How To Sell Pi Coin In India In 2024
So, as the popularity of Pi Network continues to rise in India, so many people ask how to sell their Pi coins in India. Although early coin earned through mobile mining cannot currently be sold on cryptocurrency exchanges, the article will walk you through options as well as what you could expect when you sell your Pi coins in 2024.
What Are Pi Coins?
Pi coins are a native cryptocurrency from the mobile-based project, Pi Network, and can be mined using just one's smartphone. Unlike other cryptos, Pi uses a "proof of stake" model that is energy-efficient and can be accessed by a broad audience. You cannot buy or trade your Pi coins on popular exchanges due to the fact that the network remains in its development phase.
Its total supply will be 100 billion Pi coins with 25% of the Pi coins being reserved for the Pi Network team. Users can earn Pi coins by mining them, and they are able to do so using the Pi Network app, though these coins cannot be officially traded for fiat currency as the network hasn't launched on the open mainnet yet.
How to Sell Pi Coin?
Since Pi Coins can't be traded on famously known cryptocurrency exchanges, find alternative ways to sell them:
1. Peer-to-Peer (P2P) Trading:
The most commonly used method of selling Pi coins currently is through P2P or peer-to-peer trading. Such a method involves identifying a willing buyer who will buy your Pi coins for an agreed price. Once the agreement is reached, you send the Pi coins to their wallet, and the payment is made to you.
However, P2P trading risks do exist. To be safe, trade only with trusted individuals, and don't share sensitive details like your Pi wallet credentials. It is also advisable to use escrow services to guarantee the transaction until both parties have fulfilled their obligation.
2. Selling on Online Platforms:
Another is to sell goods or services in exchange for Pi coins. Several online platforms and marketplaces can currently trade your Pi coins for products, which makes them a good workaround until Pi coins become available on exchanges. This way enables you to indirectly "sell" your coins by spending them for items you want to purchase.
3. Pi Coin IOUs:
Some cryptocurrency exchanges even allow doing so by exchanging IOUs of Pi coins. Meaning promises of delivering actual Pi coins at the time of official launch. You may trade these IOUs, too; however, don't forget that they are only promises, not the actual Pi coins. The market condition is difficult to predict.
Quick Tips for Selling Pi Coin
Selecting the right platform: Pi coins are not traded on major exchanges yet, such as Binance or OKEx, so keep up with the announcements. When the open mainnet releases, these exchanges might be the websites you should focus on.
Timing your Sale: The above calls for keeping track of the latest market trends. This will help you catch the peak demand or when the value of Pi increases. Be patient, and of course, you do not want to be one of those panicky sellers during market dips.
Setting Realistic Prices: Any price level at which you determine you will sell your Pi coins needs to be related to a number of factors including the network growth rate, adoptions by users and the market sentiment in general. Such realistic price targets will help you make smart decisions rather than acting impulsively.
Future of Pi Coins
The team at Pi Network is very busy preparing for the launch of the open mainnet, which should be able to make the coins tradable on exchanges just like any other cryptocurrencies. This event will then greatly impact the value and liquidity of coins on Pi.
Conclusion
Although you can't sell your coins yet on mainstream exchanges, there are options to capitalize on your holdings in India. You go for P2P trading, you sell stuff for Pi, or you trade in IOUs. Just remember, once the open mainnet is launched, the value of your Pi coins may swing to an extent that makes it sensible to stay abreast of the Pi Network news.
