🔸Key Takeaways
Pi Network is a mobile-first cryptocurrency project still in development.
Pi coins cannot be directly sold on exchanges until the mainnet launch.
HTX IOUs provide an early opportunity to trade claims to future Pi tokens.
After the mainnet launch, Pi coins can be sold on CEXs or DEXs.
Understanding market volatility, fees, security, and tax implications is crucial.
The Pi Network, with its vision of a mobile-friendly and accessible cryptocurrency, has drawn considerable interest globally since its inception. Pi Coin, the native token of the Pi Network, has yet to launch on mainnet and be available on major cryptocurrency exchanges.
However, as the network progresses and the potential for trading grows, many users are eager to learn how to sell Pi Coin once it’s available on the open market.
This guide provides a step-by-step approach to selling Pi Coin via HTX IoUs, exploring online and offline peer-to-peer transactions, decentralized exchange (DEX) and centralized exchange (CEX) options.
🔶Selling Pi on HTX via IOUs: A Step-by-Step Guide
Given that Pi Network has not yet launched its mainnet, selling Pi directly is not currently possible. However, platforms like HTX have introduced Pi IOUs, allowing users to trade claims to future Pi tokens, providing an early opportunity to engage with the Pi ecosystem.
🔶What are IOUs?
IOUs, or I Owe You, are essentially promissory notes representing a claim to a future asset. In the context of Pi Network, Pi IOUs are digital tokens that signify a potential claim to Pi tokens once the mainnet launches.
🔶Steps to Sell Pi IOUs on HTX:
Step 1 – Create an HTX Account:
Visit the HTX website and sign up for a new account.
Complete the required verification process to ensure security and compliance.
🔶Step 2 – Deposit Funds:
Deposit fiat currency (e.g., USD, EUR) into your HTX account. This can be done through various methods like bank transfers, credit/debit cards, or cryptocurrency deposits.
🔶Step 3 – Find the Pi IOU Trading Pair:
Use the search function on HTX to find the trading pair involving Pi IOUs. This might be something like PI/USDT or PI/BTC.
🔶Step 4 – Place a Sell Order:
Choose trading pair: Once you’ve located the trading pair, you can place a sell order.
Limit order: Specify the exact price at which you want to sell your Pi IOUs.
Market order: Sell your Pi IOUs at the best available market price.
🔶Step 5 – Complete the Trade:
When a buyer matches your sell order, the trade will be executed.
The equivalent amount of fiat currency or other cryptocurrencies will be credited to your HTX account.
🔶What Is Pi Network? Understanding Current State
Pi Network is a mobile mining app that aims to make cryptocurrency accessible to a wider audience. It was launched in 2019 by Stanford PhDs and focuses on a mobile-first approach, allowing users to mine Pi coins directly from their smartphones.
By simply opening the app and tapping a button, users can contribute to the network’s security and earn Pi coins as a reward. Here’s a step-by-step guide to mine Pi on your mobile device:
Download the app: Download the Pi Network app from the Apple App Store or Google Play Store.
Sign up: Create an account using your phone number or Facebook account.
Enter an invitation code: Use an invitation code from a friend or find one online.
Start mining: Tap the lightning bolt icon in the app to start mining Pi. This process doesn’t require significant energy or processing power.
Build your security circle: Invite friends to join Pi Network and add them to your security circle. This can boost your mining rate.
Contribute to the network: Participate in various activities within the Pi Network ecosystem, such as using Pi Browser and supporting other projects.
As of October 2024, Pi Network is in its enclosed mainnet phase, meaning Pi Coin can only be traded within its ecosystem for experimental and development purposes. Once Pi launches on open mainnet, the tokens will be available for external trading, and users can explore various exchanges for transactions.
🔶As you cannot directly sell Pi coins on cryptocurrency exchanges, there are a few potential avenues to consider:
Mainnet launch: Once the mainnet launches, you’ll likely be able to transfer your Pi to a cryptocurrency exchange and sell it for fiat currency or other cryptocurrencies.
Peer-to-peer trading: You might be able to find individuals or communities willing to trade Pi for other assets or services. However, proceed with caution and only engage with trusted sources.
Platform-specific exchanges: Some platforms or dApps built on the Pi Network might offer exchange functionalities, allowing you to trade Pi for other digital assets or services.
