Pi Network is one of the most popular cryptocurrencies that most people have never heard about. It is also a cryptocurrency that one cannot buy and sell in any exchange. In this article, I will explain what the Pi coin is and whether it will have any value in 2023.
What is Pi Network?
Pi Network is an incredibly popular cryptocurrency. Consider this. Pi’s Twitter page has more than 2 million followers. In contrast, Cardano has 2 million followers while Shiba Inu is yet to crack the 1 million mark.
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Meanwhile, Pi Network’s Android application has more than 50 million app installs, which is significantly higher than other crypto wallets. And, most installers appear to love the application since it has an outstanding 4.7-star rating. Pi also has millions of iOS users.
Pi Network aims to solve some of the biggest challenges that exist in the crypto industry. For example, Bitcoin is highly volatile and the process of mining it is significantly expensive. As a result, only wealthy individuals and companies can mine most of the biggest proof-of-work coins.
Pi Coin solves the mining challenge by making it possible for anyone with a smartphone can mine it. Users just need to visit the app, click a button, and that’s it. They then level up their earnings by inviting more users, which makes it seem like a pyramid scheme.
Will Pi coin make you rich in 2023?
Many analysts, I included, warn that Pi coin is a scam that benefits its Stanford-educated founders. First, Pi Coin is not a new cryptocurrency. For one, the Android app was published in December 2018. Four years later, Pi holders cannot do anything with the app. In contrast, many cryptocurrencies like Aptos, Cronos, ApeCoin, and SweatCoin were launched this year.
Second, Pi Network is already making money through the adverts it shows on its platform. All these funds are going to the creators of the platform.
Third, it is still unclear when Pi will be listed in exchanges. A likely reason why the developers have not pushed it to exchanges is that they are already making money through ads. As such, listing it in exchanges could disrupt this revenue.
Also, as we saw with Sweatcoin and StepN’s GMT, a listing could push insiders to sell their tokens and run for the exit. Therefore, I believe that Pi Network will not make you rich in 2023. Some analysts believe that it is similar to OneCoin, the pyramid scheme that was led by Dr. Ruja Ignatova.