First Bitcoin, then dogecoin, and then the famous Shiba Inu coin. Cryptocurrencies never fail to amaze us. Recently many influencers on the media are doing a “talk” about these trending Gen-z currencies. So what is this Shiba Inu coin? and How do you Buy Shiba Inu coins?
The complete breakdown of the process and the analysis is delivered in the article. Now let’s get into it.
What is Shiba Inu coin?
Shiba Inu coin is an ERC-20 token, a fancy way of saying that it runs on the Ethereum blockchain and utilizes the network’s smart-contract technology.
This coin came into existence in August 2020 as a decentralized meme token from an anonymous creator that goes by the name Ryoshi.In comparison with Dogecoin that has no supply limit, the Shiba Inu coin tremendous supply of precise quadrillion coins.
After examining Shiba Inu coin’s 22-page white paper (the pun-loving creator calls it a “woofpaper”), the meme token’s fundamental mission is to protect one of the most principles of cryptocurrency: decentralization. Decentralization avoids definitive teach (e.g. banks and legislative bodies) from monopolizing control. “We accept through the power of collective decentralization, we are able to construct something more grounded than a centralized group seem to make,” SHIB’s author Ryoshi (pseudonym) said. “A community-run token is nothing without the joined together people who donate it purpose.” The woofpaper also dives into why SHIB runs on Ethereum, clarifying that it may be a secure, well-established blockchain that lets SHIB stay autonomous of directing powers.
A Guide to Buy Shiba Inu coin
Where to buy it?
There are several platforms where you can buy Shiba Inu, including Binance, Crypto.com, Atomic Wallet, and KuCoin.
You can also buy SHIB on Uniswap (via Trust Wallet), which requires you to exchange Ethereum for SHIB. For this tutorial, we will be focusing on KuCoin.
How to buy?
The easiest way to buy Shiba Inu coins is via the KuCoin exchange. Before you can get your hands on Shiba Inu, you’ll need to purchase something called USDT (Tether). I know this may sound complicated, but I can assure you that the process is super easy. Once you’ve made a KuCoin account, here’s how to buy Shiba Inu.
1. Sign in to your KuCoin account.
2. Click on “Buy Crypto” on the top-left corner and click on “Credit/Debit Card.”
3. Under “I Want to Spend,” input the amount of USDT you’d like to purchase.
4. Under “I Want to Buy,” click on the drop-down menu and select USDT.
5. Next, select your payment method (e.g. Visa/MasterCard) and payment channel.
6. Tick the “Disclaimer” button and click “Confirm.” Follow the prompts to finish the payment process.
Swapping USDT for Shiba Inu
1. After a minute or two, you should find your USDT in your Main Account, which you can locate by going to Assets > Main Account.
2. Click on the “Transfer” button next to USDT to switch your USDT over to your Trading Account.
4. Next, go to your Trading Account and confirm that your USDT is there.
5. Click on “Markets” to get started on swapping USDT for Shiba Inu.
6. On the far right, type in “SHIB” into the search bar.
7. Click on the SHIB-USDT trading pair.
8. At this point, you may be prompted to input your trading password.
9. Once you’ve confirmed your trading password, click on Market on the lower-right quadrant.
10. In the “Buy SHIB” section, click on the 100% button, which will ensure that all of your USDT is swapped for SHIB. If you prefer to put in a custom amount, you can do so in the Amount field.
11. Click on “Buy SHIB.”
Follow the prompts to complete the purchase, and voila, you now own the Shiba Inu coin!
From this, we can be sure you are going the right way in owning a personal cryptocurrency yourself. This article will have helped you learn about the Shibu Inu coin and how and where to buy it in a detailed step-by-step manner. Now go ahead and be aware of your risk tolerance.
As with any investment, only invest what you can afford. SHIB is a highly speculative asset, so be prepared for wild swings in volatility.