Update from #Binance 🔥🔥🔥
Pi Network Mainnet to launch soon pic.twitter.com/uMJHTGqaBw
— Pi News (@PiNews_6) October 25, 2024
However, be cautious of speculative trading platforms that may claim to offer Pi trading prematurely, as the official Pi listing details will come directly from Pi Network channels.
🔶What is Pi Network’s Launch Date?
While the Pi Network team has hinted at a potential mainnet launch by the end of 2024, no official date has been confirmed. As of October 2024, you can sell Pi coins indirectly through HTX by trading Pi IOUs.
What Happens After Mainnet Launch?
Once the Pi Network launches its mainnet, you’ll be able to sell your Pi coins on various platforms like CEXs or DEXs. The specific process may vary depending on the platform and market conditions.
Selling Pi Coin: A Post-Mainnet Guide
Once the Pi Network launches its mainnet, you’ll be able to sell your Pi coins on various platforms. Here’s a general overview:
🔶Centralized Exchanges (CEX):
A CEX, like Binance, is a centralized platform that facilitates the buying and selling of cryptocurrencies. Here’s how you might sell Pi Coin on a CEX:
Platform: Binance, Kraken, or other major exchanges.
Process:
Create an account.
Deposit your Pi coins to your exchange wallet.
Place a sell order at your desired price.
Receive payment in your preferred currency (fiat or crypto).
🔶Decentralized Exchanges (DEX):
A DEX is a peer-to-peer marketplace where trades happen directly between users without a centralized intermediary. While Pi Network has not confirmed its DEX listing, Pi may eventually appear on platforms like PancakeSwap, a common choice for new tokens.
🔶Platform: Uniswap, PancakeSwap, or other decentralized platforms.
Process:
Connect your crypto wallet (e.g., MetaMask) to the DEX.
Add Pi coin to your wallet.
Place a sell order for your desired amount of Pi.
🔶Receive payment in another cryptocurrency.
It’s crucial to stay updated with official announcements from the Pi Network team and be cautious of scams and fraudulent offers. As the project progresses, more information about selling Pi will likely become available.
I just received this on my Pi app.
As I try to mine my Pi this pop up on my #PI dash board, I clicked it to see, it asked me to insert my 24 pass phrase.
Pls everybody if u see this don't and never input your pass phrase.
Scammer everywhere. Be warned pic.twitter.com/eQR8e6760B
— Vincent 🇨🇦 (@vincenttony_) October 31, 2024
Key Considerations for Selling Pi Coin
By understanding the below factors, you can make informed decisions when selling your Pi coins.
Market volatility: The cryptocurrency market is volatile, so the value of Pi coins can fluctuate.
🔶Trading fees: Both CEXs and DEXs charge fees for transactions.
Security and scams: As Pi Network gains traction, the risk of scam tokens and counterfeit coins also increases. Always confirm Pi’s mainnet status and use only official sources for wallet addresses and trading details.
Timing the market: The initial stages after Pi’s open mainnet launch might see high volatility. Monitor the market carefully and consider setting price targets to optimize your sale timing. Keep an eye on Pi Network’s announcements, as early trading news can impact Pi Coin’s market value.
Tax obligations: In many regions, selling cryptocurrency is a taxable event. Keep records of your trades and be aware of local tax regulations on crypto transactions.
Here is the proof how scammers work👇
1. They will ask you to make send screenshot of your pi.
2. After they will tell you have not activated p2p.
3. They will send a fake interface which is exactly same as pi browser interface
4. If you click on the link and enter the details pic.twitter.com/jnJzn7kWlY
— Pi Network India 🇮🇳 (@amchethan5656) October 27, 2024
🔶Conclusion: Planning for Pi Coin’s Future Availability
Although Pi Network hasn’t officially launched for public trading, it’s wise to understand the available options and prepare for when Pi Coin goes live.
Choosing between HTX IoU’s, a DEX and CEX will depend on your familiarity with crypto trading and personal preference, with IOUs representing a claim to future Pi tokens, CEXs offering more user-friendly options and DEXs catering to more experienced traders.
For the latest updates on Pi Coin’s status and trading options, follow official Pi Network announcements. Whether or not you decide to hold or sell Pi Coin, knowing the trading process puts you in a solid position to navigate Pi Network’s entry into the cryptocurrency market.