Breaking! Unlocking Pi Network: A Simple 3-Step Guide to Cashing Out Your Pi Coins

In today’s digital age, characterized by rapid technological advancements and complex innovations, the cryptocurrency sector has witnessed significant transformations. Among these innovations is Pi Network, an ambitious project launched in 2019. Pi Network offers a revolutionary approach to cryptocurrency mining with a unique vision: making crypto mining accessible to anyone, anywhere, without the need for high costs or specialized hardware.

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In our previous article, we provided a beginner’s guide on how to mine Pi Network easily. This time, we delve into how Pi Network could potentially reshape the digital finance landscape and the process of cashing out Pi Network coins. Curious? Read on for the full guide.

Origins and Rapid Growth

Pi Network emerged from the minds of a group of Stanford University graduates who aimed to revolutionize our interaction with cryptocurrency. The founding team, including Dr. Nicolas Kokkalis, Chengdiao Fan, and Dr. Chengdiao Fan, sought to create a platform that would allow ordinary users to participate in transaction validation and "mine" Pi coins using just their smartphones or personal computers.

This concept proved attractive to many, and within just three months of its launch, Pi Network had attracted over 100,000 users. This growth continued at a rapid pace, and by March 2022, the platform claimed to have over 33 million global users. This figure highlights Pi Network’s significant potential in bridging the gap between complex blockchain technology and everyday users.

Advantages of Pi Network

One of Pi Network’s major advantages is its commitment to environmental sustainability. Amid global concerns about the environmental impact of traditional crypto mining, Pi Network offers a smarter solution. The Pi mining app is designed to be energy-efficient, allowing users to mine without draining their battery or causing excessive heat to their devices.

The app’s operation is also unique and innovative. Instead of engaging in energy-intensive calculations, Pi Network users help verify and secure the network through a trust-based system. This approach is not only environmentally friendly but also makes mining more inclusive and accessible to the general public.

Revolutionary Blockchain Technology

Pi Network adopts a different approach in its blockchain technology. Instead of using the popular Proof of Work (PoW) system like Bitcoin, Pi Network employs the Stellar Consensus Protocol (SCP) as its consensus mechanism. SCP enables Pi nodes to reach consensus more efficiently by using a security group of three to five trusted users.

This system not only enhances network security and credibility but also allows for faster and more efficient operations without requiring the entire network to participate in every transaction. By using SCP, Pi Network reduces the energy consumption associated with mining and speeds up transaction processes, making it faster and more environmentally friendly.

Recent Developments and Future Prospects

Pi Network continues to evolve with updates aimed at improving its functionality and security. Recent significant steps include the launch of the KYC (Know Your Customer) application for user identity verification and the introduction of a Block Explorer for easy transaction tracking and blockchain data exploration.

Despite still being in development, Pi Network has shown a commitment to gradually realizing its vision. The launch of the Enclosed Mainnet in December 2021 marked a significant step towards the full realization of the project. This phase allows Pi Network to test various features and functions before a wider release. For more details on the Pi Network KYC process, refer to our related article here.

How to Cash Out Pi Network: A 3-Step Simple Guide

Now, let’s dive into the simple steps for cashing out Pi Network. One of the main reasons users are interested in mining or collecting Pi coins is to withdraw and convert them into spendable assets. Here is a step-by-step guide on how to use the testnet browser wallet to cash out Pi Network, based on information from Coinapult.com:

1. Access Pi Browser

Start by opening your Pi Network app and tapping the menu in the upper left corner. Proceed to Pi Browser and follow the instructions to sign in by tapping “SIGN IN TO PI BROWSER.” If you don’t have the browser installed, you’ll be directed to the app store to download it. If it’s already installed, you’ll be automatically directed to the browser.

Typically, if you’re using the Pi mining app, the browser will automatically log you in. However, you can log in manually by entering your Pi Network credentials.

2. Generate a New Wallet

Once logged in, you’ll see a welcome page with a variety of Pi Network dApps, including chat applications, wallets, KYC, explorers, and mining apps. Select the wallet icon (WALLET.PI) and click on “GENERATE WALLET.”

After that, back up your passphrase and set up security steps to protect your wallet. This process is crucial for ensuring that your coins are secure and accessible only to you.

3. Transfer Assets

With your wallet set up, you can now send or receive Pi coins within the Pi Network. Open the Pi Browser, select Wallet.pi, and log in with your password. Here, you’ll find options for RECEIVE and SEND.

With these options, you can send your coins within the Pi Network. However, it is important to note that currently, Pi coins cannot be withdrawn to exchanges or other wallets. Withdrawals and transfers will be available once the network upgrades to the mainnet Pi Coin during the third phase of its development roadmap.

What Happens After the Third Phase?

After the third phase of development, Pi Network is expected to enter full mainnet phase, where Pi coins will have full decentralized blockchain characteristics and will be available on various crypto exchanges. At this point, users will be able to exchange and withdraw their coins more easily.

Currently, coin withdrawals are restricted to prevent malicious activities and fraud within the network. As the network undergoes a series of tests on the testnet, it will be declared ready for production and then migrated to the mainnet. Once fully migrated, Pioneers will be able to transfer or use their coins for various transactions.

Challenges and Opportunities Ahead

While Pi Network offers an intriguing and eco-friendly approach, there are several challenges to address moving forward. One of the main challenges is ensuring that the network can handle a large volume of transactions after the full launch. Additionally, developers and the core team must ensure that all features and functions operate smoothly to maintain user trust.

Nevertheless, with its commitment to environmental sustainability, revolutionary blockchain technology, and focus on inclusivity, Pi Network has the potential to become a significant player in the cryptocurrency world. The project opens up wider participation opportunities for everyday users and could significantly alter the digital finance landscape.

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Pi Network represents an exciting innovation in the world of cryptocurrency, offering a new approach to mining that is more inclusive and environmentally friendly. By enabling mining through simple devices like smartphones, Pi Network takes inclusivity and environmental sustainability to the next level. Although still in development, the potential of Pi Network to revolutionize digital finance is substantial.

For users, it is important to be patient and wait for the third phase of development before fully utilizing Pi coins. In the meantime, stay informed about the latest updates on Pi Network and take advantage of the available features to prepare for the full launch in the future.

Disclaimer:

Pi Network is still in the development phase, and Pi coins are not yet tradable or withdrawable to other crypto exchanges. This article should not be considered financial advice or investment recommendation. Users are advised to conduct further research and exercise caution when participating in developing projects.

Source: Indodax

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Writer @Elena

Elena is an experienced crypto writer who loves to explore the intersection of blockchain technology and financial markets. She regularly provides insights into the latest trends and innovations in the digital currency space.

 

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