Table of Contents
Pi Network is a digital currency project that aims to make cryptocurrency mining accessible to everyone through mobile devices. Unlike traditional cryptocurrencies requiring intensive computational power, Pi Network enables users to mine coins with minimal battery and performance impact on their phones. The project emphasizes inclusivity, security, and decentralization by leveraging a user’s social network to validate transactions.
How to Sell Pi?
You can now sell PI coins only unofficially using Peer-to-Peer Transactions. However, to sell Pi Coin officially in 2024., you must wait to go to the Open Market. Currently, you cannot sell Pi coins on cryptocurrency exchanges like Binance, Coinbase, Kraken, etc.; you cannot exchange Pi Coins for Bitcoin, Ethereum, or any other cryptocurrency.
I see a lot of fake news about some Crypto exchange markets that have officially started selling PI coins. I advise you to check the official Pi Coin website for all the news related to Pi Coin and Open Network date.
Removing the firewall in the Pi Network’s transition to an Open Network will enable the Pi Mainnet blockchain to connect with various external networks, wallets, and entities, thereby significantly enhancing its interoperability. This increased connectivity is expected to broaden the blockchain’s utility and reach, creating a more integrated and accessible digital ecosystem.
In an Open Network, you must first transfer Pi coins from the Pi Network to a compatible external cryptocurrency wallet to sell Pi coins. Then, you can sell your Pi coins on a cryptocurrency exchange that lists Pi coins by creating a sell order at your desired price.
But PI coin is not on the open market!
If we look at the latest news, Pi Network published exciting news in October. The Pi Core Team announced a milestone-based roadmap for its network products and programs to provide the community with a comprehensive overview of past achievements, current projects, and plans. The roadmap is scheduled for release in two versions: the first in October will detail past and current milestones, while the second in December will incorporate future milestones and elaborate on the transition towards the Open Network phase.
The Pi Network’s roadmap consists of three main phases, with Phase III divided into two parts. Phase I, termed “Beta,” started with the public listing of the Pi mobile app in December 2018 and the official launch following the publication of the original Pi Whitepaper on Pi Day, March 14, 2019. Phase II, “Testnet,” was initiated on March 14, 2020, and a live Testnet with distributed Nodes worldwide was established, enabling the testing of the blockchain and the community-driven development of utilities using Test-Pi. Phase III, “Mainnet,” began in December 2021 with the “Enclosed Mainnet,” where the network is live but isolated, allowing Pioneers to undergo KYC and migrate their Pi to the live Mainnet blockchain while the community builds apps and utilities. The transition to “Open Mainnet” will occur depending on the maturity of the Enclosed Network ecosystem and the progress of the network’s KYC, removing the firewall and allowing external connectivity to the Pi Mainnet.
Pi Coin goes to Open Network in 2024.!
The Pi coin was announced on December 27. It intends to move to the Open Network phase of Mainnet in 2024, contingent upon fulfilling three essential conditions. These conditions reflect the Pi community, developers, and the Core Team’s collective efforts and hinge on external factors beyond their control.
- Technical and Legal Preparations (Condition 1): This involves completing all necessary preparations in technology, product, business, and legal areas, aligning with Pi Network’s strategies. The technical and product aspects are outlined in the V2 Roadmap, with some exclusions for security reasons or due to stealth projects to be announced later. The roadmap will be regularly updated, and the Core Team is primarily responsible for achieving this condition.
- Network KYC, Migration, and Utility Creation (Condition 2): This aims to reach a critical mass of KYC-verified Pioneers and migrate 10 million to Mainnet. The development of 100 real Pi apps meeting specific criteria is also targeted. The progress includes 8 million KYC’ed Pioneers, 3.9 million migrated, and around 40 real Pi apps. This condition relies heavily on the decentralized efforts of the community, supported by the Core Team.
- External Environment (Condition 3): The success of the Open Network is also dependent on the absence of unfavorable external factors such as macroeconomic crises, legal issues, pandemics, wars, or other uncontrollable events. These global factors, beyond the control of the Core Team or the community, play a crucial role in determining the timing of the Open Network.
