How to Buy Shiba Inu Coin Online – Best Beginners Guide

How to Buy Shiba Inu Coin Online : Shiba Inu is also known as the SHIB token or coin. It’s a decentralized crypto currency made within the Shiba system. It was created in Aug 2020 by Ryoshi. Shiba Inu token is built on ETH and is one of the top growing digital currencies among the hundred coins.

The SHIB Coin is an ERC: 20 based with an ETH network. Shiba Inu is sold as SHIB tokens. The SHIB tokens are built on an existing block-chain.

What is Shiba Inu Coin?

It is a digital currency that can be used as a means of payment or commonly as an asset that can be traded among users online. Styling itself as a DOGECOIN killer, Shiba Inu Coin has rapidly become the most renowned cryptocurrency in the world.

In several ways, it represents the 3rd generation of internet inside jokes. Shiba Inu Coin is the Japanese based dog that’s featured in the DOGECOIN symbol. While DOGECOIN itself was inspired by a dog meme that went viral massively in 2013, if you’re interested in getting some Shiba Inu Coins, it is worth keeping all this in mind.

It is only been around since late 2020 and the narrative around is light-hearted. Some of its effects are not, though, as it’s responsible for the biggest cryptocurrency donation in history when ETH co-founder sent one Billion dollars worth of it to India to find the Covid-19 outbreak.

How to purchase Shiba Inu Coin online?

Open a Crypto exchange account

Voyager, Binance, and ETORO provide customers access to Shiba Inu Coin, SHIB is also available via ETH-based decentralized exchanges like Sushiswap and Uniswap. To create an account with one of these crypto money exchanges, all you need to do is give an email address and make a password. Before you start trading, though, you will need to verify your identity for tax purposes.

Some information you will need to provide to the crypto exchange includes your social security number, an image of your driver’s license, and your birthday.

Use liquidity exchange Uniswap

There’re two main ways to purchase Shiba Inu Coin – centralized and decentralized exchanges. If you’re using a centralized exchange like Voyager or Binance, you can skip to the next step. Decentralized exchanges (DEX) are ideal for coins like SHIB since they support every fund based on ETH.

The leading decentralized liquidity exchange is Uniswap and it is powered by ETH’s blockchain. It has over two billion dollars locked into its protocols and tons of investors use the platform to trade their ETH-based coins.

To do utilize a DEX, you will need a software wallet like Coinbase or Meta Mask wallet. These wallets are free to use, and they allow you truly own your digital money, unlike certain centralized crypto exchanges.

Purchase a Crypto Wallet (optional)

Before you acquire yourself some Shiba Inu, you’d think about where you will be storing your asset. Unless you are actively trading your funds, it is not recommended to store your coins on a crypto exchange. These exchanges are big targets for hackers and many platforms have been hacked in the past.

Software wallets are free of cost to download, and they provide you better protection than exchanges. Also, you will need a wallet to interact with Uniswap and the finest options are Meta Mask and Coin base wallet.

If you want to store your assets in the most secure way possible, then you’d oft for a hardware wallet. Hardware wallets are physical devices that store your digital money offline, making it possible for your assets to be hacked.

How to Buy Shiba Inu Coin Online

Make a purchase

If you’re using voyager you will have to connect your bank account after verifying your ID. Once this is completed, find the Shiba Inu Coin order book and place your order. Uniswap does not utilize order reserves like many other exchanges. Instead, it uses liquidity pools to count the price of digital funds.

Once your crypto wallet is linked to Uniswap’s site, you can swap your ETH for Shiba Inu Coin. If you are in it for a long time, you might want to consider just holding onto your ETH tokens.

Sell, Trade or convert Shiba Inu Coin

When you want to convert your Shiba Inu Coins you will need to use Uniswap to convert your Shiba Inu Coin to ETH tokens. When you exchange your SHIB token for ETH, the tokens will be credited to the ETH token wallet linked to Uniswap and you can send these digital tokens to any crypto exchange that supports ETH to swap back into US dollar.

Is SHIB Coin is Good long term investment?

One major issue with considering SHIB token as a good long term investment is that the crypto coin project is just made for fun, like in the case of DOGECOIN. At the time, the SHIB coin project doesn’t have any solid objectives and unique plans that can bring changes to the sector. So, it is presently mainly crypto currency that’s used by traders to sell and purchase and make speculations.

When investing in a SHIB token always ensure do you your individual search on the token, the technology of the token, and the team behind it.

If you are considering short term trading, the basics of the SHIB token’s performance are less important. You’d concentrate on select a broker with low trading charges and using technical analysis to identify the correct time to purchase.

Cryptocurrency Analyst

Founder of - IT- and Business-Consultant with a focus on Blockchain and Smart Contracts.

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