Shiba Crypto Investment: A Beginner's Guide To Getting Started

Shiba Inu (SHIB) is a decentralised, community-led cryptocurrency that has gained popularity due to its dog-themed ecosystem. It was created anonymously in August 2020 as an alternative to Dogecoin, another meme coin that uses the Shiba Inu dog breed as its mascot. SHIB is built on the Ethereum blockchain and was launched with a total supply of one quadrillion, making it far more prevalent than other cryptocurrencies like Bitcoin.

SHIB can be purchased on several exchanges, including Binance, Coinbase, Robinhood, and Kraken, among others. To buy SHIB, you will need to register an account on one of these exchanges, verify your identity, and fund your account. It is important to note that investing in cryptocurrencies like Shiba Inu carries a high level of risk due to their massive volatility and lack of regulation.

Where to buy Shiba Inu

Shiba Inu is a meme coin, which is a cryptocurrency associated with a theme—in this case, the Shiba Inu hunting dog. It was created in August 2020 by an anonymous individual or group called Ryoshi, but it is now led by a person using the name Shytoshi Kusama.

Shiba Inu is an Ethereum-based altcoin, widely considered an alternative to Dogecoin. It is a community-led currency, with the ShibArmy (or SHIBArmy) at the heart of its operations.

You can buy Shiba Inu (SHIB) on several exchanges, including:

• Binance
• Coinbase
• Robinhood
• Kraken
• Huobi
• Gate.io
• Uniswap (V2)
• OKEx

Binance is a centralized exchange where you can buy several cryptocurrencies, including Shiba Inu. To use the platform, you'll need to open an account and verify your identification. You can then buy Shiba Inu with a debit or credit card, Google Pay or Apple Pay, or via a third-party payment channel.

Robinhood allows you to buy and sell Shiba Inu commission-free.

Kraken has been in the cryptocurrency industry for over 10 years and offers a simple way to buy Shiba Inu with a bank account or credit card on its app.

Coinbase is one of the two largest cryptocurrency exchanges and is recommended for first-time users due to its simplicity and ease of use.

Before buying SHIB tokens on Coinbase or eToro, it is recommended that you consider long-term dedicated wallet storage for your tokens. Trading platforms are known targets for hackers, and your assets could be at risk. Dedicated crypto wallets include hot wallets (connected to the internet) and cold wallets (offline). Cold wallets are considered safer.

How to set up an account

To set up an account to invest in Shiba Inu (SHIB), you'll need to choose a crypto exchange platform. Some popular options include Coinbase, Robinhood, Binance, eToro, and Uniswap.

Here's a step-by-step guide on how to set up an account using Coinbase as an example:

Step 1: Create a Coinbase Account

Download the Coinbase app or visit their website to begin the sign-up process. You will need to provide your email address and personal information, such as your full name and country of residence. You may also be asked to verify your identity, so have a valid photo ID or passport ready. The verification process may take longer than a few minutes, depending on your location.

Step 2: Add a Payment Method

In your Coinbase account, go to the payment method section and connect your preferred payment option. You can choose from various methods, including a bank account, debit card, or wire transfer.

Step 3: Fund Your Account

Once your payment method is set up, it's time to fund your account. Decide on the amount you want to deposit, keeping in mind that this should be an amount you are comfortable investing and not needed for essential expenses.

Step 4: Select SHIBA INU from the List of Assets

On the Coinbase platform, search for SHIBA INU by typing its name or ticker symbol, SHIB, into the search bar. This will take you to the purchase screen for SHIB.

Step 5: Enter the Amount You Want to Buy

Use the number pad to input the amount you wish to spend in your local currency. The platform will automatically convert this into the equivalent amount of SHIB. You can adjust your purchase amount by tapping the arrow buttons next to the input field.

Step 6: Finalize Your Purchase

Before confirming your purchase, carefully review the details of your transaction. Pay attention to the amount of SHIB you will receive and the associated fees. Once you are satisfied with the details, confirm your purchase by clicking or tapping the "Buy now" button.

And that's it! You've successfully set up your account and purchased SHIBA INU. Remember to keep your login credentials secure and consider enabling additional security measures, such as two-factor authentication, to protect your investment.

Payment methods

Shiba Inu (SHIB) is a decentralised, community-led currency, which was launched in 2020. It is an Ethereum-based altcoin, which means it was created on and hosted by the Ethereum blockchain. It is possible to buy Shiba Inu on several exchanges, including Binance, Coinbase, Robinhood, and Kraken, to name a few.

To buy SHIB, you will first need to register for an account on your chosen exchange. You will need to provide your email and personal information and verify your identity with a valid photo ID or passport.

