Just recently, I have a published an article about our data security in Pi Network and why we should ignore all the allegations thrown to the project. You can read about it in this link:
https://read.cash/@Kryptlook/personal-data-security-are-we-safe-with-pi-network-f2539a7b
Since I haven't shared here yet my review about Pi Network, this article will be it and can/might serve as anyone's guide of why they should or should not mine Pi in their device.
Before everything else, let's make things clear first and get back to the basic of cryptocurrency. I will assume everyone who reads this already knows what cryptocurrencies is and and how Proof-of-Work coins work. If not, keep reading.
Mining Cryptocurrencies.
Cryptocurrencies like Bitcoin, Bitcoin Cash and Ethereum, to name some, are POW or Proof-of-Work coins that requires a super device to solve an algorithm in the Blockchain and get rewarded with that coin - or to make it short, mining.
You need to have a powerful and special hardware that could be worth some thousands of dollars in order to mine the coin first and with that you will be paying an enormous electricity bills too because mining consumes so much electricity that it can be sometimes unprofitable for the miners to mine cryptocurrencies. So if you are planning to mine cryptocurrencies, it's better to live in a place or country that have a cheaper electricity rates so you can have an advantage compared to people or a corporations that mines cryptocurrencies where electricity are expensive.
So what does it have to do with Pi Network?
This is where Pi Network can have a little "advantage" compared to, let's say Bitcoin, because in order to mine the coin, you wouldn't be needing an ASEC miners or any hardware anymore because mining Pi only need an smartphone and it doesn't have any effect either on the battery of your smartphone or the device's.
Review About The Project.
The Pi Network project Phase 1 was launched for more than 2 years now (March 14, 2019) and was being developed by the Professors from the Stanford University - could be an enough reason for the project's credibility but can also be just a disguise for a fraud.
But of course, for us small people in the crypto space, we would be likely to ask about how much money we need to invest in the project to start with. And with Pi Network, it's basically nothing!
As of the moment, Pi Network haven't asked a single cent yet as an investment in the project aside from the time you put on it. But since most people believe that nothing is free in this world, they would likely ask if there is a catch. And yes, there is.
The Catch of Mining Free Pi Coins.
Currently, the one downside of Pi Network is that it is already a 2-year old crypto project that is still currently being developed and still can't be reffered to a real "cryptocurrency" because it is still not tradable yet and does not have any value in a public crypto market.
We don't really know, for now, if the Pi coins we are mining will really have a value and when we can trade it and no one is really for sure how much each Pi coin is worth untill Phase 3 happens.
Should You Get On Now In Mining Pi?
When I joined and started mining Pi coins on August 2020, there were only around 7-8 million users. Currently the community of Pi has over 10 million users already and plans to reach 100 million users first before they stop mining Pi coins in the app.
What does this mean?
Untill 100 million users is reached, anyone can still mine Pi coins in the app. And with the current users of around 10 million, that means you are in the first 10% miners of Pi coins in the app that mine more coins because you got early on compared to others.
If you are planning to get on mining, simply install the official app (you can install it from Play Store and/or AppStore), register in the app and push the mining button once in every 24 hours - pushing the button only takes not more than 5 seconds of your time.
Final Say.
I've been following the development of Pi Network and I can personally say that they were doing great.
Pi Network can be an opportunity or maybe a not. The project might not reached its success as no one is certain of where a project can really go, but with the possible opportunity it offers to anyone that only requires a few seconds everyday is something I can't neglect, miss and feel regrets in the future.
FIN.
I always forget to mine but I currently have 144 pi. I want to delete it actually but I am thinking that maybe later it will have a huge value😆