New projects are being developed every day. Pi Coin is one of these initiatives that has attracted a lot of interest, drawing in millions of users and stirring up controversy in the crypto currency world. Nevertheless, despite its increasing appeal, Pi Coin is not yet listed on Binance, one of the biggest and most significant cryptocurrency exchanges in the world. Why has not Pi Coin arrived on Binance yet, then?
The factors that may be causing Pi Coin to be unavailable on the exchange today. The reality about this delay is far more complicated than most people think.
What Is Pi Coin?
It is crucial to comprehend the basics of Pi Coin before delving into the causes of the delay on Binance. A group of Stanford grads founded Pi Network in 2019, which enables customers to mine cryptocurrency straight from their cell phones. The project goal is to make cryptocurrencies available to everyone, including people without access to pricey technology technical knowledge. The objective is to make Pi Coin a completely decentralized digital money that can be used for actual transactions. Users can earn Pi Coins just by participating in the network.
As of now, Pi Coin remains in its "Test Net" phase, meaning that it is not yet fully functional as a tradable asset. Users are still unable to trade Pi Coins on major exchanges even if they are amassing them. Thus, the big question is: why is it taking so long for Pi Coin to be listed on Binance?
1. The test net phase of Pi Coin is still ongoing.
The fact that Pi Coin is still in its test net stage is one of the main reasons it has not been listed on Binance. Before listing a cryptocurrency, Binance, like many other respectable exchanges, makes sure it is stable, fully functional, and prepared for everyday use. For Pi Coin, this entails having a main net that is completely functional, a blockchain that can process transactions, and making sure the coin is prepared for trading without any significant problems.
Pi Coin is still in the early stages of development. Despite having millions of users, the Pi Network has not yet released its main net, which is necessary to enable Pi Coin to function as a fully usable and transferable digital currency. It is doubtful that Pi Coin will be listed on exchanges like Binance until it reaches this point.
2. Issues with regulations and a lack of transparency
Pi Coin lack of transparency and the regulatory obstacles it faces are major factors in the cryptocurrency exclusion from Binance. Like other exchanges, they work in a highly regulated environment, particularly in countries like the US where regulatory agencies like the Securities and Exchange Commission closely monitor cryptocurrencies.
Pi Coin has been under fire for not giving enough details about its history, applications, and overarching decentralization goals. Investors and experts now question the project long-term viability as a result of these worries.
Conditions for Listing on Binance
The stringent listing procedure at Binance entails thorough assessments of a coin technological underpinnings, market demand, security features, and general viability. Some of the requirements that Binance normally looks for when adding new coins to its platform have not yet been met by Pi Coin.
Market Demand: Despite having millions of users, Pi Coin actual market demand and liquidity are yet unknown. Pi Coin is still in the process of establishing both a significant trading volume and active market interest, as Binance prefers to list coins with both.
Security: Compared to certain other more well-known cryptocurrencies, Pi Coin blockchain has not yet been put through its paces. A currency must exhibit a strong and secure network that is resistant to several types of attacks in order to be listed on Binance.
Development and Community Support: The progress of Pi Coin and its capacity to maintain an expanding user base are still being monitored. Its long-term viability depends on its capacity to develop into a completely decentralized, scalable, and operational network, despite its sizable community. Generally speaking, Finance seeks out coins with a solid development history and community support.
Why Is There So Much Talk About It?
The Pi Network created the cryptocurrency Pi Coin, which has drawn a lot of interest because of its novel mining strategy and promise to democratize access to virtual money. Since most cryptocurrencies, like Bitcoin, require specialized hardware and significant energy usage, Pi Network, which was founded in 2019 by a group of Stanford grads, promised a means to mine money straight from smartphones.
What has distinguished Pi Coin from other cryptocurrencies is its accessibility; by enabling users to mine coins on their mobile devices, Pi Coin sought to engage individuals in the cryptocurrency space who would not otherwise have the technical know-how or resources to do so. Pi Coin, the native cryptocurrency of Pi Network, is intended to be an easy-to-use digital asset that may eventually be utilized for real-world transactions.
The Pi Network Vision
The goal of Pi Network is to develop a genuinely decentralized digital currency that anybody with a smartphone may use anywhere in the world. The aim to remove the obstacles that keep many individuals from utilizing blockchain technology such as expensive hardware, electricity, and technical know-how is the driving force behind this concept. Pi Coin allows users to earn cryptocurrency without consuming a lot of data or draining their battery by mining in the background on their mobile device.