Pi coin is a relatively new cryptocurrency that has grown to prominence in recent years. It has unique mechanisms like the Stellar Consensus Protocol that rewards users for their participation in the project.
As of press time, the cryptocurrency is not yet listed on any major cryptocurrency exchanges. The implication is that you can’t sell your Pi coins for Bitcoin, Ethereum, or other cryptocurrencies on exchanges like Binance.
There are workarounds for selling Pi coins for other assets. This blog post will detail the many means through which you can do this.
How to Sell Pi Coin in 2023
Selling your Pi coins can be done through various channels, both online and offline. A popular method is peer-to-peer (P2P) transactions, where you can negotiate the price and payment method in advance.
This approach has historical significance, as it was the primary way Bitcoin transactions occurred in its early days when dedicated cryptocurrency exchanges were not prevalent. Back then, users engaged in direct buying and selling using services like PayPal.
However, P2P is just one avenue for selling Pi coins. In the upcoming sections, we’ll explore several alternatives to broaden your options.
Trading Between Users
Currently, Pi trading is not active on cryptocurrency exchanges, excluding Pi IOUs (which we’ll delve into later).
This is because the Pi Network’s mainnet remains locked, and the overall roadmap is facing delays. Consequently, there’s limited price discovery, leaving the value of a single PI coin uncertain—whether it’s a penny, a dollar, or potentially even a hundred dollars.
The fluctuating statements on social media about users wanting to buy Pi coins at various prices reflect this uncertainty.
Some individuals also prefer making in-person transactions for PI. Let’s compare the two P2P approaches:
Based on our experience and user feedback, a significant number of online advertisements for buying Pi coins are fraudulent. These individuals exploit those willing to send them coins in the hope of being compensated for their Pi, but they have no intention of making any payment.
While in-person Pi coin transactions are less convenient than online exchanges, they offer a lower risk of encountering scams. Although we haven’t engaged in any face-to-face P2P Pi currency deals, we have more confidence in their integrity compared to online exchanges.
Swap Pi-Coin-Backed IOUs
Engaging in IOU trading on supported exchanges presents another avenue to gain exposure to the price movements of the Pi Network.
IOUs, in essence, serve as acknowledgment notes for a kind of debt. When Pi trading officially commences, you’ll have the option to convert your IOUs into tangible Pi coins.
It’s worth mentioning that Pi Coin IOUs do not hold the same value as actual Pi Coins.
Nevertheless, they can be a valuable tool for estimating the potential future value of Pi Coin. As of the latest information, Pi coin IOUs are trading at approximately $40 on platforms like Huobi and Bitmart. This marks a noteworthy increase of over 60% in the past three months.
This surge is attributed to the delayed release of a more comprehensive Pi roadmap, now expected in later this year instead of the initially anticipated September timeframe.
Related: How To Short And Long Crypto?
Direct transactions with Pi Merchants
If you find yourself holding a substantial amount of Pi coins and prefer alternative selling methods, consider using them to make purchases from merchants who accept Pi.
Some establishments may offer silver in exchange for Pi, while others might accept it for virtual goods in video games. An interesting anecdote from the Pi Core team’s X (formerly Twitter) account even mentioned a case where a car was successfully sold for Pi.
Watch for an exchange to start trading Pi Coin
The most prudent approach at the moment is likely to wait for the official launch of the Pi Network open mainnet. Once this launch occurs, it is anticipated that Pi Coin will become available for trading on cryptocurrency exchanges.
At that point, PI will function much like any other coin or token, mitigating the risks associated with potential scams or unfavorable exchange rates.
Some within the community speculate that the company is gearing up for the public launch of the mainnet. This speculation is based on the recent uptick in efforts to attract new developers to the network.
Frequently Asked Questions
Unlike many other cryptocurrencies, Pi coin currently does not offer the option for withdrawal to external exchanges or wallets. However, there is a silver lining for Pi miners and users –Pi coin withdrawal is stipulated to go online during the third phase of the roadmap activities when the network undergoes an upgrade to the mainnet.
Pi is not currently listed on any crypto exchanges, despite its rarity and uniqueness. Presently, the exclusive method to acquire Pi coins is through the process of mining.
While the Pi Network is still in the developmental phase, the supply of coins is yet to be defined. At this stage, the coins lack any tangible value since holders are unable to exchange them.
Takeaway: How To Sell Pi Coin Anywhere In The World
At the end of the day, there’ll always be risk involved when it comes to selling your Pi cryptocurrency so long as you’re looking to sell before the open mainnet launches.
Selling PI is currently limited to peer-to-peer transactions, requiring trust in the person buying your Pi coins to fulfill their end of the deal. If they fail to do so, you could find yourself without the expected payment.
Going forward, it’s worth mentioning that the Pi community has expressed frustration with the delays in the open mainnet launch over the past months. Some users have gone as far as questioning the legitimacy of the Pi Network, suggesting that the Pi team may not have intentions to release the full version of the network.
