How to determine Pi cryptocurrency value? Can you buy & sell it? - Kalkine Media

December 23, 2021 02:30 AM AEDT | By Ipsita Sarkar
Follow us on Google News:

Highlights

  • Pi Network coin can be mined just with a tap of a finger on the smartphone
  • Mining Pi currently requires no monetary investment
  • It is yet to be listed on any crypto exchange

Nearly three years since its launch, smartphone-based Pi Network has continued to court controversy. Opinion remains divided between critics who view it as nothing more than a 'scam' versus millions of members who rigorously mine the Pi crypto coin daily with the touch of an onscreen button via the Pi app.

Despite its fast growth, the smoke around Pi token's value hasn't yet cleared. Founders claim Pi is "NOT free money", rather a long-term project that considers all its members' contributions and time efforts. The Pi app is currently unavailable on Google Play Store since it "is currently going through a regular review cycle".

So how can we ascertain Pi's future? Let's find out more.

Read more: Can Pi Be A Planet-Friendly Crypto? 

Controversy around Pi cryptocurrency

To understand the controversy around it, let's first understand what Pi Network is.

Founded by some Stanford graduates, Pi Network is based on a unique concept that allows members to mine its coin from mobile phones. The team claims that mining Pi coin doesn't require any crypto mining equipment like Graphic Processing Units (GPUs) or application-specific integrated circuits (ASIC).

The project became controversial since it allows anyone and everyone to mine just with a tap on smartphone sans any investment. Experts also claim the project lacks transparency and details of its development cycle.

It creates a security circle, which consists of three to five trusted members referred by Pi's members, to build a global trust graph and prevent fraudulent transactions. Just like Bitcoin's proof-of-work (PoW) protocols, Pi nodes are based on Stellar Consensus Protocol (SCP), which validates the members of the security circle.

Doubts also arose since the Pi network wasn't based on blockchain technology. However, the digital token is expected to transition to the mainnet blockchain soon.

How to determine Pi cryptocurrency value? Can you buy & sell it ?

How to determine Pi cryptocurrency's value?

Until Pi is listed on cryptocurrency exchanges, it is very difficult to ascertain its value. Even after listing, there is a possibility that it may start trading from zero value. Pi coins currently cannot be exchanged with fiat currency.

How to buy and sell Pi cryptocurrency?

One cannot buy, sell or withdraw Pi coin as of now. Withdraw or exchange facility may be activated once the project reaches its third phase of transition to a fully decentralized blockchain. It is currently in the second phase of development.


Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.



Top ASX Listed Companies

We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it. OK