Pi Network Review: Is Pi a Scam?

2023/01/18By: L, Laura

Pi Network Review: When will Pi coin launch? Will Pi coin be worth anything? Is Pi coin legit or a scam? Read on to find out.

 

Is Pi cryptocurrency legal? At the moment, this could be a million dollar question in cryptocurrency circles. As the Pi project nears its final stages, many people are wondering what the future will bring. Since it is a promising project and is currently completely free to mine, it seems like easy money for some people. Many questions and misinformation surround one of the most controversial cryptocurrencies.

 

To help you with any dilemmas you may encounter, we have prepared this thorough Pi network review. We will explore such pressing questions as whether the Pi coin is real, what it is worth, and whether the Pi network is a scam. The idea is to provide you with accurate information to decide if it’s worth a try. Prepare for an exciting and twisted journey, as the answer to the question “Is Pi coin legit?” comes in fifty shades of grey.

 

When Will Pi Coin LaunchPi Network is Getting Closer to the Open Mainnet Launch

The Pi Core team has comfirmed in its recent 2022 end-of-year update that Pi Network is at a vital stage in its enclosed mainnet development leading up to the Open Mainnet launch. The team is still focusing on completing KYC and making further tech improvements before opening the mainnet to the public, but currently has no set timeline for this transition.

 

The public statement focused on specific project improvements the Pi Core team worked on in 2022, including technical and product works done in mainnet migration, KYC solution, Pi Platform, and ecosystem building, among other important features. Efforts have also been made in the backend, interfaces, compliance, community success, and bug fixes. The update also confirmed that Pi Network is in a significant phase of its enclosed mainnet development leading up to the Open Mainnet launch.

 

Please be sure to read the Pi disclaimer. As Pi Network is still in its Enclosed Mainnet period and has not yet launched the open mainnet, the platform insists that its token is currently not tradeable. The Pi Core team asserted that all the recent token listings having been conducted independently of the team, which are not approved and are not in line with the network’s policies.

 

BTCC urges users to do their own research before investing in any Pi coin. In the meantime, we will keep you updated with the Pi ecosystem hype.

 

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Pi Network review: A full guide to Pi coin  

The Pi cryptocurrency is very mysterious, and reliable information is difficult to find. We have dug very deep into internet forums and blogs to find the latest updates about Pi. We hope it will help you learn more about it and determine if it is worth your time and effort.

 

First, What exactly is the Pi network project

Pi is just a project and is not yet a currency in the full sense of the word. The people involved in the Pi network are currently creating the necessary community to hopefully launch the Pi digital currency in the future.

 

According to the existing information, the network was developed and launched in 2019 by a group of Stanford students, Nicolas Kokkalis, Chengdiao Fan and Vince McPhilip. The Pi white paper reveals their basic idea to address the disadvantages of bitcoin mining and bring the cryptocurrency closer to people.

 

The only way to join the Pi network community is if someone invites you. Pi network members are popular because they receive extra Pi coins for each referral. Since the future value of Pi coins depends on the size of the community, people are more than happy to share their referral codes. These codes can be found in blogs, YouTube videos and even Facebook posts.

 

The Pi referral program looks a lot like a pyramid scheme. This type of investment scheme is notorious and illegal in many countries because it implies that early participants are enriched by the accounts of those who come later. However, in the case of Pi, it is a little more complicated than that. That is, its referral program is MLM (Multi-Level Marketing). However, it is not a pyramidal scheme. The reason is simple: users get bonuses only for direct referrals. What their referrals do in the future does not affect the original user in any way.

 

Currently, the Pi network has about 29 million active users, which is quite a large number considering they started only three years ago.

 

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Pi coin explained  

The way Pi coin is currently defined, it should be a stablecoin. It seeks to balance availability (easy to mine) and scarcity (the total volume of Pi cryptocurrencies is pre-determined).

 

Stablecoins are a special kind of cryptocurrencies that are relatively less volatile because their value is related to real fiat currencies. Tether USDT is one of the most popular stablecoins, which is a digital version of the US dollar, with roughly the same worth.

 

Pi coin mining with your iPhone or Android 

No other cryptocurrency is as easy to mine as Pi cryptocurrency. The only thing you need to do is install the app (available for Android and iOS). Once installed, the app will ask you for a referral code and some personal data (name, email, phone number). The application is very simple and user-friendly. The only thing you need to do is to click the “Earn Pi” button once every 24 hours. The application will automatically assign the amount of Pi coins to your account according to your status. This happens even if you turn off your phone and the Internet.

 

Once you enter the Pi network and start mining, you start as a Pioneer. As you progress through the three membership levels, the number of Pi coins you earn per hour increases. Over time, you will be promoted to Contributor when you declare five or more trusted connections. Finally, once at least 23 Pioneers have joined the network using your referral code, you become an Ambassador.

 

Later, the Pi app also includes the Node role. Once a user decides to run Pi software on their PC, they move to the Node level.

 

To protect scarcity, Pi uses a similar halving strategy that is used in other crypto projects. As the number of users increases, the base mining rate decreases.