Once you have an account, you can connect your funding source and place your order. Different exchanges will have different payment methods available, but you will usually be able to fund your account by transferring money from your bank account.

It is also recommended that you set up a dedicated crypto wallet to store your tokens, especially if you are not planning on trading crypto regularly. There are two types of crypto wallets: hot wallets and cold wallets. Hot wallets are connected directly to the internet, while cold wallets keep your crypto offline. Cold wallets are considered safer and include hardware physical wallets, while hot wallets include software wallets such as smartphone applications.

When buying SHIB, you can also consider using different trading orders depending on your strategy. A market order will execute your order immediately at the current price, while a limit order will only execute if the price reaches a specific level that you set.

Placing an order

To place an order for Shiba Inu (SHIB), you will need to follow these steps:

Choose a Crypto Exchange:

Select a crypto exchange that offers SHIB trading, such as Coinbase, Robinhood, Binance, eToro, or Uniswap. These platforms provide different features, so choose one that aligns with your needs and experience level. For instance, Coinbase is ideal for beginners, while eToro suits experienced traders.

Register and Verify Your Account:

Sign up by providing your email, personal information, and verifying your identity with a valid photo ID or passport. This process may take longer, depending on your location.

Add a Payment Method:

Connect a payment method to your account. You can typically use a bank account, debit card, or initiate a wire transfer. On Coinbase, for example, tap on the payment method box in the app to add your preferred payment option.

Navigate to the Trading Platform:

Access the exchange's trading platform, either through a web browser or a mobile app. On Coinbase, go to the "Buy & Sell" section on the website or tap the "+" Buy button on the Home tab of the mobile app.

Select SHIB as the Asset:

Search for SHIB by name or ticker symbol (SHIB) and select it from the list of available assets. This will take you to the purchase screen, where you can specify the amount you want to buy.

Enter the Amount and Place Your Order:

Use the number pad to input the amount you want to spend in your local currency. The platform will automatically convert it into the equivalent amount of SHIB. You can then place a market order to execute the trade immediately at the current price or set a specific price for a limit order. Review the order details, including the price and amount, before confirming your purchase.

Finalize Your Purchase:

After reviewing the order details, confirm your purchase by clicking or tapping the "Buy now" button. The order will be processed, and you will be directed to a confirmation screen, officially making you a member of the SHIB Army!

It is important to remember that investing in cryptocurrencies like Shiba Inu carries risks due to their volatile nature. Always ensure you understand these risks and invest only what you can afford to lose.

Storing your crypto

There are several ways to store your SHIB tokens, each with its own pros and cons. Here are some of the most common methods:

Hardware Wallets

Hardware wallets are physical devices that connect to your computer and store your cryptocurrency. They are considered one of the safest options for storing crypto because they can be kept offline when not in use, reducing the risk of being hacked. Examples of popular hardware wallets include Ledger, Trezor, and SafePal. These wallets can be more inconvenient for frequent traders, as they need to be connected to a device to trade crypto.

Custodial Wallets

Custodial wallets are provided by crypto exchanges, such as Coinbase, Gemini, or Robinhood. The exchange stores your crypto for you, either through hot (online) storage, cold (offline) storage, or a combination of both. While these wallets are convenient and often have additional security measures, you are relinquishing control of your private keys to a third party. There is also a risk of the exchange being hacked or going bankrupt.

Hot Wallets

Hot wallets are applications that store cryptocurrencies online. They are typically available as desktop or mobile apps, or as web-based wallets. Hot wallets give you control over your crypto and are easy to use for making quick transactions. However, they carry the risk of being hacked since they are always connected to the internet.

Cold Wallets

Cold wallets are offline crypto wallets and are considered the most secure option for storing large amounts of crypto. There are different types of cold wallets, including hardware wallets mentioned above, as well as paper wallets, which are physical printouts of your public and private keys. Paper wallets are secure but may be less user-friendly, especially for those new to crypto.

Multi-Signature Authentication

For added security, you can enable multi-signature authentication, also known as two-factor authentication (2FA). This requires you to present at least two pieces of evidence, such as a password and a passcode, to access your wallet. This extra layer of security helps protect your account from hacks.

Other Considerations

When choosing a storage method, it's important to consider your own needs and preferences. For example, if you plan on actively trading your SHIB tokens, a hot wallet or custodial wallet might be more convenient. On the other hand, if you want to HODL your tokens as a long-term investment, a hardware or cold wallet might be a better option. Additionally, always make sure to back up your wallet regularly and keep your software up to date to prevent any loss due to system failures or hacking incidents.

Frequently asked questions