A free coin mined from your phone that you can use to buy things
Pi Network (PI) cryptocurrency is the first social coin that you can mine on your phone. It was launched as a beta version on Pi day, March 14, 2019, by Stanford grads, Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, Vincent McPhillips, and Aurelien Schiltz.
Cryptocurrencies are a new form of digital money that is maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While some cryptocurrencies (like Bitcoin) have been hard for everyday people to mine, use or access, Pi puts the power of cryptocurrency into the palm of your hand.
Pi app (available on Android or iPhone) allows you to earn Pi by making simple contributions to Pi’s community. The more you contribute, the more Pi you earn. 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. After 3 days of mining, you can boost your earnings more by building your security circle, which contributes to the network's overall security. Keep in mind that earlier members of the network mine at a higher rate than those who come after them.
As an Ambassador, you earn up to a 25% bonus on your base mining rate for each person you invite to the network. When new members join your earning team, you become an ambassador by using your invitation code when they sign up for Pi Network. Each member of your earning team provides a 25% boost to your earnings when they are actively mining. A new member can only be added to their inviter’s earning team because each member only joins Pi once using one inviter’s invitation code. In other words, unlike the security circles where people can be added into multiple member’ circles based on trust, earning teams are fixed based on who invited whom. Each invitee in the world can only be claimed by one who is already invited. Please use our code bostoncoin or simply click this link to enjoy the benefit.
The app works like a direct selling or affiliate marketing system, promising future rewards to users for bringing in new users. . We find it similar to Multi-Level Marketing since it includes direct selling and provides increased potential benefits to early users (i.e. earlier users mine at an increased rate),
Pi’s holders will be able to turn Pi into “real” money when they either purchase goods and services on Pi’s marketplace or exchange Pi for fiat currency. Cryptocurrency holders have two options for turning their holdings into “real” money (or to “cash-out”) by:
1) Directly purchasing goods and services with your Pi. Pi Network is building a peer-to-peer marketplace where Pi members will be able to directly spend Pi to buy goods and services.
You can access a desktop version here, an app for iPhone here, or for Android phones here. Note that currently, many of the businesses selling goods and services are in the Asian region, however, there are more businesses joining every day. You can even list your own business if you would like to accept Pi as payment for your products or services.
2) Exchanging Pi for fiat currency on cryptocurrency exchanges. Pi’s Core Team does not control when cryptocurrency exchanges (like Binance, Coinbase, Kraken, etc.) decide to list Pi. However, Pi will be able to be traded in Phase 3 of the project (i.e., Mainnet). At that point, exchanges can choose to list Pi. In the meanwhile, Pi’s core team is focused on implementing a technical roadmap (see the white paper) to reach phase 3.
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