Pi Cryptocurrency – How To Withdraw? Is Pi A Scam? How Much Is Pi Worth? Everything You Need To Know In One Video!
Welcome to a new episode of #supercalifunnelistic
Links mentioned in this episode:
1⃣ Join the Pi Network 👉 https://bit.ly/36ZQfvV and use invitation code “RauchenwaldC” (without the quotes)
2⃣ Read the Pi White Paper at 👉https://minepi.com/white-paper
3⃣ Check out our portfolio at 👉https://bit.ly/3lKObMx
In today’s video, I’m going to answer all questions you might have regarding Pi Network and its Pi Cryptocurrency.
If you don’t have a Pi account yet, sign up using 👉 https://bit.ly/36ZQfvV and use Pi Invitation Code “RauchenwaldC” (without the quotes).
Read the Pi white-paper at 👉https://minepi.com/white-paper
If you have a specific question regarding Pi, use the timecodes below to jump straight to your answer.
00:00:00 Pi Cryptocurrency – Everything You Need To Know!
00:43 Is Pi legit or a scam?
01:08 Which invitation code should I use?
01:18 Is Pi “free money”?
05:14 How does mining Pi coins work?
05:55 How can I earn Pi coins?
06:22 Why is Pi Network giving away Pi coins for free?
06:43 How can I increase my Pi per hour?
07:32 Is there a Pi per hour limit?
08:06 Can I close the Pi app and still receive Pi coins?
08:28 What are security circles in Pi?
09:11 Should I only add people that I know in my security circle?
09:54 When will Pi reach phase 3?
09:55 When will Pi be worth something?
09:56 What is Pi currently worth?
09:57 When will the Pi mining stop?
10:47 How many users are currently part of the Pi Network?
11:16 How many Pi accounts can one user create?
11:32 What does KYC stand for in Pi Network?
12:04 What happens with unverified Pi accounts?
12:19 Is the Pi app a cryptocurrency wallet?
12:44 How can I withdraw Pi coins in Pi Network?
16:44 Where can I find the Pi white-paper?
17:00 What else can I do to build wealth?
Is your Pi Network related question not mention in this video? No problem, simply leave a comment down below.
Pi Network was founded in 2019 by multiple Stanford professors with the aim to create a coin that can equally be mined by everyone and does not provide an unfair advantage to people with more money or better hardware.
Pi coin the official cryptocurrency of the Pi network can only be mined until the Network reaches 100,000,000 users, and since there are currently only 7,000,000 users, you still have the chance to become a pioneer and be among the first 10% to mine Pi.
Since mining Pi happens on your smartphone and the mining speed is not determined by hardware or operating system of your smartphone but only depends on the number of people you invite to join your Pi Network it’s by far the fairest approach to building a cryptocurrency I’ve seen in a long time.
The biggest benefit of the current “mine Pi coins for free on your phone” phase is that we can be 100% certain that Pi Network is NOT a scam because it doesn’t require any investment at all to get started.
In order to start mining Pi coins on your phone you simply have to follow the steps below:
1⃣ Visit 👉 https://bit.ly/36ZQfvV and download the Pi Network app.
2⃣ Launch the app and create your Pi Network account, either by using your Facebook account or your phone number.
3⃣ Enter “RauchenwaldC” (without the quotes) as your invitation code.
4⃣ Click on the “white bolt” icon to start mining Pi coins on your phone for free
5⃣ Repeat step 4⃣ every 24 hours
It’s not yet sure if or how much Pi coins are going to be worth in USD, but that really doesn’t matter that much.
For now, Pi Network and the Pi application on your phone allow you to mine the coin for free and even if the Pi Network project and with it the Pi coin die somewhere along the way, you did not lose anything.
On the other side, once Pi coin reaches the stage at which Pi coin can be traded on popular cryptocurrency exchanges it will have at least some monetary value making this one of the few existing opportunities to get cryptocurrency for free and benefit from it in the future.
This description contains affiliate links. If you decide to purchase a product through one of them, I will receive a small commission.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.
Trading currencies (or any other financial market) involves substantial risk, and there is always the potential for loss. Your trading results may vary. No representation is being made that any associated advice or training will guarantee profits, or not result in losses from trading.
Hello, and welcome to another video
with me, Christian Rauchenwald.
Now in this video, I’m going to answer
the most frequent questions that come up
to new users that join the PI network.
So you know what you’re getting into.
If it’s worth doing, how to
withdraw money, when phase three
is going to start and so on.
