How to Buy Pi Coin and Start Your Cryptocurrency Journey

The Pi Network is an innovative cryptocurrency project that enables easy mobile phone mining and aims to make cryptocurrency accessible to everyone. With a user-friendly platform and a unique referral system, it offers opportunities for individuals to participate in the cryptocurrency revolution. While the future value of Pi coins remains uncertain, the growing number of users and the project's ecological focus indicate its potential for success. Here we discuss how to buy Pi coin

What is Pi Network (PI)?

The Pi network is a unique cryptocurrency project that allows easy mobile phone mining. You can increase your mining speed by inviting trusted members to join the Pi app. The Pi network uses an algorithm based on the Stellar Consensus Protocol to validate transactions and prevent fraud. 

The Pi network also offers related services, such as a test version of the Pi wallet and a browser app for decentralized third-party Pi apps. The owners of Pi nodes will only get a cut of transaction fees when the open Mainnet launches and the Pi coin gets listed on cryptocurrency exchanges. One person can have only one Pi account, and 25% of all Pi coins are allocated to the Pi core team. Recently, the number of Pi nodes has exceeded 12,000.

Step-by-Step Guide: How to Buy Pi Coin

Follow these simple steps to purchase Pi cryptocurrency:

1. Check CoinMarketCap to find where you can buy Pi and the available currencies:

CoinMarketCap provides a list of places where you can purchase Pi. Visit CoinMarketCap and search for Pi. Click on the "Market" button next to the price chart. You'll find a comprehensive list of platforms where you can buy Pi and the currencies accepted. Look for the shorthand symbol for Pi, PI, paired with another currency like PI/USD for purchasing Pi with U.S. Dollars.

2. Choose a platform for your purchase:

Different platforms vary in terms of security, reliability, and liquidity. Before creating an account, conduct your research to select a suitable platform.

3. Make the purchase on your chosen platform:

Each platform has its own process. Some platforms are user-friendly, while others require more familiarity.

If you're buying Pi with fiat currency like the U.S. Dollar, it will be relatively easier compared to using another cryptocurrency. However, if you need to purchase Pi with another cryptocurrency, follow these steps:

  - Create a crypto wallet that supports Pi.

  - Purchase the first cryptocurrency.

  - Use the first cryptocurrency to buy Pi on the chosen platform.

If you encounter any difficulties, most platforms offer guides. Alternatively, you can find helpful resources from the active crypto community on platforms like YouTube and Twitter.

How To Buy Pi Coin From Pi Whales

Based on my experience, the majority of Pi coin holders, known as Pi Whales, are eager to trade their Pi currency. These early adopters and miners have accumulated millions of Pi coins.

If you can identify these substantial Pi coin holders, you may be able to negotiate a fair purchase price with them.

Buy Pi Coin: Joining the Security Circle

One of the easiest methods I've found for exchanging Pi coins is through the Security Circle. Users within your security network are likely familiar with you and are open to exchanging Pi coins at a reasonable rate. Simply ask, and you could soon become the next "Pi coin whale."

How to Buy Pi Coin From Referral Customers

Another fantastic approach to acquiring Pi coins is to ask previous sellers to recommend their friends to you. When vendors suggest other sellers, it can create a network effect.

Moreover, when there is an oversupply of Pi coins, the market price naturally decreases. By employing this method, you can accumulate Pi coins at a rate lower than the prevailing market price.

How to Buy Pi Coin Using PayPal?

PayPal offers an additional option for purchasing cryptocurrencies like Pi alongside more traditional payment methods such as credit cards and wire transfers. eToro, a unique trading platform, allows customers to fund their accounts with eToro and then use those funds to buy PI and other cryptocurrencies. To the best of our knowledge, eToro is the only cryptocurrency exchange that accepts PayPal and other electronic wallets for Pi coin purchases. Consequently, eToro is an excellent choice for investors who prefer this payment method.

