Since its inception, the Pi Network token has piqued the interest of cryptocurrency aficionados who want to know how much it costs. The one-of-a-kind cryptocurrency project was introduced in 2021, and it has been dogged by numerous doubts and suspicions since then.

Pi Network was created to enable consumers to mine cryptocurrency using their smartphones.

What exactly is the Pi Network?

It's a new virtual currency and developer platform that allows people to mine Pi coins using their cellphones. Pi Network, according to the project's website, allows users to mine the digital token without exhausting the battery or having a negative influence on the environment.

Bitcoin, the world's oldest cryptocurrency, is frequently chastised for polluting the environment due to its energy-intensive mining process.

Last year, China cracked down on crypto mining operations, claiming that they were damaging the environment. Meanwhile, Tesla CEO Elon Musk has stated that the company will not accept Bitcoin as a form of payment due to environmental concerns.

As more people become aware of climate change and appear to be prepared to solve environmental issues, even bitcoin projects are considering the environmental impact of their operations.

One of the main reasons for the Pi Network's popularity among crypto enthusiasts is that it claims to be environmentally friendly.

Pi Network had a user base of over 30 million people as of December 2021, according to CoinMarketCap.

Is Pi Network a legitimate way to make money, or is it a Ponzi scheme?

Aside from features like in-app chatting, the Pi Network app currently has little utility. Furthermore, there is no method to determine the worth of the Pi coin because users are mining the cryptocurrency in the hopes of one day being able to convert the Pi coins to a real value.

Pi Network supporters frequently state on social media sites that it cannot be a Ponzi scheme because it does not ask its customers for money.

We're not implying that Pi Network is a Ponzi scheme. It's worth noting, though, that users contribute to the Pi Network app's value. Users' time and data are precious, and the app's creators must profit from it.

The app has introduced optional video adverts, which must have aided in monetising the vast and millions-strong active user base.

A Know Your Customer (KYC) process is included in the Pi Network app, which includes collecting passport information. A validated audience appears to have the potential to boost ad income.

This project is founded on the assumption that further features, such as a coin launch or listing on a cryptocurrency exchange, would be added in the future.

Users can create an account and then use the app on a daily basis by logging in. They are expected to be able to obtain digital cash by just pressing a button within the app.

It's vital to highlight that there's no requirement for proof of work, and this software encourages users to advance by bringing additional people to the network. The software allows users to earn extra Pi coins by doing so.

Multi-level marketing promoters and pyramid scheme operators frequently use such models.

Because Pi crypto is not listed on decentralised exchanges, it looks that users will not be able to profit from it. The Pi coin can't be traded, and it's also not feasible to buy or sell it.

In conclusion

Because the value of a Pi coin cannot be calculated, the most pressing concern is whether it will ever reach a point of trade where it can be converted into fiat currency.

In the cryptocurrency market, the possibilities are unlimited, and Pi coin holders can only wait to see if their dreams come true.

It is impossible to determine the true value of the Pi coin until and unless the cryptocurrency is listed on an exchange.

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