If you've been searching for opportunities to get in on 'the next big altcoin,' there's a good chance you've already stumbled upon the Pi Network mobile app. If you're not familiar with the project, it was founded by several Stanford graduates in 2019 and purports to be "the first cryptocurrency you can mine on your phone."
Disclaimer: I am not a financial advisor. It's your responsibility to do extensive research and consult a professional before investing.
(Image source: minepi.com)
How Exactly Does the Pi Network App Work?
One thing that the project has going for it's mining userbase is that it's extremely easy to 'mine' - simply check into the app once a day (you'll get a notification reminder on your phone, too!) and click on the mining button to start a new session.
What's Pi Worth?
Currently, Pi has no monetary value and is not tradable on any exchanges. And in spite of the project clearly specifying in the first question on their website FAQ that the Pi project is not "free money," this concept doesn't seem to be landing with the current userbase. Spend anytime in the chatrooms on the app, and you'll see questions every few minutes asking what Pi is worth, and where users can cash out their Pi.
When Will Pi Have Value and Be Tradable?
That's a good question, and one that has caused some consternation and concern among crypto enthusiasts and evaluators. As mentioned above, the project has been in existence for about three years now, and has yet to fully move all users over to the Pi mainnet or be added to any exchanges. While the Pi Network white paper does have a brief roadmap/deployment plan included, it notably does not include any expected dates for any milestone.
Is Pi a Scam?
There's been a lot of back and forth in various articles and platform about the legitimacy of the project. Some aspects to consider when evaluating the Pi Network:
- There's no monetary input from the users, so calling it an all-out scam might be going overboard. However, as Cem Dilmegani writes in his review of the Pi Network, it's important to note that the founders are already benefiting from the app without providing any tangible returns to the userbase, both with serving ads and collecting KYC information.
- Pi Network's concept of a security circle has been compared to being a pyramid scheme rather than the more expected and simple referral system most other platforms employ.
- On the other hand, as Mikael writes in his review of the Pi Network on PaidFromSurveys.com, if the above issues are of little concern to you, getting into the project now with no monetary investment and extremely little effort might pay off if Pi does indeed gain monetary value in the future.
Disclaimer: this post contains some affiliate links which may give a small payout to the author and/or a bonus to new users who may choose to use apps or services mentioned. Please consider using these links to help support this blog series!
Conclusion
Have you joined the Pi Network or done more extensive research on the project? If so, I'd love to hear your thoughts about it. If you haven't joined and are interested in giving it a try, you can download the app from this link. (Use the invite code 'Valdyr1201' to create an account.)
Valdyr is a "crypto-curious" blogger living in Texas with her husband and their ancient dachshund, Henry. When she's not working as an audio/visual technician or stagehand, you'll frequently find her traveling, hiking or enjoying a good craft beer. For more reading, check out www.laurahofford.com/blog/
