As currently defined, Pi coin aims to be a stable coin. It aims to achieve a balance between accessibility (easy to mine) and scarcity (the total volume of Pi cryptocurrency is predetermined).
Stablecoins are a unique type of cryptocurrency that is less volatile as their value is tied to real-world fiat currencies. One of the most well-known stablecoins is Tether USDT, which is a digital version of the US dollar and has a similar value.
The legality of Pi cryptocurrency is a topic of much debate in the crypto community. As the Pi project progresses, many are questioning its potential future. The project has gained attention for being free to mine and promising but also faces criticism and skepticism. To help clear up any confusion, we have conducted a thorough review of Pi network. We will address questions such as the authenticity of the Pi coin, its value, and whether or not the Pi network is a scam. Our goal is to provide accurate information to assist in determining if it’s worth investing in. Be prepared for a complex and nuanced analysis, as the answer to “Is Pi coin legitimate?” is not clear-cut.
Pi Coin Launch?
The Pi Core team has recently confirmed in their 2022 end-of-year update that the Pi Network is currently in a crucial stage of its closed mainnet development leading up to the Open Mainnet launch. They are still focusing on completing KYC and making further technical improvements before making the mainnet publicly available, however, they have not yet set a specific timeline for this transition.
The update specifically highlighted the improvements made by the Pi Core team in 2022, including technical and product work on mainnet migration, KYC solution, Pi Platform, and ecosystem building, among other important features. Efforts have also been made in the backend, interfaces, compliance, community engagement, and bug fixes. The update also reiterated that the Pi Network is currently in a significant phase of its closed mainnet development leading up to the Open Mainnet launch.
It is important to note that as the Pi Network is still in its closed mainnet period and has not yet launched the open mainnet, it is currently not tradeable. The Pi Core team has made it clear that any recent token listings have been done independently of the team and are not approved or in line with the network’s policies. Therefore, it is important to read the Pi disclaimer before making any decisions.
BTCC advises users to thoroughly research before investing in any Pi coin. We will continue to keep you informed on the latest developments and hype surrounding the Pi ecosystem.
Pi Coin Network Project and Review
The Pi cryptocurrency is shrouded in mystery, making it challenging to find accurate information. We have conducted extensive research on internet forums and blogs to gather the most recent updates about Pi. Our aim is to provide you with enough information to help you make an informed decision on whether it is worth investing your time and effort into.
Pi is currently in the development stage and is not yet fully operational as a currency. The individuals involved in the Pi network are working towards creating a community to eventually launch the Pi digital currency in the future.
As per available information, the network was initiated in 2019 by a group of Stanford students, Nicolas Kokkalis, Chengdiao Fan, and Vince McPhilip. The Pi white paper outlines their plan to address the limitations of bitcoin mining and make cryptocurrency more accessible to the public.
Currently, the only way to join the Pi network community is through an invitation. The network is popular as members receive additional Pi coins for each referral. As the future value of Pi coins is dependent on the size of the community, many people are eager to share their referral codes which can be found in blogs, YouTube videos, and even Facebook posts.
The Pi referral program bears some resemblance to a pyramid scheme. This type of investment scheme is illegal in many countries as it implies that early participants profit at the expense of later participants. However, in the case of Pi, it is more complex. The referral program is MLM (Multi-Level Marketing) but it is not a pyramid scheme. This is because users only receive bonuses for direct referrals and the actions of their referrals do not affect them in any way.
Currently, the Pi network has approximately 29 million active users, which is a significant number considering it’s been only three years since its launch.
Pi coin mining with iPhone or Android
Pi cryptocurrency is unique in that it is incredibly easy to mine. All that is required is to install the app, which is available for both Android and iOS devices. Once installed, the app will ask for a referral code and personal information such as name, email, and phone number. The application is straightforward and user-friendly, requiring only a click of the “Earn Pi” button once every 24 hours for mining to take place. The app will automatically assign the number of Pi coins to your account based on your status, even if your phone or internet connection is off.
Upon joining the Pi network, users start as Pioneer, and as they progress through the three membership levels, the number of Pi coins they earn per hour increases. Over time, users will be promoted to Contributor when they declare five or more trusted connections, and finally, to Ambassador when at least 23 Pioneers have joined the network using their referral code.
Later, the Pi app also includes the Node role which is achieved when a user decides to run Pi software on their PC.
To protect scarcity, Pi uses a halving strategy similar to other crypto projects. As the number of users increases, the base mining rate decreases.
