Pi Coin is a new cryptocurrency that’s on a mission to solve some of the problems apparent with Bitcoin. Bitcoin, as the world’s first currency, is highly regarded. But, it has a few issues. Namely, Bitcoin – along with bitcoin mining – has become consolidated in the hands of few early adapters. This is the problem that Pi Coin is trying to solve. In this article, I’ll examine the latest Pi Coin news and discuss whether you should get invest in this coin.

When it comes to crypto, one strategy for investing success is to look for coins that are backed by an exciting project or have a clear mission. These coins separate themselves from the pack because people actually have a reason to buy them and get invested in the community. If enough people become interested in the coin’s mission then more people will buy in over time – which will likely send the coin’s price up and to the right.

The flip side of this strategy is meme coin investing. For the most part, meme coins really have no project or reason for people to buy them. There’s no real reason why someone would want to buy a coin like DogeCoin. They are either trying to make some cash by anticipating rally or they just think it’s funny.  DogeCoin isn’t working on any major projects and doesn’t have a real mission statement. But, this isn’t the case with a coin like Pi Coin.

Latest Pi Coin News

I dug through Pi Coin’s entire white paper and learned a few key takeaways. Pi Coin aims to offer a better take on Bitcoin by improving it in two main areas:

  1. Making mining easier: One big complaint with BTC is that it has become too hard to mine. The mining industry has become consolidated into a few major players and requires immense computing power which makes it hard for regular people to compete. This eliminates one of the big benefits of participating in the Bitcoin network. Pi Coin wants to offer a better alternative by letting its users mine Pi Coin from their phone.
  2. Creating less scarcity: Another issue with BTC is that people treat it more like “digital gold” as opposed to “digital money.” In other words, people hoard it instead of spending it. Pi Coin wants to solve this problem by creating a wider supply of coins. This will ideally create a more stable price which will encourage people to spend their Pi Coin freely without missing out on massive price swings.

Another main benefit of Pi Coin is that it’s designed to be mobile-friendly. This isn’t true for a lot of coins. The creators of Pi Coin want to help people capitalize on the time that they spend online. Instead of using their attention to scroll Instagram (NASDAQ: META) users can spend time in Pi Coin’s community where they can mine their own Pi Coin. So, instead of giving Mark Zuckerberg money by scrolling through his app, users can take control of their online presence back. Like almost all crypto projects, Pi Coin is all about taking control back from major finance and tech companies.

Pi Coin was founded by two Stanford graduates and currently has 55 million members in its network. The team is focused on building the world’s most inclusive peer-to-peer ecosystem and online experience. 

Is Pi Coin a Scam?

While researching, I noticed a lot of Pi Coin updates calling it a scam. In particular, Pi Coin has been heavily criticized on Reddit. I do not think Pi Coin is a scam. I think that it’s simply an ambitious cryptocurrency project with lofty goals that may take time to achieve (if they ever achieve them at all). If some investors are buying Pi Coin expecting a huge price pump then they might not understand what they’re investing in.

You should view buying Pi Coin like buying shares of a startup. Most startups are on a mission to achieve a goal of some sort. For the most part, the founders have the best intentions on reaching their mission. But, most startups also fail because…well…changing the world is hard. Pi Coin seems to be in a similar position. 

The management clearly put tons of thought into the white paper which is a telltale sign that it’s not a scam. But, that also isn’t a guarantee that Pi Coin’s price will surge. It’s also important to be wary of Pi Coin’s leadership team. As long as the team’s intentions remain pure then there’s nothing to worry about. But, if it feels like the leadership team is starting to mislead their community then it’s time to find another crypto project to be apart of.

Should You Buy Pi Coin?

Based on their white paper, the goal is for Pi Coin to be used as currency – not an investment. I checked its price history and the coin is up roughly 100% in the past year. In the crypto world, this actually isn’t very much at all. Additionally, the coin’s price seems fairly stable except for a few spikes and dips. So, I wouldn’t recommend buying Pi Coin unless you were invested in joining the community.

If you’re trying to anticipate the next meme coin rally then Pi Coin is the wrong coin (instead, you could check out coins like Bonk Coin). Pi Coin seems to be a legitimate project that’s focused on creating a legitimate alternative to Bitcoin. If this is something that interests you then, by all means, buy as much Pi Coin as you want.

I hope that you’ve found this article valuable when it comes to learning the latest Pi coin news. If you’re interested in learning more then please subscribe below to get alerted of new articles as I write them.

Disclaimer: This article is for general informational and educational purposes only. It should not be construed as financial advice as the author, Ted Stavetski, is not a financial advisor.