Searching for the next Bitcoin? This might be it!

In my previous post, I shared some potentially life-changing information about cryptocurrency mining. I call it life-changing because, with the guide I provided, you could start mining cryptocurrencies that may someday be worth millions of dollars.

Did you know back in 2019, one Finnish guy sold 5050 bitcoins for just around 5 dollars? The transaction set the monetary value of bitcoin into a fraction of a penny. Earlier this year, the price of a bitcoin reached around $65,000, making the 5050 bitcoins worth over 300 million dollars.

In 2010 people were buying pizzas with bitcoins, with a valuation of $41 for 10,000 bitcoins. Who could have predicted those 10,000 bitcoins could have been sold for around $650,000,000 just 11 years later? I wish I had looked into it back then and bought like 100,000 or a million bitcoins when I first heard about it…

It’s probably too late to start a profitable bitcoin mining operation with a home computer now, but the cryptocurrency revolution is only in its infancy.

Digital currencies are here to stay. Sure, governments want to regulate them for tax, security, and environmental reasons. Regardless, digital currencies are not going to disappear – they have too many benefits over regular currencies.

One of the benefits is the low transaction fees because there won’t be a third party (a bank) involved. Nearly two billion people in the world don’t even have a bank account, meaning they are living day to day using cash, without the opportunity to store money for the future safely.

However, most of those people without bank accounts have smartphones – and they could safely store digital currencies in digital wallets.  With digital currencies, more people will have better access to money, and that will improve the lives of many people.

Investing in cryptocurrencies can be extremely risky. Also, to buy these currencies, you would need a trading account linked to a bank account. Mining them, however, is different. You won’t need a bank account to mine cryptocurrencies. You’ll just need a digital wallet, which is easy to get (as I explained in my previous post), and a computer.

A computer, you say? Most people these days only have a smartphone! Or maybe an iPad! What can those people do?

Well, you are in luck! This article is about the only cryptocurrency that you can mine with your smartphone! I’m talking about the Pi currency.

Who knows… it might be the next Bitcoin? Keep on reading! 

What is Pi currency?

Pi is the first cryptocurrency that you can mine on your phone. It was created by a group of Stanford graduates, and it is the first digital currency for everyday people, representing a major step forward in the adoption of cryptocurrency worldwide. The core team behind Pi currency realized the limitations of the normal banking system as well as the difficulty of mining bitcoin and other blockchain-based cryptocurrencies. They created Pi which is much easier for the masses to adopt.

The Pi currency uses so-called Stellar Consensus Protocol (SCP) and an algorithm called Federated Byzantine Agreement (FBA). Such algorithms don’t have energy waste but they require exchanging many network messages in order for the nodes to come to “consensus” on what the next block should be. Instead of burning energy like in Bitcoin’s proof of work consensus algorithm, SCP nodes secure the shared record by vouching for other nodes in the network as trustworthy.

This can be very complicated stuff to understand, but basically, it means you can mine the currency without wasting any energy — you can mine it with your phone, and it won’t even drain your battery. You can keep mining even if you turn off your phone.  The energy-savings and the accessibility are the main reasons I hope Pi currency will be widely adopted in the future.

What is Pi worth?

Pi is currently worth zero dollars. Nothing. Nada. ….but so was bitcoin just over ten years ago, and see what happened? Basically, all cryptocurrencies are worthless until an initial coin offering is done (ICO) or until someone uses the cryptocurrency in a transaction to exchange something.

So, this is nothing to worry about. Because it has no value, it makes this currency more interesting, because who knows how much one Pi will be in the future? There is another currency called the Chia coin, which started trading around $1,600 per coin on its first day on the market. I doubt Pi will be that high because it’s so easy to mine, but it is likely it will have some value sooner or later.

How to Mine Pi?

Mining Pi currency is easier than any other cryptocurrency I know of. All you need to do is download the Pi Network app, create an account, and start mining.

You can download the app on any Android or iOS device from here: Pi Network (minepi.com)

Alternatively, you can search “Pi Network” from your app store.

This is what the app looks like in Google Play Store. You can see it has been downloaded over 10 million times. That’s pretty good exposure only from Android users. 

