The Pi Network is a controversial “cryptocurrency” that has attracted millions of users around the world. Proponents believe that it is the best alternative to bitcoin while critics argue that it is a pyramid scheme and a scam. Since PI network value is impossible to predict, we will assess whether it is worth your time.
What is Pi Network?
The Pi Network is a ‘blockchain’ project that seeks to disrupt the cryptocurrency industry in a more environmentally friendly way.
It achieves this by solving bitcoin’s biggest challenge. With the increasing difficulty of mining, it has become almost impossible for an ordinary person to extract the coin. Today, bitcoin mining is dominated by big companies like Hut8 and Marathon Digital.
The Pi network solves this challenge by making it possible for people to use their smartphones. All you need is an Android or iOS smartphone and you are ready to go.
You’ll also need a referral code from someone already on the network. After verifying your details, you will be ready to mine the coin of Pi.
Mining is done in a simple way. Just open the app, click a button, and that’s it. As you do so, you will encounter some advertisements, which the company claims are necessary for development purposes.
The Pi network has become extremely popular. For example, in Android, it has over 495k reviews, with an average of 4.5. Similarly, in iOSIt has over 9,000 reviews.
Is Pi Network Legit Or Scam?
There are two sides to the Pi network. Some believe that it is a real cryptocurrency that will become popular over time.
In my view, I believe this to be both a scam and a pyramid scheme. For one, the Pi coins deposited by users in their wallets are virtually useless as one cannot withdraw the cash.
The developers have claimed that holders will be able to redeem it once it is listed on major exchanges. It is unclear whether the Pi network will ever be listed on platforms such as Binance and Coinbase. Also, they have been talking about listing for some time now.
Most importantly, even when listed, it is unclear whether the Pi Networks price will remain stable. I expect it to come under heavy selling pressure as existing holders cash out.
So, only Pi network developers are getting benefited who are now earning almost free money when people visit the app.