As Pi Network moves toward Open Mainnet, users are eager to understand the process of withdrawing Pi Coins, transferring Pi to external wallets, and how Pi Coin compares to Bitcoin. This guide covers everything you need to know about KYC verification, Pi withdrawals, and how Pi Coin stacks up against Bitcoin in the future of crypto.
Table of Contents
1. KYC Verification in Pi Network
What is KYC?
KYC (Know Your Customer) is a verification process that confirms a user’s identity and legitimacy. It is implemented to prevent fraud, ensure security, and comply with global regulations.
In Pi Network, KYC is necessary to:
- Prevent fake accounts from mining Pi unfairly.
- Ensure that only real users can withdraw and trade Pi.
- Meet regulatory compliance for future exchange listings.
Why KYC is Required for Pi Withdrawals
Without KYC verification, users cannot transfer Pi to the Mainnet wallet or sell it on future exchanges. Here’s why:
- Security & Fraud Prevention: KYC ensures that only legitimate users can claim their mined Pi.
- Regulatory Compliance: Crypto exchanges require verified users for withdrawals.
- Network Integrity: Eliminates bot farms or multiple fake accounts that could manipulate Pi’s value.
How to Complete Pi Network KYC
Steps to Complete KYC:
- Open the Pi Network App.
- Go to the Pi Browser and select KYC.pi.
- Upload your government-issued ID (passport, national ID, or driver’s license).
- Complete facial verification (if required).
- Submit the application and wait for approval.
⚠ Important: If your KYC is pending or rejected, you will not be able to withdraw Pi until you get verified.
2. How to Transfer Pi to External Wallets
Once you complete KYC, you can migrate your Pi Coins to the Mainnet wallet and prepare for future withdrawals.
Steps to Withdraw Pi After KYC Approval
- Go to Pi Mainnet Migration in the app.
- Click Transfer Pi to Wallet.
- Enter your Pi Wallet Address.
- Confirm the transaction and wait for the transfer to complete.
Currently, Pi withdrawals are limited to peer-to-peer (P2P) trades and Pi-powered marketplaces until the Open Mainnet phase.
What to Do If Your KYC is Rejected
If your KYC application is rejected, follow these steps:
- Check for incorrect document submission.
- Ensure your ID is clear and not expired.
- Retake your facial verification if required.
- Reapply through KYC.pi when available.
3. Pi Coin vs Bitcoin: Which One Will Dominate the Future?
Key Differences Between Pi and Bitcoin
| Feature | Bitcoin (BTC) | Pi Coin (PI) |
|---|---|---|
| Launch Year | 2009 | 2019 |
| Consensus Mechanism | Proof-of-Work (PoW) | Proof-of-Engagement |
| Mining Process | Requires powerful hardware (ASICs, GPUs) | Mobile mining with Pi App |
| Supply Limit | 21 million BTC | To be determined (finite but undisclosed) |
| Transaction Speed | ~10 minutes per block | Faster, mobile-based transactions |
| Energy Consumption | High | Low (Eco-friendly) |
| Real-World Adoption | Widely accepted | Still developing |
Strengths & Weaknesses
Bitcoin Strengths:
✔ Established trust and security. ✔ Widespread adoption globally. ✔ Fixed supply ensures value preservation.
Bitcoin Weaknesses:
❌ High transaction fees. ❌ Slow transaction speeds. ❌ Mining requires expensive hardware.
Pi Coin Strengths:
✔ Easy mining via mobile phones. ✔ Low energy consumption. ✔ Large and growing user base.
Pi Coin Weaknesses:
❌ Not yet tradable on exchanges. ❌ Unclear supply mechanism. ❌ Regulatory uncertainty.
Future Predictions: Bitcoin vs. Pi Coin
- Bitcoin will remain dominant as a store of value.
- Pi Coin has strong potential for mass adoption due to mobile mining and accessibility.
- Coexistence is likely, where Bitcoin is used for investment, and Pi Coin is used for daily transactions.
Conclusion
KYC verification is the key to unlocking Pi withdrawals, and transferring Pi to external wallets requires Mainnet migration. Additionally, Pi Coin presents a new opportunity in the crypto space, but it still has challenges to overcome compared to Bitcoin. As Pi Network advances, it could redefine accessibility in cryptocurrency.