Is Pi coin a good investment or a scam?

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Is Pi coin a good investment or a scam?

By Crispus Nyaga - min read

Pi Network has become one of the most popular projects in the “cryptocurrency” industry. The coin, which is yet to be launched, has millions of users from around the world. In this article, we will explore whether the Pi coin is a good investment or whether it is a scam.

What is Pi Network?

Cryptocurrencies have become extremely popular in the past few years. At their peak, all cryptocurrencies had a market cap of over $3 trillion, with Bitcoin being the dominant player. 

While cryptocurrencies have gotten popular, they have not yet gone mainstream like fiat currencies. At the same time, the process of mining them is relatively complicated and expensive.

Pi Network is a company that hopes to change this by making it extremely easy to mine cryptocurrencies and spend it. Unlike Bitcoin and Ravencoin mining, anyone can mine PI coin provided that they have an Android or iOS smartphone. 

Pi Network has become incredibly popular. According to Google, its application has been downloaded by more than 50 million people. Of these users, 536k of them have left their reviews, with an average rating of 4.5*. 

Pi Network has also been downloaded by thousands of people on iOS, where it has an average rating of 9.3. Therefore, it is estimated that Pi has more than 10 million active users. This is a huge number since it is an invite-only application.

These users mine cryptocurrency by just logging in to the app and pressing a button or watching an advertisement. 

Pi Coin price prediction

Unlike popular publicly-traded cryptocurrencies like Ethereum and Polkadot, it is impossible to do a Pi coin price prediction since it is not listed in any exchange. 

Pi holders cannot cash their coins for cash. Instead, they must hold it in their wallets and hope that the developers will list it in exchanges.

As such, a commonly asked question is whether Pi Network is a genuine cryptocurrency or whether it is a scam. While there are many proponents, I believe that it is a scam for two main reasons.

First, Pi Network was launched in 2018 with a promise that it will be listed in top cryptocurrency exchanges like Binance and Coinbase. A full four years and it is still unclear when it will be launched. Second, it is hard to see how Pi Coin will derive its value even when it starts trading.