How to Cash Out Pi Coin? This is the Answer!

Bittime - Maybe you have heard about Pi Network, a platform that allows users to mine Pi Coin for free. However, one question that often arises is: "How do I cash in my Pi Coins?" If you are also wondering about this, you are at the right place. Let's discuss in full the process of disbursing Pi Coins, why you can't withdraw them at this time, and what you need to know in the future.

Pi Network: Current Stage

Mainnet Tertutup (Enclosed Mainnet)
Currently, Pi Network is still in the closed mainnet stage, which means Pi Coin transactions are limited to Pi Network's internal ecosystem. At this stage, you cannot withdraw Pi Coin to an external wallet or exchange it on a public crypto exchange. 

The purpose of this closed mainnet is to ensure network security, increase scalability, and complete the KYC (Know Your Customer) verification process for all users.

In this phase, you can use the Pi Coins you have to buy goods or services from other Pi users who have also completed the KYC process. However, for transactions outside this ecosystem, you have to wait until Pi Network switches to open mainnet.

Read also: Pi Network Mainnet Launch and PI Coin Price Prediction

Why Can't Pi Coin Be Withdrawn?

KYC Verification Process
One of the main reasons why Pi Coin cashing out is not yet possible is because Pi Network is still undergoing a user identity verification (KYC) process. This process aims to ensure that only legitimate, real users own Pi Coin, as well as to prevent bot or fraudulent activity. Until most users successfully complete the KYC process, the network remains in a closed phase, so external transactions cannot be carried out.

Additionally, the closed mainnet gives the Pi Network core team time to strengthen the security, infrastructure and scalability aspects of the network, ensuring that when disbursement opens, the process can run smoothly and safely.

Difference between Closed Mainnet and Open Mainnet

Closed Mainnet vs Open Mainnet
The main difference between closed mainnet and open mainnet is the ability to conduct external transactions. While on the closed mainnet, transactions can only be carried out within the Pi Network ecosystem. However, once Pi Network switches to open mainnet, users can start withdrawing Pi Coins to external wallets and exchanging them on public crypto exchanges.

When Can Pi Coin Be Withdrawn?

Open Mainnet Launch
Pi Coin will be available for disbursement when Pi Network launches the open mainnet phase. At this stage, users can transfer their Pi Coins to external wallets and trade them on crypto exchanges. However, the launch of this open mainnet is still waiting for several important stages to be completed, including:

• Completion of KYC verification for most users.
• Ensure the network can handle large transaction volumes.
• Improve blockchain security and scalability.

Although there is no official date regarding the launch of the open mainnet, the Pi Network team emphasizes that they are still focused on completing these steps for the smooth and secure operation of the network.

What Can You Do While You Wait?

Perform KYC Verification
Make sure you have completed the KYC process in the Pi application to make it easier to cash out Pi Coins once the open mainnet is launched. Without KYC verification, you will not be able to withdraw Pi Coin or make transactions on the open mainnet.

Use Pi in the Pi Network Ecosystem
You can still use the Pi Coins that you have in the Pi ecosystem to buy goods or services from other Pi users who have also been KYC verified. This is a good way to maximize the use of the Pi while waiting for the mainnet phase to open.

Stay Following Official Updates
It's important to always follow official updates from the Pi Network team to keep you up to date on developments and open mainnet launch times.

How to Unfreeze Pi After Mainnet Opens

Step by Step Withdrawal Process
Once the open mainnet is launched, the process to cash out Pi Coin will involve the following steps:

1. Transfer Pi to External Wallet
   Users will be able to transfer Pi from the Pi app wallet to a personal crypto wallet such as Trust Wallet or MetaMask that supports Pi Coin once the mainnet opens.
   
    
2. Use a Crypto Exchange
   Once the Pi Coin has been successfully transferred to an external wallet, you can send the Pi to a public crypto exchange such as Binance, Kraken, or Coinbase to start trading it.
   
    
3. Trade or Withdraw to Fiat
   Once Pi is listed on an exchange, you can exchange it for other cryptos such as Bitcoin or Ethereum. Apart from that, you can also convert Pi into fiat currency such as USD or EUR and withdraw it to your bank account.
   
    

KYC: Important Requirements for Pi Withdrawal

The KYC process is an important step that users must complete to be able to make Pi withdrawals. Without completing KYC, you will not be able to participate in withdrawals or transactions on the open mainnet. This aims to ensure that only authorized users can access and trade Pi Coin.

Beware of Scams

Avoid Unofficial Platforms
Since Pi Coin cannot be cashed in yet, make sure you avoid platforms or individuals that offer to cash out or trade Pi Coin. Many offers like this are scams designed to deceive users. Only the official Pi Network channel will provide valid instructions on how to cash out Pi Coin once the open mainnet is launched.

Beware of Misleading Information
There is a lot of false information circulating regarding the Pi Network, especially regarding disbursement issues and the value of Pi Coin. Make sure you always follow official updates from the Pi Network team so you don't get caught in fraud or misinformation.

What Will Happen Next with Pi Network?

Sustainable Ecosystem Growth
As the open mainnet launch approaches, the Pi Network ecosystem continues to grow. More users are completing KYC, and more goods and services are available to purchase with Pi Coin. This will help strengthen Pi's use case before it can eventually be traded on external platforms.

Potential Future Value
While Pi's current value remains speculative, many believe that an open mainnet launch and external trading could provide significant market value to Pi. With a large user base and potential real-world applications, Pi has the potential to become a valuable asset in the cryptocurrency world. However, Pi's true value will only be seen once it is listed on a public exchange.

Read also: Pi Network scam, Pi Network Scam or Legit?

Conclusion

Currently, you cannot withdraw Pi Coins from the Pi Network app to an external wallet or crypto exchange. Pi is still in a closed mainnet phase which limits external transactions and withdrawals. Once Pi Network switches to open mainnet, users will be able to withdraw Pi Coins and trade them on public exchanges. While you wait, make sure you have completed KYC verification, stay up to date with official updates, and use Pi within the Pi Network ecosystem.

FAQ Pi Network

What is Pi Network?

Pi Network is a crypto project that allows users to mine tokens directly from their mobile phones. The project is designed to be user-friendly and energy efficient compared to traditional mining methods such as Bitcoin.

How Does the Pi Network Work?

Pi Network uses a consensus model based on the Stellar Consensus Protocol (SCP) so users only need to open the application every day to mine. This activity does not drain the battery or device resources.

Is Mining Pi Network Tokens Free?

Yes, mining Pi Network tokens on the Pi Network app is completely free. However, users need to be active every 24 hours to press the "mine" button and maintain active membership in the network.

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Reference

to muddy, Can I withdraw my Pi coin?, accessed January 11, 2025.

Author: MF