If you’re looking for extra income, someone might have mentioned the Pi Network app to you. While cryptocurrency provides good opportunities to make money, you also know that not everything about crypto is legit or worth it.
We heard about the app, too, and wanted to know more. So, we tried the app to experience it ourselves and searched through official sources and independent sites. We also reviewed dozens of feedback from real users to gather insights.
In this Pi Network review, you’ll discover some tips and tricks to make the most of the app. Don’t miss out on crucial tips to boost your earnings from the site.
What’s Pi Network and what does it offer?
Pi Network is a platform that claims to make crypto mining easy.
According to its website, it allows people to join the cryptocurrency industry without the traditional mining and investment process. That’s why you don’t need to invest money or buy a crypto mining machine to use the app.
Pi Network is available in over 175 countries, including the U.S., Canada, France, Brazil, and Turkey. Also, people under 18 may create a Pi account, provided they have sufficient identity documents and can use a smartphone.
So who started Pi Network?
It was founded by Stanford University graduates Nicolas Kokkalis and Chengdiao Fan. Kokkalis holds a doctorate in computer science, while Fan has a Ph.D. in computational anthropology.
Pi Network’s launch date was in 2019, and despite being a newcomer in the industry, the app currently has more than 33 million engaged users.
Pi Network classifies its users into four categories:
- Pioneers: They’re also called engaged users because they use the app every day to mine cryptocurrency.
- Contributors: They mine at a higher rate and create a list of pioneers they know and trust.
- Ambassadors: They also mine at a higher rate because they bring new users to the app.
- Nodes: They’re both pioneers and contributors. Aside from that, they run the PI node software on their devices. Nodes validate transactions and create a network of trust.
Its cryptocurrency is Pi coin, and we found out it’s not listed on any cryptocurrency exchange yet. It means you can only get a Pi coin through mining.
You can’t buy and sell Pi coins unlike Bitcoin and other cryptos. But you can still exchange things on the Pi Network’s peer-to-peer marketplace.
You might wonder, what’s the value of 1 Pi Network coin? Unfortunately, the current price is $0.
If that’s the case, is Pi coin legit? Yes, it is, but you can’t trade it yet on cryptocurrency sites.
For now, it only offers the possibility of earning in the future. In fact, even Bitcoin’s first price was $0.
However, there are concerns about it being a scam because you can only sign up with a referral code from an existing user.
Although this business model is similar to a pyramid scheme, Pi Network isn’t a scam because it doesn’t require membership fees and doesn’t promise high rewards immediately.
Even the team behind Pi Network says the app doesn’t give free money. According to the team, it’s a long-term project whose success depends on its members' contribution.
How to make money on Pi Network?
Currently, Pi Network value is $0, but you have two options to “make money” on the app.
1. Mining
It’s the main way to earn money on the Pi Network. True to the team’s promise, it’s easy to mine on the app. After logging in, tap the energy icon on the right side of your screen. This action ensures that Pi ends up in the hands of real humans, not bots.
After clicking the icon, we earned 0.02 π. The app instructed us to come back in 24 hours to keep mining.
That’s all you need to do every day. You don’t even need to leave your smartphone open because the app will continue to mine for 24 hours without draining your battery.
It also informed us that our current role is that of a pioneer and that we can have multiple roles in the community. We mentioned earlier that contributors and ambassadors mine at a higher rate, so if you want to get more Pi coins, you need to meet their requirements.
According to the app, here’s what you need to unlock the contributor role:
- Complete three earning sessions as a pioneer. It means you must press the energy icon for at least three days.
- Add three to five people you trust to your circle.
Once you become a contributor, you’ll notice the newer and faster mining rate.
2. Ambassador program
It works like a referral program on most get-paid-to (GPT) sites. But in Pi Network, your mining rate will increase by 25% for every referral.
We discovered that this is one of the tricks to make the most of the app.
For example, you’ll receive a 50% mining bonus if you get two referrals. However, you can only activate this reward when the other persons are also mining.
So how can you get the bonus? You only need to share your invitation code, the same as the username you provided upon registration. We’ll talk about the sign-up process more in the latter sections.
As you might notice, Pi Network offers a straightforward way to earn their cryptocurrency.
