Shiba Inu gained notoriety in the latter half of 2021 thanks to Dogecoin’s impressive media coverage. Despite the fact that the coin’s value has decreased from its peak in October 2021, Shiba Inu still has a ton of potential for the coming weeks and months.
This article will go into great detail about how to purchase Shiba Inu coin, examine the coin’s characteristics and value potential, and then show you how to invest in Shiba Inu right now with minimal trading costs.
Shiba Inu: What is it?
Similar to Dogecoin, SHIBA INU (SHIB) is a meme coin that aims to create a decentralized community.
A decentralized exchange called ShibaSwap will be introduced as a component of the SHIB ecosystem.
The SHIBA INU platform’s utility token, SHIB, will be offered as a reward for using ShibaSwap.
The team started a global community effort to rescue Shiba Inu dogs through integration with Amazon Smile.
The group wants to create a thriving environment centered on DeFi, art, community, and other things.
Four Steps for Purchasing Shiba Inu Coin (SHIB)
1. Pick a cryptocurrency exchange
To buy Shiba Inu, you’ll need a cryptocurrency exchange. An exchange is a location, such as a website or an app, where buyers and sellers come together to trade one cryptocurrency for another or fiat money.
Choose from hundreds of exchangers, some of which are situated in Australia. They comprise both well-known companies like eToro Australia and smaller ones like Swyftx and CoinSpot Australia.
Among the topics to think about are:
Payment options: Verify the exchange’s acceptance of your desired payment option and any associated fees. For instance, several exchangers don’t take PayPal and many of them charge 3.99% for purchases made using debit or credit cards.
Check to see if the exchange provides an integrated wallet to store your SHIB safely. If you decide to store it in a third-party wallet, be sure to find out if withdrawals are permitted and if there are any associated costs.
Verify that trading SHIB is genuinely permitted on the exchange you plan to join.
2. Select a payment option
The most extensively used and economical method of paying for cryptocurrencies is through bank transfers.
Many exchanges accept debit and credit cards, however they charge a fee of between 0.5 and 1.5%, and any money used for fees could have been used to make investments.
There are two compelling arguments against buying cryptocurrency with a credit card. First off, financing a volatile investment like cryptocurrency with debt is generally a bad idea. Second, instead of seeing the payment as a standard purchase, your card company will regard it as a cash advance and start charging you a higher interest rate.
Few exchanges, and those that do, impose fees for accepting PayPal.
3. Make a purchase
Navigate to the Shiba Inu page on the website or app and enter the desired investment amount once you’ve selected an exchange and a payment method.
4. Select a storage strategy
Although many exchanges include built-in wallets where you can store your SHIB, you might prefer to store it in a separate wallet.
You can choose between a “hot” or a “cold” wallet, if your exchange permits transfers out (for which they might charge a fee).
A cold wallet is a physical storage device without an online connection, like a hard disk or flash drive. A hot wallet is an online-based virtual wallet.
The latter can only be accessed by you but is more secure against hackers. Nobody else would have access to help you recover your crypto if you lost your own access keys. The latter is less safe from hackers because it’s online, but if you lose your access codes and are unable to access your wallet, the wallet provider might be able to help.
A decision between the two requires balancing accessibility and security.
How are your Shiba Inus stored?
Using CoinSpot to store
Keeping your virtual money safe is simple thanks to CoinSpot’s adaptable Multicoin Wallet. You will receive your own special wallet, where you may store your Shiba Inu for free, just for opening your CoinSpot account.
You can use a cold storage wallet and send your coins there from your CoinSpot account if you are keeping Shiba Inu as a long-term investment. People who wish to store their coins rather than regularly exchange them often choose a cold wallet, which is a wallet that is entirely offline (not linked to the internet).