Let me share with you something amazing I just learned! It turns out that pi is indeed accepted as payment in malls all around Asia. Amazing, isn't that? On social media, particularly Twitter, posts have been made about Asians especially Chinese using PiCoin to purchase a variety of technological devices. And what's this? Even some northern Nigerians have used their PiCoin to buy cars and phones. It's astonishing given that PiCoin hasn't even begun trading or receiving official prices yet. Don't you think the whole thing is quite mind-boggling?
Let me provide you the background information: Vince McPhilip, Chengdiao Fan, and Nicolas Kokkalis, three bright Stanford undergraduates, founded PiCoin in 2013. On March 14, 2019, they developed a mobile app that enables users to earn tokens directly from their phones, following the debut of a web app in 2014. The best aspect is that, unlike with Bitcoin or Ethereum, earning Pi tokens doesn't require a large investment or sophisticated technical skills. You can earn millions of Pi tokens by just pressing the green flash icon on the app once every hour. It has swiftly attracted a sizable following and is intended to make cryptocurrencies accessible to everyone. Can you believe they have more than 35 million users as of June?
Here's where it gets really interesting: the Pi Network was in what they refer to as the mining or pre-mainnet phase for almost eight years, from 2014 until just this past August. That's a considerable amount of time, and many users actually lost interest in the software as a result. Some even criticized it as a time waste. The network did, however, make an important announcement in March. By successfully completing a know-your-customer (KYC) procedure, they enabled users to go to the following stage, referred to as the mainnet phase. Everyone's excitement was rekindled by this announcement!
Users can now begin transacting with PiCoin within the network during the mainnet phase. Peer-to-peer transactions are possible with other pioneers who have advanced to the mainnet level. The major goals of this phase, according to the network, are to further decentralize and increase the coin's utility, guarantee stability and lifespan, and, of course, promote growth and security.
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Let me now share a few PiCoin users' experiences. Despite having 700 Pi, there's this Zhamani who hasn't been authenticated yet. The verification procedure appears to be somewhat of a lottery. Some people think that the core team is deliberately weeding out some persons utilizing the KYC. Debo, on the other hand, received verification after a two-week delay. He opted to lock them up for an additional three years after taking the leap and moving all 1,700 of his Pi into the mainnet. Why, you inquire? He is adamant that PiCoin can surpass the value of the leading cryptocurrencies in the following three years. He has a great sense of optimism, just like when he wagered on Solana and won his first million. So much for having faith, huh?
However, not everyone has Debo's patience. Audu, a teacher at an elementary school, was also accepted into the mainnet. The best course of action for him is to sell his PiCoin. He doesn't want to wait an additional three years to find out how much it is worth. He immediately sold off more than half of his 2,500 Pi after learning that he could take part in peer-to-peer transactions. And what's this? He earned a respectable profit! He was able to sell his coins at a price of 300 each, for a total of 450,000. Isn't that just incredible?
It's astounding to consider how much money he made from cash that he obtained by repeatedly tapping an app. Oh, and here's a fascinating fact: Audu claimed that his wife has about a million naira in earnings and actually has more Pi than he has. Both of them are thinking about holding onto the remaining coins till the next phase begins and the values increase because the price has now decreased by half of what they sold for. But since nothing in this world is set in stone, they are still keeping all of their options open. Simply knowing that they can always open the app and sell a few assets anytime they need some extra money gives them peace.
Let's now discuss the motivations behind PiCoin purchases. There are primarily two causes for it. First of all, some are reselling it to Asians who use it to buy real goods. Second, some people are hoarding PiCoin in the hopes that it will surpass Bitcoin as the upcoming big thing. This was confirmed to me by a cryptocurrency dealer named Soft, who chooses to go by the alias Soft due to privacy concerns. He claims that because the coin can only now be used within the network, these are the only explanations.
The Pi Network itself uses a halving scheme to regulate the amount of coins available, much like Bitcoin and other blockchain networks. Basically, after completing certain milestones, the network reduces the quantity of Pi awarded as a reward by half. For instance, people could mine 1.6 Pi when it initially began, but with the number of users currently in the tens of millions, only 0.2 Pi can be mined each hour. The mining benefits will be eliminated once there are 1 billion users of the coin.
A few days before to the group meeting in Kano, an image posted on Twitter by pen_griffen announced the registration of Arewa Pi Mega Mall as a company with the Corporate Affairs Commission (CAC). Even though the image might have been altered, a quick check of the corporate registry revealed that the company is actually registered.
Let's now discuss the wider picture. In the realm of cryptocurrencies, passion of this kind is not unusual. Nearly all tokens and so-called "shitcoins" experience this hyper phase, during which its owners fantasize of a utopia powered by their acquired and cherished coin, before eventually going out of business. However, the PiCoin core team has taken its time to establish a reliable network, unlike the majority of shitcoins that either disappear or crash owing to their lack of utility within a few months or years. In reality, they have made it quite plain that they won't be selling the coin and won't be doing an initial coin offering (ICO). So, to get a piece of the pie, one must download the Pi app and adhere to the plan detailed in their white paper. Only time will tell whether PiCoin is actually a crypto heaven or a dangerous trap, like with any cryptocurrency.
Isn't the PiCoin phenomenon as a whole fascinating? We'll simply have to wait and watch how everything plays out, as the world of cryptocurrencies is renowned for its unexpected twists and turns. In the cryptoverse, time has a way of revealing the truth, and we'll be here to see it.
Source: TechCabal