- Pi Network, a mobile-first cryptocurrency project, is preparing for its mainnet launch, after which users will be able to sell Pi Coin on major exchanges, while currently, trading is possible through IOUs on platforms like HTX.
- Key considerations for selling include understanding market volatility, trading fees, security risks, and potential tax implications as users navigate their options in the evolving crypto landscape.
With the Pi Network moving closer to its mainnet launch, interest in Pi Coin trading is at an all-time high. Here’s everything you need to know to get ready to sell your Pi.
Pi Network: A Brief Overview
Launched in 2019, Pi Network is a unique, mobile-first cryptocurrency project developed to make digital currency mining accessible to a broader audience. By simply using the Pi app on a smartphone, users can mine Pi coins, contributing to network security and earning tokens as rewards.
Currently, Pi Network remains in its “enclosed mainnet” phase, which restricts trading to within its ecosystem for testing purposes. However, once the open mainnet launches, users will have the chance to sell their Pi tokens on major crypto exchanges, sparking interest in how to effectively sell Pi Coin.
Selling Pi Before Mainnet: HTX IOUs
While official Pi trading is unavailable until the mainnet launch, platforms like HTX offer a workaround through Pi IOUs. These IOUs are essentially claims to Pi tokens that users can buy and sell now, trading on the assumption they’ll convert into real Pi after the mainnet goes live. Although trading IOUs comes with risks, it provides an early opportunity to trade in the Pi ecosystem.
Steps to Sell Pi IOUs on HTX:
- Create an Account: Register on HTX and complete verification.
- Deposit Funds: Add fiat currency or crypto to your account.
- Locate Pi IOU Pair: Search for Pi/USDT or Pi/BTC pairs.
- Place a Sell Order: Set your preferred price or sell at market rates.
- Complete the Trade: The buyer’s funds will be credited to your account.
Selling Pi on Mainnet: CEX vs. DEX
Once Pi Network’s mainnet launches, Pi will be available on both centralized exchanges (CEXs) like Binance and decentralized exchanges (DEXs) like PancakeSwap. On a CEX, users create an account, transfer Pi to their exchange wallet, and set a sell order for cash or crypto. On a DEX, you connect your crypto wallet, add Pi, and trade directly with other users.
Key Considerations When Selling Pi Coin
- Market Volatility: Expect price fluctuations, especially around launch.
- Trading Fees: CEXs and DEXs charge transaction fees, so check rates beforehand.
- Security: Scams and fake tokens could emerge with Pi’s popularity; use official platforms.
- Tax Obligations: Many regions consider crypto sales taxable, so record trades carefully.
Looking Ahead: A Plan for Pi’s Mainnet Launch
As we approach Pi Network’s mainnet launch, it’s wise to keep informed via official Pi announcements. Deciding between selling Pi IOUs, using a CEX, or exploring DEX options will depend on your crypto experience and goals. By understanding the process, you’re well-prepared for the day Pi Coin officially enters the open market.