And if you’re looking for the answer
to a specific question, I recommend
that you check the description of this
video down below, because there I put
the timestamps for each question and
answer, so you can jump straight to
it and you don’t have to watch the
whole video, to find your one answer.
Now, if you stay around until the end
of this video, I’m also going to share
with you one other thing that Irina and
I are doing to build our personal wealth
outside of using PI and waiting for PI to
actually achieve phase three, and so on.
Now, let’s look at the most frequent
questions that people have when they
join or consider joining the Pi Network.
The first among those
questions is obviously If Pi
is legit or if it’s a scam.
And my first video about Pi was
actually focusing on that question.
So I’m going to put a card up
here and there is also a link
in the description down below.
If you want to know more about why, in
my opinion, PI is definitely legit and
it’s a great opportunity for everyone.
Also, if you didn’t sign up for Pi
so far, You may want to consider
using our invitation code, which
you can also find in the description
and in the first comment down below.
Besides the question, if Pi is legit or
if it’s a scam, one of the other important
questions is if PI is free money or not.
And the official answer to that
question is no Pi is not free money.
But if you think about it, it
actually is free money to some extent.
You can compare it, for example,
with Bitcoin in its early days, where
it was possible to mine, Bitcoin on
crappy computers and where the cost
of electricity did not outweigh the
value of coins that you generated.
In fact, because the mining difficulty
was lower and so on, you could mine a
bunch of coins with almost no effort.
So back then, you also got Bitcoin
almost for free compared to the
electricity that you paid, which would
nowadays be worth millions of dollars.
And when we look at this, we can
see the Pi is at a similar state.
Currently you can join PI for free.
All you need is an invitation code, and if
you don’t have one already again, you can
find ours into description down below, and
then as a result, all you have to do is
push a button once per day on your phone.
And as a thank you for being
an active or because you push
that button, you will receive Pi
credited to your wallet every day.
So as a result, basically, for doing
almost nothing, for investing five seconds
of your time, you will receive Pi that
hopefully will Pi achieves phase three,
which we’re going to do talk about in
a later part of the video, will have
some value, making it almost free money.
Now there’s a downside to this, of
course, because if you look at Pi
as something that is free money, and
once it can actually be exchanged, you
just start selling your coins, it will
instantly crash the value of Pi because
any currency out there doesn’t matter
if it’s Bitcoin or US Dollar or Euro.
All of those currencies only have a
value because there’s supply and demand.
There’s people paying with that
currency, people that want to exchange
it to another currency and so on.
And if everybody just wants to get
rid of their Pi coins, what will
happen is Pi would become useless
instantly the moment it can be traded.
So it’s important that you
look at as something longterm,
again, similar to Bitcoin.
Imagine your mined in the
early days, and you had 10,000
Bitcoins or something like that.
And the moment Bitcoin actually had a
financial value, you instantly sold them.
You would have maybe gotten a
dollar or $2 for all your coins.
And today you would really regret
that decision because you gave away
millions just because you laked
the patients to wait for Bitcoin
to establish itself on the market.
And we can apply the same thing to Pi.
If everybody, as soon as Pi reaches
phase three, starts to dump their
Pi to get Euro, Dollar, or whatever
other currency you want to have, or
an alternative cryptocurrency for that
matter, then Pi will instantly lose in
value because nobody wants to buy Pi, but
everybody just wants to get rid of it.
And that may even be the problem
that you try to sell it, but
nobody will be willing to buy it.
And that all would be caused because
nobody believes in the project.
So, it’s important that when you
sign up for PI that you are aware
that yes, you can get free Pi coins
right now for the foreseeable future.
And yes, those Pi coins will eventually,
also most likely have a value.
Again, keep watching this
video, we’re going to talk about
that a little bit more later.
But if you just want to have Pi to
sell it on day, number one for a few
cents, or maybe a handful of dollars,
you’re not going to do yourself a
favor, because again, you may only get
a handful of dollars and you’re not when
I do the Pi community a favor, because
you will participate in ruining the
value of Pi for a very, very long time.
So again, it’s important to understand.
Yes, theoretically PI is something
like free money right now, but
you have to look at it longterm.
While you get Pi coins now for free, you
should not, once it can be changed or
exchanged, sell your coins instantly,
because that will not do you any favor
because you may end up regretting it
if the value of Pi increases over time
and you would actually do something
that harms the short term value of
Pi, once it reaches phase three.
