Decoding Pi Network’s Journey in the Crypto World

Just like Bitcoin started the crypto trend, Pi Network is looking to change the game entirely. Pi Network continues to draw attention for its one-of-a-kind approach to mining as well as its promise of making crypto available for everyone. The only Pi Network question that everyone is waiting on is: What is the Pi Coin Price?

What Is Pi Network?

You might have heard about Pi Network and its mobile-based cryptocurrency mining joke. To put it in simple terms, you can now mine crypto without any additional investments. Just get the app and you can start mining right away. Stanford PhDs made it easier for common people to mine in 2019 and called it Pi Network. People no longer needed to spend on expensive mining rigs or energy.

Right now, Pi Network is still developing. While Pi coins cannot be traded yet on major exchanges, as the network develops, people are curious about the potential pi coin price when it does go live.

How is the Pi Coin Price Determined?

At this time, estimating what the price of Pi coins is worth is more of a guess than reality. Pi coins cannot be traded, but once the Pi Network moves to the mainnet, trades can be made and the value of Pi coins will be set according to market equilibrium. A few essential factors that will determine Pi’s price are the following:

Supply and Demand: Pi coin’s price will completely depend on the demand and users’ supply of the coin. Users increase the supply of Pi coins through mining; further inflation is achieved through the influx of supply, causing the price to be influenced in the same way supply and demand determine the price of demand currency.

Acceptance and Utilization: In order for Pi coins to hold any real value, they must be utilized and traded by people and companies. Their value will likely increase once they can be utilized and spent on real transactions. The demand for Pi will most likely be proportional to the acceptance of the coin by the business ecosystem.

Technology and Development: Pi Network is still undergoing its growing pains. This transition from testnet to mainnet is essential for it to fully develop. If the platform delivers what it promises, the Pi coin price would increase in correlation with its adoption.

Market Sentiment: Like any other cryptocurrency, Pi is impacted by the sentiments surrounding it. Good news, nice developments and hype can make the price go up. Meanwhile, a development slowdown can be coupled with negative press, which would cause it to decline sharply.

Mining Pi coins: Easy as Pie?

The way Pi Network approaches mining is a distinct characteristic. For instance, the Pi Network is less battery demanding, as the user is able to mine the currency directly from their phones. This is in contrast with other traditional currencies like Bitcoin, which require industry-level mining equipment and extensive energy to mine.

Pi is less energy demanding with its use of the consensus algorithm proof of stake, while Bitcoin utilizes proof of work. Simply put, you are aiding in securing the network by confirming transactions. However, this is a less energy-intensive process than traditional mining. This makes it easier and greener to mine, making Pi stand out compared to other currencies.

When Is the Anticipated Exchange Listing for Pi Coin?

Everyone is asking the same question. Currently, the Pi coins are not transferable and are in a frozen state. Pi Network is still undergoing the test phases and mining is only available via the mobile app. Yet, upon transition to the mainnet, Pi Network will be open for business and the price will be pegged according to the market dynamics.

When the Pi coins finally get listed to be traded in exchanges, there will be a number of factors contributing to the price, including the demand and supply dynamics, interest of the stakeholders and the promises of the network.

Benefits and Drawbacks of Pi Network

Like every other cryptocurrency, Pi Network has its benefits and disadvantages and here is an overall summary.

Benefits: The approach to mining is distinct, as Pi Network eliminates the need to spend on expensive computers and power. The entrance barriers have been lowered, allowing the general public to ease into the cryptocurrency like a spike. The Pi in the future has the potential to provide stable value for the coins mined.

Cons: The future of Pi is quite unclear, as it is still in the development phase. Competing in the market with other established cryptocurrencies is no guarantee. In addition, the price of Pi coin is highly speculative. Hence, investors are putting their money in with only trust in the project and its success.

What Does the Future Hold for Pi Coin Price?

As for the future, the evolution of the network will be the deciding factor in the price of Pi coin. Network expansion will directly lead to price increases. Capturing businesses, creating demand and “real-world” usage will trigger demand. However, if there is little to no adoption post-launch, the price is bound to be stagnant.

Wider Adoption: Building a community is a prime focus for Pi Network. Increasing circulation and immediate tangible uses for Pi coins will lead to a price increase. Forging relationships with businesses will directly influence demand and value.

Partnerships: Gaining strategic credibility and value for Pi coins can be accomplished with financial enterprises, businesses and other crypto platforms. Additional focus on cryptocurrencies can help Pi Network improve credibility instantly.

Additional Features and Aspects: As Pi coins continue to gain utility, any advances in scaling and security of the platform would only enhance their value. Meeting targets outlined in the roadmap, as well as fulfilling the advertised milestones, would certainly propel the demand as well as the price.