How To Buy Shiba Inu

Shiba Inu (SHIB) is a memecoin, similar to Dogecoin (DOGE), which also features a Japanese dog breed as its mascot. A memecoin is an alternative cryptocurrency to Bitcoin that is based on an online meme. This, in turn, is an internet inside joke in the shape of an image that has been edited and shared numerous times. SHIB is one of the top 15 cryptocurrencies by market capitalization, making it an appealing alternative for individuals wishing to diversify their cryptocurrency holdings.

While one SHIB is currently worth $0.000015, it is down 65 percent from its high in October of last year, when Tesla CEO (and Twitter bidder) Elon Musk tweeted about the meme coin. SHIB is an excellent illustration of cryptocurrency volatility. The Financial Conduct Authority, the UK's financial watchdog, has warned that if you invest in cryptocurrency, you should expect to lose everything you put in (FCA). If you're aware of the dangers but still want to have a Shiba Inu, here's how.

How to buy Shiba Inu (SHIB) in 4 steps

1. Select a cryptocurrency exchange

To purchase Shiba Inu, you'll need to use a cryptocurrency exchange. An exchange is a location, such as a website or an app, where buyers and sellers meet to trade fiat currency (in the UK, sterling) for cryptocurrencies or one cryptocurrency for another. There are hundreds of options available. Big names like eToro and Coinbase are among them, as are smaller exchanges like Bitstamp. If you're still undecided, check out our list of the best crypto exchanges for 2022.

Consider the following points:

• Payment methods - be sure the exchange accepts your preferred way of payment and what fees are involved. Many exchanges, for example, do not take PayPal and charge 3.99 percent for debit or credit card payments.
• Integrated wallet – Check if the exchange has an integrated wallet where you may safely store your SHIB. If you'd rather keep it in a third-party wallet, see if withdrawals are possible and if there are any costs.
• Traded currencies — Confirm that the exchange you're joining permits you to trade SHIB.

2. Select a method of payment

The most frequently accepted and cost-effective method of purchasing cryptocurrency is through bank transfers. Many exchanges accept debit and credit cards, but for a fee of roughly 3.99 percent - and any money spent on fees could have been invested instead.

There are two compelling reasons to avoid paying for cryptocurrencies with a credit card. To begin with, taking on debt to pay for a volatile investment like crypto is generally a bad idea. Second, instead of seeing the transaction as a regular purchase, your card issuer will regard it as a cash advance and charge you a higher rate of interest from the start. PayPal is accepted by only a few exchanges and those that do impose fees.

3. Place an order

When you've decided on an exchange and a payment method, go to the Shiba Inu page on the website or app and enter the amount you want to invest.

4. Select a storage option

Many exchanges include built-in wallets where you can keep your SHIB, but you could want to use a third-party wallet. You can choose between a 'hot' or a 'cold' wallet if your exchange permits transfer out (for which they may charge a fee). A cold wallet is a physical storage device that isn't linked to the internet, such as a hard drive or flash drive. A hot wallet is an online virtual wallet.

The latter is more secure against hackers, but only you have access to it. There would be no one else with access to help you recover your crypto if you lost your personal access keys. Because it's online, it's less safe against hackers, but if you lose your access codes and can't access your wallet, the wallet provider may be able to help.