Since its launch, Pi Network has often been compared to Bitcoin, especially now that the project has entered the Mainnet phase and is being traded on several major exchanges. So, can Pi become a standard currency like Bitcoin? This article will analyze an overview of Pi Network, key milestones, community strength, how to trade PI, and compare it with Bitcoin to assess the true potential of this currency.
What is Pi Network?
Pi Network is a blockchain project initiated in 2019 by a group of PhDs from Stanford University, aimed at creating a cryptocurrency that can be easily accessed and used by billions of people worldwide.
Unlike Bitcoin, which requires powerful hardware for mining, Pi Network employs the Stellar Consensus Protocol (SCP), allowing users to mine PI directly on their phones without consuming resources or electricity. Despite having many differences from Bitcoin in terms of consensus mechanism, mining, total supply, liquidity, and goals, Pi Network still aims to become a popular digital currency like Bitcoin for global transactions.
Pi Network and Key Milestones
Pi Network has undergone several significant development phases:
Phase 1: Testnet (2019 – 2021)
- Pi Network officially launched, allowing users to mine PI for free through a mobile app.
- The mining system is based on security circles to enhance decentralization.
Phase 2: Closed Mainnet (2022 – 2023)
- Pi Network launched the Pi Mainnet wallet, but the system remained closed to complete identity verification (KYC).
- Several projects were tested within the Pi ecosystem, ranging from e-commerce to blockchain gaming.
Phase 3: Open Mainnet (2024 – Present)
- Pi Network officially opened its Mainnet, allowing PI trading on exchanges like OKX, HTX, and XT.COM.
- Real-world applications of PI are being promoted, expanding the ecosystem.
The official opening of the Mainnet is a significant step that gives Pi Network the opportunity to prove the real value of PI in the cryptocurrency market.
Community Support for Pi Network
Pi Network boasts one of the largest cryptocurrency communities globally, with over 100 million registered users.
Strength of the Pi Community
- Active engagement on social media platforms such as Twitter, Telegram, Discord, and Facebook.
- Strong promotion by Pi Pioneers spreading the project to millions of users.
- Many stores and small businesses are experimenting with payments in PI, helping expand its usability.
The strong community support is one of the crucial factors that could help Pi Network achieve its goal of becoming a standard currency.
A-Z Guide to Trading Pi Network
With Pi Network now listed on exchanges, users can trade PI more easily.
Step 1: Register an account on an exchange
- Currently, Pi Network is listed on OKX, HTX, and XT.COM.
- Users need to register and complete KYC on these exchanges to trade.
Step 2: Transfer PI from the Pi Network wallet to the exchange
- Access the Pi Network app and connect to the Mainnet wallet.
- Transfer PI to the exchange via the receiving wallet address.
Step 3: Place a trading order
- Buy PI: If you believe in the potential of Pi Network, you can place an order to buy PI using USDT or BTC.
- Sell PI: If you want to take profits, you can place an order to sell PI when it reaches your desired price.
Step 4: Withdraw money to your bank account
After completing the transaction, you can convert USDT into VNĐ on P2P exchanges for withdrawal to your bank.
Investment Strategies for Pi Network
- Short-term investment: Take advantage of strong price fluctuations for quick trades.
- Long-term investment: Hold onto PI while waiting for the ecosystem to expand and increase its value.
- Mining and storage: If KYC has not been completed yet, it’s advisable to finish verification for future use of PI.
However, investors should note that the current price of PI remains unstable; thus caution is advised when trading.
Pi Network has many advantages over Bitcoin, particularly in terms of accessibility and scalability. However, to become a standard currency, Pi still needs to address numerous challenges. Stay tuned for updates on Pi Network in Blockchain Bulletin Weekly.