On the Pi network, a cryptocurrency known as Pi Coin promises to make cryptocurrency mining more accessible. To do this, Pi Coin's inventors created a smartphone app that allows users to validate transactions on a distributed record to mine the crypto.
Overview of the Pi Coin
A group of Stanford grads came up with the idea for the Pi Coin, which was unveiled on Pi Day, 14 March, in 2019. During the introduction, a free Pi mining app was also made available, allowing people to mine cryptocurrency on their phones.
As of June 2019, the cryptocurrency had amassed a user base of more than 100,000. Over 3.5 million people were actively using the service in February of 2020. The network currently has over 29 million active members, which is more than double the amount of active users it had in March 2021.
The number of coins awarded for executing a transaction is halved in order to preserve its scarcity. For example, when the Pi network reaches 100,000 active users, it is halved from 1.6 π. After reaching the next milestone of 1 million active users, the process was repeated, and so was the process after reaching 10 million members. The halving procedure will continue until the number of active users hits 1 billion, at which point it will stop.
The Pi Coin's Price Movements
At this time, there are no decentralized exchanges where you may buy Pi Coin. Millions of active users, on the other hand, rely on the network.
Traders trying to buy Pi Coin on any platform are failed, as there is no way to do so. The present owners of the cryptocurrency were just able to acquire it by mining.
Fortunately, the site has provided a mobile software that pioneers may use to mine Pi Coin, making it easy for people to get their hands on the cryptocurrency. They also have a large following and a lot of support.
The most pressing topic surrounding the Pi currency right now is whether or not it will ever be traded on exchanges so that its value may be converted to dollars. What will happen when the coin is ultimately traded on exchanges is also a concern. The amount of crypto being held by so many people means that prices will start out low.
Most Pi coin owners are also curious about how much their coin is worth today, as well as how much it will be worth in 2022, 2025, and 2030.
The Pi network has not been able to draw big decentralized applications into its fold because to low adoption and market penetration.
However, in recent years, its user base has exploded, with more than 29 million active users at the time of writing. Its popularity among crypto users has grown significantly, and that is what we will research. Users can mine cryptocurrency using only their phones thanks to the Pi Network. They also used the halving concept to make it more difficult for the cryptocurrency to run out. The principle assures that as the cryptocurrency approaches its maximum value, the reward for completing any transaction decreases.
The adoption of the Stellar Consensus Protocol (SCP) rather than the commonly utilized proof-of-work (PoW) by the Pi Network has also been a big selling factor for its users. This consensus approach allows transaction validation on a distributed ledger to be done in a sequential manner, enhancing scalability and transaction per second rates.
2022 Pi Coin Price Prediction
The Pi coin is anticipated to deploy its mainnet in the near future, which will be a big step toward being listed on decentralized exchanges.
Many experts believe that during the second half of this year, Pi coin will be listed on numerous decentralized exchanges, allowing traders and holders to convert their currencies to cash.
But what will the price of Pi coin be when it is released? To address the price of Pi coin when it first goes on the market this year, as well as my overall Pi price estimate for 2022, I'll use a few principles to explain why crypto values rise and fall.
The first notion I'll discuss is supply and demand; whether dealing with fiat currency or cryptocurrency, an oversupply of currency leads to price depreciation. Assuming that the supply of Pi coin will be in the billions at the time of its launch, the cryptocurrency's pricing will be worth pennies.
The second factor that determines the value of a Pi coin is its long-term usage. Most cryptocurrencies today are based on the idea of fixing real-world problems, which has led to their widespread adoption. Take Ethereum, for example, which has the potential to decentralize financial institutions. But, once again, these are real-world issues with real-world solutions.
This is not the case, as seen by cryptocurrencies like Shiba Inu and Dogecoin, which were developed as a joke and serve no use at all. Instead, these forms of cryptos rely on high-profile individuals and influencers to sell them and drive up values. Pi Coin now has a wide range of applications, but whether or not people will adopt it has to be seen.
The third and last notion I'll utilize in my Pi Coin price forecast for 2022 is how the previous two elements interact, namely how supply and demand, as well as crypto usability, influence clients' willingness to participate in the project. For example, despite the project's high usability, it may not be able to launch at a higher price due to oversupply or a lack of demand.
With all of these considerations in mind, my Pi coin price prediction for 2022 is that the cryptocurrency will start at a price below a dollar. I believe that the pricing will launch at approximately $0.2 to $0.5 based on observations of other similar cryptos.
PI Coin: Is it a Scam?
One of the most often asked questions by investors considering Pi currency is whether it is a hoax.
To be honest, it's a legitimate issue to ask because, unlike other cryptocurrencies, Pi currency is now unavailable for trade. There's also the matter of why the project has taken such a long time to get listed on exchanges.
Many Pi coin investors now have no practical benefits (at least for the time being), and the crypto's worth is more speculative than objective.