 

The controversial thing about Pi mining is that there is still no evidence of a blockchain behind it. The developers themselves emphasize that the project is still in test network mode, although the founders use the word “mine” on their website. Some users also admit that the current “mining” process is not mining as we know it, but simply a way to keep the network engaged and get users ready for the upcoming phase 3.

 

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Pi Network review: Phone mining – really possible?  

The team behind the Pi network has brought a historic innovation in the possibility of “mining” Pi coin through a simple app on a standard cell phone. Whatever the future holds for Pi, it is the first digital currency that can be mined on cell phones.

 

Pi gave hope that mobile mining would be possible when other mobile mining apps failed. Another thing that clarifies why it’s actually possible is the type of consensus algorithm Pi uses – the Federal Byzantine Agreement (FBA) protocol, which has proven to be very effective for two main reasons:

  • It consumes much less computing power, which makes it much lighter, faster, and easier to handle for devices with lower CPU power.
  • Its energy consumption requirements are significantly lower and more environmentally friendly, according to astudy conducted by Bournemouth University in the UK.

 

Pi coin price prediction

When it comes to the Pi coin price prediction, there are two completely different views.

 

Some believe it is impossible to know for sure what the value of the Pi cryptocurrency will be in the future. There is no way to know the future of a cryptocurrency that hasn’t even been launched yet. No one knows if there will be any value at all. What is even more confusing is that many websites give ghost estimates that have nothing to do with the reality of Pi. An excellent example is WalletInvestor and Digitalcoinprice, which predicted the value of Pi coins based on data from May 2017. However, the Pi network doesn’t exist until 2019!

 

The only thing that is certain is that gathering a community of 29 million people in just two years is a real success. If the magnet is launched, predictions will become possible and possibly more accurate.

 

While some argue that it is not expected to last for long. They think the smartphone minable coin will hit the public space this year. Below are some of the Pi crypto prediction from some development team for the coming years:

  • By the end of 2022: 1 Pi cryptocurrency value could surge to roughly $2 after listed on top crypto exchanges such as Crypto.com and Binance.
  • By the end of 2023: If new use cases are developed for Pi coin, it could eventually trade at $5 each.
  • By the end of 2025: With a good marketing strategy and strong performance, Pi cryptocurrency price forecast for 2025 could reach the $60 mark.

 

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Pi Network review: Is it a scam or a promising coin

Unfortunately, there is no way to know yet. As you can observe from our Pi Network review, there are strong arguments on both sides.

 

On the one side, there is a list of advantages:

  • the number of people already participating in the network is impressive
  • the ideas touted in its white paper are real and credible
  • its blockchain technology is promising in terms of accessibility and environmental impact
  • there are signs that companies are willing to accept Pi as currency
  • the founders come from a significant educational institution that instills trust

 

On the other side, there are some severe questions:

  • lack of transparency: trustworthy information is hard to find and scattered across online blogs, forums and Reddit discussions
  • Google Play Store has many negative Pi app reviews
  • there is no evidence of a blockchain behind Pi
  • investments are based on Multi-Level Marketing (MLM) methods
  • the process of generating Pi coins is officially called mining, although it is not essentially mining
  • there are unresolved data and privacy issues

 

Furthermore, many current Pi users do not believe in its future and continue to mine just in case. This also does not instill trust.

 

For all these reasons, it is impossible to make a final judgment. Pi Coin is a good idea, and it has a real (though modest) chance of success. In some ways, it recalls the early days of Bitcoin. In other cases, it evokes bad memories of the OneCoin scam. At the same time, Pi presents significant risks in terms of information scarcity and data protection. Therefore, everyone should decide if it’s worth the risk of your personal data falling into the wrong hands.

 

FAQs


1. Is Pi coin legal? 

Currently, no one knows the answer to the question whether Pi coins are legal. There is no cost to install the application. However, there may be issues regarding data privacy and lack of transparency.

 

2. Can you trade Pi coin now?

Though several exchanges such as Huobi have listed Pi coin for trading in late 2022, the Pi Core team asserted that all these listings are conducted independently of the team, which are not approved and are not in line with the network’s policies. The team is calling for the removal of the coin from these exchanges and is warning users not to engage in trading at this time.

 

3.When will Pi coin launch?

Pi Network has evolved over the years and is currently at a vital stage of its Enclosed Mainnet development leading up to the Open Mainnet launch. The final stage of opening the mainnet to the public is on schedule, but there is no definite timeline yet.

 

4.When will the Pi coin wallet have the real Pi inside?

It will have it when Pi Network Mainnet is live. This means that Pi coin wallet will enable actual Pi transfers only after the Mainnet is launched.

 

5.What about Pi network coin price prediction?

When it comes to the Pi coin price prediction, there are two completely different views.

 

Some believe it is impossible to know for sure what the value of the Pi cryptocurrency will be in the future. There is no way to know the future of a cryptocurrency that hasn’t even been launched yet. No one knows if there will be any value at all.

 

While some argue that it is not expected to last for long. They think the smartphone minable coin will hit the public space this year. And Pi coin price could surge to roughly $2 if listed on top crypto exchanges such as Crypto.com and Binance.

 


 

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