Overall, Pi Network is a legit and safe cloud mining cryptocurrency available to anyone. The company won’t steal your money or information, but at the moment you won’t earn any money by mining for Pi either. The cryptocurrency isn’t on the market and does not earn a profit regardless of how many Pi coins you earn. The founder has huge plans for Pi Network, but the company has progressed slowly over the past four years, with no solid launch date for their marketplace at this time.
Are you willing to play the long game and invest your time in a cryptocurrency that may take off in a few years?
Pi Network Company Information
| Official Website | https://minepi.com/ |
| Ownership | Dr. Nicolas Kokkalis–CEO / Founder |
| Founded | 2018 |
| Industry | Computer Software |
| Headquarters Location | Palo Alto, California |
| Trust Score | MEDIUM |
| Social Media | Facebook Instagram LinkedIn |
What is Pi Network?
Pi (minepi.com) is a cryptocurrency that allows users to begin growing their digital money for free on their phones. It was created in 2018 by Stanford graduate Nicolas Kokkalis in Palo Alto, California. His concept was to create a new cryptocurrency that the average person could access and a marketplace to purchase products with your Pi coins.
Users download the Pi Network app on their phone and check in on their Pi every 24 hours. You can start mining or collecting Pi coins by selecting the lightning button on the app there is no reason to leave your browser open. Currently, Pi coins are worth $0 and cannot be withdrawn. In the future, the goal is to be able to earn coins that have a monetary value and cash out in the Pi Marketplace.
The company is currently in phase one of their launch plan in which they are trying to grow Pi’s trusted network by adding new members. Users can increase their earnings by adding others to their security circle on the Pi Network. Essentially, you earn more Pi coins when others join the Pi Network using your personal code.
Is Pi Network legal and safe or a scam?
The Pi Network is not a scam and is owned by Stanford graduates that are trying to build a cryptocurrency that is accessible to the average person. The company has a legal website with a valid domain and HTTPS and was not found on any blacklist engines. Users do not have to worry about malware, phishing, or security issues when accessing the Pi app to begin mining Pi coins. The Pi Network received a medium-authoritative rank of 62.7/100 from scamdetector.com, showing that they are a standard, active business without any major security concerns.
Is Pi Network reliable and trustworthy?
Overall Web Ratings
The overall web ratings of the Pi Network are positive but seem to be skewed by users wanting to earn more Pi coin. On Trustpilot.com, there are 585 total reviews and 84% of the reviews are rated Excellent. This gives the company an overall Excellent rating with a score of 4.6/5.
The problem with these reviews is that they do not seem to be reliable or trustworthy. A large majority of the reviews are Pi Network members leaving their invitation codes so that they can get a higher percentage of Pi coin earnings or individuals sharing their predictions of how valuable the cryptocurrency may be in the future. When these reviews are filtered out we are left with a lot of negative reviews regarding their slow progression towards monetizing the currency and their lack of customer service for technical issues with their app. Overall, it seems that although the app has many users it currently does not serve a purpose and cannot be viewed as a reliable investment.
Customer Support
One of the major complaints customers listed online is the lack of customer support on the Pi Network. The only way to contact a team member is to fill out an email inquiry on the Pi Network website, minepi.com. Users have described that there is a very long wait time to hear back from customer support and no additional means of contact is frustrating when they are facing a time-sensitive tech issue.
The Pros and Cons of Pi Network
Pros
Free and Accessible
The best part of using the Pi Network is it is a free and accessible way to start using cryptocurrency. This is one of the company’s core mission statements and they pride themselves on making mining for Pi as easy as possible through their mobile phone app.
Users can mine Pi any time of day using their cell phone and reach higher levels in the platform by asking others to sign up for free using their Facebook account. Pi Network seems like an easy platform to learn about cryptocurrencies and join the cloud mining space.
Cons
Not Monetized
The largest complaint from users is that the cryptocurrency is not monetized yet. The Pi Networks users are currently engaging with their network by using their app and mining Pi, but their earnings have no monetary equivalent yet. The Pi Network has been updating users regularly on the status of the cryptocurrency but is not ready to put it on the market at this time. Most users complain that investing time in the company may be for nothing if the company does not move out of phase one and establish a marketplace.
How does Pi Network make money?
The Pi Network currently does not make a profit when users mine for Pi. The cryptocurrency is currently worth $0 and is still only in phase one of their plan to establish Pi Network as a major player in the cryptocurrency market. In the future, once the Pi Network has gained notoriety and the desired number of users, the creators plan to open a Pi marketplace that will allow users to trade their mines for products and gear. Pi Network will most likely take a percentage of the profits from each of these purchases. This phase of the plan seems to be many years in the future based on the amount of time it has taken the company to get to its current status.
Best Pi Network Alternatives
There are a few similar cloud mining apps like the Pi Network that are already on the market and can earn you small amounts of money. If you don’t want to wait for Pi Network to reach their later phases and want on market alternatives, these companies are good options to choose from:
- Hi Dollar
- Bee Network
- Star Network
- Litecoin
FAQ
Does the app drain my battery or data?
No, it does not affect your phone’s performance, primarily because you do not need to leave the app open to mine Pi. All mining is completed once you hit the lightning button in your Pi app.
What is the Ambassador role? How does the earning team work?
Pi users can become Ambassadors when someone joins their earning team by sending them an invitation code. They then earn up to a 25% bonus when mining for each person they invite to the Pi Network.
Why do earlier members mine at a higher rate?
Users are rewarded based on when they joined the Pi Network by earning at a higher rate for their contributions. The company wants to incentivize its earliest members so that the network continues to grow and the original platform users stay with the company once it goes to market.