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Introduction – Hello.Welcome to another trending article. In today’s article, we are going to take another look at pi network and application that I reviewed in some of my recent articles and that I’m using myself on my phone to mine, a so-called pi coin. But in this article I’m going to provide you with all the answers that you might be looking for. No matter if it is like, what can you do with your PI coins. How much are they worth? How to withdraw PI coins? What is pi exactly who is behind the pi network? Is PI a scam or legit? And so on. I promise, you’re likely to find the answers. In this question and answer session article, if you didn’t find them already in the pi network FAQ or the pi network white paper.
Now obviously if you want to know the most about the pi network I recommend that you read this article fully. However, if you already have some basic understanding and you’re just looking for the answer to one specific question. Let’s jump right into it and start off with the question what exactly is a pipe network high network is a new cryptocurrency that allows you to mine. The new coin called pi coin on your phone, by simply pressing a button once per day. As you notice, I used air quotes for the word mine and for the word cryptocurrency and that’s for a special reason that brings us to two follow-up questions is the pi network in real cryptocurrency. And the answer to that is not yet the pi network is a project that aims to create and launch a new cryptocurrency called pi. In three phases and currently, the project is in phase two, and according to the core team we will see phase three when it becomes a real cryptocurrency within the next 12 months so either at the end of 2021 when early 2022, and the second follow up question would be is, do you actually mined pi coins on your phone, or not and the answer is no, you’re not really mine your phone because unlike Bitcoin which uses proof of work so where you actually have to do calculations for example with your computer or with a dedicated ASIC miner pi coins use the stellar consensus protocol, and that basically means that the PI coin supply the pre-created by the PI core team. So all coins already exist and you’re not mining them, but you simply receive the reward every time you push the button in the pie network application. Every time you start the app once per day and push the button to start your mining session you receive coins credited to your account for completing the 24-hour mining session, and that also answers common questions that I see over and over again like, how is it possible that even though I close the app so I quit the app on my phone I still receive the coins. How is it possible that even though I’m offline I receive the coins How is it possible that even though I turn off my phone I receive the coins, the answer is because you’re not really mining the coins on your phone, you simply get them credited after 24 hours, which again brings us to another follow up question that I see often. As a result, it’s why do we have to mine So why do we have to push that button once per day done at all if the coins already exists. And the answer to that is actually quite simple once you start to think about it, because in order for pi network to succeed. So to establish a value for their coin wants to reach phase three at the end of 2023 or early 2022. They need an active community and that community needs to be big enough. Now if you signed up in 2019, when the pi network project actually started, and you wouldn’t have to open the app once per day, chances are that by now you would have already forgotten everything about the project and when they go live, you wouldn’t even know that you have any coins, which means pi network would fail and be dead in the water because they would have maybe millions of users, but none of them would be active. So by providing you with an incentive so you receive coins for opening the app once per day and pressing a button, they make sure that as many users as possible stay up to date and involved in the project because every day you open the app, you are able to see any news that they might publish on the apps home screen, and you stay more involved with the project which means you don’t miss the launch of pi network, which means when they reach phase three at the end of 2021 or early 2022, you will actually be an active member and willing and looking forward to use your coins, which is a core element for pi to have a chance of the successor of succeeding in which explains why you receive pi coins for pushing a button once per day, although those pi coins pretty much already exist and there is no mining involved, and that thought process actually already provides us with the answer to another very popular question or argument from people that claim the pi network would be a scam. Some people say that the pi network is just a pyramid scheme or multi-level marketing scheme because you receive a bonus when somebody signs up with your referral code. And if we think about it we realize why that is high network needs a huge amount of active users once they achieve phase three, which again is scheduled for late 2021 or early 2022, because only if they have enough users at that point and especially active users, they have a chance that PI Point, actually establishes itself as a currency like a plant and outlined in the PI network white paper. In order to do that, they provide users with an incentive for inviting new users because if there would be no incentive you could say I’m not going to tell other people about it so I have a bigger share of the pi. But by providing you with an incentive so you mined more coins when you invite other users and they are also active, you actually have a reason to promote pi network to other people and inviting new users doesn’t only help you because you suddenly get a mining boosts when those people are actively mining in your team, but it also helps the whole pi ecosystem because again, the more people are active once pi reaches phase three, the higher the chances that pi actually establish itself as a currency on the market now both previous points we covered until now. So the fact that you receive coins more or less out of thin air and they’re not actually mined on your phone, as well as the fact that you receive an incentive or a referral bonus for inviting new users also brings us to another topic the KYC process. Your people make allegations that the KYC process is something that no other cryptocurrency does and it’s just the proof or evidence or whatever that pi network is a scam aiming to get or gain access to your personal data, but if we think about that for a second we realize a few things. First of all because pi network grants your referral bonus so when you have people that join your team and they are actively mining you are mining faster. It means it opens pi up for potential fraud, because I could just install BlueStacks which is an android emulator on my computer and then if my computer is powerful enough run em