Pi Coin: How to Mine, Buy, Sell, and Trade

The Pi Network has democratized the bitcoin scene by making mining available to everyone. Conceptualized by a group of Stanford graduates, the project enables anyone to mine Pi cryptocurrency directly from their smartphone, without incurring the costs of expensive hardware or requiring great technical knowledge. Launched recently on Open Mainnet and listed on leading cryptocurrency exchanges, the Pi Network is catching up with crypto enthusiasts. In this elaborate guide, we would walk you through the process of mining, buying, selling, and trading Pi Coin in India with step-by-step instructions and handy tips.

How to Mine Pi Coin?

Mining Pi Network Coin can simply be described as a walk in the park. You can do this directly from your mobile phone. Here is the beginning of its approach:

• Get Started with the App: The Pi Network app is freely available on both the google Play and the Apple app store. Search using the two words “Pi Network” and download it onto your mobile phone.
• Create an Account: Sign up either through Facebook or by providing a phone number. Then just follow the prompts and finish the registration process. You will be asked basic details and to think up some username.
• Start Mining: Once your account is created, open up the app and tap on the lightning bolt icon to start mining Pi cryptocurrency . You must tap the lightning bolt every 24 hours so you can continue the mining process. This executes confirmation of the fact that you were present on the network for a day and allows you to remain active in the process of mining.
• Construct Trust Circles: You can actively create trust circles consisting of 3-6 people whom you earnestly believe you can trust and invite them to the Pi Network so that your rate of mining will see an increase. Such circles ensure the security and protection of this network while earning more Pi cryptocurrency for you.
• Get Involved with the Community: The Pi Network encourages others to engage in the community and chat feature thereof. You belong to a community where you can be part of discussions, question things, and learn from other users to keep you informed and for better mining.

How to Buy Pi Coin?

Once you have mined Pi Coin or if you want to purchase additional coins, you can buy Pi cryptocurrency through cryptocurrency exchanges. Here are the steps to buy Pi cryptocurrency in India:

• Choose a Cryptocurrency Exchange: Several exchanges support Pi cryptocurrency , including OKX, Gate.io, Bitget, and CoinDCX. For Indian users, CoinDCX is a popular choice due to its ease of use and support for Indian Rupees (INR).
• Register on the Exchange: Create an account on your chosen exchange by providing your email address, creating a password, and completing the verification process. You may need to submit identification documents for KYC (Know Your Customer) compliance.
• Deposit Funds: Once your account is verified, deposit funds into your exchange account. You can deposit INR through bank transfer, UPI, or other supported payment methods. If you prefer, you can also deposit USDT (Tether) to trade against Pi Coin.
• Buy Pi Coin: On the exchange, search for the Pi Coin trading pair (e.g., PI/USDT or PI/INR). Place a buy order to purchase Pi cryptocurrency using your deposited funds. You can choose between a market order (buy at the current market price) or a limit order (set your desired price).
• Secure Your Pi Coin: After purchasing Pi cryptocurrency , transfer it to your Pi Network Wallet for added security. Avoid keeping large amounts of cryptocurrency on exchanges to protect against potential security breaches.

How to Sell Pi Coin?

Selling Pi Coin is a simple process through which cryptocurrency exchanges help out. The following outlines how to sell Pi Coin in India:

• Transfer Pi Coin: Open Pi Browser and go to your Pi Network Wallet. Transfer your Pi cryptocurrency to the crypto exchange where you intend to sell it.
• Find the Trading Pair: Search for the trading pair PI/USDT or PI/INR to sell the Pi cryptocurrency for USDT or INR.
• Place a Sell Order: Either create a market order: i.e. sell for the current market price or a limit order. Place the sell order and convert the Pi cryptocurrency to USDT or INR.
• Withdraw Funds: Upon the execution of your sell order, you can withdraw the money to your external wallet or bank account. This might require converting USDT to INR and then to your bank account if you sold Pi cryptocurrency for USDT.

How to Trade Pi Coin?

The trading of the Pi Coin involves buying and selling the cryptocurrency based on market trends and price movements. Here are a few tips on trading Pi cryptocurrency in India:

• Keep Up with Market Trends: Be sure to follow price movements and market trends for Pi cryptocurrency on cryptocurrency news websites, tools for market analysis, and exchange charts. Knowing market trends may help you in making a more informed trading decision.
• Use Trading Techniques: Prepare a trading strategy that is in line with your risk appetite and investment goals. Common strategies would include day trading and swing trading among others.
• Placing Buy and Sell Orders: Either using limit orders to choose specific prices for buying or selling or using market orders for trading right now on the market price. It will always be helpful to place certain orders to enter or exit trades at opportune moments.
• Set Stop-Loss and Take-Profit Orders: Establish stop-loss orders (sell if the price drops to a specific level) and take-profit orders (sell if the price reaches a certain level). This is an essential method in managing risk as it prevents significant losses and locks in profits.
• Stay Updated: Keep yourself updated on the news from PI Network, the regulatory changes, and market developments. Join Pi Network forums, follow Pi Network social media channels, and actively participate in discussions to keep yourself updated and adapt your trading strategy accordingly.

Frequently Asked Questions