The announcement emphasizes the importance of these conditions for a successful transition to the Open Network. The community’s participation is crucial in achieving these goals. However, if these conditions are not met by 2024, the launch may be postponed to ensure a more successful transition for the Pi community. The launch and timing decision will prioritize Pi’s vision, the community, and the network’s well-being.
The concept of an Open Network in the context of the Pi Network refers to a significant transition in how its blockchain operates. Initially, when Pi Network’s Mainnet was launched on December 28, 2021, it was in an “enclosed state.” This means that while the Mainnet was operational, it had a firewall that restricted external connectivity. This firewall served as a protective measure to control interactions with the blockchain.
Transitioning to an Open Network involves removing this firewall. The primary implications of this transition are:
- Increased External Connectivity: Removing the firewall will allow for broader external connections. This means the Pi Mainnet blockchain can interface with other networks, wallets, and external entities wishing to connect. This open state fosters a more integrated and accessible network, potentially increasing the blockchain’s utility and reach.
- API Accessibility: API calls, which are requests to retrieve information or perform functions on the network, will no longer be restricted by the firewall. This enhances developers’ and users’ capability to interact with the Pi blockchain through various applications and services, encouraging more dynamic and diverse use cases.
- Decentralized Participation: In an Open Network, Pioneers (members of the Pi Network community) can run their own Mainnet Pi Nodes and API services. This decentralization is a significant step towards a more distributed and participant-driven network, allowing individuals to contribute directly to the network’s infrastructure and operations.
My Opinion about Pi Coin Transition
I believe the Pi Network’s Open Mainnet release plan is marred by deliberate ambiguity. It sets unachievable goals, suggesting a lack of actual intent to proceed with the launch. I see their current model, which primarily generates ad revenue, as a haven for the core team, which raises questions about their true motivation to shift towards the Open Mainnet.
In my view, the launch conditions outlined are overly broad and manipulable, enabling the team to postpone the launch indefinitely by claiming that conditions have not been met. The slow KYC process and arbitrary app readiness requirements are potential obstacles preventing the network from achieving the necessary launch criteria. Including external factors as potential launch deterrents strikes me as a way to excuse future delays, reflecting a strategy to maintain the project in a pre-launch state to continue benefiting from ad revenue without fulfilling promises to the user base. This approach, I believe, damages trust and dampens the enthusiasm of the community, which perceives the roadmap more as a stalling tactic than a genuine step toward progress.
Unofficial Pi Listings for Pi Coin Selling
Pi coins were available to buy or sell on the crypto exchanges XT.com and Huobi starting December 29, 2022. However, PI officials warn traders that XT.com and Houbi do not have the right to list Pi coins. Therefore, it would be best not to sell Pi using XT.com and Huobi; you must be careful because volatility is enormous.
“On December 30, the official Twitter account of Pi Network confirmed that Pi Network isn’t affiliated with and hasn’t authorized any exchange listing, noting that such two listings may not operate on the real Pi.“
Additionally, you can buy and sell crypto using Capital CFD broker with minimal commission (see link below).
Below is a video related to a story about Pi Network Addresses Unauthorized Token Listings from December 2022. and January 2023:
Additionally, it mentions that the circulating supply of Pi is zero. This indicates that no Pi coins have been officially released or publicly available. The Pi network, the platform behind the Pi cryptocurrency, has not disclosed the number of coins in circulation.
Furthermore, since the circulating supply is unknown, it is also not possible to determine the maximum supply of Pi coins. The maximum supply refers to the total number of coins that can ever be created within the cryptocurrency’s protocol.
Below, you can see a screenshot of XT.com and Pi crypto :
At the same time, we can sell Pi now using the Huobi network – see screenshot:
Due to recent developments, Pi Network (PI) has been prohibited from trading on crypto exchanges, Huobi and XT.COM. These exchanges had previously announced their intention to review Pi Network for a potential listing.
