Pi Coin Verification: How to transfer your funds to Mainnet
Are you holding your Pi Coin and wondering when and how to sell it? Although it is not ripe to harvest, here are some tips on what to do to be ready when the moment comes and you can exchange your Pi Coins.
We have decided to provide step-by-step guidance on navigating Pi Network's regulations for moving funds to their mainnet.
Understanding the importance of preparation is key. The mandatory lock-up period is a crucial step to make your funds tradable. By starting the countdown as soon as possible, you ensure that your funds are accessible once the Pi Coin becomes tradable. This way, you are fully prepared to sell, swap, or manage your assets as you see fit.
ELIMINATING FAKE ACCOUNTS, VERIFY YOURS!
Pi Coin's community, which reportedly has over 60 million members, is now implementing KYC verification as part of its migration to the mainnet.
By implementing KYC verification, the Pi Coin community is taking a significant step towards increasing credibility and user trust. This move is particularly beneficial for honest users, as it has the potential to enhance their rewards. Your cooperation in this process is highly appreciated.
In addition, Pi Network is working on Pi Pay, a payment system for its users. Emphasis is placed on the need for a verified and legitimate user base to create a thriving ecosystem.
TO DO LIST: MIGRATION TO THE MAINNET
Complete nine steps towards the mainnet:
- Download your Pi Browser app
- Create a Pi Wallet
- Confirm your Pi Wallet
- Commit to lockup configuration
- Secure your account
- Submit your KYC Application
- Wait for KYC Results
- Sign acknowledgement To receive tokens
- Migrate to Mainnet
These steps are designed to be straightforward and thoroughly detailed. We aim to provide you with tips and address any potential challenges you might encounter during this process.
1. Download your Pi Browser App
You need to download the Pi Browser App from the iOS App Store or Google Play Store.
2. Create a Pi Wallet
When you create your Pi wallet, you will receive a set of 24-word phrases that you need to record for future use. Additionally, you will have the option of recording your fingerprint for quicker access. This is important because any attempt to open the wallet will prompt you to either write down the set of 24 phrases or unlock the wallet using your fingerprint.
- Serious alert: There is no way to retrieve your account if you lose the 24 phrases assigned to you at wallet creation. Store them safely!
- Another serious alert: You should never trust individuals online who claim they can solve your security problem. Not even the Pi Network can help you recover your password.
- Is there some good news for how to recover Pi Wallet 24 phrases?
If you've already completed all nine steps and received confirmation that your Pi has been transferred to the mainnet, and if you forget your 24 words after that, there is no way to retrieve your Pi.
3. Confirm your Pi Wallet
Enter your 24 phrases, and your wallet will be confirmed. Double check the spelling and make sure you complete all of the words. Never give your passphrase to anyone other than the Pi Network's app.
4. Commit to lock-up configuration
You need to lock up at least 25% of your verified balance. The minimum is 25% of your balance for 2 weeks, and the maximum is 200% for 3 years.
Rewards follow your commitment - the more funds you lock up, the higher will be the return on your locked coins.
- Obvious alert: The locked-up Pi will not be transferable on the blockchain until the lockup duration. The lockup countdown begins after the transfer to the mainnet has been completed, including any pending periods. Of course, the lock-up comes with the risk on market saturation when Pi becomes publicly tradable - a shorter lock-up period allows for quicker conversion of Pi into cash through exchanges or direct sales soon after it becomes possible.
5. Secure your account
Confirm your Pi Account by verifying your phone number or linking with Facebook.
6. Submit your KYC Application
The process of completing KYC (Know Your Customer) on the Pi Network is easy to understand and follow. Face verification via phone is straightforward.
Hold your phone at face height during the photo capture, closely follow all given instructions, and when photographing your ID, avoid glare and ensure its corners aren't cropped. If you follow these steps you will complete KYC immediatelly.
If you want to know more, Pi Network provides details on how your data is stored in ToS and Privacy Policy on their website.
7. Wait for KYC Results -How long does it take for KYC to complete?
If you have quality photos, this should be fast. Pi relies heavily on its validators, who are volunteers that validate data along with algorithms.
If your country doesn't have many validators, it will cause longer wait periods.
8. Sign acknowledgement to receive tokens
Don't forget to read it before you agree and proceed.
9. Migrate to Mainnet
After completing the eight steps, all verified coins are automatically transferred within a week, as of 2024. The current wait time period is less than a week.
- How to unlock and transfer unverified Pi to mainnet?
WHERE TO SELL PI COINS?
At the moment, exchanging Pi Coin for crypto or cash is not allowed yet.
Two established exchanges have listed Pi Coin, but you cannot deposit, exchange or withdraw Pi yet. It's uncertain which platform will first list Pi for trading.
For now (April 2024), You will find Pi listed on:
Want to find out more about Houbi and BitMart? Read our reviews.
You should complete your KYC process, move your funds to the mainnet, and be fully prepared. It could also be advantageous to register on exchanges such as Huobi and Bit Mart, as they are rumored to be among the first to offer Pi trading options.
Remember, staying informed and being ready is your best strategy. We encourage you to actively seek updates and stay engaged with the Pi Coin community. This way, you can be proactive and make the most of the opportunities that arise when Pi Coin becomes tradable.
