Image retrieved from Pixabay
The controversy of whether mining cryptocurrencies with mobile phones was a scam or not was discussed a lot, that even Google itself decided to eliminate all the mining apps of the Play Store. A couple of years have gone since then and the vast majority of cryptocurrency enthusiasts are convinced that obtaining them with their mobile is practically impossible due to the poor hardware they have.
Therefore, I've decided to take advantage of my free time to propose and develop the following research questions: how much crypto can you earn with a year of using mobile apps developed for this purpose? Which cryptocurrencies are more convenient to invest our time and effort through the daily use of mobile apps?
Objectives
- Primary objective:
- Find the most profitable cryptocurrency to earn with your mobile.
- Secondary objectives:
- To assess the profitability of using mobile apps to earn cryptos for a year, investing just one hour a day.
- To follow the prices of these cryptos for a consecutive year.
- To make a monthly update to review those cryptos based on changes of their value and the amount obtained with the apps.
Preliminaries
I am convinced that all readers agree with me that all those apps that pay you 3 satoshis to watch 20 videos for an hour are a complete waste of time and resources, so let's start by reviewing the white papers of the main cryptos with an approach 100% mobile and with which you won't need to invest a single penny:
1. Pi Network
2. CryptoSoul
3. Phoneum
4. HORA Token
5. Electroneum
This is the first of 5 posts that I will be making along this month to introduce you to the world of mobile cryptocurrencies.
1. Pi Network
Pi claims to be the first cryptocurrency developed for ordinary people and its goal is to go one step further in the adoption of cryptocurrencies around the world. Pi seeks to build the most inclusive peer-to-peer market ever, to be operated by its namesake cryptocurrency (which sounds so utopic and unrealistic, to be honest). However, Pi presents us with a very interesting situation:
In 2008, no one had idea what a Bitcoin was, even the first miners wouldn't have even conceived the powerful hardware it would need 10 years later to execute what they did with a computer with 4 GB of RAM, an nvidia graphics card and a good internet connection running math operations 24 hours along. Nobody ever imagined that with this the world economy would be completely changed. At that time, with a computer of these characteristics, you could get about 50 bitcoins a day, and those who were smart or lucky enough to do so, saw their lives take a 180 degree turn a few years later.
Just like Bitcoin did in its time, in 2019 a new cryptocurrency was launched. Its name is Pi and has a value of zero so far, but that you can mine it, and unlike most cryptos it does not require powerful computers or expensive graphics cards to mine it, you only need to download an application called Pi Network to your cell phone. It is worth mentioning that the Pi Network does not even consume a lot of battery nor internet, you just have to open the app every 24 hours and press the mining button.
If you download the app now, the mining speed will be 0.25 Pi per hour, which means that in four hours you will earn 1 Pi, in a day 6 Pi, in a month 180 Pi, in six months 1080 Pi and in a year 2160 Pi. You do not need to invest a single penny, just download the app and enter every 24 hours, that's all.
Pi aims to avoid the concentration of wealth and to distribute its tokens to as many users as possible, but at the same time it highly values the first miners who trust the project and because this reason they'll be the ones who will obtain the greatest rewards. This means that as more people join the Pi network (now there are more than 8 million), the rewards will gradually decrease.
This concept is truly unique and innovative because the network is operated and run entirely by mobile users, ordinary people like you and me who fall into four categories:
- Pioneer: It's the mobile user who confirms on Pi Network that is not a robot by starting a mining session daily. Pioneers can do P2P transactions on the platform.
- Contributor: It's a Pioneer who contributes to the system by providing a list of trusted pioneers to build a global confidence list.
- Ambassador: It's a mobile user that leads other users to the Pi Network.
- Node: It's a Pioneer user and a contributor, that also runs the Pi Nodes software on his computer.
Pi seeks to extrapolate its mobile mining concept to computers through Pi Nodes.
Is Pi a scam?
Looks like it isn't, before writing this post I did additional research and it turns out that the people behind this project are, impressively, three PhD and a student from Stanford University (more info here), therefore, the people who promote this project are teaching about blockchain in a classroom, why would they affect their reputation by promoting a project without a basis or foundation?
I want to start right now
Congratulations, for a limited time Pi Network is inviting everyone to join its network. To join Pi, follow this link https://minepi.com/iedsuu and use my username iedsuu as your invite code. Using this code you will increase your mining power by adding me into your own network and becoming automatically a contributor.
Pi isn't yet listed on the exchanges and it isn't possible to buy it at the moment. The only way to get Pi is to install the app and let it mining. The more people you have into your network, the more Pi you can mine per hour, it is a win-win system. Here are the steps to follow to get the Pi Network up and running:
- Download Pi Network from Google Play or the App Store, open the app and register using your Facebook account or your phone number. Here I show you how to do it using the first option.
Make sure to enter your data correctly because when you need to withdraw your Pi, you must have the KYC done to verify your identity. If your name is misspelled, this could generate you many frustrations.
Enter the username that you want.
On the next screen you will be asked for your "invitation code" or "referral code", it is not possible to register without an invitation code. Mine is "iedsuu" (without quotes), enter it:
Finally, click on the icon that Pi indicates you, and every 24 hours open it to click again, it is that simple. The more people join the Pi Network through your referral link, the faster your mining speed will be, but your referral will also need to open the app every 24 hours.
What is the future of Pi?
Nobody really knows, but right now they have one of the largest crypto communities in the world. I don't see how creating a free account on the Pi Network could affect you and I highly recommend doing so.
Did you like my post and do you want to keep learning about the other mobile cryptocurrencies? Give me a follow and wait a couple of days for the second part of this series of posts.
Do you have doubts? Find me on discord as @iedsuumx and I'll get back to you shortly.
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