When you create your account, it will ask for an invitation code. You can’t create an account without an invitation code. By requiring an invitation code the Pi network team is trying to make sure only real people use the app (not bots), and the invitation system also motivates people to invite more people to the network.

Why? Because when you invite a friend to the network and he or she starts mining Pi, the system lets you mine Pi at a faster rate (0.02 Pi/hour faster), but only when that person is mining. If the person you invite to the network, never hits the mining button, you are not getting any benefit.

It works both ways, if you, for example, use my invitation code, you will get to mine 0.02 Pi/Hour faster than the standard rate whenever I’m mining Pi. That’s why it’s good to use an invitation code from someone who actually uses the app to mine the currency. I got my invitation code from someone who quit mining a long time ago, so I’m not getting any benefit from him.

If you want to mine at a higher rate constantly, I recommend you use one of these two invitation codes: FunkyPilot or Aviat123. Those accounts will give you the benefit of mining 0.02 Pi/Hour faster than the regular rate. One of them is my account, and I’m constantly mining.

When you sign up for a Pi Network account, the standard mining rate will be 0.10 Pi/Hour. But if you use one of the invitation codes I provided, you get to mine at a rate of 0.12 Pi/Hour most of the time. Then if you invite more people to the network, you will get an extra 0.02 per person whenever they mine the currency.

One mining session lasts for 24 hours, after that the mining will stop. To start mining again, all you need to do is press the mining button. You just need to open the app once every 24 hours to keep mining constantly. It only takes about five seconds of your time. It’s easy to forget though, and that’s why I prefer to leave the notifications on so the app will remind me to start mining whenever a mining session ends.

From this screenshot, you can see I have mined 724 Pi. You can also see that 3 out of 10 people in my earnings team are currently mining. The earnings team includes the person who invited me to the app plus nine people I have invited. The shield icon shows 100% meaning I have verified at least 5 real people using the app — this helps me earn Pi at a faster rate. With a full security circle and three people mining I get to mine 0.34 Pi/Hour. This increases whenever more people in my team keep mining. 

If you add people to your security circle, you can mine Pi at a faster rate. 

If you click the menu on the top left corner of the app, you will see this menu. I would recommend you take a look at the FAQ and White Pater for more information about the Pi cryptocurrency. 

What is a Pi Browser?

When you search the app store for the Pi app, you might come by the Pi Browser. It’s another app developed by the core team of Pi network. The Pi Browser is a platform for other apps developed within the Pi Network. It can be used as a web-browser and it also contains a digital Pi wallet that is currently in testing mode.

The Pi team is working on apps and services that could be used within the network and using Pi as money. I find this interesting because maybe there will be a marketplace for digital books and other digital products where people could use Pi as currency. I would definitely sell my Pilot Career Series books in such a marketplace!

Is this a Scam?

You might wonder if this a scam, and why would it be so easy to mine the currency? No, this is not a scam. This is a fairly new digital currency with no real monetary value. It is currently being distributed within the network, but it will end someday, or at least the mining rates will slow down.

This is also not a pyramid-scam, in which case whoever provided the first invitation code would benefit from all other members. No, you only benefit from the members in your earning team, not from the people they invite to the network.

This was also not created as a joke like Dogecoin was, which is why I think this has a lot of future potential compared to most of the cryptos out there.

Is it Worth the Trouble?

This is perhaps the easiest way to get involved with cryptocurrencies. It only takes a minute to download the app and create an account, then it only takes a few seconds a day to tap the mining button, so I would say it’s definitely worth trying out.

Although the currency has no value at the moment, it may have some value in the future. What I like about the Pi currency is that’s it’s accessible to anyone with a smartphone, and that it’s environmentally friendly.

The mining rate will be halved periodically and it will be more difficult to gain Pi in the future. I would definitely start mining it soon as possible while the currency is still in the distribution phase of the project.

Conclusion

The purpose of this article is just to get you started with mining Pi currency. If you want to learn more about the currency I would recommend you read the Frequently Asked Questions (FAQ) and the White Paper, which is basically their business plan, in the Pi network app.

Remember, you need to be invited to the Pi network, and it’s better to use an invitation code from someone who keeps mining regularly so you can earn at a better rate. Here are my two invitation codes again: FunkyPilot or Aviat123.

Happy mining!

FunkyPilot_Vesa