How to Buy and Sell Pi Coin (Pi) in 2024

With over 60 million users in 230 countries, Pi coin is a global sensation. The network’s mainnet is set to launch by the end of 2024, leading to interest growing among seasoned investors and newcomers. That’s why we have put together this comprehensive guide. Read on to learn about the Pi Network and how to transact its native token.

Understanding the Pi Network 

The Pi Network was developed in 2019 with the aim of making crypto mining accessible to everyone. Recognizing the issues with mining and the industry at large, two Stanford graduates named Nicolas Kokkalis and Chengdiao Fan came up with the Pi Network in 2019.

The plan was to make cryptocurrency accessible to anyone, regardless of their knowledge of blockchain technology. How were they going to make this happen? By democratizing mining with the power of smartphones. The network structure was designed to allow users to mine Pi coins on their mobile phones.

The launch of the Pi Network was a breath of fresh air for an industry that consumes high energy with expensive hardware. The invention blew up in the crypto industry and, within a short period after its launch, people from all walks of life were able to participate in a simple and eco-friendly mining operation.

The Stellar Consensus Protocol

The heartbeat of Pi Network, which keeps the mining operation functioning, is the Stellar Consensus Protocol (SCP). The SCP is a consensus mechanism that allows network users to contribute to security and functionality. The criteria for joining the protocol are based on engagement and trustworthiness. Pi Network’s model also encourages referrals. As users spread the word and others join, their rewards increase, and the network grows.

Rather than using computational power, SCP participants validate transactions through collaboration. As sub-networks are built, users interact, trying to hold trust. With trust and a collaborative effort, they gain advantages in mining rewards. This helps create a community-driven environment effectively.

With Pi’s mainnet yet to launch, crypto heads have sought the native token by joining the application and mining daily. Mining is simple; you only have to log in and press a button to continue mining. Its simplicity has attracted millions of users.

Can You Buy Pi Coins?

At the moment, buying Pi coins through traditional cryptocurrency exchanges is impossible. The network has yet to list its tokens on any DEX or CEX platforms. However, there is another method of trading mined coins: Peer-to-peer (P2P).

In P2P transactions, buyers can find sellers through online marketplaces or Pi community forums. The buyer and seller are in direct communication, negotiating the price of the tokens and the payment methods to be used. Once agreed, the transaction is set in place.

It is advisable to approach P2P transactions with caution. These transactions are not overseen by the network or any registered body to protect you from scams. Therefore, do the due diligence before conducting any transaction.

You can find reputable P2P platforms in our list of the best non-KYC cryptocurrency exchanges.

Getting Started with Pi Coin Mining 

To mine Pi Coin, all you need is a smartphone (iOS or Android) and access to the internet. 

Head over to the App Store for iOS users or the Google Play Store for Android users. It’s the respective store where you will find the official Pi Network app by SocialChain. Proceed to install the app on your phone, as there are no fees. 

Installation is quick, allowing you to get started in no time.

Once installed, the next step is to create an account. This is straightforward and takes only a few minutes. There is an on-screen prompt to help users find their way around the registration process. The prompt typically involves;

• Verifying your phone number: This step ensures your account’s security.
• Setting up your profile: Provide accurate information to establish your identity within the community.

After your account is set up, you can start mining Pi Coin daily. All you have to do is log in within 24-hour intervals and tap the “mine” button. This action allows participants to earn coins as their mining rewards.

Accumulating Pi Coins

The Pi app allows users to stack up coins till the project officially launches on exchanges. The best way to grow your tokens is to be dedicated to daily mining and actively inviting others to join the democratized cryptocurrency ecosystem.

Each day, you must log into the app and tap the mine button to earn coins. By doing this each day, you build a foundation to earn more over time. Not only do your tokens grow, but you also engage in community participation. Being an active member can provide valuable insights and tips as you learn from other miners on how to increase profitability or your mining operations. You should, therefore, engage other users and share experiences.

One of the most effective ways to accumulate Pi coins is by increasing your mining rate through the referral program. When you invite a friend using your unique referral code, you boost your earning rate and theirs, too. 

This is a win-win situation for both parties. The more referees, the higher your mining rate. Participation from individuals referred to also matters as a percentage is earned each time they mine. Therefore, expand your circle and encourage invitees to mine Pi coins actively. 