How much money can you make at Pi Network?
You can see your Pi balance at the top of your screen, but you can’t trade it on other cryptocurrency sites. Also, you can’t sell Pi coins for now.
So how do you turn Pi into money?
Pi Network has a peer-to-peer marketplace that allows members to directly spend Pi to purchase goods and services. But first, you need to complete the Know Your Customer (KYC) or verification process indicated on the app.
Here’s how you can be eligible for KYC:
- Download the Pi Browser app.
- Create and confirm your Pi wallet.
- Commit to lockup configurations.
- Submit your KYC application and wait for the results.
Fortunately, Pi Network seeks to be listed on exchanges, so its price can rise above $0. Here’s the Pi Network price prediction for 2023 to 2027.
| 2023 | $0.552 to $1.88 |
| 2024 | $0.468 to $4.27 |
| 2025 | $0.242 to $9.69 |
| 2026 | $0.160 to $21.98 |
| 2027 | $0.106 to $49.84 |
| 2028 | $0.070 to $112.98 |
Nobody can accurately predict Pi coins’ value, but the good thing is, that you don’t need to spend any amount to get them.
How to get started with Pi Network?
Pi Network allows you to sign up with Facebook, phone number, or email address. According to the app, Pi mined by unverified owners will be burned, so it’s crucial to confirm your identity. Here are the next steps to successfully register:
- Type and verify your password.
- Provide your real name and choose a username. It’s important to use your real name to claim Pi coins.
- Input the invitation code, and this is what we mentioned earlier you can’t join the app without a referral from existing members.
After completing the steps above, the app will show pop-ups to guide you in navigating Pi Network.
Pi Network pros and cons
Pi Network is a legit crypto mining app, but it’s not for everyone. You can check out the table below to help you decide if the app is for you.
PROS
- Free to use
- User-friendly app and simple registration process
- Doesn’t drain your phone’s battery
- Possibility of earning in the future
CONS
- Pi coin doesn’t have a monetary value yet
- The app may sell your data to advertising agencies
- Requires additional actions, such as downloading Pi Browser to be eligible for KYC
If you want to earn now, we don’t recommend installing the app. But if you want to collect crypto with the possibility of a lot of earnings, then it’s a good choice to download Pi Network.
Pi Network reviews and complaints
Several Reddit users still claim that Pi Network is a scam because it requires an invitation code for someone to join the app. They’re also concerned about their data because the platform might be selling it to generate income.
But other Pi app reviewers said it’s a gamble that costs them nothing. They also confirmed that the app doesn’t run in the background, so it doesn’t drain their phone’s battery.
According to people who believe the Pi app is legit, the platform has made mining easy, and they’re excited about its further developments.
Pi Network alternatives
If you want to try cryptocurrency but still have second thoughts on Pi Network, you can check out these other options.
COIN App
Like Pi Network, COIN App allows you to mine cryptocurrency using smartphones. Although it offers several earning opportunities, we found that collecting enough points would take a long time. For example, you need 3,732,920 coins to get one Ethereum.
Kryptex
You can mine Ethereum, Bitcoin, and Monero using Kryptex, and it’s for both computers and smartphones.
It has a minimum payout of $7 when you withdraw through Visa or Mastercard. The app also collects $6 plus 3% of the amount you want to cash out.
ECOS
ECOS offers cloud mining services, but you need a minimum of $125 to invest in it. You can exchange Bitcoin, Ethereum, and Bitcoin Cash on the app.
Unlike the three apps, you can only use ECOS on Windows, Mac, and Linux.
If you want to mine cryptocurrencies with value, then we recommend Kryptex. It works on smartphones, and it only asks for cashout fees.
Final verdict
We recommend Pi Network if you’re patient with its developments because there’s a possibility of earning in the future. Besides, it doesn’t ask for membership fees. You only need to look for referral codes, which you can easily find on the internet.
As one user said, it’s a gamble that costs you nothing except a few seconds of your daily routine.
Aidan has been writing about personal finance for over 6 years. Prior to this, he worked as a Corporate Finance Analyst where he specialized in Due Diligence, Company Valuations and more. He is a CFA charterholder.
