Shiba Inu is a cryptocurrency that can be used as a means of payment, or more commonly as an asset that can be traded between users online. Posing as the ‘Dogecoin Killer‘, Shiba Inu quickly became one of the most popular cryptocurrencies in the world.
In many ways, it represents the third generation of an online insider prank. Shiba Inu is the Japanese dog breed that is featured in the Dogecoin symbol. While Dogecoin itself was inspired by a dog meme that went viral in 2013.
If you are looking to get Shiba Tokens, this is worth keeping all of this in mind. It has only been around since the end of 2020 and the story surrounding it is light. However, some of its effects are not, as it is responsible for the largest cryptocurrency donation in history, when Ethereum co-founder Vitalik Buterin sent $ 1 billion to India to fight against it. Covid-19.
Key Takeaways
•Shiba Inu uses a public ledger called a blockchain to manage the movement of coins.
•The best place to buy Shiba Inu is on an exchange.
•The community is fun and it’s easy to own a lot of coins
How Does the Shiba Inu Work?
Like most cryptocurrencies, it uses a public ledger called a blockchain to manage the movement of coins. The blockchain plays the role normally reserved for a financial institution or a bank; Whenever someone wants to transfer money, they verify that they have the funds they claim to have, approve the transaction, and keep track of it.
Ultimately, Shiba Inu will also launch its own decentralized exchange platform, known as ShibaSwap. This exchange will be based on the Ethereum blockchain and use a series of “smart contracts“, essentially formulas, to set the price of each coin.
SEE ALSO: 6 Best Digital Wallets For Shiba Inu for Safe Keeping
SEE ALSO: What is Shiba Inu SHIB Backed By?
How to Buy Shiba Inu Online – A Step by Step Guide
Step 1: Find an Exchange to buy Shiba Inu
The best place to buy Shiba Inu is on an exchange. The specific characteristics of each exchange vary by platform, but as a rule, they offer the widest range of coins, the best prices, and are particularly well placed to find new cryptocurrencies. Some of the main trading platforms around are:
A. Changelly: With over 5k transactions daily, Changelly has the best market rate with transparent fees. Transactions are fast (5-30 mins) with high exchange limits. Changelly offers the lowest withdrawal fees on the most popular coins and tokens.
B. Binance: Binance is one of the foremost exchange platform and offers the widest range of crypto coins. It’s ideal for beginners and advanced users alike, with a combination of advanced features and a ‘lite’ version to get you started.
C. Bittrex: Another popular exchange Bittrex is the most secure platform there is. It contains a wealth of material for crypto newbies and one of the largest coin collections on the market.
Step 2: Register and Deposit Funds Into Your Account
To be able to use an exchange platform, you must create an account. Be prepared to provide some contact details and photo ID, although this is not a difficult process and should only take a few minutes. To fund the account, it is best to use a wire transfer or debit card as they offer the lowest deposit fees.
SEE ALSO: Is Shiba Inu A Shitcoin? – All You Need to Know
Step 3: Buy Shiba Inu
Find Shiba Tokens by searching for its ticker, SHIB, when logged into your account. Choose the pair that is the currency you want to use to pay for it, such as BTC / SHIB if you want to use Bitcoin, choose the amount you want, and execute the transaction.
At the moment, you can only use one other cryptocurrency to get Shiba tokens. This is pretty normal for new or small coins, it just means you need to exchange your fiat currency (like GBP or USD) for cryptocurrency first and then use it in an exchange for Shiba.
What is the Price of Shiba Inu?
Shiba Inu is trading at its normal range today and could surge or decline depending on market pressures.
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Buy or Exchange Shiba Inu on Changelly
Step 4: (Optional) Obtain a Suitable Wallet
A wallet is a safe and secure place to store your coins. Many crypto wallets act like banking apps – they secure your money behind a PIN or password and you can manage it through the app. The most secure don’t even connect to the internet, but there is a range available depending on how much importance you place on convenience versus security.
Here are 3 of the Best Wallets:
Ledger Nano X – The Best Bluetooth-enabled hardware wallet that allows crypto owners to store multiple cryptos in one place. The Nano X is ideal for Shiba Inu and offers up to 100 third-party app integration capacities. The Nano S is limited to 3 apps at a time.
BitBox02 Multi-edition – The Swiss manufacturer ShiftCrypto built the resilient BitBox02 Multi-edition for a variety of ERC-20 tokens. The BitBox02 Multi-edition is compatible with SHIB and offers safety, security, and style for Shiba Inu holders.
KeepKey – The KeepKey wallet secures your Shiba Inu coin with private keys offline, while you buy, sell, send, receive, trade, track, and hodl through our intuitive, beautiful interface.
Trezor Model T – The Trezor secured private data excellently, you can store Shiba Inu and over 1000 other crypto. The Trezor Model T is convenient, safe and, with lots of functionalities.
Advantages and Disadvantages
To help you decide if Shiba is right for you, we’ve rounded up all the pros and cons below. After that, there are other questions to help you plan your market entry and decide how long to stick with it.
Advantages
1. It is an inexpensive piece that has gained a lot of attention and similar projects quickly gained in value.
2. The community is fun and it’s easy to own a lot of coins
Disadvantages
1. There is no underlying value behind Shiba coins at this time.
2. This is just one of many cryptocurrencies trying to emulate Dogecoin
SEE ALSO: Is there a Supply Limit for Dogecoin?
Frequently Asked Questions (FAQ)
1. Is This the Right Time to Buy Shiba Inu?
It depends on what you want to do with the coins and how long you plan to keep them. If you want to get some in the hope that it will increase in price in the future, you might be better off doing it as soon as possible.
Alternatively, for short-term traders, the decision is based on your analysis of the current price. You can combine this with the latest news and your own research to determine the best time to buy.
2. What Problem Does the Shiba Inu Solve and What Are its Investment Prospects?
Unlike many parts, it has not been configured to solve a particular problem. Its main function is to be a lightweight alternative to Dogecoin and it has helped fight COVID-19 in India as a medium for a large charitable donation.
With this in mind, its prospects are not based on any major technological advance. Rather, if he can grab enough attention to catapult him to the level of fame achieved by plays like Doge (or his “son,” Baby Doge). If you are investing, it is best to do it with a small amount of money, as it is more of a bet on the chance that it can pay off big.
It is possible for the coin to increase in value several times, as these competitors did, but there are many other examples of coins that have not worked. It’s also a volatile room where you need to stay logged in at all times so that you can react to any news that might affect its value. Use the links below to help you.
3. Do You Want to Keep Shiba Inu for the Long Term?
There are times when you want to hold coins for a long time and there are times when the best thing to do is get in and out quickly. Most often, the decision depends on the type of investor you are.
Final Thoughts
We have explained in this article how you can purchase the Shiba Inu coin. However it is important to keep in mind that this coin comes with its own unique strengths and weaknesses hence it is advisable that you do your research thoroughly before investing in it be you a beginner or an experienced user in the crypto space.
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