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Is Pi Network A Scam? Legit Crypto Mining OpportunityThrough Mobile App?
Welcome to My Pi Network Review!
Cryptocurrencies, despite being involved in a lot of controversies, have been a popular choice for anyone who wants to make money online. It’s a bit complicated but because of the many opportunities involving it, people are having a chance to get to know it a little more.
Pi Network Review Summary
Name: Pi Network
Founders: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip
Product Type: Mobile Application
Quick Summary: Pi Network is a cryptocurrency earning opportunity that comes in handy. Unlike similar platforms, their digital currency called Pi coin can be mined through the use of a mobile application.
Claimed as the first digital currency mined on a phone, Pi Network was created by a team of Stanford graduates so users can have easier access to cryptocurrency.
But this opportunity also encourages you to recruit as you’ll get a 25% bonus for every person you get to download the app and advance in their ranks.
Overall Rating: 4/10
Often, it’s accessible through a website but now, a team of Stanford graduates has made it easier. Using a mobile app called Pi Network, you can now “mine” coins and make money online.
But is Pi Network legit or just another scam, just like the other cryptocurrency programs? How does it work? What are its pros and cons?
These may be just some of the questions you have in mind and we got most, if not all of the answers you need in this Pi Network review.
What Is Pi Network About?
Pi Network is a cryptocurrency opportunity that utilizes its crypto digital currency called Pi coin. It comes with a mobile app that can be downloaded on iOS and Android devices for free. It facilitates users' interaction with their Pi crypto.
It claims that Pi coins can be mined through this app but in reality, there's no actual mining going on here.
Unlike other cryptos like Bitcoin where you need specialist equipment, expertise to mine it, and the electricity because it consumes a lot of power, Pi Network is unintrusive. Since no real mining is happening within the app and the company does it for you instead, it uses no battery power and insignificant data, so you barely even know that the app’s there.
Well, apparently the worth of the coin is connected to what percentage people are interacting with the network and also the more you interact the more you’ll get. Also, you earn extra by getting people to download the app also.
Pi Network has real owners, namely Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip who were all Stanford graduates and 2 have even Ph.D. credentials. The company was officially launched on March 14, 2019.
Each one of the founders has an online footprint and you can easily prove that they're real. Thus, it’s a positive sign and shows this product is being made in good faith and is not a scam.
The developers have set out a long white paper on the workings, merits, and future of the currency. Technical geeks would probably love it – but for the rest of us who are not that in-depth with cryptos, the FAQs found on the website are much more convenient.
The thing that’s made clear is that Pi is not free money. It is described as ‘a long term project whose success depends on the contributions of its members.
Although the report is long and comprehensive, the point in all of this is if it’s ever gonna be viable currency and admittedly, nobody seems to know including the developers.
At this stage, the plan seems to merely be ‘grow the numbers, test the system and we’ll take it from there’. For those people who need a little more security, “you can never tell” and probably there’s no point in going on. But Pi Network is transparent that they’re not a get-rich-quick scheme unlike many other cryptos out there. And it seems like the founders intent is to develop something better and useful.
Pi Network Product Line
Basically what the company offers is the mobile application that people can download and use to interact with their virtual currency, “Pi Coin”. As of the moment, a Pi coin is worth 0.005766 USD.
The Pi Network app allows you to access and grow your Pi holdings and serves as a wallet to host your digital assets. Pi is fairly distributed, eco-friendly, and consumes minimal battery power. It does not consume device power or resources like other free mining applications.
As of the year of this writing (2020), Pi Network has over 1 million people engaging within the network. And there were about 83,452 users who have made a review about the app and most were positive reviews giving the app a 5 star.
See also some reviews made by users below:
Is Pi Network A Scam?
Pi Network appears to be a legit platform.
It is a genuine effort by a team of Stanford graduates to give everyday people greater access to cryptocurrency. The founders are found to be trustworthy and legit.
The app also comes by handy and it’s free to download.
Yes, there may be no actual product and what is advertised is the app but the moment that they'd ask for money, then it’s the moment to really think twice about this program.
But since everything is still uncertain for cryptocurrencies, you should take this with a grain of salt.
Is Pi Network A Pyramid Scheme/Ponzi Scheme?
Though Pi Network encourages recruitment, it is neither a multi-level marketing (MLM) opportunity nor a pyramid scheme.
