There is still no indication of when or even if the 33 million so-called Pioneers, who mine on the Pi Network (PI), will benefit from its coins. In June, there were still no coins being traded. There were no transactions or fiat rewards, making it difficult to establish the value of PI currency. It is important to distinguish Pi Network coin from the Pi Network DeFi token, which runs on blockchain Binance (BNB) and is available for trading on the PancakeSwap (CAKE) decentralized exchange (DEX).
In this article, we will discuss:
What Pi Network?
The Pi Network is a digital currency project that aims to keep cryptocurrency mining affordable, as the centralization of first-generation currencies like bitcoin (BTC) has put them out of reach for many mainstream users. The Pi Network, developed by a team of Stanford University graduates, allows users to mine Pi cryptocurrency coins using their desktop and mobile apps by validating transactions against a distributed ledger.
Unlike nodes in networks like Bitcoin that use proof-of-work (PoW) protocols, Pi nodes use an algorithm based on the Stellar Consensus Protocol (SCP). Pi Nodes validate transactions on a distributed ledger and reach consensus on the order of new transactions that the ledger records. Under SCP, PI nodes form security circles, or groups, of three to five trusted people known to each of the networks' users. Security circles build a global trust network that prevents fraudulent transactions as transactions can only be validated on the shared ledger if the trusted nodes approve them.
The PI mining app works like a cryptocurrency wallet, linked to a user's mobile number or Facebook account. As with other public blockchains, the Pi blockchain will allow external wallets to hold Pi coins and send transactions directly to the blockchain. However, unlike other blockchains, its developers have not yet released their source code.
PI is still in pre-release
If you are wondering how to buy PI currency for your portfolio, you cannot. Users who have mined PI cryptocurrency will only be able to withdraw or exchange their coins when the mainnet blockchain is fully open. The PI cannot be transferred during the testing phase to prevent fake accounts from accumulating coins, according to the project's website. Wallet balances are expected to be honored when the PI switches from development mode to becoming a fully live network. As a result, the coin is not yet available for trading on any cryptocurrency exchange or trading platform.
What is the future of the PI currency?
Currently, the debate continues as to whether the Pi Network is a well-intentioned initiative or a hoax. If it's a scam, it's not a traditional trendy scheme of a Ponzi scheme because users aren't investing their money – they're investing time in their cell phones. The organization has been criticized for allegedly exploiting its community by selling advertising to reach these 33 million users, which it calls Pioneers. This number comes from the Pi Network website and hasn't been updated since March 14.
However, early adopters are hoarding Pi crypto in the expectation that the price will rise sharply once the network is launched. Although the coin's mining fee has been halved, users can increase their mining fee by connecting with other active miners. New users can only join the Pi Network if they have a referral code from another user.
The project's developers claim that security on the Pi network is enhanced by these personal networks, encouraging users to bring friends and family along fueling skepticism that it could be a multi-level marketing or pyramid scheme. However, it is worth noting that users can only earn coins from their own direct networks and not from the networks of their connections, as in an MLM scheme.
Pi coin price prediction 2022-2025
O CoinMarketCap previously listed the coin's value at $0,007077, but at the time of writing (July 05) it listed the coin as "untracked" with no price quote attached. Algorithm-based prediction sites previously listed an estimated price of $0,007077 for the Pi coin. Last year it was suggested that the coin could trade at an average of $0,0128 in 2022 and $0,0215 in 2025, indicating possible growth through 2023 and 2024.
Looking long term, the value of the PI coin in 2030 may depend on when the cryptocurrency goes live and how it performs after launch. Estimates from some users on social media range from $1 to hundreds of dollars.
It’s important to keep in mind that cryptocurrency markets remain extremely volatile, making it difficult to accurately predict what a coin’s price will be in a few hours, and even more difficult to provide long-term estimates such as the PI cryptocurrency’s value in 2025. As such , analysts may indeed be wrong in their forecasts. Having said that, before making any investments, do your research, investing in cryptocurrencies is highly risky and speculative, and this article is not a writer's recommendation for investing in cryptocurrencies.
Conclusion
At this time, investors cannot trade Pi coins. If you expect the project to successfully launch an affordable cryptocurrency that does not price ordinary users, you can get involved in mining the coin. Alternatively, you can wait to buy it on an online exchange. Whether PI currency is a suitable investment for your portfolio is a decision only you can make. Remember to always do your own research. And never invest money you can't afford to lose.
FAQ
What is the future of the PI cryptocurrency?
The future of the PI currency will likely depend on the process of transitioning from the closed mainnet to fully live operations and the adoption of applications in the Pi Network ecosystem, among other factors.
Is PI currency safe?
Cryptocurrencies are highly volatile assets and there is uncertainty surrounding the Pi Network in particular as it has yet to launch. Project developers claim the network is secure, while critics claim it could be a pyramid scheme. You should always do your own research to form an opinion about project safety.
Could PI currency reach $1 in 2022?
The coin has not been released. It is impossible to predict your future with any degree of accuracy. If you believe that any PI currency forecast (PI/USD) is a decision that only you can make. As always, you should do your own research. And never invest more than you can afford to lose.
How many PI coins are there?
There are currently no PI coins in circulation. Developers have yet to provide details on the number of Pi coins that will be circulating when the project launches or what the maximum supply will be.
Will the IP price increase in the future?
IP performance may depend on how the project develops when it is launched for trading, as well as the effect of general sentiment on cryptocurrency markets, among other factors.
When will PI coins enter the market?
The PI cryptocurrency is planned to be launched during the third phase of development of the Pi Network. A date has not been set. The time will depend on the progress of the testing phase and subsequent listing on cryptocurrency exchanges.
