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Phoneum Review 2020 – Is It a Scam?

Phoneum is a cryptocurrency mining app available to both IOS and Android users. Born in early 2018, the developers noticed only a few apps claimed to be able to mine cryptocurrency on a mobile and joined the race. In this case, the app mines its own crypto called ‘Phoneum’ or PHM for short. The app doesn’t truly mine using your phone, instead it cloud mines, which you are able to track from the app, meaning it doesn’t need to stay open to work.

How to Earn Phoneum

After installing the app, it’s as simple as hitting the EARN button, then phoneum will start earning for the next week, and will deposit your pending phoneum into the apps internal wallet at the end of the week. In a smooth running week, you could typically expect around 700 or so PHM, but how much is that worth?

Will I Make Money From Phoneum

Before answering this, we must address that you need to have at least 30,000 PHM before withdrawing, almost a year worth of mining, will it be worth it though?

NO!

PHM was listed on the Lakoten crypto exchange earlier this year and is currently trading at:

1 PHM = $0.00003403 USD

meaning your 30,000 PHM you’ve now withdrawn after a year of having the app is currently worth $1.02. The highest price PHM has ever traded at would make your 30,000 PHM worth $20.97, but that only happened a week after the coin was initially listed on exchanges and this offer could have very well been the developers trying to make their app look better.

Is it a Scam?

Not only is the exchange rate for PHM not really worth it, but the app itself is a bit of a disaster at times. I’ve been using the app for about a month now, and have noticed a few times that the supposed rate at which I should be earning PHM does not correlate with how much I’ve actually earnt in that amount of time. For example, after 3 days of mining at 4.19 PHM an hour, I had only earnt 80 or so PHM, instead of the 300 I was meant to. The app can also be glitchy when switching to and from the referral tab.

I do not believe this app to be a blatant scam to steal any of your data though. The developers behind PHM are fairly transparent on their website and have gone to the effort of making 2 separate game apps that kind of back up PHM, acting as a way for you to gamble your PHM almost. You won’t make any extra money on those apps either though.

Phoneum vs. Electroneum & Pi Network

Unfortunately for Phoneum, there really is no contest in this debate. Electroneum and Pi both have a team of people behind them ensuring not only the smooth running of the app interface itself, but more importantly the distribution of their crypto’s, as to not create a vast oversupply of a currency that has next to no demand yet. Whilst we’re still waiting on the final stage of Pi to know how much it’s worth, Electroneum will clearly be more worth your while, earning around $40 USD a year for doing exactly the same cloud mining as Phoneum. The overall feeling of using Electroneum and Pi Network is also notably safer, which should ring alarm bells.

Is It Worth Installing?

Short answer, No. While it is true crypto is unpredictable and can fluctuate whenever by huge amounts, I don’t believe PHM ever will, due to the success and stability of Electroneum, and soon Pi. Whilst the idea behind the app was solid and genuine, the execution has rendered it practically useless, so I believe you should not waste your time, unless you want to earn $1 a year.

But, if you still want to, you can download it through their site here.

Tom
Hi! I'm Tom, a 21 year old student working a part time job that's in the very same rat race as you. I'm based in Sydney, Australia and studying Civil Engineering at Uni. You may think it seems weird that I'm creating a blog of completely unrelated content to what I do, but let me tell you why. Last year, I had my shifts cut from 15 hours a week to 0 purely because I was too expensive to have working. I started looking for other ways to make money, and I soon found that everyone has a different opinion. So I've created this site, and will continue to create relevant content, to give my honest thoughts on ways to make and save money that I have personally tried. I hope you enjoy!

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