Pi Network – Digital Currency Review: scam or not?
Pi network is not a scam.
If I had a bitcoin for every new cryptocurrency idea that came along, i’d be a very rich man. It seems that every few months we’ve got a new entrant, promising to be the solution to all our global currency issues. Issues that most of us never even realised we had!
In this article I’ll tell you about a fast-growing entrant to the digital currency world. It’s a different idea to what’s gone before, and the Stamford University team behind it claim that it could be revolutionary. Millions of people have already signed up to earn it!
I’ll give you the lowdown on what you need to know – including what I think are the the risks – and how you can get involved. The bottom line is it’s free to do so, and whilst it’s not going to make you money in the short-term, it might be worth a gamble in case it really takes off!
Ladies and gentlemen, let me introduce you to Pi – a new digital currency.
(A quick note here: We have been mining Pi on our phones for several months to test it out and check we know what we’re writing about. We have no other relationship with the Pi Network and the below article represents our honest view of it – you can see that by the doubts we have.)
Some of you have come here looking specifically for a joining code. If you don’t already know someone on the network, you can use ours: “Thangamani001”
What is Pi cryptocurrency and how is it different?
According to the team behind it, “Pi is a new cryptocurrency for and by everyday people that you can mine (or earn) from your phone”. It sounds simple enough.
It has two big selling points:
- It’s accessible to all and easy to mine (or earn).
- It gives everyday people the chance to capture more economic value instead of lining the pockets of banks, technology giants, and other intermediaries.
They’re certainly right about the first point. We’ve found it super easy to earn. Anyone who has a smartphone can do it, just by downloading the Pi app (available on android or iPhone) and simply checking in once a day. There’s more advice later in the article on how to join a mining network and get started.
What can I use Pi Cryptocurrency for?
At the moment, the honest answer is: not much.
The smart minds behind Pi have a long-term plan. Eventually they intend to allow you to directly purchase goods and services using Pi, by creating a peer-to-peer market place for goods and services.
You’ll also be offered the chance to exchange Pi for fiat currency (like £, € or $) too. This is all supposed to be possible in ‘phase 3’ of the project.
Understandably, you’ll be wondering what exactly ‘phase 3’ is. Phase 1 – which involved getting enough users on board – was launched in March 2019 and was completed one year later.
So we’re now in Phase 2, which is largely a testing phase and users may volunteer to test ‘node’ software on their computer to decentralize the network (though you can just stick with your phone)
Reasons to believe in the Pi digital currency
Ok, ok, so the network might just be powered by 3 people who could just be working from their bedrooms, but they are pretty smart.
Add to that, they are being upfront about this: it’s not a get-rich-quick scheme that they’re peddling (unlike many other currencies out there). Their intent genuinely seems to be to develop something useful. Something better.
And as for the small-scale of the team right now – well lots of enormous ideas grew from small teams working in dingy garages and bedrooms (looking at you Apple and Facebook).
The Android version of the app has a lot of decent reviews – but do your own research. Those giving it one star seem to have run into some technical difficulties.
Using virtually no advertising, there were over 3.5 million people on the network when they moved to Phase 2 in March 2020, just one year after launching. Pretty impressive from just word of mouth!
If you are interested download the app and paste my referral code; “Thangamani001” you get 1 pi coin for free
App Like; bit.ly/3gMJFMw
