Investment in crypto currency is similar to investment in fiat currency such as foreign exchange popularly known as forex. As there is forex market so also is cryptocurrency market where cryptos are paired together for the purpose of trading. In forex market, for example, there is trading pair such as GBP/USD (fiat currency). On the other hand too is the crypto currency market with a trading pair such as BTC/USDT.
So, generally in either cases, the objective is to purchase one in anticipation that the quoted price will increase in value in the near future thereby pave way for a selling opportunity in order to make profit.
In the case of crypto, to do the purchasing of a coin, there is need to consider these two factors: location and protocol. Pi Network native token Pi is still in enclosed mainnet stage and therefore, it has not yet been supported to enable business transactions outside the network, until the firewall is removed before the Pi coin can be exchanged for fiat or other crypto currencies.
Coinbase as a crypto currency exchange platform and with its vast ecosystem is not an exception. However, it is possible to find ways around purchasing Pi through signing up with Coinbase so as to be updated about Pi and its availability on Coinbase app.
Procedure to Sign Up
1. Check for Pi Markets on CoinMarketCap: Available on CoinMarketCap are list of crypto currency exchanges that provide list of cryptocurrencies to be traded (market pairs) to make purchase from. In the pair Pi/USDT for example, the first currency (Pi) is known as the Base currency and the value is 1 always while the second one USDT) is known as the quoted currency, it varies in value depending on the market forces and dynamics.
To navigate CoinMarketCap:
- Go to CoinMarketCap
- Search for Pi
- Tap on the button labelled ‘Market’
Under the market is the total list of Crptocurrency Exchanges where Pi can be purchased together with the currency value to obtain pi with. To purchase Pi, it comes in pair that show the worth of Pi in value. For example, if there is need to purchase Pi with US dollars, the pair is Pi/USDT (U.S. Dollar coin equivalent)
2. Select an Exchange Platform: There are different platforms purchases of cryptos can be made from. However, it is advisable to carry out a person research before signing up with any crypto exchange platform because each vary in security, reliability and liquidity levels.
3. Purchase Pi on platform of your Choice: Each and every crypto trading platform differ in strength and capability. While some are easy to use, others are not. Therefore, when using fiat currency to make purchase of crypto, it is easier, e.g. using U.S.Dollar to buy a crypto (a coin) compare to when using another type of crypto to make the purchase. But if the desire is to purchase Pi with another crypto, there is need to create a crypto wallet that support Pi (e.g. TrustWallet or MetaMask) then purchased is done into the wallet, then the crypto bought would then be used to buy Pi on the platform of choice.
In case of confusion along the way, there are guides provided by most exchange platforms. Or exploit the work of vibrant crypto currency community for Youtube videos or posts by crypto enthusiasts from social media such as Twitter.