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Does Pi Network scam exist? Today we will be discussing the Pi Network and its possibilities of being a scam or not in order to derive an answer to this question. This article is obvious compared to the rising altcoin scams happening in the crypto market. Here is some Pi Network news.
The PI Network is the latest digital currency to grab the complete attention of the digital currency market even before its complete launch. To some users, it is a way to get associated with digital currencies from the base and gain profit in the future. This is similar to the case of early adopters of Bitcoins, who profited hugely from holding and mining the coin. While others have tallied Pi with Multi Level Marketing (MLM).
The Concept Of Pi Network
Pi Network is a cryptocurrency project that focuses on keeping the mining of digital currency accessible as the centralization of the first generation currency like Bitcoin which has put mining out of common people’s reach. The Pi Network that is formulated by a group of graduates from Stanford University, enables users to mine digital currencies by only using their smartphone app while authorizing transactions on a distributed record.
The Pi Network launch date was on 14 March 2019, on Pi Day which is a free app for the mining of Pi. By 2019 June the number of active members on the network reached 100,000 and then when phase 2 was initiated after 1 year, it had more than 3.5 million users. The promotions and advertising of this network began in May 2020. By then the user base attained 14 million users.
The Pi Network is a digital currency that operates on the PI Network and like other virtual currencies like Bitcoin, Pi was formulated to be “halved” on a regular basis to ensure scarcity. When they reach a certain milestone, the amount of coins that are received by a miner for the process of new transactions is decreased by half.
During the present second phase of this project, the users can try to test the Node desktop software of the Pi Network. Now if you are wondering when Pi Network will reach phase 3, then the answer is uncertain. The Pi Network phase 3 release date has not yet been decided by the developers. It depends on phase 2’s progress.
Is Pi Network Scam Providing No Value To Users?
You may wonder, is Pi Network safe? How much is Pi Network worth? This is obvious for you to think, considering the increase in cryptocurrency scam that is happening around the globe presently. According to a recent study it has been proved that the Pi Network is at least trying to create something of value. The network has published a whitepaper highlighting their ambitions without offering technical details on the working of their Pi stake. One of their motives is to have other developers create applications on Pi Network to benefit from the user attention that the network offers.
Along with that, they assert to have operated a pilot in 2020 for users for the exchange of goods and services using Pi. Instead of that, they could have simply listed their digital coin on an exchange as it has been done by entities like electroneum. According to its users, the team of Pi Network approaches forking the open source Stellar blockchain to create their implementation needs prominent efforts for several reasons and this is the reason for their delay.
As per the Pi network price prediction, the price of the coin will average from $0.0107 to $0.0127 in 2022. And in the long run, the price of Pi Network is estimated to be around $0.0319.
The Pi network has had prominent growth. They have more than 250k reviews and also a good rating on the Google Play store. However, structures that are similar to MLM offer fast growth.
Pi Network Coin Scam Debunked
You shouldn’t bother installing the application. The only argument that you can give is you will be wasting time in giving the app a try. However, if you already have the application installed then you can see what the developers have for you in the future. But from the above analysis, it is clear that the Pi Network scam is a sham. Rather they are here to offer a better opportunity for the common people who cannot afford to mine from the high end hardware systems.
Frequently Asked Questions On Pi Network Reality
1. Is the PI Network legit?
Yes, the Pi Network is a legit digital currency. It is a cryptocurrency that is developed by a group of Stanford graduates. It is the first digital currency that can be mined by using your mobile phone.
2. Is PI Network a pyramid scheme?
The Pi Network is not a pyramid scheme. In order for A to further increase his profit, he must recruit other people under him only with his unique invitation code. This implies that even though the marketing technique of Pi Network falls within the category of Multi-Level Marketing (MLM), it is not a pyramid scheme.
3. Is Pi cryptocurrency fake?
The Pi Network scam is not true. It is a genuine effort by a group of Stanford graduates to offer normal people greater access to digital currency. The core team of the Pi network is led by two Stanford PhDs and one Stanford MBA, all of whom helped in the building of Stanford’s blockchain community.
4. Does Pi Network Steal Your Data?
It has been seen that data collection and sharing efforts are also in accordance with its privacy policy. However, the data collection approach in Pi Network is similar to other social networks like Instagram, and Facebook in the sense that they accumulate almost all data they can gather from users and use them in increasing advertising.
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