How to Convert Pi Into Money? – A Beginner’s Guide

Since the Pi Network is still in its confined mainnet phase, Pi coins cannot currently be exchanged for cash. However, Pi coins can be traded on outside exchanges after the network switches to the open mainnet, enabling users to exchange Pi for fiat money. In the interim, Pi can be applied to products and services that are part of the Pi ecosystem.

Thanks to its massive user base and innovative approach to bitcoin mining, Pi Network has become a major player in the industry. But how exactly can one turn Pi into cash? That is a question that pi miners have on the brain. Even though the network is still in its early stages and users can’t convert their tokens to cash just yet, there are things they can do to be ready for when chances arise. Learn about Pi’s history, its potential, and what to expect when it’s time to swap it for cash with this comprehensive guide.

What Is Pi Network?

Users can mine Pi coins using their smartphones through the decentralised Pi Network initiative. Pi Network’s Stellar Consensus Protocol (SCP) consensus method enables users to earn Pi coins without expending substantial processing power or energy, in contrast to typical cryptocurrencies that rely on mining procedures.

Making a cryptocurrency that anyone can use, regardless of their financial situation or level of technical knowledge, is Pi Network’s main goal. Even though Pi Network has 40 million members right now, it can’t be traded on external exchanges because it’s still in the contained mainnet phase.

Phase in Progress: Enclosed Mainnet

Since Pi Network is now in its contained mainnet phase, users are unable to buy or sell Pi coins on any other network. During this stage, the core team will be able to concentrate on crucial tasks including verifying user identities, securing the network, and creating a healthy ecosystem in preparation for the open mainnet launch. For the time being, users cannot exchange their Pi coins for fiat money or any other cryptocurrency because they are effectively in a “locked” condition.

How to Convert Pi Into Money After It Can Be Traded?

1. KYC Verification

You are need to finish the KYC (Know Your Customer) verification process before you can turn your Pi coins into cash. This procedure guarantees that no automated software or phony accounts are using the Pi Network. In order to comply with regulations and get ready to trade on foreign exchanges, Pi must ensure KYC compliance.

Only users who have passed the Know Your Customer (KYC) process will have their Pi coins sent to their mainnet wallet while the Pi Network team is progressively implementing it. To make sure your Pi can trade in the future, you must finish KYC as soon as feasible if you haven’t already.

2. Switch to an Open Mainnet

Moving from the private mainnet to the public one is a crucial step toward turning Pi tokens into fiat currency. Users will be able to purchase, sell, and trade Pi currencies on cryptocurrency exchanges after the open mainnet phase begins. The core team of the network is anticipated to be happy with the network’s security, scalability, and regulatory compliance before this shift occurs.

The Pi Network team has been careful not to set precise deadlines, so the actual date of the open mainnet debut is still up in the air. But once this part is up, users can use exchange listings to trade their Pi coins for fiat money or other cryptocurrencies.

Where Will Pi Be Available for Trading?

Possible Listings on Exchanges

It is anticipated that Pi Network would seek listings on leading cryptocurrency exchanges after it moves to the open mainnet. Among the most common places to trade Pi, you might find:

Binance: Known for listing fresh and creative projects, Binance is one of the biggest cryptocurrency exchanges in the world.

Coinbase: Another possible listing for Pi is Coinbase, a user-friendly platform that places a high priority on regulatory compliance. Another exchange that might list Pi once it is marketable is Kraken, which is well-known for its strong security protocols.

Once Pi becomes marketable, it may be listed on Kraken, an exchange known for its strong security procedures.

Nevertheless, there is no assurance that any exchange will list Pi. Each exchange has its own set of standards that Pi Network must adhere to, and these standards usually cover things like demand, liquidity, regulatory compliance, and community interest. You can exchange your Pi coins for fiat money or other cryptocurrencies like Bitcoin, Ethereum, or stablecoins if it’s listed correctly.

What DEXs Play in the Big Picture

Pi may also be listed on decentralized exchanges (DEXs) like Uniswap or PancakeSwap, in addition to controlled exchanges like Binance or Coinbase. DEXs remove the middleman from cryptocurrency trading by connecting buyers and sellers directly. After the open mainnet starts, these platforms may provide Pi traders with more options due to their higher flexibility.

Possible Pitfalls to Think About Before Converting Pi to Cash

Volatility of Prices

There will certainly be a lot of price volatility in the early phases of trading for Pi once it is listed on exchanges. There might be a price collapse if too many people try to get their Pis out of their wallets at once. Pricing spikes, however, may result from extremely high demand. When turning Pi into cash, users must be mindful of these changes and carefully plan their time.

Security Issues

Users should use caution regarding security when trading Pi on centralised exchanges or P2P networks. The bitcoin industry is rife with scams, phishing attempts, and fraudulent transactions. Protect your valuables at all times by using secure platforms and using two-factor authentication (2FA).

Conclusion

The present enclosed mainnet phase of Pi Network makes it impossible to convert Pi into money. Nevertheless, cryptocurrency exchanges will most likely be able to accept Pi coins for trading after the open mainnet transfer occurs. Customers will have the option to exchange their Pi tokens for fiat money or other cryptocurrencies once Pi is listed. In the meanwhile, you can buy something on the Pi Network with Pi coins.

To make sure they are ready to turn their Pi into cash when the chance comes, users should keep themselves updated on important developments like the KYC procedure and the move to the open mainnet as the Pi Network grows.

FAQs

BTCC will keep you updated with the Pi ecosystem hype, especially the Pi Network launch date. Read the following articles for more information about the Pi Network:

• Is Pi Network Legit Or Scam: Pi Cryptocurrency Real Or Fake?
• Pi Coin Price Prediction 2025:Will Pi Ever Be Worth Money?
• Will Pi Network Ever Launch? What Stage is Pi Network Now?
• Pi Network Price Prediction Hinges on Its Open Mainnet Launch
• Pi Network 2022 Year-End Update
• Pi Network Review: Is Pi a Scam?
• Pi Wallet: Does Pi Network Have a Wallet App?
• Pi Network News: Will Pi Coin List on Binance?
• Will Mined Pi Tokens Be Part Its Circulating Supply?
• How to Create a Pi Network Invitation Code

Disclaimer: Pi coin carries a high level of risk and it is not recommended to trade this coin.