At the moment, you cannot sell Pi coins on Binance or some other cryptocurrency exchange, like you would Bitcoin or Ethereum, for instance. However, that doesn’t mean that you are completely out of luck when it comes to selling your Pi coins. You can try peer-to-peer methods, spend your PI directly at merchants that accept PI, and more.
Pi Network is a popular cryptocurrency project that allows users to mine Pi coins for free with their mobile devices. The nature of the project means that millions of users have mined a considerable number of Pi coins and are now wondering where to sell them.
In this article, we are going to list different ways to sell the Pi coin in 2024 and provide our opinion on which methods are the safest and which methods you should avoid if you don’t want to get scammed. In the meantime, you can open an account on Binance, which will probably be among the first exchanges to list the Pi coin once it finally starts trading.
Create Binance Account
You can sell your Pi coins to interested buyers both online and offline. The peer-to-peer method allows you to come to an agreement about the price and payment method that will be used when selling PI. It is worth noting that the P2P approach is the oldest method of trading cryptocurrency. When Bitcoin was just starting out, and there were no crypto exchanges around, users would sell BTC via PayPal or some other payment service with no involvement of any third party.
However, P2P is just one method for selling PI. In the following sections, we will examine several different ways of selling Pi coins.
Trade Pi Coin on BitMart
The Pi Network blockchain is not yet publicly available on mainnet. However, some exchanges are currently offering Pi Network IOUs.
Since Pi Network’s mainnet is still closed (or rather, “enclosed”) and the exact launch date for the open mainnet is still unknown, there’s currently no PI currently trading on crypto exchanges (except for PI IOUs, but we’ll get to that later). That means that there’s very limited price discovery, and no one really knows how much a single PI coin is worth – it could be 1 cent, $1, or even $100. The point is that no one knows.
For that reason, there are countless users on social media platforms who claim they are willing to buy PI at different rates. Of course, there are also those who are willing to buy PI in person. Let’s see how the two P2P methods compare:
Since Pi Network’s mainnet is not yet live, most P2P crypto exchanges currently don’t give users the ability to buy or sell Pi
Another way to gain exposure to Pi Network’s price is to trade IOUs on supported exchanges. IOUs are essentially informal agreements acknowledging debt. Once Pi starts trading, you’ll probably be able to exchange IOUs for real Pi coins.
It is important to understand that IOUs don’t necessarily reflect the price a cryptocurrency will have at launch, which is why holding them until the cryptocurrency actually launches can be very risky.
It is also worth noting that Pi coin IOUs are not real Pi coins. However, they can serve as a great way to provide insight into Pi coin’s price potential. At the time of writing, Pi coin IOUs on Huobi and Bitmart are changing hands at around $63, up around 79% over the past three months. The rise in price is likely a result of the broader crypto bull market, as well as speculation about a potential release of the Pi Network open mainnet in 2024.
If you want to see how the price of Pi coin IOUs might perform in the future based on technical indicators and past market data, feel free to check our Pi Network price prediction.
If you have a bunch of Pi coins sitting in your wallet and you don’t like other selling methods, you might want to consider spending your PI directly on products and services at supported merchants. There are some businesses that accept PI for different products and services, from selling silver in exchange for PI to accepting PI in exchange for gaming items. There was even a case of a car that was sold for PI, according to the Pi Core team’s X (formerly Twitter) account.
Recently, the Pi Network team organized an event called PiFest, in which users were encouraged to spend their Pi coins at local businesses that accept the cryptocurrency. The team launched an app called the Map of Pi to help users find merchants that accept Pi.
Pioneers, PiFest starts today and goes on from Oct 29 to Nov 5. Visit and shop at local Pi-Powered businesses using Pi, and share your experiences on Fireside Forum and social media. Use the Map of Pi app to find participating Pi merchants near you. Participate in PiFest… pic.twitter.com/OhKFHaMJwu
While the final option might not be what you want to hear, the reality is that you’d probably be best served to wait for the official launch of the Pi Network open mainnet. It is widely believed that the Pi coin will be listed on cryptocurrency exchange once the mainnet is open. When (if?) that happens, PI will be traded like any other coin or token, meaning that you won’t have to worry about potentially getting scammed or getting a bad deal on your coins.
Recently, the team has increased their efforts in trying to attract new developers to the network, which some people in the community see as a sign that the company is ramping up for the open launch of the mainnet.
In December of 2023, the Pi Network team said that 3 main conditions will need to be satisfied before Pi transitions to its Open Network phase, but didn’t provide any specific dates. Here are the conditions provided by the team:
As of May 2024, the Pi Network team claimed that 11.1 million Pi users completed the KYC process and 5.58 million users migrated over to the mainnet. This is the most recent information about Pi user figures that we have been able to find.
The network has reached over 11.1 million KYC’d Pioneers and over 5.58 million Mainnet Migrated Pioneers! Check out the full update in the app. Complete your Mainnet Checklist to join the millions of Pioneers already on the Mainnet! pic.twitter.com/goAJruZpsY
If you are wondering how to sell your Pi coins before the open mainnet launch, please keep in mind that virtually every option available at the moment involves a high degree of risk. Since the only real way to sell PI is peer-to-peer, you’ll have to trust the person who is buying your Pi coins to keep their end of the deal. If they don’t, there’s pretty much nothing you can do, and you’ll end up without your coins.
It is worth pointing out that the delays in the launch of the open mainnet have drawn a lot of attention and criticism from the Pi community over the past couple of months, with some users claiming that the Pi team never intends to release the full version of its network, essentially questioning Pi Network’s legitimacy. According to the most recent announcements, the Pi Network team is aiming to launch the open mainnet sometime in 2024.
Jon is a senior writer at CoinCodex, specializing in blockchain and traditional finance. With a background in Economics, he offers in-depth analysis and insights into cryptocurrency trends and the evolving financial landscape. Jon’s articles provide clarity on complex topics, making him a valuable resource for both crypto enthusiasts and finance professionals.
Peter has been covering the cryptocurrency and blockchain space since 2017, when he first discovered Bitcoin and Ethereum. Peter’s main crypto interests are censorship-resistance, privacy and zero-knowledge tech, although he covers a broad range of crypto-related topics. He is also interested in NFTs as a unique digital medium, especially in the context of generative art.
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