Mining Cryptocurrency on your Phone with Pi Network App

Bitcoin has recently been a big talk in finance news and every social media platform. Personally I don’t hold any Bitcoin and at this price point I probably never will. But this led me to wonder whether or not there are other cryptocurrency that I can still mine. I don’t have a custom build cryptocurrency mining computer. I only have a simple laptop and a smartphone.

Doing research led me to multiple apps with the ability to mine their “coins”. The most popular one is Pi Network. It was founded in 2019 by Stanford graduates Nicolas Kokkalis Ph.D., Chengdiao Fan Ph.D., and Vince McPhilip M.B.A. The goal of the project was to make crypto accessible to everyone. (source)

The issue with Bitcoin is that most of them are owned and mined by big corporations. Because of this, a very small percentage of individuals in the general population hold Bitcoin. It’s not easily accessible to most people. The Pi Network aims to address that issue and make their crypto available to everyone with a smartphone. You can check out their website and Q&A page here. It’s a great idea and a lot of people got onboard. As of December 2020, Pi Network has more than 10 million users mining Pi Coins from the app. (source)

I just started yesterday and invite 7 friends. So far I have 15 Pi Coins. As of right now the coins are worth nothing. However, they plan to start mainnet for Pi Network in Phase 3 (estimated to be around late 2021 and early 2022). The project timeline is on their Reddit page here. However, as I researched more, I also started reading articles about skepticisms of the app.

Research done by Ai Multiple is saying that Pi Network may be a scam. Can it be? From my own experience, when setting up the app it did not ask me for ID or any official documents to verify my name. All it asks me to do is to make sure that my name is the same exactly as it is shown on my official ID documents. This may imply that Pi Network will later on require official documentations in order to withdrawal funds once reaching mainnet. However, that’s not the only thing I’ve noticed. Many people online have noticed that when you set your phone clock ahead in time, your Pi Coin count increases accordingly with the time. Does this mean Pi Coin = time? I couldn’t find any specific documentation that gave a clear answer. In addition, there are other variables that led many people to having second thoughts about these kinds of apps. You can read about them here.

Overall, whether or not Pi Network is a scam, I still plan to continue to use it for the time being. Even if they reach mainnet and require official ID documentation, it will be a very long time for the Pi Coins to gain any value. Until then, I will slowly keep growing my Pi Coins.

Disclaimer: this article is only for educational purposes and not meant to be a recommendation or financial advice. If you do plan to join the Pi Network, do so at your own risk with your own research first.

What is the Power of Compound Interest?

Have you ever heard of a 401K or Individual Retirement Account (IRA)? These are accounts that you should know about early on in your career if you want to be financially prepared for retirement. In my previous article I talked about the importance of time in relations to life. In this article I wanted to talk about the importance of time in relations to your investments.

Till this day I wish someone told me about investing and compound interest when I was in high school or college, but it wasn’t until after I graduated and started working full time that I learned about 401K and IRA. When you learn about these types of investments, you find out that time matters a lot due to something called compound interest.

The rule is simple: the earlier you invest, the more your money will grow over time.

Source: Investopedia

There are many different types of investment accounts. For retirement accounts like 401K and IRA, you have to understand that the money invested in those accounts should not be withdrawn until the retirement age of 59.5. That’s the age according to the rules in 2020, but who knows if the government will change that number in the future. Because of this requirement, make sure that the money you put into those accounts are not money you will need until you retire. The money can be withdrawn early but there is a penalty fee.

The sooner you start investing, the more time your money will have to grow. There is a saying, “The best time to plant a tree is 20 years ago. The second best time is today.” Think of investing like a tree. If you only started growing your tree in your 40s or 50s, the tree won’t be as big in your 60s as if you started growing it in your 20s. Just like trees, investments need time to grow. Start as early as you can. Remember, time waits for no one.

Why your Greatest Wealth is Health

What is your definition of wealth? Is it the number in your bank account? Or maybe it’s the amount of luxury items you own? The idea of wealth being something that is not money and not tangible was a crazy idea to me.

When I was growing up, I became aware of the importance of money. It was what put a roof over our heads and food on the table. People without enough money would struggle with those basic needs while the “wealthy” people with more than enough money don’t even have to give those basic needs a second thought. I soon realized that I needed to be “wealthy” and make as much money as I can. That idea stuck with me and also stuck with my friends father. That is until he passed away due to a heart attack from overworking. The reason for his overworking was simply to be wealthier, but in the end was he really wealthy? His friends described him as “always tired” and “always sad”. He had the big house, nice car, and his kids went to private school. However, without his health, none of his money mattered. Bob Marley explains this perfectly:

Learning that there are things more important than money completely changed my view on the definition of wealth. Money can buy many things, but there are many things money can’t buy. Focusing on the priceless things in life such as health, quality time with family, and life experiences helped me understand that money is a useful resource, but it does not define my wealth.

One of the many things money can’t buy is health. Many would argue it’s your greatest wealth. If you don’t have your health, how will you do everything else? Your health isn’t dependent on the number in your bank account. Instead, it simply depends on how well you treat and take care of your body, mind, and soul.

Here are the 5 main aspects of personal health and tips to help keep you healthy:

1. Physical: Exercise and eat healthy. Avoid junk, fast, and processed food. Make sure you’re getting the nutrients your body needs to function well physically. Get at least 6-8 hours of sleep every night.
2. Emotional: Keep a positive attitude when facing problems that life throws at you. Talk through your problems with someone you trust or a professional.
3. Social: Get involved with positive minded people. Identify who is truly your friends in life. Find a good balance between your personal and school/work life.
4. Spiritual: Find time to reflect everyday. Remember to focus on the positive and always find gratitude in every step of your journey.
5. Intellectual: Continue learning even after you finish school. There are many things to learn every day. Keep an open mind and learn to see things in a different perspective.