Pi Network withdrawal in Nigeria – When & How to withdraw your funds.
Once the Pi Network is listed on the exchange market, only Pi that has passed the KYC verification can be monetized. No one knows when exactly this would be possible, but experts have high speculations for it to be somewhere between 2022 and 2023.
Hello there, and welcome to HotNaija, your one-stop destination for the latest entertainment news, celebrity gossips and stories, lifestyle content, and cryptocurrency news. Today we'll be sharing with you – updates on the Pi Network and its withdrawal. It's no longer news that this has been making waves online, as people are excited to know about the withdrawal of the Pi Network.
To monetize your Pi, you first need to know about it. You can sign up on the Pi Network with your mobile phone number or Facebook. The problem is that this information alone won't prevent you from mining Pi fraudulently. Meaning, it's possible to mine by using multiple mobiles with one account or by stealing other people's information.
To invalidate Pi from being mined this way, the developers are conducting a "KYC verification" process for some users. They have randomly selected 100,000 people for authentication, and most users are yet to verify their KYC (Know Your Customer). The KYC is currently only validated with Passport and through a UK agency called "Yo'oti."
It's not yet predictable when all users would finally complete the verification. The important thing is that the Pi Core team must complete the process of burning Pi mined through fraudulent methods, after giving the KYC verification opportunities to all users before Pi can be traded on exchanges.
Perhaps this process will be implemented after the completion of the " Mainne" scheduled for Q4 2021. Therefore, before monetizing the Pi, we must first wait for this process to be completed.
What is the value of Pi?
Currently, Pi is worth approximately 0$ per £, similar to Bitcoin in 2008. Pi's value will be backed by the time attention, goods, and services offered by other members of the network are valued. By pulling our attention towards goods and services around a common currency, Pi'ss members seek to capture more of the value that typically goes to banks, technology giants (e.g., Facebook, Amazon, Tesla, etc.), and other intermediaries.Today, we're laying the infrastructure for this digital currency and marketplace, by distributing the money, building the community, and developing the technology to ensure its security.
Can you withdraw Pi?
Apparently, Piisn'tt available for withdrawal yet. However, you will be able to withdraw Pi to your digital wallet or exchange Pi for other cryptocurrencies in phase 3 of the project – when Pi transitions to a fully decentralized blockchain.Pi launched phase 1 of the project on March 14, 2019 (aka Pi Day). During phase 1, your balances are being recorded with a guarantee of being honored when Pi transitions to the Mainnet.
Phase 3 – Transfers of Pi are restricted until we reach the Mainnet to prevent bad actors from accumulating Pi from fake accounts. For example, a bad actor could mine from fake accounts, transfer the Pi to a legitimate account, and pass through Pi's account verification process despite their illicit gains.
As of November 2021, the exact timeline for the development of the project is still under refining.
When can you turn Pi into "real money?
Pi holders can potentially turn Pi into real money when they either purchase goods and services on Pi's marketplace or exchange Pi for fiat currency. As always, cryptocurrency holders have two options for turning their holdings into real money or to cash out;1). Directly purchasing goods and services with their crypto
2). Exchanging their crypto for fiat currency. E.g., ₦, $, £, €, ¥, etc. on legitimate cryptocurrency exchanges.
Also, Pi Network is building a peer-to-peer marketplace, where members of the Pi Network can directly spend Pi to buy goods and services listed. They aim to start experimenting with in-app transfers of Pi as soon as Q4 2019.
Note: When it comes to exchanging Pi for fiat currency on exchanges, Pi'ss Core team does not control when cryptocurrency exchanges like Binance, Coinbase, Kraken, etc. decide to list Pi.
However, once Pi reaches stage 3 of its project (Mainnet), exchanges can list Pi. No blockchain technology has the power to question any exchange on why their crypto hasn't been listed.
What is the Mainnet?
This is something many have been curious about. The Mainnet easily helps predict when your Pi will be monetizable. The completion of the Mainnet means that Pi will have its own coin-issuance technology. Pi is currently borrowing the Stellar Consensus Protocol, or SCP, the consensus method of "Stellar Lume."Of all the coins listed on the crypto market today, only about 50 coins have completed the Mainnet. Coins listed without Mainnet are all classified as tokenS and do not have a high value. However, the Pi Network could go through the listing process without a Mainnet, but we don't want that to happen. If it's listed in that way, the Pi will also be classified as a token and won't get a high market price.
Although the Pi Network is yet to officially announce any plans to go public, the Mainnet completion target is the fourth quarter of 2021. This implies that – the Mainnet will be developed beforePi'ss listing on exchanges. Pi can be monetized when the Mainnet of the Pi Network is completed, and the KYC verification for all users of Pi is completed.
Note: Pi depends on the collective contributions of its members. If you're looking for quick money, then we advise you look elsewhere.
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