Cryptocurrency value

How to determine the value of Pi cryptocurrency? Can you buy it and sell it?

Almost three years after its launch, the smartphone-based Pi Network continues to spark controversy. Opinion remains divided among critics who see it as nothing more than a “scam” over the millions of members who rigorously mine the Pi crypto coin on a daily basis by simply pressing an onscreen button through the app. Pi.

Despite its rapid growth, the smoke around the value of the Pi token has yet to dissipate. The founders claim that Pi is “NOT free money,” rather a long-term project that takes into account all the contributions and time efforts of its members. The Pi app is currently not available on the Google Play Store as it is “currently going through a regular review cycle”.

So how do we determine the future of Pi? Let’s find out more.

Read more: Can Pi be a planet-friendly crypto?

Controversy around the Pi cryptocurrency

To understand the controversy surrounding it, let’s start by understanding what Pi Network is.

Founded by Stanford graduates, Pi Network is based on a unique concept that allows members to mine its currency from cell phones. The team claims that mining Pi coins doesn’t require any crypto mining equipment like graphics processing units (GPUs) or application-specific integrated circuits (ASICs).

The project has become controversial because it allows anyone and everyone to operate just by tapping a smartphone without any investment. Experts also say the project lacks transparency and details on its development cycle.

It creates a circle of security, made up of three to five trusted members referred by Pi members, to create an overall trust graph and prevent fraudulent transactions. Much like Bitcoin’s Proof of Work (PoW) protocols, Pi nodes are based on the Stellar Consensus Protocol (SCP), which validates members of the circle of security.

Doubts also arose because the Pi network was not based on blockchain technology. However, the digital token is expected to move to the mainnet blockchain soon.

How to determine the value of Pi cryptocurrency?

As long as Pi is not listed on cryptocurrency exchanges, it is very difficult to determine its value. Even after listing, there is a possibility that it will start trading from a zero value. Pi coins cannot currently be exchanged for fiat currency.

How to buy and sell Pi cryptocurrency?

Pi coins cannot be bought, sold or withdrawn at this time. The ease of withdrawal or exchange can 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.

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