Is This Crypto Legit or Is It a Scam and Pyramid Scheme?

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Is This Crypto Legit or Is It a Scam and Pyramid Scheme?
Paxful


Pi Network is a controversial “cryptocurrency” that has attracted millions of users from all over the world. Supporters see it as the best alternative to Bitcoin, while critics see it as a pyramid scheme and a scam. Since Pi Network price predictions are not available, we will assess whether it is worth your time.

What is the Pi Network?

Pi Network is a “blockchain” project that aims to disrupt the cryptocurrency industry in a greener way.

It does this by addressing the biggest challenges facing Bitcoin. With the soaring difficulty of mining, it is almost impossible for ordinary people to mine this coin. Today, Bitcoin mining is dominated by big players like Hut 8 and Marathon Digital.

Pi Network solves this challenge, allowing people to mine with their smartphones. All you need is an Android or iOS smartphone to get started.

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You will also need a referral code from someone already in the network. After verifying your details, you can mine Pi coins.

Mining is done in a simple way. Just open the app, click a button, and you’re done. When you do, you’ll come across ads that the company claims are needed for development purposes.

Pi Network has become very popular. For example, in Android, it has over 495,000 reviews, with an average of 4.5. Likewise, in iOS, it has over 9,000 reviews.

Is Pi Network legit or a scam?

There are two aspects to the Pi network. Some see it as a true cryptocurrency that will gain popularity over time.

In my opinion, I think this is both a scam and a pyramid scheme. On the one hand, the Pi coins accumulated by users in their wallets are really worthless because they cannot be cashed out.

The developers claim that holders will be able to cash out when it is listed on major exchanges. It is unclear whether Pi Network will be listed on platforms such as Binance and Coinbase. Also, they’ve been talking about going public.

Most importantly, even if it goes public, it is unknown whether the price of Pi Network will stabilize. I expect it will come under significant selling pressure as current holders cash out.

So the only people who benefit are Pi Network developers, who now earn almost free money when people visit the app.

Paxful

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