How To Withdraw Pi Network Coin? – Beginner’s Guide - BTCC (2024)

A lot of people have started using and talking about the Pi network recently. This makes sense, considering that anyone with a mobile device or computer may start earning the coin right away.

The fact that anyone can mine the coin for free from their mobile phones ensures that it will remain popular even though no cryptocurrency exchange has listed it for trading. The Pi network app is all that’s needed to begin mining.

Discover all there is to know about the Pi network, its cutting-edge blockchain technology, earning opportunities, and withdrawing your funds with the help of this comprehensive tutorial.

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What is Pi Network?

A decentralized cryptocurrency project, Pi network makes mining available to everyone. Since the first cryptocurrencies failed to make cryptocurrency mining straightforward and accessible to everyone, the initiative launched in March 2019 with the goal of changing that.

The Pi Network, created by Stanford alums, is a decentralized platform that facilitates the validation of transactions and the recording of Pi currency through mining. You can mine the project’s native coin on your phone or computer for free.

Being both environmentally and user-friendly is a major plus of the Pi mining app. Unlike other mining apps, it won’t cause your phone to overheat because of its low battery use. This is because its foundation rests on users confirming and endorsing one another in order to keep the network secure.

Concurrently, the app has expanded with various connectors to enhance user experience. An example of a decentralized application (dApp) browser is available for developers to utilize third-party Pi apps. At the same time, a testnet variant of the Pi wallet is available, and it can finish transactions in as little as 8 seconds.

As a free mining app, Pi Network had its beginnings in 2019. More than 100,000 people have joined the platform in the short time since its introduction. An astounding 33 million people across the globe were using the service in March 2022.

You can start earning on Pi Network by visiting minepi.com on your PC browser or by downloading the mining app for mobile devices.

Users can mine Pi for the next 24 hours by opening the app and tapping the mining icon every hour.

At the same time, users can boost their mining rate by inviting friends using their unique invite link. You can increase your coin yield by beginning mine early.

You can increase your boost by 25% only by referring a novice to the Pi Network. New users can start contributing after three days of active mining. Inviting additional pals and boosting their mining speed also allows them to create their own secret circle.

Once the mainnet is live, users have the option to do more than just mine; they may also join the Pi node program, which verifies transactions and gives them a share of the network fee. Choosing the Pi node is challenging and pointless because validation is solely for the mainnet.

At the same time, there are 12,000 Pi nodes available for anyone interested in investing in the initiative.

How To Withdraw Pi Network

Now we can get to the burning question that all Pi miners have: how can I cash out my Pi coin? The ability to withdraw and transform Pi tokens into a spendable asset is the primary incentive for mining or accumulating them on the Pi Network.

Users can only store their Pi coins in the built-in wallet of the Pi software.

Here’s how to utilize the built-in browser wallet on the testnet.

• Open the Pi Browser and log in.
• Create a New Wallet
• Transfer your asset

1.Log in to Pi Browser

• Open the Pi mining app, log in, and select from the menu in the top left corner.Go to the Pi Browser now.
• After reading the Pi Browser’s instructions, touch “SIGN IN TO PI BROWSER” to log in.
• t will link you to the app store, where you can download the browser, if you don’t already have it installed.
• It will, however, take you to the browser automatically if you have it installed
• Usually, the browser will sign in on its own if you’re using the Pi mining software. You can manually log in, though, by providing your Pi Network login information.

2. Create a New Wallet

You will be greeted with a welcome message and various Pi Network decentralized applications (dApps), including the communication app, wallet, know-your-customer (KYC), explorer, and mining app, upon logging in.

Select the wallet that is denoted by the icon WALLET.PI.

Finally, select GENERATE WALLET to create your wallet. Implement safeguards and create backups of your passphrases.

3. Transfer your asset

• You can now send and receive Pi coins within the Pi network after creating a new wallet.
• Simply open your Pi browser and select Wallet.pi to accomplish this.
• Enter your passphrase to log in and open the wallet.
• The RECEIVE and SEND options are located here. You can send your coins across the Pi network using either of the two choices.

Having said that, you can’t transfer Pi Coin to any other wallet or exchange like other cryptocurrencies.

As for the final stage of the plan, users and miners on the Pi will be able to withdraw their money after the network switches to the mainnet.

During this stage, the coin will fully list on exchanges and acquire all decentralized blockchain properties. Users will be able to trade and withdraw the coin once it is listed on an exchange platform or cryptocurrency wallet.

As a precaution against fraud and other harmful network activity, the second stage of development will limit the ability to send and receive Pi currencies. Following successful completion of all testnet-related tasks, the network will be moved to the mainnet and pronounced production-ready.

Despite the team’s December 2021 launch of an Enclosed Mainnet, the network is now still heavily modified for test purposes. As far as the team is concerned, the mainnet will integrate a KYC process to block any unauthorized external connectivity. Once the migration is complete, Pioneers will have complete freedom to use or transfer their coin as they like.

Developers and key team members of the network will submit additional features after the launch. Additionally, changes to any section of the network or new nodes will be delivered at regular intervals.

Disclaimer: Pi coin carries a high level of risk and it is not recommended to trade this coin.