Now the next question is
also something that confuses.
Some people are just isn’t
that logical on first glance.
And the question is, how does the Pi app
work and how can you increase your mining?
And how does the mining actually work?
People know from Bitcoin mining
that people might on their
computers or they have special
hardware for mining and so on.
And all of that actually
creates load on their devices.
So it takes power from your computer
to generate or mine Bitcoin other
cryptocurrency, however, the Pi app
doesn’t use any kind of additional
electricity or data on your mobile phone.
And even if you close your
Pi app, you’re still mining.
And that’s why some people mistakenly
claimed the Pi would be a scam,
but it works somehow differently.
The fact is all you have to do
to receive Pi is open your pie
up once a day and push a button.
And as a result, your account will
be credited with a certain number
of Pi per hour for those 24 hours.
So the Pi coins are not actually mined,
like Bitcoins are basically generated by
solving complex mathematical calculations,
but they already exist in some way.
And you get them credited
for being an active user.
The goal behind this is to
create an active user base.
Ideally you don’t just open the Pi
app and push the button and close it.
But also you check the
announcements here and there.
You may be active in the chat and
connect with other people and so on.
So that there is actually an
active community of millions of
users the day Pi achieves phase
three, where it will be tradeable.
Now the second part of the question
is how can you earn more pie per hour?
And there are multiple ways to do this.
First of all, when you are mining,
you receive 0.20 Pi per hour.
So 4.8 Pi per day.
But it doesn’t stop there.
After three days of mining, they don’t
have to be consecutive, but once you’ve
completed three days of mining, you can
set up a so-called security circle and in
your security circle for the first five
people that you add there, your mining
rate will also increase 0.04 Pi per hour.
So if you add five people, it will
actually increase by 0.20 Pi per hour.
Doubling your initial mining rate.
And on top of that for every
member that you invite to Pi.
When they are also actively mining,
so when they also push the button,
once a day, your mining rate increases
by an additional 0.09 Pi per hour.
Now there is no limit as to how
much Pi per hour you can earn.
You can simply invite more people.
And in fact, I personally recommend that
everyone at least tells their closest
friends and family about Pi because
there is zero risk to signing up.
There’s no investment required.
And as a result, once Pi achieves a
real value, again, it’s the closest
thing to free money there is.
And if you keep your Pi coins for a couple
of years, it may actually eventually
turn into a huge amount of money.
Now, I already partially answered the
next question, but I want to have it
as a dedicated question and answer
as well, for people looking for it.
And the question is, do I also
receive Pi or does my app also mine Pi
coins when I close or leave the app.
And the answer is yes, because as
mentioned previously in this video, Pi
doesn’t actually mean mine on your phone.
You get the coins credited.
All you have to do is push the button once
a day and they will then be credited over
the next 24 hours on to your Pi account.
With that we move on to the next question.
And that is what are security circles
and what are they good for now?
Currently, I mentioned it earlier.
If you add five people to your
security circle, it will increase
your Pi per hour rate by 0.20.
So one benefit of the security
circles is obviously currently
that you can mine more coins.
However, that’s not the real
purpose of security circles.
The real purpose is actually, that you
should only add user there that you trust.
So people that, you know, personally,
people that you know are human and people
that you know are very, very unlikely
to try to scam or defraud other people.
Pi will use the security circles,
basically as a verification system to
judge which users are legitimate and
which users maybe scammers, for example.
So that’s that mean that currently
should only add users that you
personally know to your security circle?
Right now, if you don’t have five users
invited that you’re personally no one
trusts and simply add any user that
you can add to your security circle,
because right now Pi is not live Pi
still in phase number two out of three.
Which means currently there is
no real world application to who
you add to that security circle.
Currently, the only difference that it
makes us how many Pi per hour you get.
So your goal currently is to
simply have five people in there.
It doesn’t matter if you know them,
if you trust them or whatever,
just put them in there right now.
So you earn more Pi.
However once Pi reaches phase three,
you should make sure that you only have
trusted contacts in your security circle.
One question that goes along
with, is Pi a scam or is it legit?
How much is it worth?
And all that stuff is when will Pi
become a real thing that you can
actually exchange against real money.
And the answer to that is once Pi
achieves or reaches phase three.
In phase three, Pi will be
a full cryptocurrency that
can be traded on exchanges.
However, there is no
date set for phase three.
There are certain criteria.
First of all the developers behind
Pi have to finish some of their work.
