This project has gotten a lot of attention from people and I want to answer one of the biggest questions about the Pi Network, how much a Pi coin can be potentially worth?
This is something that has been on my mind for a long time ever since I decided to start mining Pi myself and when I first heard about the project, I never expected to start mining Pi because at first, I really did think it was a scam. I would consider myself a pretty skeptical person and when I saw the project, a lot of the project seemed way too good to be true.
You get to earn free coins on the app simply by clicking a button every 24 hrs. For almost zero work at all, you get to earn, many people potentially call "The Next Bitcoin". Let's be honest for a second because this idea come off super scam-y and it wasn't actually as scary as I thought it was.
This isn't a financial scam like a pyramid scheme or a Ponzi scheme or even a Multi-Level Marketing scheme because you don't really put any money onto the platform and if you really think about it, pyramid-like structures exist almost everywhere. Any corporation has a pyramid-like shape but this doesn't make everyday corporation a scam because you're not loosing more money than you make. In fact, working at a corporation is how most people make a living in any country. If we add that logic to the Pi Network, you're also not losing more money than you make, in fact, you don't lose any money at all because you don't put anything in.
In another argument is that this company is stealing your time and data but out of more than 30 million registered Pioneers, there hasn't been a reported case of anybody's data being stolen and you spend less than a second on the app every single day.
You can even turn off the advertisement if you want to. The question now is: if this company is not stealing your time, your data or your money, what is this company even doing?
If we eliminate all the options I just mentioned, maybe this company is honestly trying to build a legit cryptocurrency. I mean the developers here are actually really smart people and they have the talent and skills to really create an authentic cryptocurrency. The project has been doing everything that a legit cryptocurrency project would have done so far. Therefore, I really do believe that this might be one of those rare legit projects that you see once in a while.
If you decide to sign-up, make sure to use my invitation code markaqc and this is going to give you access to the application and the in-app chat rooms. I know invitation codes like this can be annoying but if you really think about it, this is also one of the best ways for a project to promote itself.
One thing you have to understand about the Pi Network is that it gets more secure as the network grows. This is because the Pi Network relies on the most trusted members to determine who has what on the network. It's also one of the reasons why the Pi Network is so harsh on people with fake accounts or unverified accounts because to make a cryptocurrency based on social networks, you have to have real people in it.
How much a Pi coin can be really worth?
To answer this question, I think one of the easiest way to start off is with a simple Google search. We can see on search results that some websites [i.e. coindataflow.com] estimate the price to be around $1.31 right now. If I am being honest here, this would actually be pretty ideal because for every coin that you mine you can freely convert it into about a dollar and thirty one cents right now. If we look back to the goal of this project, the developers really want to create a currency that people use for everyday transactions and for the price of this to be worth around $1.31, I would say that this is pretty consistent with the goal of the project.Now, we can't be a hundred percent sure on this price right now because the price we see isn't based on supply and demand. For example, we know that the maximum total supply of Pi is 100 Billion but we don't know how many Pi coins are in circulation and we also don't know how genuinely interested people are about the Pi Network and also its Pi coin.
After really researching this project, I realized that the developers here are actually pretty smart about preserving the value of any Pi coin and I actually think that the price of a Pi coin can actually be a lot higher than just a dollar and thirty one cents. One thing I realized about this project is that the developers here are really good at increasing the demand for Pi coins and also decreasing the supply of Pi coins.
Supply and DemandBasically, you can say that the less Pi coin there are, the more bang for your bucks. Having a limited supply is really important for the future price of a Pi coin but not only do the developers here limit the supply of Pi coin but they also reduce it at a given time.
One thing I noticed but I'm not sure how many other people notice is that the Pi Network will actually slowly release coins into your account periodically and based on the whitepaper that says, "This supply is then release over the lifetime of that member based on their level of engagement and contribution to network security." What this really means is that each members on the network would earn less overtime but this wouldn't actually be a bad thing necessarily because every other person would also be earning less on the network.
Now assuming that the demand is still there, you're gonna be able to get so much more for each individual coin that you mined. Overall, I think this is a great move because less supply equates to a higher price but I think it even gets better than this.
One thing that the Pi Network is known for is how hard it is to verify an account and I know it gets annoying for people to have to verify your account with a phone number or a Facebook account but it does have a purpose.
This would mean that in the future, all the coins mined by these unverified accounts will eventually be destroyed and as a result, any remaining coins on the network would see an increase in value. So to sum-up the supply side, we can see that the network does some great things to preserve the value of a Pi coin. This includes some of the things that I just mentioned like reducing the amount of coins in circulation.
