How to sell Pi Coin 2023
This article explores the process of selling Pi Coins, from understanding its legitimacy to navigating potential challenges in the cryptocurrency market.
Created by a Stanford doctor, Pi Coin is a cryptocurrency designed for mobile phone usage that employs the Stellar Consensus Algorithm to validate transactions. As of now, Pi Coin has not yet been integrated into the mainnet or listed on major digital currency exchanges, and thus cannot be traded on mainstream platforms. To sell Pi Coins, you must utilise specific unorthodox channels for this purpose.
Currently, converting Pi Coin into cash directly is not possible; it can only be used for transactions between accounts. If you wish to exchange it for cash, you'll need to send your Pi Coins to a real estate account and then initiate a transfer for payment.
Although Pi Coin has not yet been integrated into the mainnet or listed for trading, officials from Pi Coin have indicated that they may launch the mainnet as early as the fourth quarter of 2023, along with the opening of wallet functionality.
At that time, you'll have the ability to send Pi Coins to others, transfer them to exchanges, or sell them using decentralised applications.
Presently, the official team behind Pi Coin has introduced a wallet management tool on their official website and is encouraging its utilization for communication purposes among users.
Therefore, those looking to exchange Pi Coins can get in touch with others and carry out transactions using this method.
Additionally, you can explore blockchain-focused communities and communication platforms to engage in buying and selling within certain virtual currency trading markets.
If you've mined Pi coins and are contemplating how to sell them, consider engaging with the Pi coin community or your friends who also use Pi coins. You can opt to send your Pi coins directly to them as either gifts or in exchange for goods and services.
The key benefit of this method is its simplicity and convenience, as it doesn't necessitate the involvement of a third-party platform.
However, it's essential to be aware of the drawbacks. Firstly, you might not receive the optimal price for your coins through this approach. Secondly, trust in the counterparty is paramount, as you're dealing directly with individuals.
Understanding Pi Cryptocurrency and Its Dynamics:
Pi cryptocurrency stands as the native digital currency within the Pi Network blockchain, and it's attainable through the Pi app. Given its cryptocurrency nature, Pi fundamentally operates on a blockchain infrastructure.
The Pi blockchain employs a consensus mechanism referred to as the Stellar Consensus Protocol, a technology originally conceived for the Stellar (XLM) blockchain.
Price volatility and valuation
As of the current writing, the value of one Pi coin is approximately $33.3. However, it's essential to underscore that cryptocurrency prices are perpetually in flux, characterised by a ceaseless ebb and flow.
Furthermore, during the time of writing, Pi (PI) exhibited notable volatility. Daily price fluctuations occasionally surpassed ten dollars, signifying a substantial share of the asset's overall valuation.
Beyond its role as a tradable asset, Pi holds practical utility within the Pi network, serving as a means of payment for transaction fees incurred during network operations.
Notably, Pi coins are presently absent from any legitimate cryptocurrency exchange. This limitation arises from the Pi network's status as a closed mainnet, rendering Pi trading inaccessible across various platforms.
This restriction considerably restricts the practical applications of PI.
How does the Pi network work?
Established in 2019 by Stanford University students Nicholas Kokkalis and Chengdiao Fan, the Pi Network encompasses an app, a cryptocurrency, and an unconventional multi-level marketing (MLM) structure.
The official Pi Network website presents the service as a solution that simplifies cryptocurrency mining by allowing users to mine directly on their smartphones, purportedly without excessive battery drain.
Traditional crypto mining typically necessitates costly, specialized hardware with high energy consumption, making it inaccessible to many. Pi Network's appeal lies in its promise of smartphone-based mining.
The Pi Network app, available for both Android and iOS devices, facilitates cryptocurrency mining and enables users to monitor their performance.
Upon installation, users must register an account via either their Facebook account or phone number. Additional information required includes first and last names, as well as the creation of a username and password.
The Pi app, while undeniably simplistic, offers essential features. Users can easily track their mining earnings, access the Pi Network whitepaper, and consult the FAQ section through the app's menu.
It's worth noting that continuous mining with the Pi Network app mandates regular interaction with the application every 24 hours.
Upon logging into the Pi app, it becomes evident that invites and referrals play a pivotal role within the network.
