Cryptocurrency mining has long been a privilege for those who can afford expensive mining rigs, complex technical setups, and high electricity costs, enough to power 61 US homes for a whole year.
Mining Bitcoin, Ethereum, and other cryptocurrencies often require significant financial resources, technical expertise, and a large energy footprint. These barriers have kept everyday individuals from participating in the potentially lucrative world of cryptocurrency mining.
Enter Pi Network – a project that intends to democratize access to cryptocurrency by making mining possible for anyone with a smartphone.
The Pi Network has grown significantly, with over 60 million users awaiting the next phase: the mainnet launch. Many early adopters now wonder how to sell Pi Coin, the cryptocurrency users mine via the network’s app.
As Pi Coin progresses toward being listed on major exchanges, this guide explains how you’ll be able to sell your Pi Coin after and provides critical information about the Pi Network, its mainnet, and what makes this cryptocurrency stand out.
If you’re holding Pi Coin and want to cash out, your options are limited to online and offline peer-to-peer trading for now. You’ll only be able to sell your Pi Coin on an exchange after the mainnet launch takes place. So let’s cover both those options now.
Although you can’t sell Pi Coin on an exchange, there is still a de facto market for the coin. You can find this on Twitter using the hashtag #Pipayment – this will take you to a page that offers a variety of products and services you can pay for with your Pi Coin, on a peeer-to-peer basis.
1 – Migrate to the Pi Network mainnet
Once you’ve completed this process and have migrated your Pi Coin to the mainnet, you can sell your Pi Coin Peer-to-peer.
2 – Find the #PiPayments peer-to-peer marketplace
From there, you can browse dozens of products and services provided by other Pi Network users that you can pay for using Pi Coin. Of course, as with any crypto communnity, there are some scammers looking to take advantage. It’s critical to do your own research before you consider any transaction.
Check out this in-depth vide guide on How to Sell your Pi Coin for more detail.
To sell Pi Coin on an exchange, you’ll need to wait for the upgrade in phase 3 of the network roadmap, expected later in 2024. Once that happens, here are the steps you’ll follow to sell Pi Coin:
1 – Log in to Pi Browser:
2 – Generate a New Wallet:
3 – Transfer Assets (Future Functionality):
For now, you can also sell Pi in dedicated P2P marketplaces, which connect Pi Coin buyers and sellers.
The price of Pi Coin is currently unclear. The coin is hosted on a closed mainnet, which means it can’t be traded. However, once it transitions to The Open Network (expected before 2025) it can be traded. Only then will we know the market value of Pi Coin.
However, we can look at similar tap-to-earn tokens to get some idea of how it might perform. Hamster Kombat (HMSTR) for example, lost around 33% of its value immediately following the launch, dropping by half again in the month that followed. Other tap-to-earn tokens like Notcoin (NOT) and Catizen (CATZ) have followed a similar trajectory.
Pi Network was launched in 2019 by Stanford graduates Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillip. The team created Pi Network to democratize access to cryptocurrency by allowing users to mine coins from their smartphones, a departure from the traditional need for high-power mining rigs. The goal was to make mining accessible to anyone with a phone, creating an inclusive and user-friendly crypto ecosystem.
The project operates on a blockchain using the Stellar Consensus Protocol (SCP), which leverages a trust-based validation system instead of the more energy-intensive proof-of-work (PoW) model that cryptocurrencies like Bitcoin use. The appeal of Pi Network lies in its simplicity and accessibility, bringing crypto to the hands of millions who previously couldn’t participate.
As the mainnet launch approaches, Pi Coin holders prepare for a significant shift: the ability to trade Pi Coins on popular cryptocurrency exchanges. Until then, Pi Coins remain locked within the network.
Mining Pi Coin is a simple process compared to mining legacy cryptocurrencies. Unlike Bitcoin, which requires substantial computational resources, mining Pi Coin is lightweight and mobile-friendly.
Below is a step-by-step guide to getting started:
Before you can start mining, you need a secure crypto wallet. The Pi Network app provides a built-in wallet that is easy to set up. Here’s how:
Your wallet will be the primary location for receiving and holding the Pi Coins you mine until you’re ready to transfer or trade them.
To mine Pi Coin, you will need the Pi Network app. The app is available on Android and iOS platforms and is essential for participating in the Pi Network ecosystem.
After setting up the application on your device, mining Pi Coin becomes as simple as pressing a button once every 24 hours. There’s no need for high-powered computers or significant energy consumption.
Mining Pi Coin won’t drain your battery or consume significant data. Its design ensures that Pi Coin mining is a passive and low-energy process in which anyone with a smartphone can engage.
The Pi Network mainnet is a critical milestone in the project’s roadmap. It signifies the shift from a closed environment for Pi Coin mining and storage to an open blockchain for trading and utilizing Pi Coins.
Pi Network’s mainnet launch will mark the transition of Pi Coin into a fully decentralized and autonomous cryptocurrency that can operate independently of the Pi Network’s internal controls. At this point, users can trade Pi Coin on major cryptocurrency exchanges, making it a viable digital asset for trading and transactions.
Pi Network has made significant strides toward its Open Network launch. Over 13 million users have completed KYC verification, with nearly 6 million transitioning to the mainnet. This progress brings the network closer to its target of 15 million verified users and 10 million migrations.
The ecosystem also thrives, with 70 real applications running on the mainnet or nearing completion. These applications offer valuable utilities and services, contributing to the overall value of the Pi Network.
From a technical standpoint, the network’s roadmap is largely complete, with ongoing efforts to enhance security, scalability, and decentralization. Pi Network’s cautious approach to the launch reflects its commitment to maintaining the integrity and stability of the ecosystem.
Once launched, the mainnet will remove the barriers to selling Pi Coin. Users will no longer rely on IOUs or P2P transactions. Instead, they can sell Pi Coin on exchanges like any other cryptocurrency. The straightforward exchange will streamline transactions and make it easier for Pi Coin holders to participate in the broader market.
Once the Pi Network mainnet goes live, selling Pi Coins will become significantly easier. Currently, users rely on peer-to-peer trades or informal agreements to exchange Pi Coins, but the mainnet launch will bring various new options:
Pi Network has taken several steps to ensure that it is a safe and secure platform for users. Using the Stellar Consensus Protocol (SCP) ensures that transactions are validated by a trusted network of nodes, minimizing the risk of fraud or malicious activity.
However, awareness of potential scams is essential, especially as the Pi Coin market grows. Fake websites, phishing attempts, and fraudulent trading platforms may emerge. Users should exercise caution and only trade through reputable exchanges or verified P2P platforms.
Pi Network also emphasizes community building and transparency, establishing a solid foundation of trust among users. The platform’s decentralized approach further enhances its security by ensuring no single entity controls the network.
The Pi Network aims to make cryptocurrency accessible to everyone. It’s a simple way to mine cryptocurrency using your mobile phone, and millions of people worldwide are already using it.
As the Pi Network approaches its mainnet launch, many users are eager to learn how to sell Pi Coins. While it’s possible to trade Pi Coin through peer-to-peer platforms, the mainnet launch will significantly simplify the process. With the introduction of exchange listings, wallet transfers, and direct conversions, selling Pi Coin will become more straightforward and accessible.
If you’re interested in Pi Coin, it’s important to learn about it and use safe trading platforms. Be careful of scams and always trade in a secure environment.
Pi Coin is still new, but it has a lot of potential. Soon, you’ll be able to trade it on exchanges. It’s an exciting time for Pi Network users.