The popular mobile-mined Pi token is now trading on exchanges such as Houbi, Bitmart, HotCoin, and others.
And pioneers have been asking, “can I sell my Pi tokens?” The simple answer is NO. As you read on, I’ll explain why.
If this is the first time you’re hearing about Pi, read our previous posts to get onboard:
- Pi Coin Review – What You Should Know About The Pi Network!
- Pi Network Update! Mainnet Is Here | How To Cash Out Your Pi Tokens!
Otherwise, let’s get to the main gist.
Can I Sell My Pi Tokens?
Before I answer this question, I want to quickly introduce you to Bybit, a renowned crypto exchange where you can buy/sell many coins. Sign up now using my link and stand a chance to reserve a $30,000 deposit bonus.
You cannot sell all the Pi tokens you have mined so far; not at the moment.
However, you can use it to purchase goods and services on Reddit.
You cannot sell your Pi tokens right now because the Pi network is still in the enclosed network phase of the mainnet.
Before you can sell your coin on an exchange, it must first transition to the open network phase.
Also, you need to complete KYC verification to be able to transfer your tokens to a wallet from where you can sell them.
How come Pi tokens are trading on some exchanges?
The truth is, the Pi tokens currently trading on exchanges are an IOU and the Pi network team has warned that this Pi is not the official Pi network token.
On CoinMarketCap, there is a clear warning that it is an IOU and thus cannot be transferred between exchanges.
So, what exactly is an IOU? IOU stands for “I owe you.”
Let me paint a scenario.
John sells gold and he buys it from South Africa.
Assuming he does not have gold at the moment but Ola wants to buy gold from him.
Ola goes on to pay John for the gold and John hands him a token, saying, “this token is a gold IOU from me.”
In other words, “I owe you” gold. When I return from South Africa, you’ll give me back this token in exchange for real gold.
Now, Ola can sell this gold IOU to another person, and that person can sell it to another person until John returns from South Africa.
Whoever has the token can exchange it for real gold from John.
This is the same thing with the Pi network IOU token on these exchanges. You can buy it there and exchange it for the actual token in the open mainnet phase.
So, should you buy these PI IOUs?
I don’t think you should. Here’s why;
The real Pi Network coin is not yet traded, so no one really knows what the price is.
It could be below $1 or much above it; no one knows. The market will determine the price of the token at the open network phase.
As of press time, the Pi IOU is trading at $36.34 on these exchanges.
If you buy it now and the coin eventually lists at $6, You will lose $30.34 per coin.
You will only make a profit if it sells for more than $36.34 per unit. And I doubt this will be the case because a lot of people are currently mining Pi for free.
So, instead of taking the risk of buying the IOU, keep mining the coin.
If you are not mining already, you can use this link to begin.
Then if you want to sell your Pi, you can use it to buy products and services from Reddit. Just search for it there.
Let me know if you have any questions in the comments section.
Hey! See how Mr. Jude completed his KYC on the Pi Network 👇