SHIB coin is a popular meme token inspired by the well-known Doge meme and depicted with a Shiba Inu dog from Japan. Initially, this was a joke; however, SHIB attracted so much attention in the cryptocurrency space. Just follow this guide if you want to know how to add Shiba Inu into your investment portfolio since it explains things in a very simple manner.
Understanding Shiba Inu
Knowing a little about Shiba Inu would greatly help buyers in making unbiased decisions before getting deep into the buying process. SHIB is an ERC-20 token built upon the Ethereum blockchain and launched in August of 2020. It means it inherits the security of the Ethereum network along with the functionality. SHIB was created as a decentralized community project focused on community building and spontaneous growth.
Choosing a Platform to Buy Shiba Inu
The two most common methods to buy Shiba Inu include cryptocurrency exchanges and brokers. Here’s a breakdown of each:
- Exchanges: Those are where buyers and sellers meet to exchange various types of cryptocurrency, including SHIB. They work similarly to the theory of a stock exchange, in which people place orders on both the buying and selling ends that will be matched with other users. Popular crypto exchanges that have SHIB listings include Coinbase, Binance, Kraken, and Crypto.com.
- Cryptocurrency Brokers: Acting as the middleman between you and the cryptocurrency market, they provide an easier interface to operate than exchanges. However, they may offer limited options on cryptocurrencies and have higher fees, probably. Popular crypto brokerages that hold SHIB include Robinhood and SoFi.
Factors to Consider in Choosing a Platform
Here are some key considerations when choosing a platform on which to buy Shiba Inu:
- Security: As such, go for a platform with a very good reputation in security, with strong two-factor authentication factors and secure user funds storage practices.
- Fees: This involves comparing the fees whenever one plans to purchase, sell, or withdraw across all available platforms.
- Payment Methods Accepted: Check to see if it will accept your kind of payment, which could be bank transfer, debit, or credit card.
- User Interface: You want an easy-to-use interface, so pick a platform with a user-friendly interface, whether a novice or an advanced developer.
Steps to Buy Shiba Inu
Once you have chosen a platform, here are the steps in general that help you buy Shiba Inu:
- Account creation: Create an account on your favorite platform. Complete the verification process, if necessary.
- Fund an Account: Deposit some money into your account using your preferred method of payment.
- Find Shiba Inu: Log in to the platform, then press on the trading interface and search for Shiba Inu using the ticker SHIB.
- Place a buy order: include the number of SHIBs you want to buy and at what price you can afford to pay for them.
- Review and confirm that the details of your order are correct before buying anything.
Storing Your Shiba Inu
Once you’ve bought SHIB, you’ll need to keep it safe. Your options are :
- Exchange Wallets: Some trading platforms provide an integrated wallet in which you can hold your cryptocurrency. Notwithstanding the fact that this option is full of comfort and ease, the idea of availing it may not be perfect in the case of substantial amounts because there are many risks related to central storage connected with decentralized assets.
- Software Wallets: These are digital wallets downloaded into one’s computer or mobile device. They give power to the holder regarding their cryptocurrency. On the downside, one has to manage security measures.
- Hardware Wallets: They are basically small gadgets resembling a USB drive; the most secure form of cryptocurrency storage is within one, but also they do come at higher price points.
Important Considerations
Investment Risks: By its very nature, the cryptocurrency market can be extremely volatile. It may happen that the value of your holdings in SHIB falls to the floor, rendering it a total loss. Remember always to take care not to invest more than you can afford to lose.
- Regulation: Legislation is changing regarding cryptocurrency minute by minute. Keep ahead on any regulation that may affect your SHIB holdings.
- Taxes: Cryptocurrency transactions are subject to capital gains tax. Consult a tax advisor for precise advice.
ConclusionÂ
Above steps and useful points can help you in confidently buying the Shiba Inu. You need thorough research and knowledge, especially when buying for the very first time in a cryptocurrency market.
