Already 4 years ago, I introduced you to a few apps for mining cryptocurrencies from your smartphone. We didn't really know what it would lead to, but it didn't eat any bread, since all it took was one click a day in the application to accumulate cryptos. Those who persevered were right to continue, as the Pi Network project has just reached a historic milestone with the launch of its open network (Open Mainnet) on February 20, enabling millions of users to trade their Pi tokens on exchange platforms. In other words, accumulated Pi tokens can now be exchanged for euros. At last!
An eventful entry onto the exchanges
The launch of the open mainnet marks the end of a six-year development period, and finally enables users to transfer their Pi to external wallets and exchange them. This transition triggered considerable volatility, with an initial rise of 45% to $2.10 before dropping sharply to $1.01. At the time of writing, the value of the Pi has recovered, currently standing at $1.46.
Several major exchanges such as OKX, HTX, Gate.io and MEXC immediately listed the Pi. Binance, the world's largest exchange, has launched a community vote which will end on February 27, with 85% of votes currently in favor.
A unique ecosystem in the crypto world
Pi Network stands out for its mobile mining system, enabling users to generate cryptocurrencies directly from their smartphones, without expensive hardware or high energy consumption. This accessibility has contributed to its success, with over 110 million installations to date.
In just 4 years, the network has experienced impressive growth, recording an average of 110,000 new installations daily. On February 17, an impressive 540,000 new users joined the platform in a single day!
Future challenges
With a total supply of 9.7 billion tokens and a current capitalization of $7.02 billion, price stability remains a major issue. Selling pressure from early miners looking to cash in their winnings could continue to weigh on the price.
The network must also prove its value beyond simple mining, notably through the deployment of decentralized applications (DApps) and the expansion of its usefulness in the real world. Mandatory KYC verification for full participation in the open network guarantees a secure and compliant environment.
This new phase represents a crucial moment for Pi Network, which must now transform its huge user base into a viable and sustainable blockchain ecosystem.
How to cash in your Pi?
If you've been following Pi Network for a while, you'll have seen that there's a KYC to be carried out. This is identity verification, which is mandatory in anything to do with finance. The option appears in the mobile application, and you'll need to provide a photo of your identity card (or passport) and a photo of yourself. Many never did it, believing it to be a scam and afraid of what would be done with their identity information. But without this validated KYC, it's impossible to cash Pi. As far as I'm concerned, the KYC has been validated for a long time, and I was even part of the validation team when the organization called on the community to speed things up.
Identity validation can take several days. Once validated, a series of tasks need to be carried out in order to create a crypto wallet that can hold the Pi. Everything is clearly explained in the application, so all you have to do is follow the screens. Remember to copy the recovery phrase (a series of words): this is the phrase that will enable you to recover your crypto wallet, whatever happens. This phrase must not be communicated to anyone, as it is the key that gives access to everything.
Once all the steps have been validated (in green), your Pi can finally be transferred to your crypto wallet. This is an automatic step, which again can sometimes take several days. Be patient :/
Only then will you be able to transfer them to an Exchange (allowing them to be converted into cash). First of all, you'll need to open an account with one of the services that list the Pi. For my part, I'm on Gate.io, but it seems to me that access is now blocked for France due to certain European laws. You'll find compatible exchanges at the bottom of the Pi Network page.
Once you've created your account, go to “Deposit” depending on the language of the exchange. Then select the crypto you wish to deposit (PI Network) and its network, as shown here:
An address is then generated, along with a QRcode to help you enter the address. This is the address to which the Pi must be transferred. Warning: the slightest error and your cryptos are lost forever!
Back in the Pi mobile application, click on “Pay / Request”. Here you can enter the address manually, but the safest way is to scan the QRCode with your smartphone's camera:
Click on “Scan” and aim at the QRCode generated by the exchange:
Then enter the number of Pi to be transferred. If you're not familiar with this kind of transaction, I'd advise you to transfer a small amount, such as 5 Pi here, just to make sure everything's working properly.
Confirm: the transaction is completed.
After a few seconds, the Pi should be visible on your Exchange. An “Exchange” or “Trade” function should be available, enabling you to exchange the Pi for another crypto. Not all cryptos can be directly exchanged for euros (fiat).
Here on Gate.io we come to the screen for placing trades (market operations). The section we're interested in is on the right: the “Sell” section. This is where you can indicate the number of Pi you wish to sell. You can set a price limit, or sell at the current market price. Here, our Pi will be exchanged for USDT (crypto dollars).
Once you've entered all your details, you confirm. The transaction is completed immediately. If you check your account, you no longer have Pi, but USDT. A crypto which is indexed to the dollar rate, and which can be exchanged for euros:
You can enter your bank details to receive the transfer in euros directly into your account.
Please note: as soon as you convert to Fiat (euros), you will be liable for Flat Tax (capital gains tax). Given that these cryptos were created from 0, a third of the amount will have to be paid to the tax authorities. That's something to bear in mind!
As far as I'm concerned, there's no fiat transaction, and the money goes back into new crypto investments to grow even more ;-)
In any case, even if this project wasn't a sure thing at the outset, it's a nice surprise!
Please remain courteous: a hello and a thank you cost nothing! We're here to exchange ideas in a constructive way. Trolls will be deleted.