Pi Cryptocurrency Mining from Phone|Legit or Scam?
A cryptocurrency is a digital asset that does not exist in physical form but can be exchanged between people just as a local currency is exchanged however it’s all done digitally, transactions done via cryptos are verified and these records are maintained by a decentralized system using cryptography. A lot of us have heard of BTC (Bitcoin is the first and the best-known cryptocurrency, the one for which blockchain technology was invented. Since the release of bitcoin, other cryptocurrencies have been created. To name a few ETH (Ethereum) , XRP (Ripple), LTC (Litecoin) and many more.
In cryptocurrency networks, mining is a validation of transactions. For this effort, successful miners obtain new cryptocurrency as a reward. By mining, you can earn cryptocurrency without having to put down money for it. Bitcoin miners receive Bitcoin as a reward for completing "blocks" of verified transactions which are added to the blockchain. The reward decreases transaction fees by creating a complementary incentive to contribute to the processing power of the network.
Well, cryptomining uses the processing power of computers to solve complex mathematical problems and verify transactions, and the miners are then rewarded with a small amount of cryptocurrency for the work performed.
Today we all have smartphones and I don’t see a reason why I wouldn’t want to mine from my phone if I am able to…this is where Pi came in, Pi is the very first digital currency that we are able to mine right from our phones.
Pi is a new digital currency being developed by a group of Stanford PhDs and is said to be a long-term project whose success depends on the collective contributions of its members. There is currently no place to buy or sell Pi. In other words, Pi is not on any trading exchange but should hopefully be listed very soon.
Since its new, For a limited time, you can join to earn Pi and help grow the network. To join Pi, follow this link https://minepi.com/mendesyo and use my username (mendesyo) as your invitation code. You cannot join the PI network without a referral code and that’s the best part of building a strong Earning Team.
One of the wow factors of Pi is that you do not need any 3rd party wallets to hold your Pi, infact your phone serves as a cryptocurrency wallet that has to be connected to either Facebook or your Phone Number and the most important part is making sure your name is spelt accurately since I believe they have a very strict KYC process which is in place to make sure that no bots or alt accounts are actually unethically mining just to increase the pi gains. Pi is 100% secure and if you are wondering how it works? Pi basically allows you to earn free cryptocurrency immediately without any risk.
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. No one can join PI without a referral code and so it is very important to have the correct referral code sent to your contacts. If someone invited you to the PI network please join using their code and if you don’t have a code, feel free to use my code which is mendesyo. 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.
Pi Policies have defined that Pi only goes to real human beings with one account per person, and stated that all Pi mined or incurred by fake accounts will be destroyed. So please make sure to use your real name as it will need to be verified via KYC. PI isn’t a scam at all as it doesn’t involve any money investments to mine it, all you need is 5 seconds of your time to click on the lightning button to start mining once every 24 hours.
As a matter of fact the Pi app doesn’t even need to be kept open in the background in order to mine and so the app doesn’t even drain your battery which is another wow factor when it comes to crypto mining. To be honest, in my opinion, there is no harm in collecting assets that may be valuable in the near future, especially when there is no investment involved. If you wish to start mining right away without further ado, head on to the Google play store or the app store. All you need is an invitation from an existing trusted member on the network. If you have an invitation you can download the mobile app and use the code, if you do not have a code feel free to use mine which is ‘mendesyo’ and proceed with the simple instructions to start mining.
It is extremely important to have a strong earning team that is very serious and motivated to contribute to this network as the value of Pi in the near future will be based on the members and the trust, we all have in this crypto to reach heights when it comes to the market value which can create a future for you and your family. So, don’t hesitate to join in, let us all grow our wallets together. Please be careful of scam websites that claim to trade or exchange Pi. The Pi team will make an announcement in the app when transactions will be available.
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