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How to Buy Pi Coins in India May 2024 – Forbes Advisor INDIA
Pi coin is special for several reasons. It’s the first digital currency which can be mined with just a phone, but it is also its innovative technology that makes the mining experience cheap, enriching and stress-free. Although it is so unusual and unique, the Pi is currently not available anywhere.
However, if one wishes to obtain a Pi coin, it can only be done through mining as the coin is yet to be listed in any Indian or foreign bank. cryptocurrency exchanges.
Here is a detailed read on how to acquire Pi coins in India and how its network works.
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What is Pi coin?
Pi coin is a modern currency that can be easily mined even from your smartphone. Pi coin, or PI, is the main cryptocurrency operating on the Pi network. This network allows users to mine Pi coin directly from their smartphones, thus eliminating the need for expensive hardware and graphics processing units (GPUs).
Just like any other digital currency, Pi currency is also managed and regulated by a social community and not by any government. Currently, the network is in the second phase of testing and is expected to be fully launched, which could occur in phase 3.
The Pi network differentiates itself from cryptocurrencies because it only works on a mechanism known as the “stellar consensus protocol”, which allows users to gain advantages in their contribution to the network.
It should be noted that one cannot actually buy Pi coins in India or anywhere else as they have not yet been listed on any cryptocurrency or non-crypto exchange. Pi coins are easily accessible and can only be obtained through mining.
Pi coin to be mined or obtained, network application is widely used by users every 24 hours by pressing a button. To do this, the user obtains a code from a member to join the application. The Pi platform also has a referral system in which an individual can earn an extra amount of money based on several new users signing up.
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 total of one lakh new users were registered. Similarly, when a total of one million people were added to the Pi app, the reward was further reduced to almost 0.4 Pi per hour. It finally dropped to 0.2 Pi per hour when its user base reached one crore.
Pi Network launched “Pi Bridge” in September 2022 to make it more compatible with other types of blockchains. Pi Bridge is designed to provide a bridge between the Pi Network and other blockchains such as Ethereum, Binance Smart Chain or Polygon. It also helps data travel across networks and Pi holders freely and quickly.
Pi Network Price
If we calculate the real value of Pi coin, then it is practically worth nothing and therefore 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.
On May 2, 2024, the price of Pi is $41.97 per (PI/USD) i.e. around INR 3,414 with a current market capitalization of $0 and the circulating supply is also the same zero, as the Pi network has not yet released the number of coins in circulation and therefore the maximum supply is not specified.
As of now, the Pi network allows its users to explore crypto with its very affordable blockchain technology and robust incentive structure. However, until now miners are compensated through Pi coin, which has no real value.
According to the Pi Network website, users will be able to withdraw or exchange Pi coins for other coins in the third phase of its roadmap when the main network is launched, however, as of now there is no formal launch date announced.
The company specifically mentioned that “Pi is currently closed network and has not been approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these alleged publications or listings.”
Pi Network Key Features
Pi app working: The Pi Network app has a lightning button that users tap to mine the Pi. There is also a 24-hour countdown, as when finished the user needs to tap the button to continue mining. The user must not leave the application, as they simply open the application and tap the button every 24 hours.
Pi Popularity: According to Coinmarketcap, the Pi network has over 35 million engaging users and an innovative mining engine that allows you to mine Pi directly from your smartphone. Pi strives to give power back to the masses and secure transactions through a mobile system, which is backed by the Web 3.0 experience.
Pi Network: The best part of PI Network is that it is easily accessible, configurable, error-free and flexible. This network is completely decentralized and does not have a specific single owner.
Unique Ecosystem: The Pi network has an unusual network ecosystem, which even allows non-GPU (graphics processing unit) users to mine through their smartphones. This ecosystem is supported by an extensive range of technologies operated by diverse social communities.
Mobile Mining: Pi coin is a pioneer in bringing the revolution in mining as it can be done easily on your cell phone.
