Pi Network: How to Sell Pi Coins Easily

Bittime - Since it was first launched in 2019, Pi Network has attracted the attention of many people thanks to the ease of mining cryptocurrency directly via mobile phones. With Pi Network, you can mine Pi Coin without needing special hardware, just using the application on your smartphone. 

Although Pi Coin cannot yet be traded on major crypto exchanges, many users are curious about how to sell it once the Pi Network mainnet finally launches. This article will cover the various ways to sell Pi Coin, both via Pi IOUs before the mainnet opens, and options available after the mainnet launches.

What Is Pi Network?

Pi Network is a crypto mining application that allows you to mine Pi Coin just using your cellphone. The app is designed to make cryptocurrency more accessible to the masses, without requiring expensive hardware or a lot of computing power. Users simply open the application and press a button to start mining.

Read also: Cardano (ADA) vs Ripple (XRP) Comparison: Which is Better?

As of October 2024, Pi Network is still in the closed mainnet stage, which means that even if you have collected Pi Coins, you cannot sell them on major crypto exchanges yet. However, once the mainnet is open, Pi Coin will be available to trade freely on a variety of centralized (CEX) and decentralized (DEX) exchanges.

Selling Pi Coin Via Pi IOU on HTX

Before Pi Coin was available on major exchanges, you could sell Pi IOU (I Owe You) on platforms like HTX. Pi IOU is a kind of claim against the upcoming Pi Coin. 

Even though Pi Coin is not yet available for trading, you can still trade claims to Pi Coin via IOU. This provides an opportunity to get involved in the Pi Network ecosystem even though the mainnet is not yet open.

Read also: Is it possible to mine Ripple tokens ($XRP)?

To sell Pi IOU on HTX, you need to follow the following steps:

1. Register on HTX  

   First, create an account on HTX and verify it to ensure the security of your account. This verification is important so that your transactions are protected and free from potential fraud.

2. Deposit Funds into the HTX Account  

   After your account is registered, deposit funds into your HTX account, which can be in the form of fiat currency (such as USD or EUR) or cryptocurrency (such as Bitcoin or USDT).

3. Search for Pi IOU Trading Pairs  

   Use the search feature in HTX to find trading pairs involving Pi IOU, such as PI/USDT or PI/BTC.

4. Place a Sell Order 

   Select a suitable trading pair and determine the type of order you want to place. You can choose a limit order to set a certain selling price or a market order to sell Pi IOU according to the current market price.

5. Complete the Transaction

   Once there is a buyer who matches your order, the transaction will be completed, and funds equivalent to the number of Pi IOUs sold will be credited to your HTX account.

What Happens After Pi Network Mainnet Launches?

Once the Pi Network mainnet is launched, Pi Coin will be available for trading on centralized (CEX) and decentralized (DEX) crypto exchanges. On centralized exchanges like Binance or Kraken, you can create an account, transfer Pi Coin to the exchange's wallet, and sell it at a price you determine. Payment will be accepted in fiat (e.g. USD or IDR) or other cryptocurrencies.

Read also: This is the reason the price of $XRP could reach $1 since last November 2021

On the other hand, if Pi Coin is listed on a decentralized exchange (DEX), trading will be carried out directly between users without intermediaries. Platforms like Uniswap or PancakeSwap are examples of decentralized exchanges that allow you to buy and sell tokens directly.

Things to Pay Attention to When Selling Pi Coin

Before selling Pi Coin, there are several things you need to pay attention to so that the transaction runs smoothly and safely:

1.Market Volatility  

   The cryptocurrency market is very volatile. The price of Pi Coin can fluctuate sharply, especially after the mainnet launch. Therefore, it is important to monitor price movements continuously and decide on the right time to sell.

2. Transaction Fees

   On both centralized (CEX) and decentralized (DEX) exchanges, you will be charged transaction fees. These fees vary depending on the platform you choose. Be sure to consider these transaction costs before making a sale.

3. Security

   Given the growing popularity of the Pi Network, the potential for fraud is also greater. Make sure to only use official Pi Network channels and always verify the wallet address or platform you use for transactions.

4. Trading Time 

   Given the high volatility after the mainnet opens, it is important to choose the right time to sell Pi Coin. You can set a specific price target and monitor the market to sell when the price reaches the desired level.

5. Tax Liabilities  

   Sales of cryptocurrencies, including Pi Coin, are taxable in many countries. Make sure you understand the tax obligations in your country of residence and keep good transaction records.

Conclusion: Prepare Yourself to Sell Pi Coin

Even though Pi Coin cannot currently be traded on major exchanges, there are several ways you can sell it via Pi IOU on platforms like HTX. Once Pi Network launches its mainnet publicly, Pi Coin will be available on both centralized and decentralized exchanges. Following the official announcements from Pi Network is an important step to get the latest information on the trading status of Pi Coin.

If you plan to sell Pi Coins, understanding the sales process and the factors that influence the price is a wise first step. By preparing yourself early, you will be better prepared to face the opportunities and challenges that come when Pi Coin is finally traded on the global crypto market.

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