And in addition to that, there is a
soft limit that may change, currently
it’s set at 10 million Pi users.
So once that amount of people is reached
the mining for Pi coins may stop.
Although in recent discussions, it
has been mentioned that maybe the
10 million user limit may increase
to a hundred million users so that
people have more time to join.
Don’t worry at the moment of recording
this video, there are slightly
more than 8 million users using Pi.
So overall there’s still some time to
sign up, create your free account and
actually receive Pi coins for free.
But again, overall, at some point
the mining or the free mining
will stop and people will not
receive free coins anymore, which
will cause a limited supply.
And will ensure that based on
supply and demand, there will
be a real value for the coin.
Again, once phase three is achieved.
Another important question, which I got
unfortunately wrong in my initial Pi video
is can you mine from more than one device?
And while I initially said, you can
just install the app on your iPhone
and iPad and so on, and then basically
create multiple user accounts.
That will actually not work in reality.
Because each user has to go for
a KYC process, which stands for
know your customer and prove that
he is a unique human individual.
So, at the end of the day, once
Pi goes closer, two phase three,
or phase three, actually launches,
there will only be one user or one
Pi account per actual human being.
So there’s no point in creating
accounts on multiple devices.
However, you can install the app on
multiple devices and also log in there.
If it makes sense as a different question.
At the end of the day, one user
should have only one Pi account.
And eventually even if you try
now to outsmart the system, once
the KYC process asks you to verify
you that you are a human, you will
only be able to verify one account.
And therefore, your other
accounts that you created will
lose their pie coins anyways.
Now another frequent question is
if the Pi app is actually something
like a cryptocurrency wallet and
the answer to that is a simple, yes.
Currently PI is not a full grown or fully
built cryptocurrency, but once phase
three is reached the Pi app will actually
serve as the cryptocurrency wallet for
your Pi coins and you will then be able
to use it to send and receive coins
and exchange it on certain exchanges.
Now last but not least when it comes to
frequently asked questions regarding Pi.
One question that unfortunately shows
up over and over again in the Pi chat
rooms is how can I withdraw my Pi coins?
If you’ve watched the entire video, you
already should know the answer, but maybe
you just jumped to this specific question,
so I’m going to go into detail here.
Currently, you cannot withdraw your
Pi coins because currently Pi is
in phase two out of three, and
it does not have any real value.
Only once Pi achieves phase three, you
will be able to exchange your Pi coins
or withdraw your Pi coins on certain
exchanges like you currently could do
with Bitcoin and other cryptocurrencies.
So at the moment, what you have is an
opportunity to generate free coins.
And you should not look at it as free
money, because if all you’re doing
is signing up to generate a couple
hundred or maybe a couple of thousand
pie coins to instantly sell them.
First of all, you will not get a
lot of money on the day Pi launches.
And second of all, you will
harm the whole Pi economy.
If enough people will instantly
try to sell their Pi coins, there
will not be enough people willing
to buy and therefore the value of.
Pi will instantly or
would instantly crash.
So you need to see Pi for
the opportunity that it is.
Again like Bitcoin in its early days.
Imagine the first Bitcoin transaction
that took place was one guy ordering or
paying for two pizzas online with Bitcoin.
And he paid 10,000 Bitcoins
for those two pizzas.
Now imagine today, those two pizzas would
have value of 130 million US Dollars.
Now, obviously it’s important that when
Pi reaches nice number three, that not
everybody just holds their Pi and never
trades them or uses them because that
would also make Pi more or less worthless.
But it’s important to understand the
difference between using some of your
Pi coins in an early stage, once phase
three is reached, to pay maybe for a
pizza online or for an eBay purchase or
whatever else you can use it to actually
give Pi a reason for being, and create
supply and demand and therefore help
increase the value of Pi, which will be
the right thing to do again, to help Pi
establish itself on the worldwide markets.
Whereas, if you instantly on day
number one, when Pi can be traded,
try to sell thousands of Pi coins, and
hundreds of thousands of other users
do the same all you will do is crash
the value of it Pi instantly, and
nobody will have anything out of it.
Again, it would be the same as
if every Bitcoin early adopter on
the same day, maybe when Bitcoin
first achieved $10 per coin.
If all of them or 50% or 80% of Bitcoin
wallet holders would have instantly
tried to sell all their Bitcoins for a
value of $10 per coin or $1 per coin.
If that would have happened, there
would have been so much supply
people wanting to sell Bitcoin, but
not enough people willing to buy.
