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For the past days, I've been making some articles about the Pi Network but I haven't had shared my reviews about it. So today we are gonna take a closer look about the Pi Network in this article.
But before it, I want to clarify or to create some foundations.
Now most of you already know what is a Crypto currency is, how it works and I'm sure you heard already about Bitcoin.
Nowadays the biggest problems with Bitcoin and other crypto currency is that if you would want to mine that coin, you would need a special or very powerful hardware and you will get quite high electricity bills. And because of that, people that already have a lot of money or bigger corporations or people living in countries where electricity costs less, have an advantage.
In fact, that actually also let to roughly 80% of all Bitcoins out there being owned by a small group of people because they mined earlier than anyone else then invested their profits to buy a better and more hardware in countries where electricities are cheaper so they now hold the majority of all coins available.
That's one of the major aspects of Pi or Pi Network. You can't just buy ASEC miners for thousands of dollars or use a powerful hardware to mine Pi coin because Pi is designed to be mined on your smartphone and that will almost no impact on your device's battery.
It is actually is straightforward, Pi launched roughly year ago and it's created by a couple of Stanford's Professors which gives Pi some kind of credibility or maybe which could also be used to disguised a scam by using those Professors to gain credibility.
But overall, we can very easy answer the question if Pi Network is legit or a scam by asking ourselves like how much do we have to invest to get started and the credible answer to this is ZERO.
You don't have to spend any amount of money to start mining Pi. And if you are already saying that there have to be a catch because nothing is ever for free, and yes there is a catch.
Pi is a new crypto currency that is only in the market for a year and as of now you can't trade it which means theoretically it has no value. And that literally the only downside there is with Pi Network.
We can't say for sure if and when Pi will actually be tradable and what and how much value it will have.
However, it's also an amazing opportunity because as of right now, there are 8 million users in the Pi Network and until a 100 million users are reached, people will be able to mine the coin for free on their phone which means you are still among the first 10% to adopt to the new coin and all you have to do is install the Pi app in Google Play or Appstore, look and enter a referral code then click the mining button in the app and after 24 hours you can now get your free Pi coins.
Based on that information, Pi really is a great opportunity. It may turn out that it never gets to launched in the market or never listed on an exchange, then you just basically wasted only a couple of seconds every day by pushing the mining button.
But in my opinion, more likely, it will eventually become a coin that you can trade and will have an actual value. So what you get right now is money for free. And once that happens, you will be able to either trade your Pi coins with other crypto or fiat currencies. And we don't know yet what the coin will be worth, it really comes down to what really practical use case there is for Pi coin in the real world and what kind of demand there will be for Pi coin in the future.
So it comes down a lot to the developers on what they do with their coin, but since you don't have to spend any money and only takes a couple of seconds to push the mining button everyday, in return you will receive Pi coins which again, someday might worth nothing or maybe worth something. So there's not much to lose, it's really one of those cases and in my opinion there is 0% chance that you will make a loss but there's a small to medium chance that you will actually make a profit.
On top of that, once you have the Pi app on your phone, you will also have your own invitation code then you can invite other people as well and if they signed up using your code, your mining rate will increase as well.
Personally I am really interested to see where Pi is going to be in the future especially because it literally a zero effort to mine the coin. And when the mining period will be over, and when it's listed on an exchange, you can now trade, sell or hold now your Pi coins.