The Pi coin is special due to a variety of reasons. It is the first digital currency that can be mined from just a phone, but it is also its breakthrough technology that makes the mining experience inexpensive, enriching and stress-free. Although it is so unusual and unique, at present Pi is not available anywhere. 

However, if anyone wishes to obtain a Pi coin, it can only be done via mining as the coin has yet not been listed on any Indian or foreign cryptocurrency exchanges.

Here’s a detailed read on how one can acquire Pi coins in India and how its network operates. 

What is Pi Coin?

Pi coin is a modern currency which can be easily mined even from your smartphone. Pi coin, or PI, is the primary cryptocurrency which operates on the Pi network. This network enables the users to mine the Pi coin directly from their smartphones and thus eliminating the need for expensive hardware and graphic processing units (GPUs).

Just like any other digital currency, the Pi coin is also managed and regulated by a social community rather than any government. Presently, the network is in the second phase of testing and is expected to be fully launched and that might take place in phase 3. 

The Pi network is different from cryptocurrencies as it solely works on a mechanism known as “stellar consensus protocol”, which permits users to obtain advantages on their contribution to the network. 

It is to be noted, in real sense, one cannot buy Pi coin in India or anywhere else, as it has not yet been listed on any cryptocurrency or non-crypto exchange. Pi coins are easily accessible and can be only obtained via mining.

The Pi currency to be mined or obtained, the network application is used extensively with the users every 24 hours pressing a button. For this, the user obtains a code from a member to join the application. The Pi platform also boasts a referral system in which an individual can make an extra amount of money based on the sign-up of several new users.   

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 one lakh new users got registered. Likewise, when a total of one million people were added to the Pi app, the reward got reduced more and it became almost 0.4 Pi per hour. Finally, it got dropped to 0.2 Pi per hour once its user base touched one crore. 

The Pi Network launched “Pi Bridge” in September 2022, to make it more suitable with other kinds of blockchains. The Pi Bridge is outlined 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 free and fast.

Pi Network Price

If we calculate the real value of Pi coin, then it is practically of no worth, and thus 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. 

At the time of writing, the price of Pi is $29.77 per (PI/USD) i.e. around INR 2,477 with a current market capitalization of $0 and the circulating supply is also the same zero, as the Pi network has not yet disclosed the number of coins in circulation and so the maximum supply is unspecified. 

As of now, the Pi network allows its users to mine crypto with their much accessible blockchain technology and robust incentive structure. However, till now the miners are compensated through Pi coin which has no real value.

According to the Pi Network website, the user will be able to withdraw or exchange Pi coin with other currencies in the third phase of its roadmap when the main net launches, however, till now there is no formal launch date has been announced. The company has specifically mentioned that  “Pi is currently in the enclosed network and is not approved by Pi Network for listing on any exchange or for trading, and Pi Network was not involved with any of these purported postings or listings”. 

Key Features of Pi Network

Working of Pi App: The Pi Network app has a lightning button which the users tap to mine Pi. There is also a 24-hour countdown, as when it finishes, the user needs to tap the button to continue mining. The user is not supposed to leave the app as all it takes is opening the app and tapping the button after every 24 hours.

Pi’s Popularity: According to Coinmarketcap, the Pi network has a 35 million plus engaging user base and an innovative mining mechanism that allows one to mine Pi straight from their smartphone device. Pi strives to get power back to the masses and secures transactions through a mobile system, which is backed by Web 3.0 experience.

Pi Network: The best part about PI network is that it is easily accessible, configurable, which is also error-free, and flexible. This network is completely decentralized and has no particular single owner.

Unique Ecosystem: The Pi network has an unusual network ecosystem, which even allows non-GPU (graphics processing unit) users to perform mining through their smartphones. This ecosystem is backed by an extensive range of technologies operated by several social communities.

Mobile Mining: Pi coin is a pioneer in bringing the revolution in mining as it can be done very easily from your mobile. 

Strong Referral System: The Pi network runs a robust referral system that allows users to generate money and appeal to additional users. For this, the application has a referral system and advertisements.

Despite India’s very tough stance on cryptocurrencies, you may still obtain Pi coins, however, you will be able to exchange it only when phase 3 of Pi Network gets launched, which is expected to be anytime soon.

In India, to mint or earn a Pi coin, the users are supposed to get its mobile application either from the iOS app store or Android-based play store and mine it via smartphones easily. However, after buying the Pi coins, you can also easily keep them safe in your digital wallet. Users can also download the Pi coin wallet app that monitors the Pi-based transactions.

The Indian user can also use their regular money or fiat currencies such as INR to buy Pi Coins, which can be stored in your wallet.

The 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 quicker speed.

Users in India must know that Pi Network currently recommends its users not to connect with any third-party aggregators or crypto exchanges as this could result in damage or substantial loss to Pi users. The Pi Network has also requested to remove the exchange listings as it is important to reiterate that the Pi transaction through an exchange is completely banned during the enclosed mainnet period.

Please note that if you are planning to buy PI in India, then it is not possible to exchange it as it is still in the testing phase. However, the users who have earned Pi can transfer or withdraw their coins in the third phase which is supposed to be launched soon when Pi moves to a completely decentralized blockchain.

Once the post phase 3 gets completed, the Pi coin holders will have entire control over their public and private wallet keys and the users can spend money on Pi network’s peer-to-peer marketplace even to buy goods and services.

Can I Use Regular Money to Buy Pi Coins?

Many crypto exchanges directly accept fiat currency. But some might require you to first purchase a stablecoin such as USDT or USDC and later use that to purchase cryptocurrency. Follow the basic steps below to buy the Pi coins:

Step 1: Open a digital crypto wallet (BuyUCoin is one of the primary digital wallet providers)

Step 2: Register and Open an account

Step 3: Complete the KYC procedure

Step 4: 2 Step Verification

Step 5: Add your bank details

Yes, you can use Indian rupees to buy Pi coins in India. One of the leading cryptocurrency exchanges in India, BuyUcoin allows you to purchase Pi coins using Indian rupees. It can also be stored in your wallet and you can trade your favorite cryptocurrencies by using the crypto exchange with just a click without any hidden transaction charges. 

Bottom Line

As stated previously, in India, you can simply mint Pi coins, but selling your coin option is currently not possible owing to the Pi blockchain’s absence of a set release date. So, right now maybe users can focus on accumulating the Pi coins at their own risk and call it a “financial investment” which can be later realized possibly at 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.