The Pi Network (PI) caused quite a stir in the cryptocurrency community, even before its full launch. This project has been in development since 2018 and remains in testing mode. But there are already predictions for the value of the Pi Network when the cryptocurrency goes live. Some users see Pi as a way to get involved in cryptocurrency from rising and profiting in the future, in the same way as before bitcoin (BTC) Adopters have made huge profits from mining and holding coins. Meanwhile, others liken Pi to a multi-level marketing scam (MLM) that has no value. But what is the Pi Network and how does it work? Have you heard of the original coin and would you like to know more about how to buy Pi coins as a potential investment? This article provides an overview of what the Pi Network is trying to achieve and how the Pi cryptocurrency prediction is already taking shape.
WHAT IS THE PI NETWORK ?
The Pi Network is a digital currency project that aims to make crypto mining accessible. It is based on the view that the centralization of first-generation cryptocurrencies such as bitcoin has put them beyond the reach of everyday users. While early bitcoin adopters were able to mine digital coins from regular computer CPUs, the mining process – validating transactions on a distributed record, or blockchain – has been taken over by massive mining pools with specialized hardware. The project, developed by a team of Stanford graduates, aims to improve the balance, allowing users to mine coins from its smartphone app. By number branding, Phase 1 of the project launched in 2019 on Pi Day, March 14, with its free PI mining app. As of June 2019, the network had more than 100,000 active users, and a year later when Phase 2 launched, there were more than 3.5 million. Applications started running ads in May 2020 to provide a source of financing for the project. The user base reached 18 million by the end of May 2021, having crossed the 12 million mark in February. The Pi coin is a cryptocurrency that runs on the Pi network, and like other cryptocurrencies like BTC, the Pi crypto is designed to undergo regular “halvings” to protect its scarcity. Halving is when the number of coins a miner receives for processing a new transaction is halved when a certain milestone is reached. Pi's mining rate is halved from 1.6 per hour when it reaches 100,000 users, halved again to 0.4 per hour when it reaches 1 million and will again be halved to 0.2 when it reaches 10 million. It will continue to halve, with documentation showing plans to hit zero at 1 billion users. However, it could take it to 100 million or even when the coin moves from the testing phase to go live, which is known as the move from testnet to mainnet.
PI remains in pre-release mode If you're wondering how to buy Pi coins for your portfolio, you can't. Users who have mined the Pi cryptocurrency will only be able to withdraw or exchange their coins during the third phase of the project when moving to a decentralized blockchain. PI cannot be transferred during the testing phase to prevent fake accounts from collecting coins, according to the project's website. The wallet balance is expected to be met when the PI switches from the testnet to the mainnet, when the blockchain protocol goes out of development and is fully implemented. As a result, the Pi coin is not yet available for trading on any cryptocurrency exchange or trading platform. PI price has not been determined. Once Phase 3 launches, holders will be able to exercise full control over their private and public wallet keys, and use the coins to purchase products and services on the Pi peer-to-peer marketplace, or exchange them for fiat currency. Without a key, users cannot transfer or spend the currency they hold. The PI mining app acts as a cryptocurrency wallet, which is linked to the user's mobile number or Facebook account. Like other public blockchains, the Pi blockchain will allow external wallets to store Pi coins and send transactions directly to the blockchain. However, unlike other blockchains, its developers have yet to release the source code. Early adopters pooled the crypto Pi in anticipation that the price would rise sharply once Phase 3 was released. Although the coin mining rate has halved, users can increase their mining rate by connecting with other active miners. New users can only join the Pi Network if they have a referral code from another user. The project's developers claim that security on the Pi Network is enhanced by a private network, encouraging users to bring friends and family - prompting skepticism that it could be multi-level marketing or a pyramid scheme. However, it should be noted that users can only earn coins from their own live network and not from their connection network, like MLM schemes. Some cryptocurrency watchers have already started making predictions on the value of their Pi Network. Let's take a look at the possible price of Pi when starting trading.
PI NETWORK : PI COIN PRICE PREDICTION FOR 2021-2025
Like other digital coins at launch, the value of the PI cryptocurrency will likely start at low levels relative to the US dollar and increase as usage grows. What do some price forecasting experts suggest? Both cryptocurrency data provider CoinMarketCap and algorithm-based forecasting site Wallet Investor list a current value of $0.007077 for the Pi coin. In March of this year, Wallet Investor had a cryptocurrency Pi prediction of $0.0132, with a downside at $0.00743. However, according to the website, it is no longer updating its forecasts. In March, DigitalCoin's 2021-2025 Pi Network price prediction calculated that the coin's price could rise from an average of 0.0108 against the US dollar in 2021 to $0.0128 in 2022 and $0.0212 in 2025. Long, it is predicted that the price of PI will average $0.0319 in 2028, indicating that the value of the Pi coin in 2030 will be higher. However, the website no longer updates its forecasts. Depending on the number of cryptocurrency users and exchanges adopting PI, the bull case could see the coin price launch at $0.16 and reach $1 a year later, according to cryptocurrency exchange Changelly. In the long term, the price could rise to $5 within five years. It is important to remember that the cryptocurrency market remains highly volatile, making it difficult to accurately predict how much a coin will cost in a few hours, and even more difficult to give a long-term forecast. As such, analysts can and do get wrong predictions. We recommend that you always do your own research, and take into account the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decisions. And never invest (money) more than you can afford to give up (if you have to suffer a loss). Follow Capital.com for updated PI/USD price forecasts as more data becomes available.