Is Pi Network Legit Or Scam: Pi Cryptocurrency Real Or Fake?

Is Pi Network legit or scam? Is Pi coin real or fake? 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 Pi Network legit or scam, is Pi coin worth anything, 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 real or fake?” comes in fifty shades of grey.

Quick Takeaways

First of all, here’s a detailed summary of everything we’ve covered on Pi network thus far that you may be interested in:

1. Launched on Pi Day, March 14, 2019, Pi Network is a mobile blockchain mining project on a mission to give everyone access to the crypto revolution.
2. This is accomplished by allowing anyone to mine Pi coins on their mobile devices without negatively impacting their battery life.
3. Pi crypto project uses Stellar’s FBA mechanism, making it safer and more modern than the PoW consensus algorithm.
4. Users’ mining capacity depends on the growth of their ecosystem, as the network uses halving to protect the value of Pi coins.
5. Pi Network launch date: 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.
6. 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.
7. As the hype around Pi ecosystem has been going on for years and the Pi network launch date remains unknown, some experts believe that it is just a scam.

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. Let’s start it.

What Exactly Is the Pi Network And Pi Coin? 

Pi Network 

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 over 30 million active users, which is quite a large number considering they started only three years ago.

Pi Coin

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 Network Launch Date: Pi Coin is Getting Closer to the Open Mainnet Launch

In a nutshell, open Mainnet is the term used to describe when a blockchain convention is completely evolved and conveyed, which implies that the real publicly released blockchain itself that is openly undeniable.

Mainnet accomplishes the usefulness of executing real exchanges within the organization which is put away on the blockchain and is alluded to as the ‘final result’ available for the general population to utilize.

The Pi Core team has comfirmed in its 2022 end-of-year update that Pi Network is currently at a significant phase of its enclosed mainnet development, the final stages of transition to a open mainnet – fully decentralized, access to the other blockchains, and enable Pi coins to trade with other cryptos or fiat currencies.

Since its mainnet migration began on August 3, 2022, Pi Network has been focused on technical improvements, KYC solution, Pi platform and ecosystem building, among others. According to its last statement:

“Pi is at an important point in Enclosed mainnet development, in which Pi is able to focus on two key priorities: enabling mass KYC and empowering ecosystem utilities-building. Both are essential steps toward our objective of building a viable ecosystem to get ready for Open Mainnet.”

So far the final stage of opening the mainnet to the public is on schedule, but there is no definite timeline for the transition yet.

Is Pi Network Legit Or Scam?

Unfortunately, there is no way to know yet. As you can observe from our Pi cryptocurrency 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

Is Pi Coin Real Or Fake? 

Currently, no one knows the answer to the question whether Pi coins are legal. There is no cost to install the application.

If we accept that even coins whose mainnet has not been opened to the public are real, then Pi cryptocurrency is real. Obviously, if you are looking to earn money right away, this is not the platform for you. Or maybe if you are patient, it might give you very good opportunities in the future? It’s hard to say.

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.

Is Pi Network Legit Or Scam: Conclusion

At this moment, the protocol already has over 30 million-plus active miners and users securing its network in beta. This is a fully-programmed space ready to explode once the network eventually goes live.

On the other hand, however, the Pi Network open mainnet is still not launched yet after years of hypes. There may be a lot of speculation about its real value, or many may be doubting whether the Pi coin will have any value at all – which no one knows exactly. We will have to wait and see.

The debate over Pi coin is not likely to stop until the crypto really goes into the public or ends as a scam. For all the information mentioned above, it seems impossible to make a final judgment. All we can be sure of is that Pi Coin is a good idea that remain to be seen.

Again, 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.

BTCC will keep you updated with the Pi ecosystem hype, especially the Pi Network launch date. Read the following articles for more information about the Pi Network:

FAQs

1.Is Pi coin real or fake?

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

2.Is Pi Network worth anything?

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 during the period. We believe that Pi coin will have its own real value only when Pi Network launches the much-anticipated open mainnet to the public finally. So will Pi ever be worth money? We have to wait and see.

3.How much is 1 Pi in dollars?

Though several exchanges such as Huobi has listed Pi coin and shows live Pi network value, the Pi Core team asserted that all these listings were conducted independently of the team and were not approved. 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.

4.What stage is Pi Network now? Will Pi Network ever launch?

Pi Network has evolved over the years and is currently in its final stages of opening the mainnet to the public. The transition is on schedule, but there is no definite timeline yet.

5.Does it have a Pi wallet app?

Yes, but Pi wallet currently only connect to the Testnet, with only Test-Pi for testing. It will have the real Pi coins inside when Pi Network mainnet goes live, when it will enable actual Pi transfers.

6.Is Pi mining legal?

Yes, it is legal as it does not involve any cash investments to mine it. All you need is about 20 seconds of your time (typically less than 20 seconds) to click on the lightning button to start mining once every 24 hours. If you already have the app, you can wait to see if the founders build something of significant value.

7.What about the Pi coin price prediction?

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 of Pi coin at all. Therefore, Pi coin price prediction seems impossible as of this time.

Despite all this, some Pi project enthusiasts argue that the final mainnet launch is not expected to take long to come. They think the smartphone minable coin will hit the public space this year. And Pi coin value could explode soon if listed on top crypto exchanges such as Binance and Coinbase.

Other Blogs:

Luna Classic Price Prediction: Will Luna Classic Reach $1?

Gasoline Price Prediction 2023-2030: What Will It Be in Five Years?

Hooked Protocol Price Prediction 2023, 2025, 2030

HBAR Price Prediction 2025, 2030

Sofi Stock Price Prediction for 2023, 2025, 2030

Core DAO Launch Date: What is Core DAO Mainnet? 

How to Buy Bitcoin in 2023? 

Bitcoin Futures Trading for Beginners

BTCC Review 2023

BTCC Discount: To Earn 3,500 USDT Deposit Bonus