Price
Many Nigerian pi holders have been really optimistic about pi. Since the launch of the closed mainnet phase around December 2021, a lot of pioneers in the country have been trading on their Pi. Pi coin exchange to Naira is now very common with many people selling their mined pi coin for Naira, while other exchangers are buying and holding as much pi coin as possible in expectation of a bullish price run when the coin is eventually allowed for open mainnet trading.
Many Nigerians have been buying and selling pi coins on different websites and social media channels such as Nairaland, Twitter and Facebook. On the popular Nairaland.com website, different adverts can be seen for Pi to Naira exchanges. Many Pi trading adverts can also be found on some Facebook groups and Twitter pages.
Since the launch of the mainnet phase, 1 Pi coin is exchanging for between N150 – N350.
In northern Nigeria, many northerners in Abuja, Niger, Kano, Kastina and Sokoto are really crazy about the potentials and possibilities of pi, and they are using their pi coins to pay for goods and services. There are various groups and communities in the country where discussions are centered on the value and future of the Pi network.
There is a major update on how to do your KYC verification on Pi. Firstly before you can undergo your KYC on Pi, you would need to also download the new Pi browser from your Google or Apple store. The Pi core team created the Pi browser that would enable you to perform your KYC. You would also be using the Pi browser to transfer your mined Pi tokens from the pi app to your enclosed mainnet wallet. The Pi browser is very important as you would be using it to host your Pi coins wallet.
Inside your Pi network App, click on the menu icon, then click on Pi browser. If you are doing it for the first time, the system would ask you to download the pi browser, from the google or apple store. After you install it on your device, then you can sign in to your pi browser. Inside the Pi browser, you would click on KYC.pi. From there you would be able to follow the system prompt in order to get verified on Pi. Make sure to have your government issued ID card ready for the verification.
Due to the huge number of pi members that are trying to process their KYC, it’s possible you would get a message that there is no available slot for your KYC that you should hold on until you receive an invitation. So you would need to exercise some patience until you get your invite to carry out your KYC. But make sure you regularly check the pi browser app; in order to know when a slot is available and get verified quickly.
Once you have verified your Pi KYC, you would be able to then transfer your pi coins from the pi network app to your mainnet wallet in the pi browser app, where you can spend it with other pi users.
Also, make sure to inform your pi downlines and referrals to verify their Pi KYC as well. As you would only be able to transfer the Pi coins you earn from your referrals after they have also verified their Pi KYC.
Pi Coin Price Prediction
It is difficult to predict the price or value of Pi as it is still in the enclosed mainnet phase. Hence there is no true value for the coin. But what is critical is that the coin has a utility being that it is in the hands of millions of pi holders. The pi network app has been downloaded 50 million times while the pi browser has over 10 million downloads. In June 2022, the Pi core team announced that the network now has over 35 million active members. These impressive stats prove that many people from around the world are aware of the coin and have already placed a mental or emotional value for the coin.
Though no one knows the circulating supply or market cap of pi coin since it’s yet to be publicly traded. But definitely, when fully launched in its open mainnet phase and listed on various crypto exchanges worldwide, it should have a price close to that of ethereum, litecoin, bitcoin cash or binance coin.
For a coin that is still in its closed mainnet phase, not yet listed on any crypto platform to have achieved this level of success. That is huge and very impressive.
Could Pi coin be the next bitcoin? Only time will tell.