With the Pi Network’s open Mainnet launching on Thursday, moving from a closed ecosystem to a fully decentralized ecosystem on Blockchain, the Pi coin holders will be able to engage in external transactions. This includes moving Pi coins to external wallets and also trading it on key cryptocurrency exchanges.
The open mainnet launch, which means a phase where the blockchain is completely decentralized allowing external connectivity and unrestricted transactions, has created significant interest, leading to the jump in Pi Coin’s price.
Ahead of the launch, speculative trading through IOUs recorded prices moving between $61 and $70. Post announcement of listings, the coin had briefly crossed $100 before stabilizing.
However, it is important to know that moving to an open mainnet has certain risks such as market volatility, the chances of early miners selling large quantities of Pi Coins, and issues around the network sustainability for the long term apart from the regulatory compliance.
For the uninitiated, Pi network crypto project calls for making digital money accessible to all. Pi can be easily mined through a mobile app unlike the crypto king Bitcoin whose mining depends on powerful computers. Announced in 2019 by Stanford graduates Nicolas Kokkalis and Chengdiao Fan, Pi coin can be mined through the Pi Network app daily.
The project had earlier operated in an enclosed ecosystem system where users weren’t able to transfer coins outside the app.
Users or investors can trade Pi coin with the latter getting listed on exchanges such as Binance, OKX, and Bitget. The current traction around Pi coin may influence its price, attracting investors to bet on it. However, similar any other coin, Pi coin’s price may also face volatility. Further, businesses and development may look at integrating it for payments, apps and smart contracts.
For those looking to trade Pi coin, the process is simple: Complete your KYC and migrate the coins from closed to open mainnet in order to move them to external crypto exchanges. Select the exchange you want to trade on and where you see Pi coin listed and then transfer coins from the Pi website or app to your exchange wallet. Once transferred, you can place a sell order and later withdraw them as well.
Disclaimer – Investors in cryptocurrencies must make their own investment decisions based on their specific objectives,
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