We are still in the early days of blockchain technology, and the Pi network and coin hope to stand out among a crowded field. Pi coin is still currently under the beta mode, but they are looking to add users as nodes to the network through word of mouth.
Unlike Bitcoin, users can earn Pi coins by an hourly rate though a mobile app download. Yes, you mine on your phone. I will get into concerns with this method below.
I’m going to give you my honest assessment of why you should jump on the Pi bandwagon below.
Reasons why should download the Pi mobile app.
1. You still have serious FOMO over not jumping into the Bitcoin phase. Ten years ago, that one crazy friend keeps bugging you about downloading this shady "bitcoin" mining desktop app on your computer and you brushed your bro off. Besides,
he also told you about that stupid Yo app and the flopped Google Glass. You just don’t want to associate with Glassholes.
2. You are that one crazy tech evangelist in your friend group. You don’t mind being ridiculed if things burst — it’s the joy to jump on early that excites you.
3. Like the base mining rate of Bitcoin, early adopters will earn more coins per hour than those who join later. Pi coin on my app calls you "pioneers" who will earn at about 0.8 pie/hr rate, while by the time it hit 1 million, the rate is halved.
At around 10 million to 100 million users, the Pi network will stop accepting new members for minting.
Here’s a screenshot of what I mean:
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)4. Even if you are not technically savvy, if you have a wide network and good at marketing, you can still be a successful Pi miner. However, if you are the developer type like me, it is worth waiting for their phase 3; Pi will roll out a desktop app and
possible language support to code some contracts for the Pi market. This is how Pi network sets up its token supply:
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)You don’t have to shell out additional money for purchasing hardware for Pi. You only need your mobile phone to mine. On the other hand, Bitcoin does require some initial investment in hardware to mine.
11 months Update
It has been almost a year since I’ve written this article. Here are some updates on the Pi Network:
1. Now Pi Network app has advertisements. This is a good indicator of growth.
2. Pi App was not in the official App Store. Now it is.
![[email protected]](
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)You can now chat with your earning team. Usernames are blacked out to protect my members:
![[email protected]](
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)Membership is growing fast. They just hit the 6 million mark.
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)And… that’s it. I hope you find my overview helpful. Should you decide to join, you can visit https://minepi.com/Manny4040 and use my referral code Manny4040 to access the app.