The Pi network has been gaining attention for the past few months and the team has said to launch its application this year-end or at the starting of the next year. This application aims at miners who want to mine with their mobile phones. It is also the world’s first mobile-first cryptocurrency project.
Although the Pi coins cannot be directly sold or bought on exchanges until the mainnet launch, IOUs provide an early opportunity to trade claims to future Pi tokens. As this is a growing possibility, many users want to learn how to sell and buy Pi coins. In this article, we can learn about selling Pi coins through HTX IOUs, DEX (Decentralized exchange), and CEX (Centralized Exchange).
Selling Pi coins
Before getting on to how to sell these coins, let us take a look at the platforms through which these coins will be sold, that is, HTX IOUs, DEX, and CEX. IOUs are digital tokens that mark a potential claim to Pi tokens once the mainnet launches. IOU is the short form for I Owe You.
DEX or the Decentralized exchange is a marketplace where users will be able to trade cryptocurrencies without the need for an intermediary to monitor the transfer and custody of funds. CEX, or the centralized exchange is the business that makes buying, selling, and trading of cryptocurrencies possible.
To buy Pi coins,
Step 1: Create an account on HTX
This could be done by visiting the HTX account and signing up for a new account. After completing the required verification process to ensure security, your account will be ready in no time.
Step 2: Deposit Fiat currency, USD or EUR, to your HTX account. This can be done through various methods like debit or credit cards, bank transfers, or even cryptocurrency deposits.
Step 3: Find the IOU trading pair of PI. this could be naviagted by using the search function on HTX and find the trading pair involving PI IOUS. An example of a trading pair would be PI/BTC or PI/USDT.
Step 4: Place a sell order
Once you have chosen the trading pair, you can place your sell order. Keep in mind to specify the exact price at which you want to sell your Pi IOUs and make sure to sell the order at the best market price available that day.
Step 5: Complete the Trade
The trade will be executed when a buyer matches your sell order. By this process, an equivalent amount of fiat currency or other cryptocurrencies will be credited to your HTX account.
Once the mainnet is launched, trade can be executed via CEX. This could be done via the following steps:
Step 1: create an account on platforms like Binance, or other major exchanges like Kraken.
Step 2: Deposit your Pi coins to your exchange wallets and wait for the market price to rise or fall according to your investment.
Step 3: Place your sell order at a price you want and set a limit up to which you will trade for the day.
Step 4: Once the trade is executed, you will receive payment in your preferred currency in fiat money or even cryptocurrencies.
These steps will be the same for selling your Pi coins via DEX except you could connect your crypto wallet to the DEX platform.
What to Conder While Selling Pi Coins?
Trading could be a rollercoaster due to its volatile nature sometimes, so here are a few things you should have in mind while selling your Pi coins.
- Trading Fee: both CEX and DEX will incur a small amount fee during each transaction you make through that platform to trade with.
- Security and Scams: doubtlessly, there will be a lot of websites and platforms that will come up with fraudulent websites and counterfeit coins so it is always necessary to confirm Pi’s mainnet status and use only the official sources for wallet addresses, trading details, and other relevant information.
- Volatility of the Market: The value of the Pi coins and other cryptocurrencies also will face a fluctuation according to the day’s market as it is highly volatile and the trends change in a nick of time.
- Timing the Market: the initial stages of the mainnet launch will see high volatility so it is crucial to monitor the market with open eyes and consider setting price targets to optimize your sale timing.
- Tax Obligations: Selling cryptocurrency is a taxable event so keep records of your trade and be aware of tax regulations on crypto transactions.
Current State of Pi Network & Future
The Pi network is currently in a blooming stage. The Pi core team has mentioned that the mainnet is entering its final weeks and the launch will be announced soon. This application will bring many new miners as well as this application brought forward an opportunity to mine using their smartphones.
It will also enable Pi coins to be traded for other cryptocurrencies and fiat money so in no way is this platform gonna die or downtrend. There are also predictions where they say the price is likely to increase and not the other way around.
With more than 10 million people migrating to the beta mainnet, this would be a massive hit. In my opinion, this application and the whole Pi network are worth giving a go. This might be one of the ways to save money and time in the future.