Nevertheless, despite this recent development, the Pi Network team remains optimistic about its outlook and is confident that its prospects remain robust despite this setback on two powerful platforms.
Furthermore, PI is currently restricted from being traded on exchanges.
Pi Network, the mobile-based cryptocurrency and blockchain platform, does not authorize trading of its Pi Coin on Huobi and XT.com exchanges. Recently, these two exchanges listed what appeared to be Pi Coin, but that was incorrect. These coins are not affiliated with Pi Network or any of its offshoots.
The two exchanges weren’t operating with the authentic Pi Coin. Essentially, they tried to mimic the Pi Network’s success by creating tokens labeled “PI” or “Pi.” This is why those listings are no longer active on either exchange, and neither lists the actual Pi Coin nor allows for trading on their platforms.
These two exchanges are prohibited from hosting PI coin because they are closed mainnet systems with no external connectivity allowed. This means that regular users cannot access or use it in any way outside of the internal network itself, making it impossible to trade on platforms other than those officially authorized by Pi Network.
Additionally, listing PI coins on third-party platforms would open up potential security risks for users, who would then be vulnerable to hackers and other malicious actors who could steal their private information or coins if given access to them through an external platform. Since this could lead to severe financial losses, I must remain secure within its closed mainnet system where only authorized personnel can interact.
Furthermore, having a single central network helps ensure that transaction costs remain low and that transactions are processed quickly and securely without any delays or problems due to potential crashes caused by multiple third-party applications competing for resources on an open-source platform like Ethereum’s mainnet or Waves Platform.
With all this said, Huobi and XT.com remain prohibited from offering trading services related to PI coin since they are not part of the official network approved by the Pi Network team. This ensures that users retain sole control over their funds while keeping all transactions as secure as possible—especially important when dealing with a decentralized digital asset such as PI coin!
Pi coin price in January 2024.
The Pi Network, a cryptocurrency project allowing users to mine Pi coins on smartphones, adjusted its base mining rate this August. This pivotal move in the cryptocurrency’s infrastructure will modify the rate at which users earn Pi. However, the specific direction of the adjustment, whether it’s an increase or a decrease, remains unspecified.
The change, guided by numerous factors, including network participation, user activity, and the expansion of the Pi Network community, arrives as anticipation builds for the impending mainnet launch. Moving from a test network to the leading network signals a significant progression for any digital currency, marking the transition from a developmental stage to a fully functioning one. Therefore, the looming launch of the Pi Network’s mainnet underscores the significance of the mining rate adjustment, a strategy formulated to reflect the evolving dynamics and increasing engagement of their growing user base.
We can see a drop in PI price in July 2023. In July 2023, the Department of Cybersecurity and High-Tech Crime Prevention in Vietnam expressed deep reservations about the operations of cryptocurrency models like Pi. These models were deemed excessively intricate and unregulated, raising serious concerns about their legality and ethicality. While cryptocurrency investments have become popular, investors must approach such opportunities cautiously due to the high risks involved.
One of the alarming aspects of Pi Coin and similar schemes is the apparent coercion of individuals by cryptocurrency promoters into joining multi-level marketing structures. In these schemes, investors are enticed by the promise of high profits, which they can only achieve by recruiting others into the network. Such practices have caught the attention of the police, who are now actively investigating activities related to the Pi cryptocurrency, casting doubt on its legitimacy. However, some investors hope that the Pi coin will reach a value of thousands of US dollars like Bitcoin.
We can see increased PI crypto prices since the Promotion of AI Bot on Pi Network.
Trade Pi Crypto
How do you sell pi coins unofficially outside the crypto exchange – peer-to-peer transactions?
Currently, Pi Coin can not be sold or purchased on crypto exchanges. Due to the ongoing development phase and delayed roadmap, there’s a shroud of mystery regarding its actual valuation. However, this hasn’t deterred enthusiasts from wanting to trade it. This guide delves into the unofficial ways of selling Pi coins peer-to-peer.
