Pi Network: Pruebo La Nueva App Para Ganar Dinero Con El Móvil

What is p Network and How Does It Work?

Introduction to p Network

• The speaker shares an anecdote about a taxi ride where the driver mentioned using a mobile app for mining cryptocurrencies, specifically p Network, accumulating 9,000 coins.

• The speaker's immediate reaction was to check the value of these coins on Coin Market Cap, discovering they were worth approximately $324,000.

Overview of p Network

• The video aims to explore what p Network is, how it works, and potential earnings from using the app.

• Research was conducted through the official website and white paper of p Network, which outlines its goal of creating a decentralized ecosystem around its cryptocurrency.

Unique Mining Process

• Unlike traditional mining that requires expensive machines solving complex mathematical problems, p Network allows users to mine with just a mobile phone.

• This innovative approach means anyone can participate in mining without needing specialized equipment; only verification of being a real person is required.

User Base and Trust Issues

• The project claims over 60 million active users. However, skepticism exists regarding the quality and sustainability of such crypto projects.

• To gain firsthand experience with the application’s functionality and legitimacy, the team decided to test it out themselves.

How to Use the p Network App?

Getting Started with the App

• Users must download the app available on both Android and iOS platforms and create an account by providing personal information including username and email.

• After account creation, users are prompted for an invitation code which may offer bonuses; they searched online for one before proceeding.

Mining Process Explained

• Once inside the app, users simply click to start mining for 24 hours. After this period ends, they need to log back in and click again to continue mining.

• Initial clicks yield "pi," which serves as a welcome bonus but lacks clarity on its long-term implications or benefits.

Increasing Mining Rewards

• Users can enhance their daily mined cryptocurrency amount through various activities within the app; one notable feature is an activity bonus linked to user engagement.

Exploring Additional Features

Ecosystem Development

• P Network aims not just at cryptocurrency mining but also at building an ecosystem where users can create applications and services related to their currency.

Additional Applications

• Users are encouraged to download "p browser," which integrates social networking features alongside browsing capabilities. This includes chat functions and areas for proposing improvements within the network.

Building Confidence in Project Viability

Understanding Cryptocurrency Mining and User Engagement

The Concept of Mining in Cryptocurrency Applications

• The application discussed is not merely a pay-per-click service; it emphasizes the importance of user engagement through activities that benefit the project, such as using its browser, chat, and social network.

• The team tested the application for three days, performing clicks to mine cryptocurrency. They successfully generated 1.43 PIS, equivalent to approximately $51.66.

Daily Earnings and Withdrawal Process

• Calculating their earnings over three days resulted in an average daily income of about $17.22.

• To withdraw funds from the app, users must follow a specific process: downloading the browser app, creating a wallet for storing cryptocurrencies, and connecting it with the mining application.

Wallet Creation and KYC Verification

• Users are required to create a wallet within the browser app to hold their mined cryptocurrencies.

• An optional feature allows users to lock a percentage of their cryptocurrencies; locking more results in faster mining rates. The team chose to lock 90% for six months.

Challenges with KYC Process

• After verifying their phone number and accepting terms, they encountered issues with KYC (Know Your Customer), which requires submitting identification documents and photos.

• A problem arose when they were deemed ineligible for KYC due to not having mined for at least 30 days; this was confirmed by support interactions within the app's chat system.

Community Feedback and Blockchain Limitations

• Many users reported similar difficulties with KYC approval delays, likely due to high demand from over 60 million active users on the platform.

• It was discovered that withdrawals cannot be made directly to exchanges because P Network's blockchain is currently closed; transactions can only occur between wallets within the application itself.

Future Developments and Market Dynamics

• There are plans to open up the blockchain by 2024 but no specific date has been provided yet. This raises questions about market dynamics since cryptocurrency value relies on trading activity that isn't currently possible outside of internal transfers.

Understanding the Nature of Cryptocurrency and IOUs

The Concept of IOUs in Cryptocurrency

• The cryptocurrency being discussed is not the actual asset but an IOU, which can be complex to understand. It essentially replicates a real asset.

• Exchanges have created these cryptocurrencies to allow users to buy and sell them, profiting from transaction fees associated with these trades.

• Users are promised that they will be able to exchange their IOUs for actual cryptocurrencies when available, but this remains a promise without guaranteed fulfillment.

• These IOUs are generated by the platforms themselves and do not have any direct connection to the original project (Pi Network), as confirmed by inquiries made with Pi Network representatives.

Scenarios for Profitability

Favorable Scenario: High Value Exchange

• In an ideal situation, if everything functions correctly, users could potentially convert their 9,000 Pi coins into $324,000 based on current market values offered by exchanges.

Peer-to-Peer Transactions

• Another option for withdrawing funds is through peer-to-peer (P2P) transactions where individuals trade directly rather than using exchanges.

• A specific website facilitates P2P trading of Pi cryptocurrency; users send their coins to a wallet while receiving USDT in return from another party's chosen exchange.

Price Discrepancies and Challenges

• The price per Pi coin in P2P transactions is significantly lower than what is listed on Coin Market Cap; it stands at approximately $0.418 USD.

• If a user converts 9,000 Pi coins via P2P methods, they would receive around $700—much less than potential earnings through other strategies.

Liquidity Considerations

Understanding Liquidity Impact on Pricing

• When launching a cryptocurrency, liquidity refers to how much capital (in dollars or USDT) is available for trading; it influences initial pricing upon market entry.

• Based on estimations derived from the project's white paper, liquidity could set the initial price of Pi at around $0.16 USD per coin.

Potential Earnings Estimation

• If liquidity estimates hold true, converting 9,000 Pi coins could yield approximately $14,440—a significant profit compared to P2P options.

Evaluating Trustworthiness of Pi Network

Is Pi Network Reliable?

• Based on personal experience and observations, there are no indications that Pi Network operates as a scam since it does not require upfront monetary investment from users—only KYC compliance.

Transparency and Credibility

• The creators of the project are public figures with credible backgrounds which adds some level of trustworthiness despite not guaranteeing against potential scams.

Business Model Insights

Typical Crypto Project Structure

Can You Make Money with p Network?

Overview of p Network

• The speaker describes p Network as an ambitious project that still has a long way to grow and evolve.

• They emphasize the importance of personal circumstances in deciding whether one can earn money through this platform, noting that participation is free but requires sharing personal information.

Considerations for Participation

• If someone is uncomfortable sharing their information, the speaker advises against participating; however, if they are indifferent, trying it out could be worthwhile.

• The speaker clarifies that while such applications may provide a small financial boost, they should not be seen as a path to wealth. Real income requires hard work.

Alternative Opportunities for Learning and Earning

• The speaker suggests focusing on comprehensive and free educational resources available on their channel instead of relying solely on platforms like p Network.