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What is pi network? Where to buy and sell it in Pakistan

What is pi network? Where to buy and sell it in Pakistan

Pi is a new cryptocurrency that is designed to be accessible to everyone. It can be earned or mined using your phone. Cryptocurrencies are a new type of digital currency that is maintained and secured by a community, as opposed to being controlled by governments or banks. Pi can be earned by contributing to the security of the currency and by growing Pi network. Unlike other cryptocurrencies, such as Bitcoin, which can be difficult for the average person to use and access, Pi has been designed to be user-friendly and can be accessed easily from the palm of your hand.

Is this real? Is it Legal?

Pi is a legitimate initiative by a group of Stanford graduates aimed at providing easier access to cryptocurrency for ordinary people. The core team behind Pi comprises two PhDs and one MBA from Stanford, all of them actively involved in building Stanford’s blockchain community. While we cannot guarantee the success of the project, we remain committed to working hard to achieve our shared vision, with the highest standards of integrity. You can learn more about us on the “Core Team” page available in the app’s main menu. As far as the question about the Pi network being legal in Pakistan is concerned, No, the Pi network is not legal in Pakistan.

How does this app work? How do I earn more Pi?

Earn Pi by contributing to Pi’s community through this app. The more you contribute, the more Pi you can earn. To start earning, simply check in every 24 hours and click on the lightning button to begin mining. You can increase your hourly rate by inviting trusted friends and family to join the community. After mining for 3 days, you can boost your earnings even more by building your security circle. This helps to enhance the overall security of the network. Please note, that early members of the network earn Pi at a higher rate than those who join later.

Why do earlier members mine at a higher rate?

Pi is a cryptocurrency that aims to become the most widely used and distributed in the world. To achieve this goal, the earliest members of the Pi community are incentivized to make contributions that will ensure its success, such as securing and growing the network. The rate of mining in Pi is determined based on the number of active users in the network. Early members mine at a higher rate to reward their contributions to the network when needed. However, as more people join the network, the mining rate decreases.

The base rate of mining halves every time the number of active users increases by a factor of 10. Eventually, the mining rate will fall to zero when the network reaches a certain number of users, for example, 10 million or 100 million. At that point, just like Bitcoin, miners will continue to be rewarded through transaction fees rather than by the minting of new currency.

Can I withdraw my Pi? What is the timeline for withdrawals?

At the moment, it’s not possible to withdraw Pi. However, you can withdraw or exchange Pi for other currencies when the project enters Phase 3 and transitions to a fully decentralized blockchain.

Pi Day (3/14/2019) marked the launch of Phase 1, during which your balances are being recorded and guaranteed for honor when Pi transitions to mainnet (Phase 3). To prevent bad actors from accumulating Pi from fake accounts, transfers of Pi are currently restricted. This is to avoid the possibility of a bad actor mining Pi from fake accounts, transferring the Pi to a legitimate account, and then passing through Pi’s account verification process despite their illicit gains. We are still refining the project’s development timeline, and you can find more information about it in the Roadmap section of our white paper.

When will Pi be worth something? When can I turn Pi into “real” money?

Pi is a cryptocurrency that can be converted into real money by purchasing goods and services on the Pi marketplace or exchanging it for fiat currency. There are two ways to convert cryptocurrency into real money: 1) by directly purchasing goods and services using the cryptocurrency, and 2) by exchanging the cryptocurrency for fiat currency on cryptocurrency exchanges such as Binance, Coinbase, Kraken, etc.

Pi Network is developing a peer-to-peer marketplace where members can spend Pi to buy goods and services. The network plans to begin experimenting with in-app transfers of Pi from Q4 2019 onwards. Additionally, Pi will be tradeable in Phase 3 of the project (i.e., Mainnet), after which exchanges can choose to list Pi. However, Pi’s Core Team has no control over when cryptocurrency exchanges decide to list Pi. Meanwhile, Pi’s core team is focused on implementing the technical roadmap outlined in the white paper to reach Phase 3.

Is this app a wallet? Will we hold our own private/public keys? And can we use an external wallet to hold our Pi?

Yes, your phones will work as a cryptocurrency wallet that will be linked to your current accounts (number/Facebook). Similar to any other public blockchain, Pi’s blockchain will allow in-app/external wallets to hold Pi and transact with it by directly submitting transactions to the blockchain. This functionality is currently scheduled to be provided in Phase 3 of the project. (As a reminder, we are now in Phase 1 – distribution of the currency. We will then launch a Testnet as Phase 2, and Phase 3 is when our main net will be live.) During Phase 3 of the project, you will also have the option to take full ownership of your private/public keys.

Pi aims to be more accessible to everyday people, which is why we are trying to build an integrated interface. We have chosen this phased implementation to make it easier for people to use. We are still in our early days and are excited about the road ahead of us.

What is the PI Rate in Pakistan?

Cryptocurrency exchange transactions in the crypto market involve an official Pilan rate. The Pi rate represents the price at which a Pi coin will be sold in a particular currency.

As of October 1st, 2023, 1 Pilan (PI) is equivalent to 0.88 PKR Pakistani Rupee (PKR) and 1 Pakistani Rupee (PKR) is equivalent to 1.12 Pilan (PI). This means that 100 Pi coins are currently worth 88.78 PKR. Please note that the exchange rate will continue to fluctuate.

Where can I buy/sell my Pi coin in Pakistan?

Pi coin is a newly introduced cryptocurrency and as of now, it is not available on most of the cryptocurrency exchanges. However, if you are in Pakistan, you can sell your Pi coin on some online marketplaces like LocalBitcoins, Paxful, and PiMarketCap. To begin with, you need to create an account on any of these platforms and set up a sell offer for Pi coins. Once you receive inquiries from interested buyers, you can proceed with the transaction. It is important to be cautious while trading on online marketplaces and conduct proper due diligence to ensure safe and secure transactions.

Moreover, you can also sell your Pi coins to people on Facebook, Twitter, and LinkedIn. There are plenty of groups on Facebook that also serve as a community to buy and sell Pi currency in Pakistan. You can find these groups on every social media platform my just simply searching the term “Buy and Sell Pi”.

FAQs about Pi Network in Pakistan

How can I join Pi Network in Pakistan?

To join Pi Network, you need an invitation code. Connect with an existing member to get started.

Is Pi Network safe to use?

Yes, Pi Network prioritizes security, and your data is protected. Always be cautious of scams and phishing attempts.

Can I mine Pi coins on multiple devices?

No, Pi Network allows only one account per device to ensure fairness.

Can I exchange Pi Network for Pakistani Rupees?

Yes, you can trade Pi Network for Pakistani Rupees on various exchanges.

Is the Pi network legal in Pakistan?

No, the Pi network is not legal in Pakistan.

Conclusion

In conclusion, Pi Network offers an exciting opportunity for Pakistanis to get involved in the world of cryptocurrency. By understanding the basics, joining the community, and using reliable platforms, you can successfully buy and sell Pi Network in Pakistan. Remember to stay informed about the latest developments and security measures to safeguard your investments.

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