Pi has caught everyone’s eye by introducing a new way to mine Pi coins. Their clever mining method and effective referral system gathered 47 million people. Therefore, it is safe to say that Pi has made a big impact in the crypto world. However, you must also know that the world of Pi is shrouded in mystery. Because it is mysterious and uncertain, many people wonder how to buy and sell Pi coins.
Here, to give you the simple truth, getting Pi coins is simple, but the challenge is selling them for value. Despite its huge popularity, you might expect Pi to be on top exchanges like Binance or Kraken. Surprisingly, that’s not true. Pi is not even available on decentralised exchanges, either. Therefore, to get a detailed peek into Pi’s mysterious transaction, this article is the perfect stop for you.
Pi Network: An Overview
The Pi Network is a digital cryptocurrency project. It started its journey in 2019 to make crypto mining accessible to everyone. It was created by Stanford alumni Chengdiao Fan and Nicolas Kokkalis. The main aim behind its creation was to facilitate a sustainable, inclusive, and decentralized coin system.
Using the “Stellar Consensus Protocol,” the Pi Network rewards users for participating and is currently in its second testing phase. What makes Pi unique is that anyone can join and mine coins on their mobiles for free in an eco-friendly way. At the same time, it also does not need high-tech or power-consuming devices. Its main cryptocurrency is its free coin, Pi coin, with a maximum supply capped at 100 billion. The core team holds 25% of the coins, and Pi coins are not available for trading on any cryptocurrency exchange, so users can only get them through mining.
Why Pi is Popular
The pi coin has gained popularity for several reasons. Firstly, its unique approach to cryptocurrency mining has attracted millions of users. Unlike traditional cryptocurrencies that require expensive hardware and significant energy consumption to mine, Pi allows users to mine coins directly from their mobile phones without draining battery life or consuming excessive power. Additionally, Pi’s emphasis on accessibility and inclusivity has contributed to its popularity. By allowing anyone with a smartphone to participate in mining, Pi has democratized the process and opened up cryptocurrency to a broader audience.
Furthermore, Pi’s strong community engagement and referral system have fueled its growth. Users are incentivized to invite others to join the network, fostering a sense of community and expanding Pi’s user base rapidly. Moreover, Pi’s future potential as a widely adopted digital currency has intrigued many investors and users. While it is currently in its development stages, the prospect of Pi becoming a mainstream cryptocurrency with real-world utility has captured the attention of the crypto community.
Selling Pi Coins: The Available Ways
Trading or selling Pi coins isn’t straightforward yet. The secure gateway isn’t open, and the launch of the Pi Network mainnet is pending, which is why Pi coins aren’t on major crypto exchanges for trading. Let’s look at some methods to sell Pi coins:
Peer-to-Peer transactions:
P2P transactions involve individuals exchanging coins for an agreed-upon amount without bank or exchange involvement.
- P2P online: Buyers and sellers can connect through any P2P platform. However, it can be risky due to fraudulent transactions.
- P2P offline: You can also exchange Pi for physical cash, though meeting in person is less convenient but more secure.
Trading:
You can trade IOUs on supported exchanges to gain exposure to Pi Network’s price. IOUs are informal agreements that acknowledge debt. Once Pi starts trading, you will likely be able to exchange IOUs for real Pi coins. It’s important to understand that Pi coin IOUs are not actual Pi coins. However, they can give insights into Pi coin’s potential price. Currently, Pi coin IOUs on exchanges like Huobi and Bitmart are trading around $65, up more than 110% over the past three months. This increase is due to the expected release of the Pi Network open mainnet in 2024.
Exchange listing:
Although waiting for the official launch of the Pi Network open mainnet might not be the answer you are hoping for, it’s likely the best course of action. Once the mainnet is open, it’s widely believed that Pi coin will be listed on cryptocurrency exchanges. This means Pi will be traded like any other coin or token, eliminating concerns about scams or unfair deals. Recently, the team has stepped up efforts to attract new developers to the network. Many in the community see this as a sign that the company is gearing up for the open launch of the mainnet.
Direct Spending:
Alternatively, you can spend your Pi coins directly on products and services offered by supported merchants. Some businesses accept Pi for various items, from silver to gaming items. There have even been cases of cars being sold for Pi, according to the Pi Core team’s announcements. The Pi Network team recently launched a hackathon aimed at building an app connecting Pi users with Pi-accepting merchants. The winning app will be featured on Pi Day, March 14th, providing exposure to Pi’s large user base worldwide.
Mining Pi Coins: The Proces
With millions of users, anyone can mine Pi coins for free after signing up. However, the Pi ecosystem verifies each user’s KYC. Here’s a guide for new users on how to mine Pi cryptocurrency:
- Download the Pi Network app from Google Play or the App Store.
- Sign up using your email or Facebook account.
- Choose a strong password, as instructed.
- Enter the invitation code from your referrer.
- Start mining by clicking the lightning button every 24 hours. You don’t need to keep the app open; mining continues in the background.
After sign-up, you receive 1 Pi. Users fall into four ranks:
- Pioneer: Mining coins on the app.
- Contributor: Adding others to the network, creating a security circle.
- Ambassadors: introduce more users; earn up to a 25% mining bonus for successful invites.
- Nodes: Using “Pi Node” software on personal computers. Your role determines your user category.
Pi Trade in Open Market: Possibility or Hoax?
The core team of Pi Network plans to launch in 2024 but has not revealed a specific date yet. The launch depends on three conditions, and the team urges community involvement for success. They released a V2 roadmap to meet requirements under the first condition. With a target of 15 million KYC-verified pioneers, the team aims to create an inclusive P2P ecosystem. While they make promising claims about the open market launch, they’re cautious about potential global hindrances.
Final Words
If you are thinking of selling your Pi coins before the open mainnet launch, it is important to understand that most options available right now come with a high level of risk. Currently, the primary method for selling Pi is peer-to-peer, which means you have to trust the person buying your Pi coins to hold up their end of the deal. If they don’t, there’s little recourse, and you could lose your coins.
It is also worth noting that the delays in the launch of the open mainnet have sparked criticism from the Pi community in recent months. Some users believe that the Pi team may not intend to release the full version of its network, raising doubts about the Pi Network’s legitimacy. According to the latest announcements, the Pi Network team aims to launch the open mainnet sometime in 2024.
Also read: What is IOTA (Internet of Things Application) Blockchain?