MLM would require you to benefit from those under those who you refer but as you can see joining in Pi Network is absolutely free. You just have to download the app. Pyramid schemes take place when recruitment becomes the only way to make money and people who joined earlier will make more money than those in the lower tier.
However, in Pi Network, there's no cost in joining and it would just only take minimal costs running this app. So the fact it’s free and users don’t have to spend a lot makes it not a pyramid scheme.
It’s also not a Ponzi Scheme, it doesn’t promise high rates of return as they currently don’t require users to invest money. And since joining is free, there’s no way that members who joined first can benefit from recruits.
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Pi Network Compensation Plan
Here’s a couple of ways to make money in Pi Network:
- Downloading the app and letting it "mine" for the Pi currency- As mentioned, your phone doesn't actually mine the crypto. Mining crypto takes a lot of electricity and computing power and might even melt your phone. But then again, in Pi Network, your phone isn't actually doing any work. Still, you’ll get paid by your phone interacting with the network and when the value of Pi increases the more interaction you do.
- Recruitment- You also make money by recruiting people to download the app as you’ll get a 25% bonus for every person you recruited and gets to download the app. And as you recruit, you will in turn advance in Pi Network ranks. Take note that you "mine" at higher rates depending on your rank.
Here are the following ranks in Pi Network:
- Pioneer: This is the level you get when you first download the app. Your production size is limited here.
- Ambassador: This is the rank you get when you start inviting people to download the app. You’ll earn a 25% bonus for doing so.
- Contributor: You reach this rank when you have recruited 3 to 5 people and have mined for at least 3 days.
- Node: This is the rank you reach when you start connecting different hardware (like a computer) to the Pi Network.
How Much To Join Pi Network
Joining Pi Network is absolutely free. All you need to do is download the app and run it. You’ll also have to encourage other people to download you can advance in ranks and earn additional bonuses.
Here’s a short video showing how to install Mobile Pi Network App and how to join the Pi Cryptocurrency:
Free To Join
I like the fact that it’s free to download. Yes, there are other free mining apps but oftentimes it’s energy consuming and is detrimental to your phones.
The fact that you're not actually mining in Pi Network is why your phone is safe and that it won’t take much of your battery power. It’s also nice to earn from something free and will not cost you much. It means that everything you’ll earn is directly your profit!
Legit And Outstanding Owners
As mentioned, the owners are Stanford graduates and have an online footprint which proves that they are real. They have even intensively crafted this project. So, it shows that this program is made in good faith.
Indeed, having a reliable and trustworthy owner is important in every company because the majority of the company is represented by them. I also like that they are transparent about the company, about their crypto and that it’s not a get-rich-quick scheme.
Recruiting Is The Key
Just like most networking opportunities, though not fully an MLM opportunity, the challenging part in Pi Network will be recruiting. But I believe it's generally practiced in most money-making schemes.
Yet, finding 3 to 5 people to reach the Contributor level isn’t that hard for most people but still, it goes to show that recruitment is still the key.
Low Income Potential
Yes, I admire that they are upfront with the thought that they are not a get-rich-quick scheme and all are just probability and predictions. However, it’s been a year but the value of the Pi coin is still less than a dollar as compared to Bitcoin that is now even worth thousands per coin.
So, where will it take you ‘mining’ this crypto? It's indeed gonna take a lot of coins to earn a substantial income in this program. Definitely, low-income potential!
Just like most cryptocurrencies, Pi Network is uncertain and their proposal is just a matter of inviting you on board and seeing what happens.
Yes, they may predict that the value of the Pi Coin will be at $5 in 5 years but you can never really can tell, all are just probabilities that are indeed uncertain.
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As mentioned, the developers have set out a long report regarding the future of the currency. Technical geeks are going to love it but for the rest of us who would love it explained simply, the FAQs are available. Individual support questions can also be sent through email. Courses and training are also available online.
Well, to sum it up, Pi Network seems to be a legit mobile app that can somehow give you an earning opportunity. However, it should not be considered as a regular source of income because you don’t earn a guaranteed amount every month.
Also, the learning opportunity is low and it’s good to be considered only as a side hustle or an extra source of cash. Even the value of the Pi Coin won’t reach a dollar.
It’s also still relatively new and has to prove more in the future. Yes, the idea of joining it for free with minimal electricity and power costs is also a pretty good catch. However, at the end of the day, there are still no certainties when it comes to cryptocurrencies. All are predictions and have no assurance of success.
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Thank you for taking the time to read our Pi Network review and if you have questions or comments, please feel free to share it below.