How to Buy Shiba Inu Coin?

Shiba Inu Coin is a promising project with a large fan base and robust community support. With its meme-inspired concept, the project aims to overcome Dogecoin’s limitations by introducing enhanced tokenomics and ecosystem utility. As a result, many traders are eager to explore ways to buy Shiba Inu Coin securely, efficiently, and with ease. In this article, we will delve into the process of how to buy Shiba Inu Coin seamlessly while prioritizing security. Let’s dive into the details and get started on this venture.

What is a Shiba Inu coin?

Even in the present day, investors continue to favour Shiba Inu, a meme token that skyrocketed in popularity in 2021 and has remained at that level ever since.

Ryoshi, the pseudonymous creator of this dog-themed cryptocurrency introduced in 2020, has been associated with Alameda Research, the sister company of FTX, as per suggestions by Coinbase director Conor Grogan. The popularity of Ryoshi is comparable to that of the Yuga Labs NFT collection known as Bored Ape Yacht Club, particularly due to the extensive promotion of the coin by a large Shiba army across various social media platforms.

Shiba Inu is known for its unusual Japanese dog mascot and significant price variations. Initially created in reaction to Dogecoin’s flaws, it currently lacks a wide range of practical applications. Nonetheless, numerous merchants and businesses have accepted Shiba Inu as money. NOWpayments, Gucci, and Nordstrom are among them.

With the anticipated launch of Shibarium’s beta version in March 2023, the Shiba Inu ecosystem is poised for growth. Shibarium serves as the Layer 2 solution for Shiba Inu, acting as the blockchain platform for deploying tokens within the Shiba ecosystem, including Leash and Bone. This development is expected to further expand and enhance the capabilities of the Shiba Inu ecosystem. The project is pretty interesting, which makes traders look at how to buy Shiba Inu Coin, in the first place.  

There is a metaverse known as the Shiba Metaverse that can be found contained within the Shiba ecosystem. The users of this immersive virtual environment are provided with a platform that allows them to develop, run, and expand their projects. 

One notable element is the WAGMI temple, which serves as the first of 11 hubs within SHIB The Metaverse. This exciting development was showcased during the SXSW XR Experience in March 2023. These advancements, along with others, contribute to the dynamic progress taking place within the Shiba Ecosystem.

It is crucial to conduct thorough research before investing in any cryptocurrency, particularly meme tokens. While many cryptocurrencies may appear legitimate, deeper research can help identify the ones that are truly worth investing in. 

Let’s get down to how to buy Shiba Inu coin.

Acquiring Shiba Inu (SHIB) in 4 Simple Steps

Survey options among exchanges. 

You will need to use a cryptocurrency exchange if you want to buy Shiba Inu. Individuals who wish to trade fiat currency (such as British Pounds or US Dollars) for cryptocurrencies or exchange one cryptocurrency for another can do so on a platform known as a crypto exchange. This platform often comes as a website or mobile application.

Obviously, there are many platforms out there. You’d rather consider the aspects of what makes the convenient cryptocurrency exchange for your case. These are:

• Payment Options:

It is crucial to investigate the many payment options that are accepted by a cryptocurrency exchange before moving forward with the transaction. Make sure that the exchange supports the mode of payment that you prefer, and be aware of any fees that may be associated with using that method. It is possible that certain exchanges will not allow payment methods such as PayPal, while others can charge a fee of 3.99% for purchases made using a debit or credit card.

• Options with wallets:

Verify whether the exchange provides an integrated wallet for securely storing your SHIB tokens. If you prefer to use a third-party wallet, confirm if the exchange allows withdrawals and if any fees are associated with them.

• Availability of currencies:

Verify that you will be able to trade SHIB on the exchange you tend to join before you provide any personal information. However, at Godex.io, to make any exchange, you are not asked to provide any personal data.

Pick the payment method.

