Pi Network has been the talk of the crypto community, with many claiming it to be the next big thing in making cryptocurrency really accessible. But is Pi Coin (PI) a real currency, and does it have any value? Let’s break it down.

Understanding Pi Coin

Pi Network is a cryptocurrency project created in 2019 by a group of Stanford graduates. In contrast to Bitcoin which must be energy-hungry mined, Pi Coin is “mined” not by performing calculations and solving complex puzzles, but by clicking on a button in the Pi Network mobile app every day. The end goal of the project is to create a decentralized cryptocurrency that is easy for everyone. So far, millions of users around the world are anxiously awaiting further development of the project since the launch of the Pi Network.

Legitimacy of Pi Coin

Pi Network is a real project with a large user base but still not mainnet. This means that Pi Coins are not available for free trading on major cryptocurrency exchanges like Binance or Coinbase. Pi is currently in an i.e enclosed mainnet phase instead, in which transactions can only occur due to Pi network. According to the Pi network team, the Phase is a must-go to balance security and usability at the open mainnet.

Pi Coin is an existing project however, critics consider it is yet to demonstrate its actual use. Fewer users are mining Pi because it can become valued in the future, since the official open mainnet date isn’t confirmed.

Pi Coin Trading Possibilities

Currently, it is not possible to easily trade Pi Coin. Indeed, some unofficial exchanges list Pi, but note that the Pi Network team has warned against using these exchanges because they have been shown to be unauthorized. Pi Network is not currently based on the mainnet, and until then, Users are not able to convert their Pi Coins to fiat (USD, EUR, etc.) officially.

Early adopters have already used Pi Coin in a limited way for peer-to-peer transactions in the Pi ecosystem, where some businesses accept Pi as a payment method. Yet these use cases are niche, and widespread adoption remains a work in progress.

How Pi Mining Works

Pi offers an alternative to traditional crypto mining that consumes computer processing power and massive energy by leveraging mobile app mining where the user checks in daily. Pi Network’s low-energy requirements have also appealed to many users who do not own expensive mining rigs. The mining process involves:

Mining: Users earn Pi each day when they engage with the app.

Referrals: Invite others to join Pi Network and increase your mining rate.

Securing: Pi Network uses a unique trust-based security circle, where each individual verifies other users.

This is an attractive proposition but, as some experts point out, does it really sit well in the decentralized nature of conventional cryptocurrencies on blockchain?

Future Prospects of Pi Coin

Pi Network the team behind it, has ensued that in the future Pi will be a fully valid cryptocurrency that would allow users to exchange Pi for Goods and Services in the Real world. However, the timeline for this is uncertain, and there are questions as to whether or not Pi Coin will have much value when it can be traded.

The success of Pi Coin will rely on a number of factors, which are:

Transition to open mainnet: Pi Coin cannot go anywhere without a public blockchain.

Business and consumer adoption: Valuation in a cryptocurrency is related to demand and use.

Regulatory approval: With the increasing scrutiny from governments on digital currencies, Pi Network might have to tackle compliance before it can gain mass adoption.