How To Sell Pi Coin? Here Are Some P2P Methods To Explore in 2024

Pi Network is a decentralized blockchain-based platform that permits crypto enthusiasts to mine and transact with digital assets known as Pi coin. The network made cryptocurrency mining accessible and effortless for anyone and is available on Android and iOS. Upholding the benefits of Bitcoin (BTC) and mitigating the pitfalls, Pi coin is all set to rock the crypto stage soon.

Mining the coins is as easy as signing into the Pi app and tapping a button, but how to sell Pi coin? Let’s take a look at the Pi coin concept along with methods to sell the coin. 

Pi coin overview 

The Pi coin is a digital currency with all the advantages of BTC that can be mined by smartphone applications. The coin is distributed as a reward to the individuals who take part in the Pi Network’s mining process. 

The concept was first introduced in March 2019 by a team of Stanford graduates including Nicolas Kokkalis, Vince McPhilip, and Chengdiao Fan. Pi streams on the Consensus algorithm named Stellar Consensus Protocol (SCP). individuals having at least 250 megabytes of storage in the system can operate the Pi Node software.

How to sell Pi coin?

Leveraging user’s social networks to validate transactions enhanced the security and inclusivity of the network. This is one of the major reasons individuals mined the tokens to accumulate Pi coins. 

Now the main question arises – How to sell Pi coin?

As of now, there is no exact procedure for selling the Pi coins on platforms like Binance, Coinbase, Kraken etc., or trading the coins for Bitcoin or Ethereum in India, the USA, or any other region.

To sell the coins in 2024, individuals can either wait for the Open Network mainnet launch which is anticipated to go live in 2024, or go for the alternative methods. Here are a few methods to explore for Pi coin selling. 

Method 1: Peer-to-Peer transactions

Exploring how to sell Pi coins often includes engaging in online and offline P2P transactions which helps in converting the coins into real currency. The method simply helps Pi coin holders sell the coins at their own Pi prices to potential buyers. The coins can be sold in two ways:

• Online: Online P2P transactions require a search for social media users willing to purchase Pi coins. Regardless, the method is risky as many online offers may turn out to be fraudulent. Individuals should be active, prioritize safety, and verify the legality of the other party to mitigate the risks. 

• Offline: Although less convenient, offline P2P transactions are considered to be less exposed to scams. However, meeting in-person is way less convenient than online transactions, but more secure.

Method 2: Trading

Trading is another convenient method for selling Pi coins for those looking to assume its future value. Here are a few significant considerations for those interested in trading the coins. 

• Pi coin holders need to identify exchanges compatible with the respective coin and help in processing the I Owe You (IOU). BitMart and HTX (Huobi) are two exchanges offering trading services. 

• Additionally, it is important to differentiate Pi coin IOUs and actual Pi coins, as IOUs illustrate future claims to Pi Coins. Other factors to consider while selling Pi coin IOUs include liquidity, price fluctuations, time of trading, and developments to make informed decisions.

Method 3: Direct Spending 

Direct spending is another effective option for exploring how to sell Pi coins. Pi coin holders have the freedom to spend the coins to purchase goods and services from merchants accepting the respective digital currency as a payment method. 

The method delivers a wide range of benefits including practical transactions, and the availability of a wide range of merchant adoption. Yet, picking merchants supporting Pi coins is challenging.

Method 4: Exchange listing 

Another possible option, the coin holders can explore for selling Pi coins is an exchange listing which is one of the most conventional and secure ways. Nevertheless, the holders need to wait for some time to avail of the service as the network’s open mainnet has not launched yet. 

Once launched, the uncertainties linked to peer-to-peer transactions like potential scams are supposed to be mitigated. Furthermore, conventional trading experience, wider market access, and higher liquidity for Pi Coins are some benefits.

Benefits and risks of Pi 

Benefits: The network holds a wide range of benefits for the users such as low fees, and a secured and transparent blockchain, just like BTC. The decentralized network is about to make it effortless for individuals to invest in crypto. 

Individuals can join the network from smartphones without requiring a complex setup and or minimum investments. Although the network is in its beta phase, it offers more privacy than other existing digital assets.

Moreover, transactions are encrypted and ensure that the information is not being tracked by third parties.

Risks: One of the biggest challenges with Pi coin is that the digital currency is not available on a live blockchain. Additionally, the asset is not backed by any party, making it challenging to access the coin’s value. 

The network is in the development stage which showcases a lack of information and leads to currency’s future uncertainties. 

Pi network features and future prospects 

Pi platform operates on an app, cryptocurrency, and Multi-Level Marketing (MLM) approach and simplifies crypto mining. 

Mobile Mining: Mobile mining innovation is one of the outstanding features that allow individuals to mine directly from smartphones. 

Pi App: Initiation to the mining process, 24-hour availability, and secure transactions are the main features of Pi App. 

Referral system: The platform offers an exciting referral system that allows individuals to earn rewards and attract users. 

Standing at a crucial juncture, the network is all set to enter the world of crypto by its adoption as a potential exchange listing, medium of exchange, and overall platform growth. Fulfilling conditions like finishing open network preparation, achieving goals in network KYC, utility,and the absence of an unfavorable external environment will boost the network’s positioning in the crypto land.

How much is Pi coin worth?

The total supply of Pi coins is 100 Billion and 80% of the total supply will be issued to the Pi community whereas 20% will be allocated to the Pi core team.

Emphasizing January 2024 data, the Pi coin price hit its highest of $35.07 in January and lowest price of $28.96 in the same month. Also, the highest trading volume recorded in January 2024 is $9.03 Million.

Conclusion

How to sell Pi coin? The thought crossed the minds of almost all pi holders at least once. The platform is in its beta phase thus, doesn’t provide a relevant, secure, and accurate way to sell the coins. Yet, there are a few strategies like P2P transactions, direct spending, trading, and exchange listing. All these methods deliver an option to sell the coins. The platform is standing at a crucial stage and all prepared to rock the crypto stage soon. 

FAQs 

How to mine Pi coins on a Smartphone?

Signing in to the Pi app and clicking the button helps in mining Pi coins. 

How to sell Pi coin?

P2P transactions, direct selling, and trading are a few of the strategies for selling Pi coins. 

What is the total supply of Pi coins?

According to the whitepaper, the coin has a total supply of 100 Billion Pi.

Steefan George is a crypto and blockchain enthusiast, with a remarkable grasp on market and technology. Having a graduate degree in computer science and an MBA in BFSI, he is an excellent technology writer at The Coin Republic. He is passionate about getting a billion of the human population onto Web3. His principle is to write like “explaining to a 6-year old”, so that a layman can learn the potential of, and get benefitted from this revolutionary technology.