During the sign-up process, you're asked if someone has referred you, and once logged in, you possess the ability to leverage your unique link or invite code to encourage others to join the Pi Network.
The significance attached to invites arises from the fact that mining Pi Coins is contingent upon being referred to the app by someone else. Furthermore, inviting new members can yield additional Pi rewards.
Within the Pi Network app, various roles are available. As a pioneer, you mine Pi on a daily basis by simply pressing the mining button in the app every 24 hours.
As a member, you must invite three to five individuals to your protected circle to earn an extra 0.2 PI per hour.
Ambassadors, on the other hand, use their referral codes to bring in new members and receive a 25% mining bonus for each recruit.
Lastly, one can opt to become a Node, a role more aligned with conventional cryptocurrency mining, where the node is responsible for validating transactions on the blockchain.
The aspect of invitations and the diverse profile levels intertwines with the Pi Network's multi-level marketing (MLM) element, which we'll delve into shortly.
Is Pi coin mining legit or a scam?
The cryptocurrency industry has a history of questionable schemes and scams, making it essential for investors to exercise caution with new blockchain projects and coins.
As the Pi Network gains traction, doubts about its legitimacy have emerged.
The Pi Network has faced significant controversy, primarily due to its classification as a multi-level marketing scheme (MLM).
MLMs require individuals to personally contact and recruit new members, as opposed to hiring new employees directly through the company. Offering additional Pi coins as incentives for recruitment adds to this perception, leading many to question whether the Pi network resembles a pyramid scheme.
Another dubious aspect of the Pi Network mining setup is the inability to withdraw mining profits at the moment, as the Pi network currently operates on a closed mainnet.
Although the Pi developers assert that the network will transition to an Open Mainnet in the future, an exact launch date for this transition remains elusive.
Pi Coin's absence from any exchange listings might understandably raise doubts regarding the project's legitimacy. However, this stems from the fact that the Pi network currently operates on a closed mainnet rather than an open one.
In late 2022, the Pi Network issued a warning concerning certain exchanges wrongfully listing Pi, an ominous cautionary note for those interested in this asset.
The aggressive promotion of the Open Mainnet update on social media has triggered further suspicions. Such extensive marketing efforts can be a red flag, as fraudulent crypto projects often rely on continuous promotion to maintain investor interest.
For those well-versed in the cryptocurrency industry, it's evident that genuine and legitimate mining involves a complex mechanism to ensure true decentralisation.
In contrast, Pi Coin's requirements are remarkably simple: an email registration and a daily click to supposedly facilitate automatic mining.
This simplicity strongly suggests the presence of a centralised organisation behind Pi Coin, raising doubts about its legitimacy.
Pi Coin used to market itself as follows: "Pi Network is a new smartphone blockchain project launched by a group of doctoral entrepreneurs from Stanford University." However, available information indicates that Pi Coin users are predominantly from within one country, China, prompting suspicions that Pi Coin might be a scam.
Furthermore, Pi Coin has faced scepticism from prominent figures within the cryptocurrency industry, with many openly expressing their disapproval.
In addition, despite being in existence for nearly two years, Pi Coin still lacks a trading platform and a mainnet.
Presently, the software incorporates numerous advertisements, and failure by Pi users to engage with these ads could potentially jeopardise the maintenance funding for Pi.
However, it's important to note that while the MLM structure of the Pi Network raises concerns, there is currently no financial risk associated with using the app itself. No payment information or funds are required for mining Pi.
Nevertheless, it is essential to exercise caution as providing your phone number or linking your Facebook account could pose security risks if the Pi network is not deemed legitimate.
Final assessment: Is Pi coin a scam
As of now, it's challenging to definitively conclude whether the Pi Network is a scam or a legitimate venture. The project has raised substantial skepticism within the cryptocurrency community due to its MLM structure, lack of exchange listings, and the absence of a mainnet.
While there are concerns and red flags surrounding Pi Coin, it's essential to exercise caution and remain vigilant when dealing with such projects.
Until the Pi Network successfully launches its public mainnet and addresses these concerns, the question of its legitimacy will remain unanswered.
Investors should proceed with caution and conduct thorough research before committing any resources to the Pi Network or similar projects.