Strong reference system: The Pi network runs a robust referral system that allows users to generate money and attract additional users. For this, the application has a referral system and advertisements.
How to Buy Pi Coins in India?
Despite India’s very tough stance on cryptocurrencies, you will still be able to get Pi coins, however, you will only be able to exchange them when phase 3 of the Pi Network is launched, which should be soon.
In India, to mint or earn a Pi coin, users must get its mobile app from the iOS app store or Android-based Play Store and mine it easily through smartphones. However, once you buy Pi coins, you can also easily keep them safe in your digital wallet. Users can also download the Pi Coin Wallet app that monitors Pi-based transactions.
Indian user can also use their regular money or fiat currencies like INR to buy Pi Coins which can be stored in their wallet.
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 faster speed.
Users in India should know that Pi Network currently recommends that its users do not connect to third-party aggregators or crypto exchanges as doing so may result in substantial harm or loss to Pi users. Pi Network has also requested the removal of exchange listings as it is important to reiterate that Pi transaction through an exchange is completely prohibited during the mainnet closed period.
Please note that if you are planning to buy PI in India, you cannot exchange it as it is still in the testing phase. However, users who have earned Pi can transfer or withdraw their coins in the third phase, which is expected to be launched soon when Pi moves to a completely decentralized blockchain.
Once post-phase 3 is complete, Pi coin holders will have full control over their public and private wallet keys and users will be able to spend money on the Pi network’s peer-to-peer marketplace to even purchase goods and services.
Can I use regular money to buy Pi coins?
Many cryptocurrency exchanges directly accept fiat currency. But some may require you to buy a stablecoin first, such as USDT or USDC and then use them to buy cryptocurrencies. Follow the basic steps below to buy Pi coins:
Step 1: Open an encrypted digital wallet (BuyUCoin is one of the leading digital wallet providers)
Step 2: Register and open an account
Step 3: Complete the KYC procedure
Step 4: Two-Step Verification
Step 5: Add your bank details
Yes, you can use Indian rupees to buy Pi coins in India. One of India’s leading cryptocurrency exchanges, BuyUcoin allows you to buy Pi coins using Indian rupees. It can also be stored in your wallet and you can trade your favorite cryptocurrencies using the crypto exchange with just one click without any hidden transaction fees.
Featured Partners
Legacy
More than 1 million investors trust Mudrex for their crypto investments
Security
Mudrex is the Indian government. recognized platform with 100% insured deposits stored in crypto wallets
Rates
Enjoy zero crypto deposit fees and the best rates in the industry.
Multi-award winning broker
Listed in Deloitte Fast 50 Index, 2021 Best Global FX Broker – ForexExpo Dubai October 2021 and more
Best in class for investment offering
Trade over 26,000 assets with no minimum deposit
Customer support
Dedicated 24/7 support and easy to sign up
Please invest carefully, your capital is at risk
When will Pi coins be traded on open markets?
The launch of the Pi network is expected to take place this year. However, several conditions can prevent it, and the Pi network team calls for the involvement of the entire community to ensure its success.
The team released a V2 roadmap to complete all the necessary preparation in the first condition. The goal is to reach 15 million KYC verified pioneers; they have a vision to build one of the mass inclusive P2P ecosystems. Although the launch is expected this year, it is still skeptical as unfavorable global factors may act as obstacles.
Conclusion
As stated earlier, in India, you can simply mint Pi coins, but it is currently not possible to sell your coin option due to the absence of a defined launch date on the Pi blockchain. So now, perhaps users can focus on accumulating Pi coins at their own risk and call it a “financial investment” that can be made later, possibly with 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.
Frequently Asked Questions (FAQ)
How can I buy PI coin?
The only way to get Pi coins or mine them is through the mobile app.
How much is 1 Pi in INR?
The value of 1 Pi in INR is 0.22.
How do we mine Pi coins?
You can easily mine Pi coins by using the Pi network app and pressing a button every 24 hours. By doing so, users receive a code from a member to join the app.