How to Sell Pi Coins in 2024? A Detailed Guide

Overview of Pi Network

The digital cryptocurrency project Pi Network was introduced in 2019 with the objective of making crypto mining available and accessible for everyone. It was founded by Stanford alumni Chengdiao Fan and Nicolas Kokkalis with the goal of bringing a crypto coin that is sustainable, inclusive, and decentralized.

The Pi Network functions according to the “Stellar Consensus Protocol”; this allows users to obtain benefits for their participation. It is currently in the second testing phase. What sets the Pi Network apart from other cryptocurrency initiatives is that anyone can sign up into the network and mine coins in it in an eco-friendly way on their mobiles for free, without the need for high tech and high power consuming devices.

The main cryptocurrency of the Pi Network is its free coin, Pi coin, whose maximum supply is currently capped at 100 billion. Furthermore, the core team of Pi holds 25% of the total number of coins. The Pi coins aren’t available for trading on any cryptocurrency exchange, which is why users can grab them just by mining.

How to sell Pi Coins? 4 Ways You Need to Know

There is no definite process for trading or selling Pi coins. The secure gateway has yet to open, and the launch of the Pi Network mainnet is pending. This is the reason why you don’t find Pi coins on major crypto exchange platforms for trading. Let’s explore the methods that can be adopted to sell Pi coins.

1. Peer-to-Peer transactions

The P2P transaction of Pi coins is possible, where individuals will exchange coins for an agreed amount, without the involvement of any bank or exchanges. You can sell Pi coins through P2P via both online or offline modes.

P2P via Online

The buyer and the seller of Pi can connect through any P2P platform. This process involves no safety or transaction validation, which makes it a less authentic method. The market is flooded with reviews and testimonials of fraudulent transactions associated with Pi through P2P online.

P2P via Offline:

In case of P2P in the offline mode, Pi can be transferred in exchange of physical cash. Although we can’t run away from the fact that personally meeting a person is less convenient than an online transaction. But in case a user wants a secure transaction then offline is a wise option.

2. Trading

Pi coins are still not listed on popular crypto exchange platforms. However, one can always trade IOUs (Interest-Bearing Obligations) for other fiat currency or cryptocurrencies. IOUs are unofficial agreements accepting debt which can be traded either through the Pi network or through other private agreements with users.

It is important to note that Pi coin IOUs are not actual Pi coins but are beneficial in providing a generalized picture of the Pi coin’s financial value.

3. Exchange listing

Being on the exchange platform ensures reliable trading of cryptocurrency. Although Pi Network open mainnet is still not officially out on the exchange list, it is highly anticipated to launch soon. As soon as that happens, users can trade Pi coins for fiat currency or cryptocurrencies on exchange platforms.

The rising popularity of Pi coins will soon help establish a Pi network on major exchanges, and this will ensure a safe and secure deal with the coins. The latest reports about attracting new developers for Pi coins clearly indicate that the company is strongly committed to launching the mainnet as soon as possible.

4. Direct Spending

Just like buying products and services using fiat currency, Pi can be directly spent on goods and services. The only challenge in this process is to find a platform or merchant who agrees for Pi as a currency in exchange for their product.

Can Traders Mine PI Network Coins, and How?

With a community of millions of users, individuals can easily mine Pi coins for free right after signing up. However, the Pi ecosystem authenticates the KYC of every user. Here’s a step-by-step guide to help new users on how they can mine Pi cryptocurrency:

1. Firstly, users need to download the Pi Network app, which is available on both Google Play and App Store.
2. Then, the user needs to sign up on the app either by using their email address or Facebook account.
3. Moving on, users are requested to choose their desired strong and secure password following the instructions given on the screen.
4. In the next step, users need to enter the invitation code sent by the person who referred them to the platform.
5. Once done, users can start mining by clicking on the lightning button every 24 hours. Furthermore, the users don’t need to keep the app open and active to continue the mining process. The process continues in the background and users just need to restart the process after 24 hours by again clicking on the lightning button.

After completing the sign-up process successfully, the user gets rewarded with 1 Pi. All users on the Pi Network can be classified into four ranks:

• Pioneer: Pioneer refers to those users who mine the coins on the app.
• Contributor: Contributor refers to those users who add other users to the Pi Network, thus creating their security circle.
• Ambassadors: As the name suggests, ambassadors refers to those users who introduce and sign up more users to the network. For each successful invite, an ambassador earns up to a 25% mining bonus.
• Nodes: Nodes refers to the users who use the software “Pi Node” on their personal computers. Based on your role, you’re placed into the category of users.

When Will Pi Coins Trade in Open Markets?

According to the core team of Pi Network, they are planning to launch in 2024. However, they didn’t disclose any specific date for the launch. There are three conditions on which this entire launch is dependent, and the team appeals for the entire community involvement to make it successful.

The team also released a V2 roadmap to finish all the preparation required under the first condition. Along with a target to achieve 15 million KYC-verified pioneers, the team has a vision to build one of the most inclusive P2P ecosystems. Although the team made promising claims about the open market launch, they remain skeptical about many other unfavorable global factors that may act as hindrances.