Related: Shiba Inu Coin: Market Trend & Price Analysis in 2023

How to Buy Pi Coin Using Bitcoin?

If you want to buy Pi Coin using Bitcoin, it's now easier than ever. Bitcoin and other cryptocurrencies are gaining acceptance, allowing you to buy a wider range of products and services. Notable platforms like Binance, a well-known cryptocurrency exchange, accept Bitcoin and even traditional fiat currencies as payment for various cryptocurrencies. 

You can also use Ethereum (ETH), Cardano (ADA), and Binance Coin (BNB) to make cryptocurrency purchases. Although some merchants and payment processors are still catching up, many large cryptocurrency exchanges allow you to deposit your Bitcoin into their crypto wallet and easily buy Pi coins.

Related: Exploring the Top 5 BRC 20 Tokens on Bitcoin in 2023

 

How to Buy Pi Coin in India?

Despite India's strict stance on cryptocurrencies, you can still obtain Pi coins. However, you can only exchange them once phase 3 of the Pi Network is launched, which is expected to happen soon. To earn or mine Pi coins in India, you need to download the mobile app from the Android Play Store or iOS App Store and start mining using your mobile device. After buying Pi coins, you can store them securely in a digital wallet. You can also get the Pi coin wallet app from the Android Play Store or Apple App Store. This app helps you track your Pi transactions easily. Indian users have the option to buy Pi coins using their regular money or fiat currencies like INR. These coins can be stored in your wallet. Furthermore, you can visit the Pi Network website to earn Pi coins. The Pi Network also enables users to send money to others quickly using their PI wallet username. It's important for Indian users to note that Pi Network advises against connecting with crypto exchanges or third-party aggregators, as this could lead to significant loss or damage for Pi users. Pi Network has requested the removal of exchange listings, emphasizing that Pi transactions through exchanges are completely prohibited during the Mainnet period. Please remember that if you plan to buy a Pi in India, you won't be able to exchange it yet, as it is still in the testing phase. However, users who have earned Pi coins can transfer or withdraw them during the third phase, which will be launched soon when Pi moves to a fully decentralized blockchain.

Read More: Pi Coin Value in 2030: Predictions and Analysis                 

Why Should You Buy Pi Coin?

The Pi Network aims to make cryptocurrency accessible to everyone, even those who find mining and investing in cryptocurrencies challenging and risky. According to the developers, anyone can mine Pi cryptocurrency on their mobile device without worrying about battery drain. However, predicting the future value of Pi coins remains uncertain due to the limited information available.

The project's ecosystem involves diverse individuals. Pioneers are regular app users who need to log in daily to prove they are not bots. Some have noted similarities to multi-level marketing (MLM) in the ambassador program's unique format. In this context, "nodes" refer to users who have installed the app and are accessing it using node software. The ability to mine Pi coins and join the Pi network provides a distinct advantage that sets the platform apart for future prospects.

Read More: How to Make Passive Income with Crypto

Pi Network: How It Works?

The Pi Network is a user-friendly cryptocurrency platform accessible to everyone, thanks to its smartphone compatibility. One of its notable advantages is that mining on the Pi Network consumes minimal energy.

To be more specific, the Pi Network serves as a platform for mining the PI cryptocurrency. The best part is that you don't need any specialized knowledge of cryptocurrency mining to use it.

How to Create an Account on Pi Network?

Creating an account on the Pi Network involves the following five simple steps:

1. Download the Application:

Head to the Play Store or Apple Store and download the Pi Network application by tapping the download button.

2. Set Up a Password:

Once the application is installed on your phone, you will be prompted to set up a password. This ensures the security of your application usage.

3. Fill in the Form:

After successfully installing the application, activate your mobile data and open the Pi Network app. You will be asked to fill in a form, providing your name, first name, username, email address, and a new password.

4. Account Validation:

You can validate your account either by using your Facebook account or through your phone number.

