If you have been a Pioneer and you have mined lots of coins, there's a chance that you will be making yourself some cool cash.
You can now exchange your Pi coins for fiat money.
There are basically two ways at the moment:
If you search the hashtag #Pipayments on X, you will see several merchants accepting Pi as payment for goods and services.
But before I go into details,let me talk about where the Pi network is at this time. And how far it has come.
Pi Network - The Journey So Far
If you go to the Pi network app, you will see the results of a recent survey that was held.
It was called the Pi Local Commerce.
The community was asked to suggest ways to put Pi coin to use. Mind you, the Pi Network has seen over 35 million miners, which is really huge.
The result of the survey featured people from different countries who are ready to accept Pi as payment and people who are already accepting it as payment.
So, people are ready to accept Pi, which is going to make selling and buying Pi really easy.
But there is one major problem.
The Mainnet.
Let me take you back a little.
Most crypto projects build the platform and the utility first using VCs and private investors' funding.
Then, they market the product to a community of users.
But Pi Network is doing it the other way.
They did not accept any funding and are building the community first.
It launched in 2019, and you can mine the coin by simply tapping a button on the app once every 24 hours.
In building a community, you have to make sure that each member of the community is a real person and has only one account.
The only way to do this is by verification.
And that is the most challenging part. That is basically what is slowing down Pi Network.
How do you verify a person's identity without holding custody of the person's information?
I will come back to this: let us look at the road map thus far.
The Mainnet was split into two phases:
i. Enclosed Network Phase:
This is the account verification phase.
Once your account is verified, you can migrate your coin to the Mainnet and use it within the Pi ecosystem.
ii. Open Network Phase:
This is when all accounts have gone through KYC.
The Pi network can now be used in third-party applications and exchanges.
We have been in the enclosed network phase for years now.
I believe that if the Pi team had accepted VC funding, things would have been faster. By now, we would be done with the enclosed network phase.
However, there are pros and cons to this.
VCs would make things faster but also exert some control over the platform.
On the other hand, the way it is run now ensures that the vision and mission of the Pi team are adhered to.
But it is taking too long, and lots of people have lost patience and left the platform.
That is the Pi Network thus far. That is the short-long version.
Recommended by LinkedIn
You can check out this post for more information.
Now, how do you sell your Pi?
Let's talk about that in the next subheading.
How Do I Sell Pi Coin For Naira?
First things first... You have to make sure you have migrated your Pi tokens.
So, how do you migrate your Pi tokens to the mainnet?
1. Log on to your Pi app and tap on the menu at the top left.
2. Click on Mainnet
3. Go to the Mainnet checklist
There are eight steps; the last one concerns migrating your tokens to the mainnet.
Once you’ve completed the first seven steps, your tokens will be migrated automatically.
But, like what happens during KYC verification, there is a queue for this, so wait for your turn.
So, you keep checking to see when your tokens have been migrated, and then you can sell them.
Once you have done this, there are two ways you can sell Pi Coins.
1. Third-Party Platforms to Sell Pi Coins
You can find them on Quora and X.
On Quora
On X
You can search for them on these platforms, and they will walk you through how to sell.
You have to, however, beware of scammers.
2. Pi App
The second way to sell Pi coins is on the Pi app.
There is an Escrow system that enables seamless trading of the Pi coin, but you can only access that after you’ve migrated to the mainnet.
That way, you’ll easily find buyers instead of going through the stress of finding them on third-party apps.
It is also worth noting that the Pi coins trading on exchanges like Bitmart and HTX are not real Pi coins; they are Pi IOU.
This means that the exchange will change them to the real Pi coin after the open network phase.
There you have the ways you can sell your Pi coins.
I will keep updating you as more information emerges on the subject matter.
Now, I want to hear your thoughts in the comment section.
Do you think the Pi team should have accepted VC funding, or do you think it's better the way it is?
Leave your comment in the comment section.
Don't forget to sign up for our free course to learn how to trade crypto profitably.
Register on Afibie and also join us on Telegram for our live sessions and trading signals.
See you there and in my next post.
