What is Pi Coin? Where can I trade? Why do some people say it is a scam? What is the use of Pi coins?

Pi Coin In-depth Analysis: Cryptocurrency with Opportunities and Challenges

Pi Coin (π), a highly-watched cryptocurrency, has attracted more than 47 million users worldwide with its unique "mobile mining" mechanism since its birth in 2018. This article will explore the basic information, ecosystem, application scenarios and the controversy surrounding Pi coins, helping you to fully understand this controversial digital asset.

Pi Coin Core Information

• Chinese name: Coins
• English name: Pi coins, π coins
• Common abbreviation: π
• Official website: https://www.php.cn/link/5ea763996272c7979378368f88a31725
• Founder: Nicolas Kokkalis (Technical Leader, PhD, Stanford University) and Chengdiao Fan (Product Leader, PhD, Stanford University)
• Total supply: 100 billion
• Online:On February 20, 2025, it can be traded on OKX, Bitget and Gate exchanges (as of February 20, 2025, the price is approximately NT$36). OKX offers a 20% handling fee discount, Bitget offers a 40% handling fee discount, and Gate offers a 30% handling fee discount.

Pi coins operating mechanism and ecology

Pi coins are different from Bitcoin (PoW) and Ethereum (PoS), and adopts the "Stellar Consensus Protocol" to allow users to mine through mobile applications. Just click once a day to get a Picoin reward.

Pi coin ecosystem consists of five roles:

• Pioneer (Pioneer): Registered users can mine through mobile applications.
• Contributor: Invite at least 3 users to join the security circle (up to 5 people) to receive additional mining rewards.
• Ambassador: Invite new users to register and receive additional mining rewards.
• Node: Run the Pi node application on your computer, verify the transaction and receive rewards.
• SuperNodes: Audited nodes assume more responsibility and receive more rewards.

Pi Coin Application and Controversy

Pi Coin official said that it is still in the testing stage, and the actual application scenarios are still under development, and may be used in commodity and service transactions, digital asset transactions, etc. in the future. However, some merchants have begun to accept payment for Pi coins (for example, some merchants in Taiwan have already accepted payment for Pi coins). Pi Coin will soon launch PINFT Art, an NFT creation and trading platform.

The disputes surrounding Pi coins mainly include:

1. Promise delay: The official has failed to fulfill its promise to go online and list on the main network on time on time, which has aroused doubts from some users.
2. Pyramid scheme doubts: Its invitation mechanism is similar to the pyramid scheme model, which has caused concerns. The official response said that its recommendation plan does not involve legal currency, and the rewards are divided equally between the referee and the recommended person, which does not meet the characteristics of multi-level pyramid schemes.
3. Personal Information Security: Node application requires KYC, which arouses users' concerns about the security of personal information.
4. Fraud activities: Some fraud gangs use the name of Pi coins to conduct fraud activities, which damages the reputation of Pi coins.

Strengths and disadvantages of Pi Coin

Advantages:

• Zero Cost Participation: Participate in mining without any investment. *Pangda Community: Have a huge global user base.
• Some merchants accept payment: Some merchants have begun to accept payments for Pi coins.

Disadvantages:

• Commitment delay: Many times failed to fulfill the promise on time.
• The mechanism is unclear: the details of the mining consensus mechanism are not transparent enough.
• Pyramid scheme doubts: The invitation mechanism has the risk of the pyramid scheme model.

Pi Coin FAQ

• Is the Pi coin listed? It was officially launched on the main network on February 20, 2025 and can be traded on OKX, Bitget and Gate exchanges.
• Why do so many people support Pi coins? Zero-cost participation, long-term operation, and communication between project parties and the community are the main reasons.
• The story of Pi coins and Huobi: Huobi once listed Pi coins trading pairs without authorization, which caused controversy.
• Will Pi coins be on Binance? There is no exact news yet, but considering that OKX, Bitget and Gate are now online, there is a possibility of Binance going online in the future.

Conclusion

Pi Coin is an emerging cryptocurrency, opportunities and challenges coexist. Its unique "mobile phone mining" mechanism has attracted a large number of users, but it also faces many controversies. Investors need to carefully evaluate risks and participate rationally. Before investing, be sure to conduct sufficient research and understand its potential risks.

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