Since its introduction, the Pi network has graved the imagination of everyday consumers. However, till the date I am writing this article, the Pi cryptocurrency hasn’t been listed anywhere. Therefore, it is very difficult to predict the price of this new cryptocurrency. The current market price of Pi cryptocurrency is $0.009993 with a 24-hour trading volume of $88,799.08. The price of the Pi network is up 17.70% in the last 24 hours.
- Pi Network become popular because of the centralization of first-generation currencies like bitcoin
- Pi network uses an algorithm based on the Stellar Consensus Protocol (SCP)
- Currently, Pi Network has more than 3.5 million active users
- In the Pi Network, ambassadors introduce others to the Pi Network which is similar to multi-level marketing schemes
What Is Pi Network?
Pi Network is a digital cryptocurrency project and its main target is to keep cryptocurrency mining accessible. The concept of the Pi network comes into the limelight because of the centralization of first-generation currencies like bitcoin. The centralization of Bitcoin has put them beyond the reach of everyday users. This network is developed by a team of Stanford graduates and this network allows users to mine coins using its mobile phone app and validates the transaction on a distributed record. Bitcoin uses proof-of-work (PoW) protocols but the Pi network uses an algorithm based on the Stellar Consensus Protocol (SCP). So, the Pi nodes validate transactions on a distributed ledger. Then reach a consensus on the order of new transactions that the ledger records.
Under the SCP, Pi Nodes form security circles, or groups, of three to five trusted people known to each of the networks’ users. Here, the security circles build a global trust network and the network prevents fraudulent transactions and other fraudulent activities. In the Pi network, the transaction can only be validated on the shared ledger if the trusted nodes approve them. This network is branding based on the number π and the first part of this network was released on 14 March 2019 on Pi Day. By June 2019, the network had more than 100,000 active users. The 2nd phase of the Pi network was released in 2020 and there were more than 3.5 million users.
Is Pi Cryptocurrency Legit?
The official website of Pi Network claims that they want everyone to use digital currencies and no one to be left out of the cryptocurrency revolution. Pi network identified that mining cryptocurrency is very hard, costly, and risky. Pi network enables users to mine crypto on their phones without draining their batteries. So, this project creates great hype among crypto traders as well as technology enthusiasts and people started to speculate about what Pi coin’s value may be in the future.
The Pi network has several different roles within the project’s ecosystem. People who downloaded the mobile app are referred to as Pioneers and they need to sign in to the app daily basis to prove that they are not a robot. On the other hand, Ambassadors introduce others to the Pi Network which is similar to multi-level marketing schemes. Many crypto experts are concerned about the legitimacy and future of Pi cryptocurrency because it is not actually live on an exchange yet.
Is Pi Coin Safe?
The crypto experts are not concerned about the future price of Pi coin, they are more concerned about whether this project is a scam or not. Many people had downloaded the Pi app and according to many users, the price of Pi coin might be worth anywhere between $10 and $100 right now. However, there is no evidence that the developers of the Pi network have the ability to back up the price of this coin. Moreover, the team behind the Pi Network hasn’t released much information about the Pi network and its future development. Another reason crypto experts are concerned about the crypto platform’s legitimacy is, still users don’t have access to their private keys. Blockchain expert Dang Minh Tuan said –
“The Pi Network has a smartphone app and servers to keep them running, so why don’t developers release its source code for the community to review?”
Moreover, Dang Minh Tuan also thinks that the software’s main motivation could be monetizing the millions of users who have downloaded it. If you want to use the app then you have to provide your full name, phone number, and Facebook username. So, Dang Minh Tuan warned that other forms of data could be stolen from a user’s device.
Pi Cryptocurrency Price Prediction For 2022 – 2025
The Pi cryptocurrency hasn’t even launched so it is difficult to predict its price. But like any other digital coin at launch, the PI cryptocurrency value will start at a relatively low level against the US dollar and rise as usage grows. According to CoinMarketCap and algorithm-based forecasting site Wallet Investor, the price of Pi coin might reach $0.007077 at the start of 2022. Wallet Investor predicts that Pi cryptocurrency could reach a high of $0.0132 and a low of $0.00743 in 2022. DigitalCoin’s Pi Network price prediction 2021–2025 calculated that the Pi coins price could rise from an average of $0.0108 in 2021 to $0.0128 in 2022 and $0.0212 by 2025. According to crypto exchange Changelly –
“depending on the number of cryptocurrency users and exchanges that adopt PI, the bull case could see the coin’s price launch at $0.16 and reach $1 a year later”
While investing in any cryptocurrency, you should keep in mind that cryptocurrency markets remain extremely volatile and it is very difficult to predict the price of crypto coins and there is no guaranty that the price prediction will be 100% accurate.
Pi Coins Price Prediction Based On Bitcoin’s Growth Pattern
|If Pi Network has 1% of Bitcoin’s previous average growth per year
|If Pi Network has 2% of Bitcoin’s previous average growth per year
|If Pi Network has 5% of Bitcoin’s previous average grow per year
|If Pi Network has 10% of Bitcoin’s previous average growth per year
|If Pi Network has 20% of Bitcoin’s previous average growth per year
|If Pi Network has 50% of Bitcoin’s previous average growth per year
|If Pi Network has 100% of Bitcoin’s previous average growth per year
FAQs About What Is The Pi Cryptocurrency Value Now? Pi Cryptocurrency Price Prediction
When Will Pi Coins Enter The Market?
According to the Pi network team, they are planning to launch the Pi cryptocurrency during the Pi Network’s third development phase. The exact date hasn’t been set by the developers. The launching of the Pi coin will depend on the progress of the testing phase and the subsequent listing on cryptocurrency exchanges.
How Many Pi Coins Will There Be?
There is no exact information on this question because the Pi developers haven’t provided any detail. So, once the project goes live, we will know that how many Pi coins will be in circulation and what will be the maximum supply cap.
Is The Pi Coin A Good Investment?
At this time, it is very hard to tell whether it would be a good decision to invest in Pi coin. The future of Pi coin depends on the adoption of the apps in the Pi Network ecosystem. Moreover, the coin hasn’t launched yet. So, it would be a wise decision to wait for the coin to become live and buy online from an exchange.
Will Pi Crypto Ever Be Worth Anything?
The Pi network is in stage 2 development and the Pi coin is not live yet. Therefore, Pi cryptocurrency is currently worth nothing. So, we have to wait for the coin to go live and see whether this coin would be worth anything.
How To Get A Pi Coin?
You can mine Pi coins using your mobile phone through the Pi app. You just have to log into the app every day and select the mine button to keep earning Pi coins. You have to keep the Pi app open on your mobile to continue the mining process.
References: 1 https://crypto.com/price/pchain#:~:text=Plian%20Price%20Summaries&text=Plian’s%20price%20today%20is%20US,in%20the%20last%2024%20hours.
References: 2 https://coinmarketcap.com/currencies/picoin/
Last Updated on October 23, 2022 by Magalie D.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.