Shiba Inu Investment: Coinbase Guide And Tips

Shiba Inu (SHIB) is a decentralised, community-led cryptocurrency that was developed to answer the question: What would happen if a cryptocurrency project was 100% run by its community?. It is an Ethereum-based alternative to Dogecoin (DOGE) and, unlike Bitcoin, which is designed to be scarce, SHIB has an abundant supply of one quadrillion. Shiba Inu was created in August 2020 by an anonymous individual or group under the pseudonym Ryoshi. It is now led by a person using the name Shytoshi Kusama. Here is a step-by-step guide on how to invest in SHIB on Coinbase.

Create a Coinbase account

To create a Coinbase account, follow these steps:

First, you need to decide which Coinbase account level is the best fit for you. Account levels can unlock additional features within your Coinbase account, such as sending and receiving cryptocurrency. Purchase and deposit limits are determined by factors such as the verification completed on your account, your purchase history, and your payment type.

Next, you need to enter your basic information to create a free account. This includes your name, email address, and a password that meets the listed criteria. After this, you will need to verify your email address by entering a code that will be sent to your email.

Then, you will need to verify your phone number. You will need the smartphone and phone number associated with your Coinbase account to complete the 2-step verification. Sign in to Coinbase and follow the prompts to add your phone number, selecting your country and entering your mobile number. Coinbase will then attempt to verify your phone number through your phone carrier. If this is unsuccessful, they will send a verification code to your number.

After verifying your phone number, you will need to add your personal information. This includes the information shown on your valid government-issued photo ID, such as your legal name, date of birth, address, and the last four digits of your social security number. You will also need to answer some questions about how you plan to use Coinbase and the source of your funds.

Coinbase will then ask you to verify your identity, which may vary depending on your country. It is recommended to set up a 2-step verification app (TOTP) to help protect against unauthorized account access.

Finally, you will need to link a payment method. Coinbase uses Plaid's services to connect accounts and verify your financial institution. Once connected, you will need to enter your routing and account number.

With your Coinbase account set up, you can now enable the sending and receiving of cryptocurrency and start investing in Shiba Inu!

Add a payment method

To add a payment method to your Coinbase account, start by tapping on the payment method box and connecting a payment method. You can use a bank account, a debit card, or initiate a wire transfer.

On the Coinbase website, select 'Buy & Sell'. If you're using the Coinbase mobile app, tap the (+) Buy button on the Home tab.

Coinbase is a quick and easy way to buy, sell, and manage SHIBA INU. It is the most trusted place for people and businesses to do so.

Select SHIBA INU from the list of assets

Once you have downloaded the Coinbase app, signed up, and added a payment method, you can start buying SHIBA INU. On the Coinbase website, click the Buy panel to search and select SHIBA INU. On the Coinbase mobile app, search for SHIBA INU by typing “SHIBA INU” into the search bar.

When you see SHIBA INU appear in the results, tap it to open up the purchase screen. Here, you can enter the amount you want to buy. Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a SHIBA INU amount. You can also tap the arrow buttons to the right of the amount of money you want to spend to switch the number to the equivalent amount of SHIBA INU.

Enter the amount you want to buy

Once you've set up your Coinbase account, added a payment method, and selected SHIBA INU from the list of assets, you'll be ready to enter the amount you want to buy.

Use the number pad to input the amount you want to spend in your local currency. The app will automatically convert that into a SHIBA INU amount. You can tap the arrow buttons to the right of the amount of money you want to spend to switch the number to the equivalent amount of SHIBA INU.

If you're using Robinhood or Coinbase, connect your funding source after ID verification. Fund your account by transferring the amount you wish to trade. Then head to the SHIB/USD order book and place your order.

Consider using different trading orders depending on your overall strategy. A market order executes the order immediately at the current price. To place a limit order, set a specific price. A limit order executes if it reaches the price you specify. You can also spread out orders to try to average into or out of a position.

Be mindful of the risks if you invest in cryptocurrencies like Shiba Inu. Many altcoins—any coin that is not Bitcoin—have massive price swings and can heavily impact your portfolio.

Finalise your purchase

Once you have entered the amount you want to buy in your local currency, you will be able to see the equivalent amount of SHIB. You can adjust the amount of money you want to spend or the amount of SHIB you want to buy by tapping the arrow buttons to the right of the figures. When you are happy with the amount, tap "Preview buy".

You will then be shown the details of your purchase. Check that everything is correct and then confirm your purchase by clicking "Buy now". Once the order has been processed, you will be taken to a confirmation screen. Congratulations, you now own some SHIB!

It is important to note that investing in cryptocurrencies is risky due to their massive volatility and lack of regulation. Shiba Inu is a meme coin, which is a cryptocurrency associated with a theme but often launched as a parody or inside joke. It has very limited utility and does not have a compelling use case other than allowing non-fungible token trading and limited gaming.

Frequently asked questions