In the world of cryptocurrencies, the PI network is an oddity. It has attracted much notice and interest but is currently unavailable for purchase. The PI cryptocurrency is currently not listed on any crypto or non-crypto market, and the only method to obtain it is to mine it.

Despite the lack of a price, the PI cryptocurrency has a large following – the project’s straightforward principle and excellent technological base have already attracted a sizable number of crypto aficionados. The PI network has a vibrant community, and its user base continues to increase tremendously on a daily basis.

The critical question now is whether the PI currency will ever reach exchanges and let holders payout. Let’s get into the post to learn more about PI crypto and is PI cryptocurrency legit or not.

What Exactly is PI Cryptocurrency?

PI Network asserts that PI crypto is the first and only digital money that can be mined directly from your phone.

Cryptocurrency mining is a very complex process that requires a large amount of computer power to solve complex mathematical puzzles. Rather than using a complicated computer programme, PI Network verifies transactions through a series of votes and data transfers.

According to PI Network, users may mine the cryptocurrency using the mobile app “without exhausting their phone’s battery.”

PI Crypto is Still in the Pre-Release Stage

If you’re asking how to purchase the PI coin for your portfolio, the answer is that you cannot. Users who have activated the PI cryptocurrency will be able to withdraw or exchange their coins only after the third phase of the project when switching to an extended blockchain. According to the project website, PI cryptocurrency cannot be transferred during testing to prevent phone accounts from being funded. Wallet balances should be preserved when PI transitions from the Testnet to the Mainnet, or when the blockchain technology exits development and is fully implemented.

As a result, no cryptocurrency exchange or trading platform currently supports PI coins. The PI price is not yet determined.

With the introduction of Phase 3, owners will have full control of their private and public wallet keys and will be able to use the coin to purchase goods and services in the PI’s peer-to-peer market area. Without keys, users cannot transfer or spend their money.

The PI mining application functions as a cryptocurrency wallet, which is linked to the user’s mobile number or Facebook profile. As with other social blockchains, the PI blockchain will allow for PI savings and the transfer of direct transactions to the blockchain via an external wallet. Unlike other blockchains, their creators have not made the source code available.

Early adopters are amassing PI crypto in expectation of a dramatic price increase following the launch of Phase 3. While mining rates have been halved, people can increase their mining rate by connecting with other active miners. New users can join the PI Network only with the assistance of a referral code provided by another member.

The makers believe that personal networks boost security on the PI Network, encouraging users to invite friends and relatives — sparking skepticism that the initiative is a multi-level marketing or pyramid scam. It is worth mentioning, however, that users may earn coins only from their own networks, not through the networks of their friends, as with an MLM scheme.

In November, the organization began issuing technology and product updates to provide an overview of the behind-the-scenes work completed over the preceding month. According to October’s bulletin, the “Core Team spent substantial work putting out new and upgraded product features throughout the PI Ecosystem.”

Among these were its KYC Application Pilot and Block Explorer. After receiving a response from the community leaders, the KYC App Pilot was released “in moderation” to begin the process of verifying the Pioneers and improving the usability of the app and the automation of the machine. Additionally, PI Block Explorer was released, which enables Pioneers to view transaction history and access transaction data such as sender, receiver, and PI cryptocurrency value.

Additionally, PI Wallet has been upgraded, as the launcher adds app notifications to notify Pioneers when they receive a payment on the blockchain and troubleshooter that prevents Android users from seeing their wallet passcode.

The PI Brainstorm app has been overhauled to include a new interface for showing Hackathon winners, enhanced tag capabilities allowing users to create unique tags for their projects, and a feature that enables projects to submit logos to their brainstorm page.

Several cryptocurrency analysts have already begun forecasting the ‘PI cryptocurrency worth’.

How Does PI Cryptocurrency Work?

Mining PI is not in fact crypto mining. There is no proof-of-work like there is with Bitcoin mining. Anyone familiar with Bitcoin Pi and blockchain technology will undoubtedly find this part of the PI crypto network perplexing.

To “mine” PI, users just need to log in to the app, press the “mine” button, and begin receiving cash.

Bear in mind that there is currently no PI Network and the PI Coin cannot be exchanged on any exchange. The characteristics that define a cryptocurrency, such as a blockchain network and a transferable token, do not yet exist for PI.

Reasons to Believe the PI Network Is a Scam

It is too early to determine definitively whether PI is a hoax. However, the PI model is dubious in that it resembles multi-level marketing (MLM) or pyramid scheme in structure.

MLM programmes compensate participants for bringing new members into the system. When someone joins, the one who recruited them is compensated. The more subordinates someone adds, the larger their benefits will be.

Users must refer other users to the PI Network in order to execute mining operations on the network. Similarly, the network may benefit early adopters disproportionately while delivering minimal value to others.

It is difficult to determine the PI cryptocurrency worth as there are other grounds to assume that PI is a scam:

• The software is completely useless to its users.
• Users contribute value to the app by using it and contributing their data, even when they receive nothing in return.
• The founders have already made money from the app by selling video advertisements.
• The PI network’s marketing places a premium on the academic qualifications of its founders.
• There is no clear timeline for the launch of the PI Mainnet and the listing of the coin.

Conclusion 

The PI network is a very fascinating project that has demonstrated much promise. It has a committed community, a devoted development team, and a strong technological basis – all of which point to it becoming a potential cryptocurrency.

Finally, if you trust the PI cryptocurrency project, mining PI coins on the side won’t hurt – after all, it’s free. Who knows, perhaps it will be adopted by Tesla and become the next popular cryptocurrency, generating millions of dollars for its owners.