What should you know before buying a Shiba Inu?
Below is some basic information about the Shiba Inu cryptocurrency. In the following part, we present how you can purchase this cryptocurrency through ByBit and OKX exchanges.
Shiba Inu (SHIB) is a cryptocurrency that dates back to 2020. It was created by an anonymous person (or, more likely, a group of people) known by the nickname “Ryoshi.” Not much is known about the founder of this project, except that he had a Twitter account and a couple of other platforms.
Interestingly, 50% of the assets available in this cryptocurrency were sent to a wallet belonging to Ethereum creator Vitalik Buterin. In turn, Vitalik donated 10% of his SHIB holdings to the COVID-19 relief effort in India, and the remaining 40% was burned. The donation was worth about $1 billion at the time, making it one of the largest donations in history.
The name of this cryptocurrency comes from a Japanese dog breed called Shiba Inu. A dog of the same breed is also the symbol of Dogecoin. Like DOGE, the SHIB cryptocurrency is a project that is referred to as a “meme coin,” a cryptocurrency inspired by a meme and created for a joke. Interestingly, Shiba Inu presents itself as Dogecoin Killer and therefore a direct competitor to Dogecoin.
SHIB is a token based on the ERC-20 standard, which runs on Ethereum. Shiba Inu states on its website that the total amount of SHIB is 1 quadrillion. Of which a large portion is locked up on Uniswap, an operating decentralized financial platform, and the remainder, or 50%, was transferred to Vitalik Buterin at the time of the launch.
The Shiba Inu cryptocurrency has been quite popular since its inception. Interestingly, on Twitter, Shib’s profile has more than 3.5 million followers. Meanwhile, Shiba Inu’s highest capitalization (as of 2021) was as high as $17 billion. As a result, SHIB ranked among the top ten most popular cryptocurrencies.
Meme-signed cryptocurrencies such as SHIB and DOGE have become symbols of the cryptocurrency bull market and speculation. These types of projects are mainly associated with “shitcoins,” i.e. projects that do not have much value, but easily gain interest from cryptocurrency market enthusiasts.
Where can you buy Shiba Inu? On exchanges such as ByBit and OKX, among others.
How to buy Shiba Inu (SHIB) on the ByBit exchange?
ByBit is a fast-growing cryptocurrency exchange. Funds are held in secure wallets, in addition to which numerous technological solutions are implemented to maintain high security standards. Buying Shiba Inu cryptocurrency using ByBit is intuitive, and as a result, even novice users should have no problem operating the platform.
Registering an account on the ByBit exchange
Registering on the ByBit exchange is intuitive and does not differ much from registering on other cryptocurrency trading platforms. All you have to do is go to its website and click the yellow “Sign Up” button in the upper right corner. Then you need to fill in the required fields. Among other things, it is necessary to enter your email address and password. In the next step, you can set up 2FA authentication (via SMS code or Google Authenticator app).
Deposit funds to ByBit exchange
On ByBit you can deposit funds by credit card, P2P Trading, deposit in fiat currencies and deposit in cryptocurrencies. However, not all options are possible with Shiba Inu. A convenient solution is to simply deposit funds via bank transfer (e.g. in EUR) and then buy SHIB on the spot market. Alternatively, you can also purchase another cryptocurrency with a card (e.g. USDT or BTC) and then exchange that cryptocurrency for SHIB on the spot market.
Buying Shiba Inu (SHIB) using a credit card and the One-Click Buy option
Unfortunately, using the One-Click Buy option you cannot buy Shiba Inu. However, you can buy, for example, USDT, BTC or another cryptocurrency and in the next step on the spot market exchange the purchased cryptocurrencies for SHIB.
Buying Shiba INU (SHIB) using P2P Trading
Unfortunately, the Shiba Inu cryptocurrency is not offered on the P2P Trading platform that operates on the ByBit exchange. Cryptocurrencies that can be purchased this way include BTC, ETH, USDT and USDC.
Purchase Shiba Inu (SHIB) using fiat currencies and a simple bank transfer (SEPA)
To make a deposit in fiat currencies, go to bybit.com/fiat/trade/deposit/home and enter the amount in one of the six available currencies: RUB, TRY, BRL, ARS, EUR or GBP. Unfortunately, you cannot deposit PLN.
When you choose SEPA Transfer as your payment method, the transfer time should be about 1-3 business days. Then, you can exchange the purchased currency into cryptocurrency, for example, EUR to USDT and then USDT to SHIB.
Trading Shiba Inu (SHIB) on ByBit
After logging in and making a deposit, the next step is to select “Trade” from the menu, then “Spot Trading” and specify the currency pair you are interested in, e.g. SHIB/USDT or other. The next step will be to select the amount of SHIBs you want to purchase. Finally, a summary of the entire order will be displayed, which must be confirmed to complete the transaction.
