Pi Network is a cryptocurrency mining platform that allows anyone to mine on their phones using a unique social mining model without the need for powerful hardware or high energy consumption.

The official Pi website states it was created by two Stanford PhD holders in 2019 and has amassed over 47 million engaged members around the world.

HOW DOES THE PI NETWORK WORK?

Pi Network works by having users install the Pi Network app, create an account, and get assigned to a security circle of trusted friends or family members. Users can then mine Pi by clicking a button once every 24 hours and can increase their mining rate by having more people in their security circle and by referring new users to the Pi Network.

The Pi cryptocurrency is not yet listed on any exchanges, but the Pi Network team plans to launch the Pi mainnet and open up trading in the future. With the massive growth of the project and some inconsistencies one might ask the question: Is it Legit Or a Scam?

IS THE PI NETWORK LEGIT — OR A SCAM?

There have been several allegations of fraud from a few critics on social media about the authenticity of the project and

Pi Network may be deceptive due to its advertising revenue generation.

Due to the ads within the app, critics claim the app generates massive profits and could potentially earn billions of dollars a day. Sadly, cryptocurrency scams are pretty common, so it can be difficult to determine for sure if it is not a scam.

Pi has been around since 2019 and called itself the first cryptocurrency that you could mine on your phone. All you had to do was download their app, put your contact information, and the mining would instantly start. Which for a fact is the cryptocurrency’s selling point. Some believe that

there's no evidence that there is actual mining in the app whatsoever.

The Pi tokens that you are mining are technically just being airdropped to you or just literally numbers on your screen that are currently worth nothing because you can't withdraw those tokens.

So is Pi a scam? it's right at the edge of the technical definition of a scam because they didn't take their users' money. Instead,

they took their users' identities.

SO WHY DO PEOPLE CONTINUE TO BELIEVE IN PI?

Well, because the Pi team has promised that they will eventually allow all of those tokens you've mined to be withdrawn. The Pi team said it'd be ready in December 2021, but it's now been one and a half years since that deadline and still no mainnet launch.

CAN I SELL MY PI COINS?

The pi coin is still in the enclosed network period of the mainnet and has not yet transitioned to the open network. Therefore, you can't sell your Pi coin on an exchange at the moment. So the answer to the question is no. CAN I TRANSFER MY PI COIN TO ANOTHER WALLET?

Yes, you can if you have completed KYC. To complete KYC, you have to wait to receive a notification, or you can download the Pi browser, open it, and click on KYC. If you see a message saying that slot is not available, you have to keep waiting for your slot to be available

CAN I MAKE MONEY WITH MY PI COINS?

There are several ways you can make money with pi. One is to sell your pi coin to another person and at the time of writing Pi price is between 200 - 260 naira per pi coin in the p2p market. Moreover, this price depends on your buyers' rate. The second way is to buy at a smaller rate and sell at a higher price to another buyer.

ARE EXCHANGES SELLING PI?

Yes, exchanges like superex, HTX, and Bitmart are selling at the rate of $36.73 per pi coin at the time of writing. It is good to note that the Pi coin traded on exchanges is an IOU. The Pi Network team has warned that the Pi coins listed on exchanges are not the official Pi Network tokens. Even on Coinmarketcap.com, there is a clear warning that this is an IOU, thus it cannot be transferred between exchanges. An IOU stands for I-Owe-You.

This means the exchange owes you the original Pi token. In this case, the Pi Network IOU token on this exchange, you can buy it here and exchange it for Ring tokens in the open network case.

WHAT IS THE FUTURE OF THE PI COIN?

Pi Network is still under development and on paper, the Pi Network project appears to have a lot of potential. The creators have indicated that the project roadmap includes multiple phases, and once the mainnet is fully live, the aim is for Pi Coin to be accepted by a variety of merchants so that holders can use it to pay for goods and services and become the most widely used cryptocurrency.