1. Understanding the Current Scenario
Presently, the mainnet for the Pi Network is not active. This has resulted in the absence of PI trading on recognized crypto exchanges. The lack of official trading has increased many speculative rates on social media platforms. The value of a single PI coin remains uncertain and could be anywhere between a few cents to several hundred dollars.
2. Methods to Sell Pi Coin P2P
Way 1: Selling Pi Coin P2P (Online)
Pros:
- Convenience and speed.
- Greater reach to potential buyers globally.
Cons:
- High risk of encountering scammers.
- Lack of a secure platform for transactions.
Occasionally, traders claiming to buy Pi coins online have dubious intentions. Without an official platform, there’s a significant risk involved in online P2P trading. Scammers often exploit naive sellers, promising to make payments after receiving the coins but disappearing without a trace.
Tips for safer online P2P transactions:
- Always conduct thorough background checks on potential buyers.
- Use escrow services if available.
- Avoid sharing personal information; never transfer coins without verifying the buyer’s credibility.
Way 2: Selling Pi Coin P2P (Offline)
Pros:
- Physical verification of the buyer.
- Immediate payment upon transaction.
Cons:
- Geographical limitations.
- Safety concerns during in-person meetings.
While offline P2P trades are relatively safer regarding authenticity, they come with challenges. Always choose public places for meetings and avoid carrying large amounts of cash.
3. Trading Pi Coin IOUs
While not directly trading the Pi coin, IOUs offer a way to speculate on its potential price. An IOU, or “I Owe You,” is an informal debt acknowledgment. Some crypto exchanges allow users to trade these IOUs, representing a future promise of Pi coins.
Pros:
- Offers an insight into the potential price of Pi coin.
- It can be traded on some recognized exchanges.
Cons:
- They’re not the actual Pi coins.
- Subject to extreme volatility based on speculations.
Pi coin IOUs have been seen on Huobi and Bitmart, trading around $40. The speculated roadmap release of Pi has resulted in price fluctuations, with a noticeable dip due to recent postponements.
FAQ
Where to Sell Pi Cryptocurrency?
Once launched, Pi coins will be available for buying and selling on cryptocurrency exchanges. Right now, in December 2023., you can exchange only peer-to-peer.
Pi currency is set to launch in the third phase of network testing. When it is found, investors and traders can expect multiple platforms, such as wallets and crypto exchanges, where exchanging the Pi coin and holding it would be convenient.
How to Exchange Pi Cryptocurrency?
Pi cryptocurrency cannot be traded as it is not launched on any exchange platform.
Pi cryptocurrency is planned to be launched in its third phase of development. It is available for mining in its testing phase. However, investors cannot buy or sell Pi crypto until it is launched on an exchange.
What Can You Buy With Pi Cryptocurrency?
Nothing can be bought with Pi crypto at present. However, users can mine the crypto through the app and hold it till it gets listed on an exchange for trading.
The Pi network allows app users to mine Pi crypto. Once listed, it can later be bought and sold on an exchange.
Who is the Owner of Pi Network?
Nicolas Kokkalis, Vince McPhilip, and Chengdiao Fan 2019 co-founded the Pi network.
All three co-founders are Stanford graduates who launched the network with Aurelien Schiltz (a visiting student researcher) in March 2019. They aimed to develop a cryptocurrency platform that can be accessed through smartphones.
Trade Pi Crypto
Is Pi Coin on the Market?
Pi is still in its net test phase and is offline (with a firewall), so it is unavailable on the marker on any exchange.
The Pi network plans to launch its cryptocurrency when it enters its third development phase, the mainnet phase. It may also launch it on cryptocurrency exchanges and partner with some software cryptocurrency wallets.
How Do I Withdraw My Pi Coin?
You can withdraw Pi coins once they get listed on a cryptocurrency exchange. However, you can always unofficially make individual agreements and exchange Pi coins with someone.