Setting up a Wallet for Pi Coins 

Before you can sell or trade Pi coins, you need a crypto wallet. Creating a Pi Wallet is easy, as it was thoroughly explained in a tutorial video uploaded by the official Pi network on YouTube. 

However, the wallet is only available to those who have migrated to the mainnet. Benefits of being a part of the mainnet include;

1. Managing mainnet migrations and receiving real Pi cryptocurrency in the wallet
2. Transferring Pi between Pioneers for goods and services
3. Spending Pi for goods and services through Pi Apps. However, this feature is not yet available.

For ‘Pioneers’ without a secured wallet, here is how to create one;

• Step 1: Open the mining app
• Step 2: Tap the hamburger icon in the upper left corner of the home screen.
• Step 3: On the menu, Select “Pi Browser” and then tap on “Sign into Pi Browser.”
• Step 4: Install the Pi Browser from the iOS App Store or Google Play Store.

The Pi Browser is a one-stop access point to the Pi ecosystem. Once you’re in the Pi Browser:

1. Navigate to Pi Directory to access the Web 3.0 Pi apps
2. Generate your wallet: Tap on “Wallet.pi” to generate your secured wallet. You should not cancel or refresh the page during this process.

After generating your wallet, you’ll receive a wallet passphrase. The passphrase serves as a key to unlocking your wallet. For additional security and easy access, Pi allows users to make use of biometric features like Face ID or fingerprint. However, if you change your device, only the passphrase can unlock the wallet.

Note: Pi doesn’t keep a backup of this phrase; therefore, you have to keep it safe. Forgetting or misplacing the phrase means losing access to your assets stored in the wallet. 

Trading Pi Coin IOUs 

On platforms such as Huobi and Bitmart, you will find the Pi Network being listed and traded. However, these are not the actual Pi tokens; they are Pi IOUs (a type of derivative product). 

IOUs are essentially placeholders that are supposed to be exchanged for actual Pi coins once the network fully launches its mainnet. Anyone trading these is simply promising to deliver a certain amount of Pi Coins when they are officially launched.

Also, IOUs don’t have a standardized value and do not represent the actual price of Pi when the mainnet launches. The price of the IOUs is driven by market sentiment and speculations. Rather than using the price as a metric for Pi’s launch price, they are seen as a way to gauge rising enthusiasm. 

Several exchanges have Pi coin IOUs listed. These platforms offer a marketplace for traders to buy and sell IOUs, like other cryptocurrencies. If you are interested in trading them, sign up with a reliable one.

How to Trade Pi Coin IOUs on Huobi (Step-by-step) 

Let’s use the Huobi exchange as a case study on how to buy Pi coin IOUs and trade them;

1. First, visit the Huobi website to create an account or log in if you are a registered user. Ensure to verify your account.
2. Next, go to the wallet section to deposit your fiat or cryptocurrencies. Follow the on-screen prompt to complete the transaction. 
3. Go to the trading page and search for the Pi Coin IOU trading pair.
4. Place your order, choosing to buy or sell IOUs. Input the amount or price, and then confirm the order.
5. Monitor your open orders to ensure a successful trading session.

By following these steps, you can easily trade Pi Coin IOUs on Huobi.

However, it is important to understand that trading crypto derivatives comes with a high level of risk. There is no guarantee that these products will be worth anything once PI coins are listed on exchanges.

How to Sell Pi Coin in 2024 

Pi Network’s mainnet is anticipated to launch by the end of 2024, at least via core team hints, but no official date yet. An operational mainnet means holders would be able to sell the mined Pi coins on crypto exchanges for other cryptocurrencies or fiat currencies. This includes decentralized exchanges and centralized exchanges.

Selling your Pi coins requires transferring the mined tokens from the Pi Network to an external crypto wallet. This way, you can securely store the coins till you are ready to trade them. Next, create a sell order on an exchange that lists Pi. Set your desired price and keep an eye on the market for the best-selling position.

While the CEXs and DEXs where Pi coins can be sold are not yet listed, many anticipate popular platforms like Huobi and Bitmart. These exchanges are known for listing new tokens and could potentially do the same for Pi.

If you do not want to wait until the mainnet launch, you might be able to sell your Pi coins through a Peer-2-Peer marketplace. To do this, create an account and creating a listing. You can set a price for your coins and communicate with buyers to close a deal.

