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 millionsof 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 2024and 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.
Key takeaways:
- Different methods for selling the PI coin include online and offline peer-to-peer selling options, direct spending at PI-accepting merchants, and trading exchange IOUs.
- Online P2P sales have a higher risk of scams.Offline P2P sales, while less convenient, are generally considered safer as there's less room for scams.
- IOUs for Pi coins exist on exchanges like Huobi and Bitmart, providing potential exposure to Pi Network's market performance, but they are not actual Pi coins.
- You can also use Pi coins directly at merchants who acceptthem for various products/services, like gaming items or even larger purchases.
- Current selling options involve high risks, especially relying on online peer-to-peer sales. You'd probably be best served to wait for the launch of the Open Mainnet and safer and more standardized selling options.
How to sell Pi coins?
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.
The Pi Network blockchain is not yet publicly available on mainnet. However, some exchanges are currently offering Pi Network IOUs.
Sell Pi coin peer-to-peer
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:
- Selling Pi coin P2P (online): Based onour experience and testimonials from numerous individuals, most users who advertise buying Pi coins are scammers. They don’t plan on actually paying for PI; they just prey on those who are willing to send them coins in hopes of getting paid.
- Selling Pi coin P2P (offline): While meeting in person is way less convenient than setting up a transaction online, it also makes it less convenient as a method for scamming people. While we have no experience with in-person P2P Pi coin trades, we’d say that they are much more likely to be legit than their online counterparts.
Trade Pi coin IOUs
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 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 $65, up more than +110% over the past three months. The reason for the price increase is the expected release of the Pi Network open mainnetsometime 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.
Spend your Pi coins directly on products and services
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.
It's worth noting that the Pi Network team recently launched a hackathon event that is aimed at building an app that would connect Pi users with Pi-accepting merchants. The winner of the hackathonwill have their app featured on Pi Day, March 14th, gaining worldwide exposure to Pi's vast user base.
The Pi Commerce Hackathon begins Feb 1 to Mar 3! Create an app that connects Pioneers with businesses accepting Pi. Learn about how to participate, create teams, use new prototypes/mockups as a design starting point and more!https://t.co/03FIuCDw9s
— Pi Network (@PiCoreTeam) February 2, 2024
Wait for Pi coin to be listed on an exchange
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 intrying 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.
The bottom line: There are different ways to sell Pi coins, but it would probably be best to wait for the launch of the open mainnet
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 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.
