Pi cryptocurrency has intrigued many with the promise of easy mining using just your phone. With over 36 million engaged Pioneers mining and growing the Pi network thus far, you may be wondering – how to sell Pi Cryptocurrency coins?
In this complete guide, we’ll explain everything you need to know about selling the Pi cryptocurrency, including:
What is Pi Cryptocurrency?
For those new to the project, here is a quick overview of the basics behind Pi Network:
Overview
Pi is a new digital currency being developed by a group of Stanford graduates. The cryptocurrency aims to provide fast, everyday transactions to regular users around the world.
Unlike resource-intensive Proof of Work coins like Bitcoin, Pi instead uses a Proof of Engagement algorithm that allows low-energy mobile mining.
Pi Mining
Users can mine Pi coins by confirming they are active with a simple tap on their phone once every 24 hours. New coins enter circulation as rewards for the community engagement. No expensive hardware or technical knowledge is required.
Over 36 million users have joined the network thus far with numbers continuing to grow daily.
Current Status
As of early 2023 however, actual Pi coins are not yet transferable or able to be bought/sold on exchanges. The project remains in beta testing with features being developed towards a mainnet launch.
Patience is required, but let’s review what the process will eventually be for selling Pi once the cryptocurrency goes public…
How and Where to Sell Pi Cryptocurrency
There will primarily be two options for selling your Pi coins when the cryptocurrency and network is ready:
Cryptocurrency Exchanges
The most straightforward way to sell Pi will be converting it into fiat currency like US Dollars through a standard crypto exchange after Pi’s mainnet launch.
Exchanges like Coinbase, Binance and Kraken trade billions in crypto volume every day. We anticipate they will list Pi fairly quickly following the asset going public for widereach and accessibility.
These centralized exchanges of course do charge trading fees on transactions which can range from 0.1% – 0.5% typically.
Peer-to-Peer (P2P)
For those that prefer a more private approach, selling Pi directly to another person (or buying from sellers) without an intermediary exchange is also an option. This is called a peer-to-peer, or P2P, transaction.
Apps/websites like LocalCryptos provide a portal for individual buyers and sellers to connect, agree on pricing, and safely transfer the Pi cryptocurrency independently. Standard precautions should always be taken when engaging P2P.
Now let’s explore the actual step-by-step process for selling Pi crypto through both of these methods…
How to Sell Your Pi on a Crypto Exchange
Exchanges will provide the simplest option for converting Pi into cash or other cryptocurrencies. Here is a walkthrough:
Step 1) Select Your Exchange
Register for an account with one or more trusted crypto trading platforms that list Pi Network following mainnet launch.
As a newly tradable asset starting out, we expect leading choices may include:
Evaluate aspects like location/currency support, trading pairs, fees, reputation, security practices, and liquidity to decide what exchange best fits your preferences.
Step 2) Transfer Your Pi Coins In
Once ready to sell, you’ll need to transfer your tradable Pi coins into your new exchange wallet from the official Pi app.
Use the unique wallet address your selected exchange provides for receiving deposits. Double check it matches perfectly before confirming any transfers. Cryptocurrency transactions are irreversible!
Step 3) Place Your Sell Order
When your Pi coins reflect in your exchange wallet, head to the trading screen on the platform to convert them to cash or other cryptocurrencies like Bitcoin or Ethereum.
This functions similar to selling a stock with you listing your Pi coins for sale at a set price. Match with buyers to complete the transaction and receive funds into your exchange account.
Step 4) Withdraw Funds
Once your order sells, withdraw the freed up cash or crypto from the exchange back to your bank account or external wallet. Review the exchange’s specific procedures for timing and any related fees if applicable.
And you’re all set! Be sure to abide by your local laws for disclosing crypto profits and losses on annual tax returns where applicable.
Allow me to quickly summarize:
- Choose reputable exchange that lists Pi post mainnet
- Transfer Pi coins from official app into exchange wallet
- Place sell order for your target price to convert Pi into cash/crypto
- Withdraw funds out to your bank account or secure external crypto wallet
Simple enough! Now let’s discuss peer-to-peer alternatives…
How to Sell Your Pi Cryptocurrency Peer-to-Peer
Selling Pi crypto directly between independent buyers and sellers is also an option without needing to go through a formal exchange.
Step 1) Select Your P2P Service
Platforms like LocalCryptos provide authenticated portals for matching individual crypto buyers and sellers in a given area. Both parties must create free accounts.
Assess any geographic restrictions, fees, trader reputation systems, payment methods accepted, and security best practices on these sites before proceeding.