When it comes to purchasing cryptocurrency, bank transfers are typically the option that is most widely recognised and offers the best overall value. Keep in mind that most exchanges will charge you a fee of roughly 3.99% for using your debit or credit card, even if some exchanges do accept these payment methods. It is crucial to keep fees to a minimum because every dollar spent on fees is a dollar that could have been invested instead.

Using a credit card to buy Shiba Inu is generally not recommended for two key reasons. Firstly, relying on debt to invest in a volatile asset like crypto is typically discouraged. Secondly, when you use a credit card for such transactions, your card issuer will typically consider it a cash advance rather than a regular purchase, resulting in a higher interest rate being applied from the moment of the transaction.

PayPal is accepted by just a few websites and those that do typically incur transaction fees.

Make an order.

Another step of how to buy Shiba is placing an order. After deciding on a payment method and an exchange, go to the Shiba Inu page of the website or app and enter the amount of money you want to put into the investment. 

Select the way you will store funds.

While numerous exchanges provide integrated wallets for storing your Shib, you might have a preference for utilizing a third-party wallet. If your exchange allows transfers out, although there may be associated fees, you can choose between a “hot” or “cold” wallet.

A physical storage device, such as a hard disc or flash drive, that is not linked to the internet is referred to as a “cold wallet.” A “hot wallet” is an online format of a traditional wallet. 

The “hot” wallet option provides higher security against hackers but has the drawback of being accessible solely by you. If you were to misplace your access keys, there would be no one else with access to assist in recovering your crypto. 

On the other hand, the “cold” wallet, although less secure against hackers due to its online nature, offers the advantage of potential assistance from the wallet provider in case you lose your access codes and cannot access your wallet. “Should I buy Shiba Inu and store the coin in a cold or hot wallet?” is always about the level of security you want. 

Alternative Ways to Buy Shiba Inu

Other options, such as peer-to-peer (P2P) marketplaces and crypto swap platforms, are available to you in the event that you do not wish to make use of a cryptocurrency exchange in order to purchase Shiba Inu.

Crypto swapping, as the name implies, refers to the process of exchanging one cryptocurrency for another. There are platforms solely dedicated to facilitating crypto swaps, while others incorporate this feature alongside their primary services. 

On the flip side, P2P (peer-to-peer) marketplaces facilitate direct transactions of cryptocurrencies between individuals. These platforms typically enable users to search for specific assets based on price range, region, or currency type. In this decentralized setup, you have the option to buy cryptocurrencies directly from other traders or sell your own crypto to interested buyers.

There are P2P marketplaces that are run independently, as well as P2P marketplaces that are hosted via exchanges like Binance and KuCoin. Both types of marketplaces are available.

FAQ

How to Buy Shib?

Here’s an outline of how to purchase the coin:

• Choose the platform or exchange from which to purchase SHIB.
• Deposit funds into your account to have the necessary funds for the purchase.
• Execute your SHIB purchase transaction.
• Safely store your acquired SHIB tokens in a secure wallet.

Where Can I Buy Shib?

You can pick any exchange or swap platform as well as use P2P marketplaces that allow direct transactions of cryptocurrencies between two independent people. Nowadays, security plays an important role, so traders can use exchanges that do not ask for registration, like Godex.io. The platform also provides fixed rates, removing worries about how much you’ll have to pay after the transaction. 

Should I buy Shiba Inu?

It is a meme token that has no particular usability but a strong community that has gathered around the hype. However, surprisingly, such giant companies as Gucci, Nordstrom, and  NOWpayments accept it as a payment method. 

Which exchange supports Shiba Inu?

The majority of exchanges support this token. What’s more, you can use a built-in calculator that shows how much you will receive after the transaction. At Godex, you’ll find up to 300 coins available for exchange.

Disclaimer: Please keep in mind that the content of this article is not financial or investing advice. The information provided is the author’s opinion only and should not be considered as direct recommendations for trading or investment. Any article reader or website visitor should consider multiple viewpoints and become familiar with all local regulations before cryptocurrency investment. We do not make any warranties about reliability and accuracy of this information.