And it would have instantly crashed
the value of Bitcoin permanently.
So it’s important to understand or
see Pi for the opportunity it is.
It’s something like free money, but it’s
not free money in a way that your mine Pi.
Now on the first day of face number
three, you’ll instantly cash
it out and you will be rich.
That’s not how it works.
It’s an opportunity for you to become
an early adopter to become a pioneer.
That’s why you also receive Pi coins
for free currently, and then once Pi
reaches phase three to use it with sense.
To keep in mind that if you just try
to dump thousands of coins on the
market, that it will not do you any
good, because you will not get the
best value for your coins and it will
harm the entire Pi economy as well.
So again, Pi currently
cannot be exchanged.
And even once it reaches phase three,
you shouldn’t cash out all your
coins immediately, but maybe consider
keeping a couple hundred or a couple
thousand coins on the off chance
that pie in 10 years or 15 years from
now also is worth $10,000 per coin.
So you don’t regret that in the future.
Now with that, I think I’ve covered
most of the questions that I encounter
in the Pi chats day in and day out.
Now I recommend that if you have a
little bit of time that you also go
and check out the Pi white paper.
You can find a link to it in
the description down below.
It may take you 15 minutes to read,
but it will also help you more what
PI is meant to be in the future.
So you actually know
what you’re getting into.
And as promised in the beginning of the
video, I also wanted to share with you
something else Irina and I are doing
to build our longterm wealth, because
obviously there is a small chance
that Pi will never turn into a real
cryptocurrency or that an even in 20 years
from now, it will not be worth a lot.
So obviously you cannot just hope that Pi
will be the savior that allows you to buy
your mansion or your dream car, whatever.
It’s one opportunity among
many that you can use.
And I think one thing that we
are doing, and I personally
think everybody should do.
Is invest your money.
And I can already hear people
saying, I don’t have money.
I’m only earning $200 per month,
$150 per month, $300 per month.
I don’t have a disposable
income to invest.
And yes, there are many people out there
that don’t have a lot of income available.
But if you’re honest about it, no
matter how much or how little you earn.
Everybody has the opportunity
to take 10% of their income on
monthly basis and put them aside.
If you’re currently earning a
thousand dollars and you are used
to living with a thousand dollars.
Well, just slowly adjust
to living with $900.
There are enough people out there
that are able to live with $900
can too, but you will be able to
put away or save $100 per month and
hopefully get interest on that money.
Therefore, eventually it
will also build well for you.
Every time you get it race, just adjust
the 10% value if you earn less money.
So maybe you’re just a trainee or
maybe you live in a third world
country and you earn $500 or less.
Same thing applies take 10%.
If you only earn $200 per month,
try to live with $180 per month.
Yes, you will not be able to afford
the best iPhone right now, but you will
be able to put away money or put money
on the side that will ideally gain or
generate interest for you and eventually
still build a small fortune for you
over five, 10, 15, maybe 20 years.
Which is better than spending all your
money every month and never getting
rich or never having a nasdaq, never
having savings to rely on never being
able to have a bigger pile of money
that you can invest in something better.
And Irina and I personally, for
that matter, invest in stocks.
I’m doing the investing myself
on a platform called eToro,
and you can also find a link
to my eToro profile down below.
The beauty about eToro is in my
opinion that it allows something
called social trading or copy trading.
So even if you don’t have any clue how
to invest in stocks, how to pick stocks.
On platforms like eToro,
you can copy other traders.
So you can simply create a free
account and then look at other traders
performance, what they’re doing, how their
results over the last couple of months
and years, and then simply push a button.
And all the trades of that specific
trader will be copied into your
account so that you basically achieve
the same performance as that trader.
Taking away the pain of actually
learning how to trade, if
you’re not interested in it.
If you are more curious about
how social trading works.
I also made a video about that
specific topic, and I’m going
to put it in the card up here.
But again, as mentioned, if you
just want to check out how we are
doing with our stock portfolio,
then I recommend just check the
link in the description down below.
Now with that, I’m going
to leave you to it.
Again, if you don’t have
a Pi account by now.
Check the description down
below to find the link and our
invitation code and sign up.
You have literally nothing to lose
other than five seconds of your
time everyday to push a button.
Thanks for watching.
I hope you enjoyed this video.
Don’t forget to hit the thumbs up
button, if you were able to take
anything positive away from it.
And if you have any questions
whatsoever as mentioned, leave
a comment down below, see you in
one of my other videos until then.