P2P marketplaces do not offer instant transactions. Instead, you will need to wait for a buyer to purchase your coins until you can complete a sale. The time that this could take depends on the current demand for Pi.

When Will The Pi Network Mainnet Launch? 

It’s over 5 years since the Pi Network came onto the scene, and miners have eagerly anticipated the launch of its mainnet. A functional mainnet means they can finally reap the rewards for mining as the native token would be listed on crypto exchanges.

At the beginning of 2024, the mainnet launch was anticipated between March and June, but this never materialized. 

Many are hinting that the end of 2024 would be when the mainnet would officially launch. In the meantime, the core team has been actively working to attract new developers to prepare the network for the mainnet launch. This has been reflected in updates on the Pi Node Version, which introduces Testnet2 to simulate mainnet conditions. Despite these advancements, the exact timeline for launch might still be in doubt.

The Pi community remains hopeful for a 2024 launch. Although there is skepticism, miners should keep up their activities and earn more till the mainnet goes live.

Tips for Trading Pi Coins Successfully 

Being a successful trader of any crypto token requires a strategic approach and awareness of market dynamics. Start by considering market demand and the potential future value of Pi coins. Firsthand information on factors that influence price movements, such as community sentiment and technological developments, can help in informed trading decisions.

Next is the negotiation with potential buyers or sellers. Understanding the market demand and price analysis helps you negotiate the best deal possible. Additionally, monitor the Pi Network price, and you can also trace IOUs to gauge potential price movements. Before finalizing the trade, ensure they are reputable buyers or sellers to protect your investments.

The ones tipped to be the most successful when Pi launches are the longest-serving miners and those with a lot of referrals. Although the mining period might soon be over, that doesn’t stop you from accumulating coins. Keep mining and inviting others to increase the amount of PI in your wallet before exchange listing. 

Alternatives to Pi Coin 

The Pi Network is a welcomed idea by the crypto community however, the project has taken a long time to launch on exchanges which has led some investors to become fustrated. 

While Pi coin enthusiasts await the mainnet launch, some have invested in other projects. 

Here are the top three alternatives and why you might want to consider adding them to your portfolio;

Dogizen – The best Telegram gaming crypto 

Pi Network aims to bring mining to mobile users, and Dogizen functions somewhat similarly. The project uses the Telegram social app to give mobile users access to the crypto industry. This integration has the crypto community fired up. 

Dogizen made history, becoming the first crypto project to launch the first-ever Telegram ICO. In less than two weeks of being on the market, Dogizen raised over $643k. This number has steadily grown, positioning the token for potential listing on major exchanges.

Similarly to Pi Network, you can accumulate Dogizen tokens by completing simple tasks on your phone. However, this project puts a fun spin on crypto accumulation with a gamified product offering. 

Solana – Fast-growing blockchain ecosystem 

Solana is undoubtedly one of the fastest-growing blockchain ecosystems. This has been reflected in the crypto community, as many users believe in the project’s potential. Solana is known for its high throughput and low fees, which has led to its rapid development. 

The project’s innovative approach can also be seen in its support for decentralized applications (dApps) and projects. This includes  DeFi, NFTs, and gaming, making it a versatile platform for developers and users. Its scalability and speed have also resolved the traditional blockchain trilemma.

TON – The native token of the TON blockchain network 

The Open Network is a decentralized computer network consisting of a layer-1 blockchain with various components. TON serves as the native token of the network, and it is used for operations, transactions, games, or collectibles built on the blockchain.

The TON blockchain network is designed for mass adoption, offering fast transactions, scalability, and energy efficiency. This has made it an attractive alternative to Pi Coin. The project also plans to support DeFi and NFTs use cases. 

Conclusion 

As we await the mainnet launch of the Pi Network, there are high expectations from the crypto community. While the date is unknown, mining hasn’t stopped. The best way to grow potential rewards is by mining, actively participating in community forums, and inviting others to join the network. 

Note that this guide is purely informational. Before investing in Pi or alternatives, ensure to conduct your research. 

It is also important to realise that trading Pi coin comes with a lot of risk. There is no guarantee that he mainnet will launch and if it does, there is no knowing what will happen to the value of Pi. Only invest with money that you can afford to lose and diversify your crypto portfolio with long-term crypto investments.

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