Pi Network Cryptocurrency Review: Is it a Scam?
Pi Cryptocurrency Review: Is the Pi cryptocurrency genuine? What is the value of one Pi coin? Is the Pi network a hoax? Continue reading to discover out.
Is the Pi cryptocurrency lawful? This is now a million-dollar question in bitcoin circles. As the Pi project nears completion, many people are asking what the future holds. For some, it appears to be easy money because it is a promising enterprise that is now entirely free to mine. One of the most contentious cryptocurrencies is the subject of several inquiries and falsehoods.
We have produced this comprehensive Pi network evaluation to assist you with any problems you may experience. We’ll look at if the Pi currency is real, how much it’s worth, and whether the Pi network is a hoax. The goal is to present you with factual information so you can determine whether it’s worth a shot. Prepare for a wild ride as the answer to the question “Is Pi coin legit?” comes in fifty shades of grey.
Pi Cryptocurrency Review: A Comprehensive Guide to the Pi Coin
The Pi cryptocurrency is shrouded in mystery, and trustworthy information is difficult to come by. We delved deep into online forums and blogs to uncover the most recent Pi updates. We hope it will assist you in learning more about it and deciding whether it is worth your time and effort.
First and foremost, what precisely is the Pi network project?
Pi is still a project and is not yet money in the traditional sense. People working in the Pi network are now building the community required to launch the Pi digital money in the future.
According to the information available, the network was created and launched in 2019 by a group of Stanford students led by Nicolas Kokkalis, Chengdiao Fan, and Vince McPhilip. The Pi white paper describes their core concept for addressing the drawbacks of bitcoin mining and bringing cryptocurrencies closer to consumers.
You can only join the Pi network community if someone asks you. Members of the Pi network are popular because they get additional Pi coins for each referral. People are eager to share their referral codes since the future worth of Pi coins is determined by the size of the community. These codes may be found in blogs, videos on YouTube, and even Facebook postings.
The Pi referral program appears to be a pyramid scheme. This sort of investment plan is well-known and unlawful in many countries since it suggests that early participants benefit from the accounts of others who arrive later. However, in the case of Pi, things are a little more difficult. In other words, its referral scheme is MLM (Multi-Level Marketing). It is not, however, a pyramid scam. The answer is simple: users only receive incentives for direct recommendations. What their referrals do in the future has no bearing on the initial user.
The Pi network currently has over 29 million active members, which is quite a huge figure given they just started three years ago.
Pi coin explanation
Pi coin, as it is now defined, should be a stablecoin. It attempts to strike a balance between availability (easily mined) and scarcity (the total volume of Pi cryptocurrencies is pre-determined).
Stablecoins are a type of cryptocurrency that is less volatile than other cryptocurrencies since their value is tied to real fiat currencies. Tether USDT is a popular stablecoin, which is a digital equivalent of the US dollar with nearly the same value.
Pi coin mining on your iPhone or Android device
There is no other cryptocurrency that is as simple to mine as Pi cryptocurrency. All you have to do is download and install the app (available for Android and iOS). Once installed, the app will prompt you for a referral code as well as some personal information (name, email, phone number). The program is really basic and easy to use. All you have to do is click the “Earn Pi” button once every 24 hours. The program will automatically award the appropriate number of Pi coins to your account based on your current state. This occurs even when your phone and Internet are turned off.
When you join the Pi network and begin mining, you are designated as a Pioneer. The quantity of Pi coins you earn every hour rises as you pass through the three membership levels. When you declare five or more trustworthy contacts, you will be elevated to Contributor over time. Finally, you become an Ambassador once at least 23 Pioneers join the network using your referral code.
Later, the Pi app will feature the Node role as well. When a user selects to install Pi software on their computer, they advance to the Node level.
Pi employs a halving approach similar to that employed in other crypto projects to ensure scarcity. The base mining rate drops as the number of users grows.
The issue with Pi mining is that there is still no indication of a blockchain behind it. Although the founders use the word “mine” on their website, the engineers underline that the project is still in the test network phase. Some users also concede that the present “mining” process is not mining in the traditional sense, but rather a technique to keep the network active and prepare members for the future phase 3.
Pi Cryptocurrency Review: Is phone mining possible?
The Pi network team has introduced a historic invention in the potential of “mining” Pi currency using simple software on a regular mobile phone. Whatever Pi’s future holds, it is the first digital money that can be mined on mobile devices.
When previous mobile mining programs failed, Pi gave optimism that mobile mining might be achievable. Another factor that explains why it’s feasible is the sort of consensus method Pi employs: the Federal Byzantine Agreement (FBA) protocol, which has shown to be extremely effective for two key reasons:
- It requires far less computing power, making it considerably lighter, quicker, and easier to handle for devices with lesser CPU power.
- According to a study done by Bournemouth University in the United Kingdom, its energy consumption needs are much lower and more ecologically friendly.
How much is one Pi coin worth?
Pi coins are currently worthless. It cannot be exchanged for cryptocurrency or fiat cash. There is much discussion concerning this value, but no one knows for certain. We’ll just have to wait and see.
There are also several suggestions for increasing the actual value of the Pi coin. Some believe it will require significant investment to take off. The Pi app’s optional advertising campaign is now the sole method to monetize it.
While most resources state that purchasing anything using Pi is now impossible, this is not the reality. Croatia’s capital, Zagreb, has an intriguing narrative to tell. A Benston coffee shop may be found a bit distance from the city center. It is a popular hangout for students from the adjacent veterinary school. At the same time, this coffee shop was one of the first in the world to accept Pi coins as payment for beer. Benston is not alone; numerous other locations in Croatia currently accept Pi coins.
Pi cryptocurrency price prediction
When it comes to the Pi coin price prediction, there are two opposing viewpoints.
Some say it is hard to predict the value of the Pi cryptocurrency in the future. There is no way to predict the future of a cryptocurrency that has yet to be released. Nobody knows if there will be any value. What’s more, several websites provide phantom estimations that have nothing to do with the reality of Pi. WalletInvestor and Digitalcoinprice, for example, estimated the value of Pi coins based on data from May 2017. However, the Pi network will not be operational until 2019!
The only certainty is that assembling a community of 29 million individuals in only two years is a huge success. Predictions will become possible and potentially more accurate once the magnet is deployed.
While some think that it is unlikely to continue long. They believe the smartphone mineable currency will become widely available this year. Some Pi crypto predictions from some development teams over the following years are as follows:
After being listed on leading cryptocurrency exchanges like Crypto.com and Coinbase, the value of the Pi cryptocurrency might reach over $2 by the end of 2022.
If additional use cases for Pi currency are created, it might possibly trade at $5 per coin by the end of 2023.
By the year 2025: Pi cryptocurrency price projection for 2025 might reach $60 with a competent marketing plan and excellent performance.