CAN I SELL MY PI COIN? 2024
To claim your Pi, follow this link https://minepi.com/Bhi28 and use my username (Bhi28) as your invitation code (use username as it is).
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Pi Network is a great platform that helps the environment, and anything that helps the environment is good for people. So, we should pay attention to Pi Network.
Unlike Bitcoin, Pi Network has been preparing, building, and adjusting for four years. During this period, Pi Coin accumulated its own consensus foundation, which is the support of its value.
Can I sell my Pi Coin and how do I do that? This is a question I’ve been getting lately because it is now listed and traded on exchanges such as Hubi, BitMart, Hot Coin, and others. The answer to this question is no. However, you can use it to purchase goods and services. You cannot sell Pi Coin right now because the Pi Network is still in the enclosed network phase of the mainnet. Before you can sell your Pi Coin on any exchange, it must transition to the mainnet open network phase, and KYC verification must be completed for this to occur.
Now, the question is, how did the Pi token end up on these exchanges? The answer is that the Pi traded on these exchanges is an IOU (I Owe You). The Pi Network team has warned that this Pi is not the official Pi token, and 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 explain. This is Peter. Peter sells gold. He buys it from South Africa. He does not, however, have gold at this time. But Paul wants gold, so he goes to Peter and says, “I’ll pay you for gold.” Peter collects the money and hands over to Paul a token, saying, “This is a gold IOU from me. So, I owe you gold. When I return from South Africa, give me back this token in exchange for the real gold.” Deal done. Paul can, however, go ahead and sell this gold IOU to another person, and that person can sell it to another person, and so on, until Peter returns from South Africa. Whoever has the token can exchange it for the real gold from Peter.
This is the same thing with the Pi Network IOU token on these exchanges. You can buy it there and exchange it for the real token in the open mainnet phase.
Now, will I buy the Pi IOU? No. And this is the reason why. The real Pi Network coin is not yet traded, so no one really knows what the price is. It could be below one dollar or much higher. No one really knows the price. The market will determine what the price will be at the open network phase. At the time of this video, Pi IOU is trading at $19 on these exchanges. So, if I buy it for $19 and it lists at $5 eventually, I would have lost $19 per coin. I can only make a profit if I sell it above $19, which I doubt will happen when it eventually transitions to the open network phase. This is because a lot of people are mining Pi Coin for free. So, instead of taking the risk of buying the IOU, I would rather keep mining that coin.
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- To claim your Pi, follow this link https://minepi.com/Bhi28 and use my username (Bhi28) as your invitation code (use username as it is).
- And please use my username to help me.
Disclaimer : This information is for general purposes only and not financial advice. All investments carry risks, and past performance doesn’t guarantee future results. Consult a qualified financial advisor for personalized advice. We are not liable for any investment decisions made based on this article.