12/03/2021
FAQ
Q- Is Pi free money?
A- Pi is NOT free money. It is a long-term project whose success depends on the collective contributions of its members.
Q- What is Pi?
A- Pi is a new cryptocurrency for and by everyday people that you can “mine” (or earn) from your phone.
Q- How do I use Pi/ How do I start earning Pi?
A- Signup by clicking the invitation code you were sent.
Click on that link, download the app on your phone, click on register, fill your information, when it requests for refferal code put the invitation code you were sent
Click on the mine button every 24hrs to mine free pi. HINT: Set a daily alarm at the same time to remind you to press “mine"
Q- Is Pi network another type of digital currency like bitcoin?
A- Cryptocurrencies are new form of digital money that are maintained and secured by a community, instead of by governments or banks. Today, you can mine (or earn) Pi by helping to secure the currency and by growing Pi’s trusted network. While most cryptocurrencies (like Bitcoin) have been very hard for everyday people to use and access, Pi puts the power of cryptocurrency into the palm of your hand.
Pi is not intended to be the next bitcoin, it's not designed to become a wealth reservoir, instead it's goal is to become a better replacement to FIAT money accessible to everyone in the world from the convenience of their smart phones.
Q- Is this real? Is Pi a scam?
A- Pi is not a scam. It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency.
Q- What is the value of Pi/ When can I get money for my Pi coin?
A- Currently Pi have ZERO value, it will start to accumulate value as more people get involved and use the application. Short answer, if you’re thinking of selling your mined Pi coins immediately once they're available for trade, then this is NOT the project for you. Pi will not be a reserve of wealth like bitcoin or gold bars, it's going to be a currency used for everyday purchases, like a cup of coffee or to fill up your gas tank or to pay for lunch. Also websites/ applications or fortune tellers that predict Pi value are not part of the core team and they aren't using any form of science to predict the value, they're just using wishful thinking, so they will be declined until Pi is in mainnet and is tradeable.
Q- What is KYC? When do I get my KYC?
A- KYC stands for Know Your Customer, it's going to happen in the third phase of the Pi project, every active pioneer will need to supply governmental identification to avoid double accounts or fake accounts, most probably it will be through your country's passport, so start updating them, if there's an issue with your country's passport, the Pi core team are probably aware of it and working on finding a solution. You will get your KYC with everybody else, some pioneers were selected for a trial run, not everyone was asked to submit their documents, just get your documents ready and keep mining till then. If you have double accounts or more, close everything except your main account otherwise you will lose everything during the KYC phase and you will be banned from the network.
Q- What happens if I miss my KYC slot, or if I didn't have the proper documents?
A- You will still have another chance before and during phase 3(going on mainnet), what you can do is install YOTI app on the device you use to mine Pi, and verify your documents in your YOTI account.
Rest assured, pioneers who failed their KYC the first time got a second chance and some even got three trials and according to the core team they're working around the clock to be able to verify each and every real pioneer with a real account.
Q- I'm Facebook verified OR phone verified, do I still need KYC?
A- Absolutely, Facebook and phone verification will help you retrieve your account in case you forgot your password, KYC will allow you to keep your account, if you don't pass KYC your account will be blocked and you will lose all your balance, you MUST have KYC to be able to do transfers and buy or sell using Pi.
Q- What are security circles?
A- Security circles are groups of 3-5 trusted people built by each of Pi’s members. Security circles secure the currency by building a global trust graph that prevents bad actors from executing fraudulent transactions.
Q- I need more people in my security circle, can I add people from the group? OR Can people from the group add me to their security circle?
A- The whole idea behind the security circle is adding people you already know in real life, that's to create a multiple-leveled authentication environment, when you add random pioneers from the Internet, the whole system becomes less secure and potentially very dangerous to all of us and the project, it's VERY IMPORTANT to only add those you know in real life.
Q- What is Pi node?
A- Nodes are the fourth role in the Pi ecosystem, and run on laptops and desktops instead of mobile phones. Similar to other blockchains, Pi Nodes will be responsible for validating transactions on a distributed ledger think of them as the accountants of the system that make sure the calculations are correct.
Q- Is there a reward for running a Pi node?
A- One of the goals of Pi’s Testnet is to determine what, if any, rewards there should be for running a Node. While we collect the relevant data needed to determine the most appropriate incentive mechanism, there will be no mining rewards for Testnet Nodes.
Q- What are Wallets?
A- Simply put, they are your digital waker where you keep your Pi coins, it has an address and a secret key, the address starts with G###X and you give that number to anyone you're doing business or exchanging Pi coins with, your secret key 🔑 starts with S###X and is for you and only you, you should never share it with anyone as they will have control of your wallet and its contents. Wallets are still in a test phase and are only using test Pi coins which are not from your actual balance and will be reset periodically to allow more tests and engagements. Wallets are only available to node operators that are active and they are randomly assigned. If you are a wallet tester, use the post in the announcements section, all posts elsewhere will be deleted.
Q- Why do we have to hide information in our screenshots from the application (Team members names, number, mining rate, balance, security percentage, wallet secret key...etc)?
A- Short answer, to avoid hackers and scammers from gaining possible access to your team and your account and using this to their advantage, it can be done, it has been done in similar projects before, and we don't want to compromise the safety of the entire project.
Q- I've entered the wrong phone number or I've mistakenly entered my home phone number, how can I change it?
A- currently you can't do that, so be very careful when entering your details, but just like with the name change option, a lot of pioneers are facing this issue so we're sure that the core team are working on a solution for it, that should also cover the error some pioneers get when they try to register a phone number and the app tells them this number has been previously used.
Q- How can I verify my phone number?
A- It's different from one country to another and from one mobile carrier to another, basically you need to have your phone be able to send and receive international SMS, you enter your phone number with the country international code that starts with + or 00, then make sure you enter your full mobile number without any extra Zeros and that you have enough credit and that your mobile operators will allow you to send an international SMS, then you send it to either the number in UK, USA, BELGIUM or Israel depending on which option is best or cheapest, you might have to try all 4 numbers until one works. Then there will be a code sent to your phone that you use to verify and register your mobile number with the Pi app.
Pi is a new digital currency being developed by a group of Stanford PhDs. For a limited time, you can join the beta to earn Pi and help grow the network.