The controversial aspect of Pi mining is that there is currently no evidence of a blockchain behind it. The developers emphasize that the project is still in test network mode, and use the word “mine” on their website, though some users acknowledge that the current “mining” process is not the traditional sense of mining but rather a way to keep the network active and prepare users for the upcoming phase 3.
Is Pi Coin Phone mining possible?
The team behind the Pi network has introduced a groundbreaking innovation by allowing for the “mining” of Pi coins through a simple app on a standard cell phone. Regardless of the future of Pi, it is the first digital currency that can be mined using mobile devices.
Pi has given hope for the feasibility of mobile mining when other mobile mining apps have failed. The reason behind this feasibility is the type of consensus algorithm Pi uses, the Federal Byzantine Agreement (FBA) protocol, which has proven to be highly effective for two main reasons:
- It requires significantly less computing power, making it more lightweight, faster, and easier to handle for devices with lower CPU power.
- It has lower energy consumption requirements which are more environmentally friendly, according to a study conducted by Bournemouth University in the UK.
Value of 1 Pi Coin?
The current value of Pi coins is zero, and it is not currently possible to exchange it for cryptocurrency or fiat currency. There is much speculation surrounding its potential value, but it remains uncertain. We will have to wait and see.
There are various opinions on how to increase the value of Pi coin. Some suggest that it will require significant investment for it to gain traction. Currently, the only way to monetize the Pi app is through its optional advertising program.
Contrary to many claims that it is impossible to buy anything with Pi coins, this is not entirely true. In Zagreb, Croatia, a coffee shop called Benston located near the veterinary school accepts Pi coins as a form of payment, making it one of the first places in the world to do so. Additionally, there are already several other places in Croatia that accept Pi coins as a form of payment.
Forecast for the future value of Pi coin
When it comes to predicting the value of Pi coin, there are varying opinions.
Some believe that it is impossible to predict the future value of Pi coin, as the network has not yet been launched, and the future of the cryptocurrency is uncertain. Additionally, some websites have provided estimates that have no relation to the reality of Pi, using data from before the network even existed.
However, it is certain that the Pi network’s success in gathering a community of 29 million people in just two years is noteworthy. If the network is launched, predictions may become more accurate.
On the other hand, some argue that Pi coin will hit the market soon and that it’s not expected to last long. They have provided predictions for the next few years as following:
- By the end of 2022: The value of 1 Pi coin could potentially reach $2 after being listed on major crypto exchanges such as Crypto.com and Binance.
- By the end of 2023: If new use cases are developed for Pi coin, it could potentially trade at $5 each.
- By the end of 2025: With a good marketing strategy and strong performance, Pi coin’s forecast for 2025 could potentially reach $60.
It’s important to note that these predictions are uncertain and subject to change based on various factors.
Evaluation of Pi Network: Is it a trustworthy coin or a fraudulent scheme?
Unfortunately, it is currently unclear whether Pi Network is a legitimate coin or a scam. Our review of Pi Network highlights both positive and negative aspects of the coin.
On the positive side, some of the advantages of Pi Network include:
- A large number of people already participating in the network
- Credible and promising ideas outlined in the white paper
- Promising blockchain technology with emphasis on accessibility and environmental impact
- Some companies have expressed willingness to accept Pi as a form of payment
- The founders have a reputable educational background
On the negative side, there are some significant concerns with Pi Network, such as:
- Lack of transparency and difficulty in finding reliable information
- Negative reviews of the Pi app on the Google Play Store
- No evidence of a blockchain behind Pi
- Investment strategies based on Multi-Level Marketing methods
- The process of generating Pi coins, referred to as “mining”, is not truly mining
- Unresolved issues with data and privacy.
Pi Coin Cryptocurrency FAQs
Currently how much is 1 Pi Coin cryptocurrency worth?
As of now, the Pi coin holds no worth. It will not gain any value until the mainnet version is released. Any websites displaying a value for the Pi coin should not be trusted as credible sources.
Is Pi Coin cryptocurrency real?
If we acknowledge that even coins with no value are considered real, then the Pi cryptocurrency is indeed real. However, if you are seeking immediate financial gain, this may not be a suitable platform for you. On the other hand, if you are willing to wait, investing in Pi now may potentially yield good opportunities in the future.
Is Pi coin Cryptocurrency legal?
At present, the legality of Pi coins is uncertain. Installing the application comes at no cost, though there could be concerns about data privacy and a lack of transparency.