5. Insert the Invitation Code:

The Pi Network operates on a referral system. To complete your registration, you need to provide the invitation code of the person who invited you. Once you enter and validate this code, you can start mining the PI cryptocurrency.

That's it! With these simple steps, you can set up your account on the Pi Network and begin your journey of mining PI cryptocurrency.

How To Sell Pi Coin:

Selling Pi coins is a simple process, regardless of the exchange platform you choose. If you're using a crypto exchange, you can navigate to the "sell" option in the menu. From there, you can determine the size and type of your order and convert your cryptocurrency holdings into the fiat currency supported by the platform with just a click of the "put order" button. If you use multiple Bitcoin exchanges, you have additional options. You can trade your Pi for other cryptocurrencies like Bitcoin, Ethereum, Binance Coin, or various fiat currencies. The platform will automatically store these coins in your digital wallet.

Most Pi users plan to sell their Pi Coin holdings eventually, and this is where things move forward. Currently, all mined Pi exists exclusively within the Pi network, and Pi can only be sold to other Pi users.

How to Sell Pi Coin Profitably?

If you have accumulated a significant amount of Pi Coins, you have two ways to make a profit: staking or selling. Staking Pi Coin is a long-term investment strategy while selling Pi Coin provides a more immediate return. The selling process is similar to purchasing Pi coins, as mentioned earlier. You can sell to whales or other major Pi Coin holders, trusted users within your network, or through a referral network of other merchants.

How to Transfer Pi Coin to Other Cryptocurrencies?

Many individuals have inquired about converting their Pi coins into other cryptocurrencies. However, until the next stage of Pi development, all mined Pi coins are limited to the Pi network and cannot be transferred or exchanged outside of it.

The Future of Pi Cryptocurrency

The future of cryptocurrency is always uncertain, but Pi Coin seems to be on the right track. Unlike other altcoins created around the same time, Pi Coin has successfully overcome various challenges. Additionally, the core principle of the Pi Network appears to be credible. While many existing cryptocurrencies consume substantial energy resources, the Pi project holds significant ecological value.

It's important to note that the Pi Network application is still in the testing phase, meaning that Pi Coin does not yet have a market value. The value of Pi will depend solely on supply and demand. However, considering the growing number of Pi Network users, it indicates a promising future for Pi Coin. Within a year, the user base has seen a significant increase.

In March 2021, Pi Network had nearly 3.6 million users when it launched phase 2 of its blockchain. By March 2022, despite the blockchain being in phase 2 stagnation, Pi Network boasts over 14 million users. This growth showcases its potential as one of the promising cryptocurrencies.

FAQs

1. Who created Pi Coin?

The Pi Network was founded in March 2019 by three Stanford Ph.D. graduates: Dr. Nicolas Kokkalis, Dr. Chengdiao Fan, and Vincent McPhillips.

2. Can I buy Pi Coin in the United States?

Yes, you can purchase Pi coins in the United States through well-known cryptocurrency trading platforms such as eToro, Binance, or Coinbase.

3. What is the market capitalization of Pi Coin?

Pi Coin does not have a market cap as it is not yet traded on any public exchange. Its market cap will only be established once active trading begins.

4. Can I buy Pi with cash?

No, you cannot buy Pi with cash as it is not supported within the Coinbase ecosystem.

5. How can I buy Pi with a gift card?

Currently, Pi is not supported for purchase using gift cards or any other payment system across the Coinbase ecosystem.

6. Will PI be listed on Binance? This token is not listed on Binance for trade or service.

Conclusion:

In summary, the Pi Network provides an accessible and energy-efficient approach to cryptocurrency mining through mobile devices. With its emphasis on inclusivity and user engagement, it offers individuals the chance to participate in the crypto space. While the value of Pi coins is yet to be determined, the increasing user base and promising growth of the project showcase its potential. As the Pi Network continues to develop and reach new milestones, it will be interesting to see how it shapes the future of cryptocurrency adoption.