How to buy Shiba Inu (SHIB) on the OKX exchange?
OKX is one of the top cryptocurrency trading sites. The platform has been secured with various technologies designed to ensure high security standards.
Registering an account on the OKX exchange
- To register with the OKX exchange, simply click the “Register here” button on the top right of the OKX exchange home page.
- Then fill out the registration form, entering your information (including your phone number or email address).
- It is important that all information is entered correctly, as this is what you will use to receive a verification code, which will be sent via SMS or email.
- After completing the registration procedure, you will need to present a valid ID for verification in accordance with the KYC procedure. The verification time may take several days.
Purchase Shiba Inu (SHIB) on OKX with a credit/debit card
Unlike ByBit on OKX, you can buy SHIB with a credit card.
- To make a purchase, you need to select “Buy cryptocurrency” in the menu and click “Buy with card.”
- Then you have to choose the appropriate type of card (e.g. MasterCard or Visa).
- Then you specify how much you want to buy SHIB. Interestingly, you can place your order in Polish zlotys (PLN).
- To complete the transaction, just follow the on-screen instructions.
For more information about buying cryptocurrencies with a credit card on OKX, visit: h ttps:// www.okx.com/learn/how-to-buy-crypto-with-a-credit-card-on-okx
Buying Shiba Inu (SHIB) on OKX using P2P trading
It is not possible to buy SHIB on OKX through P2P trading. However, there are many other cryptocurrencies that can be bought this way, including USDC, BTC, ETH, TUSD and DAI.
Buying Shiba Inu (SHIB) on OKX with the help of a third-party operator (such as Simplex or Banax)
To buy Shiba Inu via third-party payment providers, select “Buy cryptocurrency” in the menu, then click “Third-party payment”. Then choose which currency you want to pay in (e.g. PLN) and which cryptocurrency you want to purchase (e.g. SHIB). Before making a transaction, it is a good idea to check the purchase limits of the operator and the payment processing time. In some cases, the cryptocurrency can be transferred immediately after the payment is credited, in other situations you should wait, for example, tens of minutes. For more information about buying Shiba Inu and other cryptocurrencies on OKX through third-party payment service providers, visit: https: //okx.ada.support/api/articles/633665c2084d3fcdaf447411/?chatter_token=7ad95483-c046-403f-a4ed-7ccb37eabefa
Trading Shiba Inu (SHIB) on OKX
To execute trade transactions on the OKX platform, you must first create an account and deposit funds into it. Then go to the “Trade” section in the top menu and select “Spot”. Once the trading platform opens, you need to select the appropriate currency pair (e.g. SHIB/USDT), enter the appropriate amount in the box and follow the on-screen instructions to make a trade.
What are the other ways to buy Shiba Inu (other than centralized exchanges)?
It is possible to purchase cryptocurrencies (including SHIB) outside of centralized exchanges. Available options include decentralized (DEX), cryptocurrency exchanges, bitomates and P2P platforms that allow cryptocurrencies to be traded between users.
Decentralized exchanges(DEX) – platforms of this type allow convenient exchange of funds without the need for intermediaries. Transactions are carried out directly between cryptocurrency wallets on the blockchain. Most of these exchanges use the ethereum blockchain to conduct transactions.
Cryptocurrency exchange offices – platforms of this type function as websites. You can also find exchange offices that operate physical locations spread out in different cities. The use of exchange offices is a friendly way to buy cryptocurrencies from a beginner’s perspective, as users can exchange cash for SHIBs in a way that resembles a regular fiat currency exchange.
P2P services – using peer-to-peer platforms is another way to buy cryptocurrencies. The service then acts as an intermediary between the parties to the transaction.
How to buy Shiba Inu (SHIB) without going through KYC verification?
Some exchanges do not require going through the KYC procedure. For example, on the ByBit exchange you can buy and trade cryptocurrencies (including Shiba Inu). Provided that the withdrawal does not exceed the equivalent of 2 BTC.
An alternative to KYC verification is to buy SHIB through exchange offices or bit machines. Interestingly, many bureaux de change and ticket machines treat transactions up to a certain amount (generally around 4,000zl) as occasional transactions so no verification is required.
It should be noted, however, that more and more exchanges, bureaux de change and bitmeters require verification, so on this subject it is best to check the information on the website of the chosen platform through which we intend to make a purchase.
Where to keep Shiba Inu (SHIB) after purchase?
In theory, you can hold your digital funds on cryptocurrency exchanges. However, it is important to know that, according to popular opinion, exchanges should mainly be used for trading and not for storing funds. For security reasons, long-term funds are best stored on so-called cold hardware wallets (such as Ledger or Trezor). Using cold wallets significantly reduces the risk of losing funds due to hacking attacks.