Painting in South Korea Sells for $37.59 Per Pi Coin: CoinCodex

Pi has now been used in exchange for real-world items, with a South Korean holder spending $37.59 on each pi

Carson O.
4 Min Read
Pi (PI)Coin-Codex

Pi Network (PI), the popular cryptocurrency mining app, has started being used for real-world transactions. According to the cryptocurrency data website CoinCodex, a painting was recently purchased in South Korea using PI coins at a rate of $37.59 per PI.

Pi Begins Functioning as Currency

Although PI tokens have yet to officially launch on exchanges, mining PI coins allows users to accumulate balances they can spend peer-to-peer.

The exchange rate was based on PI’s current IOU value found on select exchanges. With PI emerging as the second-largest cryptocurrency in South Korea after Bitcoin, its use to purchase real-world goods signals growing confidence in its future value.

Pi is Still in Beta Testing

It’s important to note the Pi Network mainnet is still in beta testing, meaning tokens cannot yet transfer to exchanges. This has led to IOU trading of future PI coins.

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Once the mainnet rollout is completed, expected later this year, the plan is for Pi to list on major exchanges. This will enable free market trading for the first time.

Speculation Remains High

Despite still being in beta, PI’s IOU value has surged 65% over the past 3 months. The CoinCodex algorithm predicts a potential 433.72% upside for PI once open trading begins.

This early usage of PI for purchases reflects the belief the full mainnet launch will drive increased demand. As more users accumulate balances before the rollout, speculation continues building.

How to Get Involved with Pi

For those interested in getting involved with Pi, it’s still easy to start mining coins on your phone. Here are the basic steps:

  1. Download the Pi Network app from the iOS or Android app store. Account creation only takes about 30 seconds.
  2. Once the app is installed, click the lightning icon at the bottom to start mining. This initiates a countdown timer until you can mine again.
  3. Repeatedly click the lightning icon once per day to continue mining Pi coins. The more consistent you are, the faster you accumulate Pi.
  4. Make sure to grow your security circle by inviting trusted friends and family to join. This boosts your mining rate.
  5. Periodically check your balance under the mining tab. You can’t yet transfer Pi off the app, but balances will be redeemable once the mainnet launches.
  6. Engage with the in-app Pi ecosystem. You can boost earnings by contributing content, taking surveys, watching ads, and testing new products.
  7. Stay updated on the project’s progress via the in-app news feed, email updates, and Pi’s online community channels. Check for announcements on the mainnet launch.
  8. Be patient and keep mining daily. Pi is a long-term project, so consistency over time is key to building up a meaningful balance.

The mining process is free and takes just seconds per day. With over 47 million users already in the network, joining now means you can still get in early before broader exchange trading opens up.

Get more information here.

Bottom Line

While Pi still faces a long road ahead, its use for real-world transactions shows the potential for organic adoption. According to CoinCodex, Pi’s remarkable growth makes it one of the most widely held cryptocurrencies in South Korea behind only Bitcoin.

If the mainnet launch succeeds as planned later this year, many analysts predict an upside for PI as trading opens up to broader exchanges. For now, the project remains in beta as anticipation continues building.

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I am a multi-faceted professional with a strong foundation in Business and Finance, honed since 2020. Additionally, I possess a deep passion for automobiles, serving as an avid car enthusiast. In parallel to my diverse interests, I am also a dedicated student pursuing a career in the medical field.
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