The Pi coin is special due to several reasons. It is not only the first digital currency which can be mined from a phone, but also its breakthrough technology makes the mining experience enriching, inexpensive and hassle-free. Despite being so rare and unusual, Pi is presently not available anywhere. However, one can obtain Pi coin only via mining as it has not yet been listed on any cryptocurrency exchanges in Nigeria or anywhere else.
Here’s a detailed read on how one can acquire Pi coins in Nigeria and how its network operates.
What is Pi Coin?
Pi coin is a modern currency which can be easily mined even from your smartphone. Pi coin, or PI, is the primary cryptocurrency which operates on the Pi network. This network enables the users to mine the Pi coin directly from their smartphones and thus eliminating the need for expensive hardware and graphic processing units (GPUs).
Like any other digital currency, Pi coin is regulated and managed by a social community rather than any form of government. Currently, the network is in the second phase of testing, and is expecting a full-fledged launch that might happen in phase 3. Pi network is different from other kinds of cryptocurrencies as it works on a mechanism known as “stellar consensus protocol”, which enables users to obtain benefits on their contribution to the network.
It is to be noted, in real sense, one cannot buy Pi coin in India or anywhere else, as it has not yet been listed on any cryptocurrency or non-crypto exchange. Pi coins are easily accessible and can be only obtained via mining.
To mine or obtain Pi currency, the Pi Network app is used widely with the users pressing a button every 24 hours. For this, the user gets a code from a member to join the app. Pi platform also boasts a referral system in which one can make extra money on the basis of the sign-up of a number of new users.
The Pi network was launched in 2018, at that time the mining rate was almost 1.6 Pi per hour, which was condensed to 0.8 Pi when a new users got registered. Likewise, when a total of one million people were added to the Pi app, the reward got reduced more and it became almost 0.4 Pi per hour. Finally, it got dropped to 0.2 Pi per hour once its user base touched one crore.
In September, 2022, the Pi Network launched “Pi Bridge” to make it more compatible with other kinds of blockchains as well. The Pi Bridge is designed to provide a bridge between the Pi Network and other blockchains such as Binance smart chain, Ethereum or Polygon. It also helps to travel data across networks and Pi holders quickly and freely.
Pi Network Price
If we calculate the real value of Pi coin, then it is practically of no worth, and thus you will not find any historical data of its performance as the coin has not yet been officially launched on any of the crypto platforms.
At the time of writing, the price of Pi is $51.0 with a current market capitalization of value worth nil. Its circulating supply is also zero as the Pi network has not yet revealed the number of coins in circulation and therefore the maximum supply is unknown.
As of now, the Pi network allows its users to mine crypto with their much accessible blockchain technology and robust incentive structure. However, till now the miners are compensated through Pi coin which has no real value.
According to the Pi Network website, the user will be able to withdraw or exchange Pi coin with other currencies in the third phase of its roadmap when the main net launches, however, till now there is no formal launch date has been announced. The company has specifically mentioned that “Pi is currently in the enclosed network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings”.
Key Features of Pi Network
Working of Pi App: The Pi Network app has a lightning button which the users tap to mine Pi. There is also a 24-hour countdown, as when it finishes, the user needs to tap the button to continue mining. The user is not supposed to leave the app as all it takes is opening the app and tapping the button after every 24 hours.
Pi’s Popularity: As per Coinmarketcap, Pi network has more than 35 million engaged user base and innovative mining mechanism which allows anyone to mine Pi straight from their smartphones. Pi strives to fetch power back to the masses and secures transactions via a mobile system, which is backed by web 3.0 experience.
Pi Network: The best part about PI network is that it is easily accessible, configurable, which is also error-free, and flexible. This network is completely decentralized and has no particular single owner.
Unique Ecosystem: Pi network has a rare network ecosystem, which even allows non-GPU users to perform mining via their smartphones. This ecosystem is backed with a wide range of technologies operated by several social communities.
Mobile Mining: Pi coin is a pioneer in bringing the revolution in mining as it can be done very easily from your mobile.
Strong Referral System: Pi network runs a very robust referral system which allows users to generate cash and appeal additional users. For this, the app has advertisements and a referral system.
How to Buy Pi Coins in Nigeria?
Despite Nigeria’s very tough stance on cryptocurrencies, you may still obtain Pi coins, however, you will be able to exchange it only when phase 3 of Pi Network gets launched, which is expected to be anytime soon.
To earn or mint Pi coin in Nigeria, the user is supposed to get it’s mobile app either from android based play store or iOS app store and thus mine it via mobile easily. However, post buying the Pi coins, you can also keep them safe in your digital wallet.
The user can also download the Pi coin wallet application from the android based play store or Apple app store, which monitors the Pi based transactions.
The Nigerian user can also use their regular money or fiat currencies such as Naira to buy Pi Coins, which can be stored in your wallet.
The users can also visit the Pi Network website and earn Pi coins. Pi networks also allow users to send money to other users with their PI wallet username at a much quicker speed.
Nigerian users must know, currently Pi Network recommends its users to not to connect with any of the crypto exchanges or third-party aggregators as this could result in substantial loss or damage to Pi users. Pi Network has also requested the exchange listings to be removed as it is important to reiterate that the transaction of Pi through an exchange is completely prohibited during the enclosed mainnet period.
Please note that if you are planning to buy PI in Nigeria, then it is not possible to exchange it as it is still in the testing phase. However, the users who have earned Pi can transfer or withdraw their coins in the third phase which is supposed to be launched soon when Pi moves to a completely decentralized blockchain.
Once the post phase 3 gets completed, the Pi coin holders will have entire control over their public and private wallet keys and the users can spend money on Pi network’s peer-to-peer marketplace even to buy goods and services.
As previously stated, you can easily mint Pi coins in Nigeria, but the option to sell your coin is presently not possible owing to the Pi blockchain’s lack of a set release date. So, right now maybe you can concentrate on accumulating the Pi coins at your own risk and call it a “financial investment” which can be realized later, may be at profits.
Disclaimer: This article is not an endorsement of any particular cryptocurrency, broker or exchange nor does it constitute a recommendation of cryptocurrency as an investment class.