Until the Pi coin goes live and is listed on an exchange, investors can mine the coins using the network and wait for the listings. Then, they can check the updates on the Pi network regularly for any news.
How Long Has PiCoin Been Around?
The Pi network was launched in March 2019. Since then, it has been in its testing and development phase, where users can mine the Pi coins.
Mining the Pi cryptocurrency has been the only option for Pi network users since it was launched three years back.
Will Pi Crypto Take Off?
The network developers have no concrete response regarding when the Pi coin will take off. It has been said several times that it will get listed in the third phase of its development. However, that time is uncertain.
For almost three years, investors mining Pi coins on the Pi network have waited for the developers to launch the cryptocurrency.
How Many People Are Active in Pi Network?
As of October 2023, the Pi network has recorded more than 50 million active users.
The network had seen a growing user base even after being dormant since the Pi coin was listed on an exchange. Within the year of its launch, the user count crossed the mark of 3 million.
How Do You Get Invited to Network The Pi?
The Pi network is offline, and not everybody can access it. It requires a network member to invite someone who wants to join the mining platform.
Pi network offers a mobile application through which users can mine the Pi coins and later get the benefits once they get listed on the crypto exchange. However, one can only download the app and join the network if one can fetch an invitation from an existing network member.
Can I Sell Pi?
You cannot sell a Pi coin as it is not listed on an exchange and is currently in offline development mode.
Pi crypto will launch in its third development phase when it will be listed on an exchange, and investors can buy and sell the coin. Before that, investors can mine the coins on the Pi network.
What is The Maximum Number of Pi Coins?
The estimated limit for the maximum number of Pi coins that can be mined is 50 billion.
The Pi network has stated that only limited Pi coins will be available for mining. Furthermore, as per the information provided by the network providers, they will stop Pi crypto mining once the user base for the network reaches 1 billion.
How Many People Can You Invite to Mine Pi?
One trusted member can invite 3-5 others to join the Pi network.
One must mine Pi coins for three days to become a trusted member. After that, you can invite 3-5 people to join the network and start mining. As your invited members mine, you can benefit from them as it will increase your earnings by 25% for each active miner.
How Do You Mine Pi on Your Phone?
You can mine the Pi coin by simply clicking the lighting button on the right side of the application screen.
To mine the Pi crypto on their phone, a user must have an invitation code from a trusted network member. With the code, the user can register with the application, submit all the required information, and start mining.
Can I Mine Pi With Multiple Phones?
The Pi network has made it strict for users to mine from multiple devices. It allows one user to mine through only one device.
To ensure everyone follows the one account per person rule, the Pi network is powered by Google ReCaptcha v3.
How Do I Get More Pi Referrals?
There are multiple ways to organically expand one’s referral circle. One of the most valuable ways is posting an article about the Pi network and its benefits. Other methods may include posting your referral code on Twitter or Reddit or sending invitations to family and friends.
The more active miners you have in your circle, the more earnings you can make. That is why users aim to earn as many referrals as possible. In any case, it is suggested that you expand your circle organically.
How Does Pi Mining Increase Speed?
You can increase your earning speed by 25% if you contribute to the Pi network. This can happen if you refer to 3-5 new users.
Becoming a contributor is accessible on the Pi network. After three consecutive days of mining on the web, users can become contributors by referring 3 to 5 users on the network. With each active miner, the contributor’s earnings increase by 25%.
How Can I Increase My Pi Earnings?
Your Pi earnings increase with each active member you invite. As a contributor to the network, with each active user you add to your specific circle, your Pi earnings increase by 25% per user.
The earlier you join the Pi network, the more you can earn through mining. As a token of appreciation, the Pi network offers more earnings to its early users. Also, those who bring more active users to the network are termed contributors, who can earn 25% more than other users.
Trade Pi Crypto
He is an expert in financial niche, long-term trading, and weekly technical levels.
The primary field of Igor's research is the application of machine learning in algorithmic trading.
Education: Computer Engineering and Ph.D. in machine learning.
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