Now the thing that we have to remember is that supply is one part of the equation to help us figure out how much a Pi coin can be potentially worth and this part is largely determined by the creators who planned this whole thing out. But on the demand side, the creators here have much less influence on how much someone else is going to pay for a Pi coin.
Well, that was actually what I thought at first but after researching and really thinking about this topic, I realized that they put a lot of thought on the demand side of the Pi coin as well. You see the demand for a Pi coin is going to be based on how much publicity the company can generate for itself.
If you stop and think about it, this explains a lot about the project and why the project has a referral system, because a referral system is probably the cheapest and fastest way to promote anything.
If I am being honest here, I myself also learned about the Pi Network by seeing one of these posts in Facebook and I know a lot of these referral codes can look super scam-y but it does have a purpose. Because of these referral codes, a lot of people are going to know about the Pi Network and the more people that know about the Pi Network, the more demand there is for the project.
To give you some perspective, the Pi Network is already the 9th largest cryptocurrency in the world and that's great news for the demand side and also the potential price of Pi coin. This would give it a legitimate shot of being listed on an exchange like Coinbase, Kraken or Binance. A lot of money flow into these exchanges and this would just mean that buying a Pi could be much more accessible for an average person.
I think the referral system has done a lot for the project and feel free to leave your own referral codes below. I mean, most of us would have probably never heard about this project if it wasn't for the referral system and I do believe that without the referral system, this would be another project that no one would ever hear about; so basically, I'm really glad that they decided to add this in and I think it was really smart for them to do so.
The last thing I want to talk about before I tell you how much I think a Pi coin is going to be worth is really the growth of cryptocurrency in general.
I personally got myself into cryptocurrency back in 2018 and since then, I think it's become a lot more mainstream. Nowadays, people like Elon Musk promote cryptocurrencies, and not to mention the recent run with Dogecoin and Shiba Inu which sparked a lot of interest in a lot of people.
What I'm trying to say here is that this can equal a lot more demand for cryptocurrencies in general and also Pi coins and I have no doubt in my mind that the price of Pi coin will continue to rise over time as the interest in cryptocurrency grows. After examining both supply and demand we can see that the price of a Pi coin is likely to rise in the future and here's what I think the price of a Pi coin might actually be and let's try to work this out right now just using what we know so far.
We know that the creators of this project have a lot of control on how much Pi coins they want to release and the goal of this project is to create a coin that's used in everyday transactions and they probably don't want to release too many coins at once because this would dramatically increase supply and decrease price and discourage a lot of people.
On the other hand, they also don't want to release too few Pi's because this would dramatically increase the price of Pi coins and make it hard to use for everyday transactions.
So it looks like to me they're going to somehow meet us in the middle and I wouldn't be surprised if the price ended up being $1.31 because this might be the only benchmark that people have to determine how much they want to sell a pi coin for.
In general, I think the price of a Pi coin might bounce around a lot but I wouldn't be surprised if it nears a dollar and thirty one cents because it's really the only thing that people have to determine how much they want to sell it for and at that price point is great for the developers who want to use it for everyday transactions and also the network members who wants to profit from the coins.
For me personally, I probably wouldn't sell a Pi coin right when it's released. I am going to lock everything for three years and see how far will the price of a Pi coin can go. I think with so much publicity behind the project, price of a Pi coin is likely to increase and by the time, this will be a decentralized currency where no one actually controls a price; meaning that it can go as high as it wants to and with the mainstream media taking a hard look at cryptocurrencies, I don't see why this coin wouldn't increase in price.
The ceiling for a Pi coin can go as high as $20 or $30 or $40 and since there's a finite or a limited amount of supply coin, the price will continue to go up as demand picks up. So, I personally think that Pi coin is going to be worth around $1.31-$1.50 when it first launches. But as time goes on and people get more and more interest interested in cryptocurrencies, the price is going to continue to rise as much as $10, $20 and way beyond that. This is because by that time, the developers here don't have control over the cryptocurrency and also because I think in 20 to 30 years, cryptocurrencies will be a lot more common in our society.
To sum things up, if I had to give you numbers, I would say that the price of Pi coin would start off at $1.31 but eventually get to $10, $20 and even $30 over time. To be honest, I'm not 100% sure this will happen but this project doesn't take a lot of time and effort to complete and all you really do is spend ten seconds pressing a button every single day so you don't loose a lot doing this. I think most people are going to walk away from this project with a couple of hundred dollars or even a couple of thousand dollars.
***Disclosure: Nothing on of this is meant to be construed as investment advice, it's for entertainment purposes only and may not be accurate. Always do your own research.
Furthermore, #YPONET does not necessarily share the same views and perspectives of information provided by others on various websites, blogs and social media networks. Nothing is final until it is official.
