Pi Network launch date in Nigeria and all theories
The popular Pi Network that has been buzzing all over social media (positively and negatively) for a while now has just hit 25 million active users. The Pi Network price is rising, with multiple estimates putting it as high as $65 when it goes live on the crypto trading market, even though the coin currently has no legitimate value before its launch.
Many netizens and analysts already see the Pi Network as a way to get involved in a cryptocurrency from the startup and profit massively in the future, just like some early Bitcoin adopters have racked up gains from just mining and holding the coin. However, some people believe that the Pi Network is just one of those multi-level marketing scams that have no value.
So what does Pi Network mean?
It's no surprise that investing our money is more appreciable than savings. Ever since the world was exposed to cryptocurrency, many people have invested in it due to the long-term benefits. Cryptocurrencies are also maintained by communities, or as tweeps say – "Blockchain geniuses", and by using Pi, you can choose to earn or mine by helping secure the digital currency.
Most cryptocurrencies like BTC, USDT, ETH, and LTC are very hard for people to use and access, but Pi puts a full stop date and gives you the power of mining cryptocurrency within your hands.
Pi Network launch date?
If you're wondering how to buy the Pi coin for your portfolio, you can't! Only those who started with the digital company from the start, spending time and efforts to mine the currency, will be able to withdraw or exchange their coins during the project's third phase – when it finally moves to a decentralized blockchain and gets listed on numerous exchanges. According to the project's website, pi coins are practically impossible to transfer while still in the testing phase to prevent fake accounts from amassing coins.
It is expected that, as soon as the wallet balances are moved from the test net to a Mainnet, it would be honoured like all other legalized cryptos once it's out of protocol. As a result, Pi coin isn't available for trade on a cryptocurrency exchange or trading platform.
Although the price of Pi is yet to be established, holders will have full access to take complete control of their private and public wallet keys once phase 3 launches. They can also use the coin to trade products and services on Pi's peer-to-peer (P2P) marketplace or exchange it for any fiat currency of their choice.
Key Note: Without the access keys, users cannot transfer or spend the currency they hold.
The Pi Network mining app also acts as a cryptocurrency wallet linked to a user's mobile phone number or verified Facebook account. Like other public blockchains, the Pi blockchain will allow external wallets to hold Pi coins and submit transactions directly to the blockchain. However, unlike other similar blockchains, Pi developers are yet to release its source code.
Many are accumulating the Pi crypto in great anticipation that the price will skyrocket sharply once phase 3 goes live. Although the coin's mining rate can be reduced by halving, users can increase their mining rate by connecting with other active miners.
To be a part of the Pi Network, you need to have a valid referral code from another user. According to the project's developers, "Security on the Pi Network is enhanced by personal networks, encouraging users to bring in friends and family.". This, in my opinion, is only promoting skepticism that there's a high chance it could genuinely be a multi-level marketing or pyramid scheme. However, it is worth noting that users can only earn coins from their direct networks and not from their connections networks, as with an MLM scheme.
Some cryptocurrency observers have already started to make their Pi Network value prediction. Let's look at what the Pi price could likely be when it finally starts trading live.
Pi Network controversy
As of November 2, 2021, the user base of Pi had skyrocketed up to 25 million, up from 14 million in late March 2021. Pi coin or Pi is the cryptocurrency that runs on the Pi Network, and as with other cryptos such as Bitcoin, it was designed to undergo regular halving to protect its scarcity.
Halving is when the number of coins a miner receives for processing new transactions is reduced by half. This usually occurs when a particular milestone is reached. Pi's mining rate halved 1.6 Pi/hr when it got 100,000 users, halved 0.4 Pi/hr when it reached 1 million, and once again halved to 0.2 Pi/hr when it reached 10 million.
Pi will continue to halve until reaching 0 at 1 billion users. During the project's current second phase, users can volunteer to test the Pi node desktop software on their computers. The Pi wallet and Pi browser were released for testing on April 1 2021, and on June 28, a developer portal Software Development Kit (SDK) and other resources were also released.
Now to the big question. When will Phase 3 launch?
According to the project's developers, "The start of the third phase has not been set and depends on progress made in the second phase." While according to the Pi roadmap, "They plan to introduce a 'Know Your Customer (KYC) solution expanded developer resources. More apps and community content, along with the mainet launch."
From June 28 until September 30, Pi held its first hackathon – "#BUILDPI2GETHER" to encourage developers to contribute ecosystem apps to improve Pi's functionality in business apps, to serve a consumer or commerce product. Pi also awarded a total of $100,000 and 100,000 Pi to the top projects in each category.
Pi coin price prediction
Like other famous digital coins, once Pi is launched on the market, there's a high chance the currency is valued at a relatively low level the U.S. dollars and would subsequently rise as its usage grows. So what do some of the price forecasters suggest?
Both cryptocurrency data providers – 'CoinMarketCap' and algorithm-based forecasting site 'Wallet investor', list a current value of $0.007077 for Pi coins. In March 2021, wallet investors had a Pi cryptocurrency prediction of $0.0132 with a downside at $0.00743.
In March, the Pi network itself predicted its coin price for 2021-2025, suggesting it could rise from an average of 0.0108 per U.S. dollar in 2021 to $0.0128 in 2022 and $0.0212 by 2025.
Over the long term, it is highly predicted the Pi price could average $0.0319 by 2028, suggesting that the Pi coin value in 2030 would be higher.
"Depending on the number of cryptocurrency users, and exchanges that adopt Pi, the bull case for instance could see the coins price launch at 16 cents and reach $1 a year later", according to renowned crypto exchange platform – 'Changelly'. "Over the longer term, the price could rise to $5 in five years.", they also included.
It's essential to keep in mind that cryptocurrency markets remain highly volatile, making it difficult to accurately predict a coin's price in a few hours or even less and even harder to give long-term estimates. As such, analysts can and do get their predictions wrong.
Final Conceptions
We advise that you always do your research and consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. And remember, never invest more than you can afford to lose!
That wraps up the article. Congratulations on your way to becoming a Pi millionaire soon. Thanks for reading!
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