Step 2) Open Your Sell Listing
Post a sell listing indicating your preference for in-person cash exchange or other online payment methods. Verify your account fully for maximum seller legitimacy.
Provide key details like your target fiat currency, desired Pi crypto volume available, and price per coin expected.
Step 3) Connect With Interested Buyer
Buyers on the platform who match your parameters will contact you regarding purchasing your posted Pi cryptocurrency. Vet them thoroughly through chat before moving to formalize any agreement.
Never transact with those showing suspicious activity or that you simply don’t feel comfortable proceeding with for safety reasons. There are unfortunately scammers trying to take advantage of P2P exchanges.
Step 4) Complete Secure Payment
Once aligned with a trusted buyer, finalize logistics for completing payment securely. For cash exchanges, conduct the in-person trade at a safe public place.
Online methods like PayPal also work but come with increased fraud risk from chargebacks. Only proceed once payment has been 100% confirmed from the buyer’s end.
Then transfer over the agreed upon Pi volume from your Pi app wallet to the buyer’s registered Pi wallet address. Confirm transaction hashes to ensure complete before parting ways.
And remember to abide by tax obligations where applicable on P2P capital gains. While more private, crypto trades directly between individuals instead of via exchanges are not exempt from reporting in most G20 jurisdictions.
In summary, be vigilant in vetting potential P2P counterparties, transact only with trusted parties, and take necessary security precautions throughout the independent sale process.
The Future of Pi Cryptocurrency Price
As outlined thus far, Pi Network is not yet publicly tradable or available to buy and sell freely on the open market in early 2023. The project remains in beta testing phase.
However, with over 36 million Pioneers strong and counting, speculation is understandably growing around the future price potential of Pi once fully released.
Let’s explore factors that may influence valuations…
Cryptocurrency Market Conditions
Like all cryptocurrencies, the eventual price of Pi will depend somewhat on overall market supply, demand, sentiment, and adoption trends industry-wide.
Following crypto winter conditions in 2022 for example, appetite for speculative investments remains dampened in early 2023 but most analysts expect a cyclical reversion back towards growth.
As macro outlooks incrementally improve, this could have a positive effect on the price potential for new assets like Pi as investment flows gradually return. However inherent volatility will always remain.
Utility and Community Size
With an already enormous community of Pioneers spanning almost 40 million engaged users and counting, Pi has tremendous reach built-in from the start.
Network effects will be key – the more miners actively driving engagement and adoption, the greater the utility andneed for fast, everyday peer-to-peer transactions domestically and internationally.
Developing more real-world functionality and merchant partnerships will also bolster organic demand for circulated Pi to transact with. The project’s leadership has indicated this merchant integration is a priority following mainnet launch.
Scarcity and Tokenomics
According to public materials, Pi appears to have a fixed max supply of M ꜩ (300 trillion) Pi coins in circulation at full network maturation estimated to take approximately 24 years.
With perpetual mining activity baked into the consensus design however, unlike hard-capped currencies like Bitcoin, technically there is no absolute ceiling per se if user base growth sustains indefinitely.
Regardless of extreme hypothetical end-states hundreds of years out though, given the intent is establishing genuine day-to-day utility, Pi leaders stress reasonable stability is preferred versus radical deflationary economics in the asset’s programming.
The rate of release diminishes continually over time, with an initial phase of more rapid circulation tapering into increasingly slower expansion later on — optimizing for minimized volatility.
While many speculative variables at play, this monetary framework at least directionally anchors rational price modeling, framing Pi more as a transactional currency rather than ultra-scarce store of value like BTC. Time will tell how these tokenomics evolve!
Final Thoughts on Selling Pi Cryptocurrency
We covered quite a lot of ground! To wrap up:
- Patience Required Today – Actual Pi network transactions will only be possible following the full mainnet launch which entails a lengthy vetting process per the development team. Sign-up and participate as a engaged Pioneer in the meantime to accumulate your mining rewards.
- Exchanges Offer Easiest Liquidity – Once live, reputable exchanges will provide the most straightforward option for selling Pi coins converted into traditional cash or cryptocurrencies.
- P2P Also Viable – Selling Pi directly between trusted parties is also feasible for a more private, independent approach. But use thorough caution with account security and counterparty vetting in the P2P sphere.
- Future Looks Bright If Focus Sustains – Over 36 million strong and disruptively levering mobile Proof-of-Engagement architecture, prospects broadly look encouraging for Pi Network provided the current impressive growth and user enthusiasm persists. Mainnet activation will be a huge initial indicator. Buckle up!
