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Full review about the Pi Network's Legitimacy.

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Avatar for Valryan14
Written by   187
1 year ago

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.

Now how does this works actually?

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 theoretical​ly 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.

I won't be giving my code because the @TheRandomRewarder and @Read.Cash prohibited it.

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.

Image sources originally from my Pi Network App.

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Written by   187
1 year ago
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Comments

Nice to be here

$ 0.00
1 year ago

I have that application in my phone, I hope it become you know. I just really hope. Thank you for sharingnthis to us, this is goosld because I don't really have much knowledge in this, i just download it because it is recommended by my friend, and it's free so I've nothing to lose.

$ 0.00
1 year ago

Let us hope it will have a good amount of value in the future 😊

$ 0.00
1 year ago

Yes, I'm hoping to that.

$ 0.00
1 year ago

Yes let us

$ 0.00
1 year ago

Another coin relaying on making fuzz to gain credibility and hoping to be the next payment standard but worth nothing (and probably never will). Just too shady, and the easily can be mined, the less value it will end up having. You are most likely wasting two years to end up with 1$ worth of pi that you can't withdraw from exchange. ;)

$ 0.00
1 year ago

Well we don't really know for sure. We only need a couple of seconds to click the mining button then close it. It's not that big effort to be wasted if this wont have a good value :)

$ 0.00
1 year ago

Hope you notice this @The Random Rewarder

$ 0.00
1 year ago

Muy buen articulo, lo tengo instalado hace unos meses y ya tengo más de 1000 PI, le tengo grandes esperanzas y espero que valga algo. El objetivo creo que sea cuando salga al mercado no volverse locos a vender o cambiar, mientras más se mantengan en nuestro poder más valor cogerá la moneda. Así que a minar...

$ 0.00
1 year ago

I'm sorry i didn't understand your language. Can you please make it in English?

$ 0.00
1 year ago

Hope you notice this @TheRandomRewarder 😊

$ 0.00
1 year ago

i downloaded already ..............................maybe is 6 months now

$ 0.00
1 year ago

You must have lots of Pi's by now.

$ 0.00
1 year ago

I have also download it. Now, the total PI which I am earning is around 184. What's about your?

$ 0.00
1 year ago

In total i have around 500 Pi's.

$ 0.00
1 year ago

Great dear

$ 0.00
1 year ago

how much PI did you earn right now?

$ 0.00
1 year ago

With the phone I'm using right now and base on the photo provided above I have nearly 250 Pi's now.

$ 0.00
1 year ago

Ah so you've just started mining pi

$ 0.00
1 year ago

I've started on June 2020.

$ 0.00
1 year ago

Did you got KYC?

$ 0.00
1 year ago

Not yet, still waiting for another way to get verified.

$ 0.00
1 year ago

I can't relate but know that I'm reading it. Hoping it turns out good for all of you! 🤞

$ 0.00
1 year ago

You are not into crypto currency, Ma'am? Except bch

$ 0.00
1 year ago

I am trying but sadly I can't cope up with all the terminologies the only thing that I'm used to is the coins.ph buy sell withdraw, Just that. When it gets complicated I'm out.

$ 0.00
1 year ago

You should learn it Ma'am. There's lot of ways to earn money in crypto.

$ 0.00
1 year ago

As to my recall, it was initially said that it will reach phase 3 in the 3rd week of June but it did not happen. I hope turns out good and be traded with real money soon. 😅

$ 0.00
1 year ago

It's still a long way to go. 100 million users is not that easy though 😂

$ 0.00
1 year ago

So there's a benchmark to obtain before it reaches to the market?

$ 0.00
1 year ago

Yes, it needs to reach phase 3 before it can be listed in an exchange.

$ 0.00
1 year ago

How many users do they have now?

$ 0.00
1 year ago

Currently around 8 million users.

$ 0.00
1 year ago

Ow? Long long way to gooo 😱😅

$ 0.00
1 year ago

Yeah, needs to have more patience 😂

$ 0.00
1 year ago

I have the Pi application installed and I hope that the cryptocurrency will get its value in the near future!

$ 0.00
1 year ago

I have high hopes and trust with this project. I am expecting this to be traded by January or February.

$ 0.00
1 year ago

I just hope so.. Nice write up👍

$ 0.00
1 year ago