Shiba Inu Coin (SHIB) is a cryptocurrency that was created in August 2020. It is a decentralized, open-source, peer-to-peer digital asset that operates on the Ethereum blockchain. SHIB is designed to be a fast, secure, and low-cost alternative to traditional cryptocurrencies such as Bitcoin and Ethereum.
People buy Shiba Inu Coin for various reasons, including as a speculative investment, as a way to participate in decentralized finance (DeFi) projects, and as a store of value. The popularity of Shiba Inu Coin has grown significantly since its launch, and it has become a top 100 cryptocurrency by market capitalization.
One popular platform for buying Shiba Inu Coin is Coinbase, a leading cryptocurrency exchange based in the United States. Coinbase offers a simple, user-friendly platform that allows users to buy, sell, and store a variety of cryptocurrencies, including SHIB. This article will outline the steps for purchasing Shiba Inu Coin on Coinbase.
Setting up a Coinbase account
Before you can purchase Shiba Inu Coin on Coinbase, you will need to set up a Coinbase account. The process is straightforward and can be completed in a few simple steps. In this section, we will outline the steps for setting up a Coinbase account, the verification process, and adding a payment method.
Steps for creating a Coinbase account:
- Go to the Coinbase website (www.coinbase.com) and click on the “Sign Up” button.
- Enter your personal information, including your name, email address, and password.
- Verify your email address by clicking on the verification link sent to you by Coinbase.
- Complete the account setup process by providing additional information such as your address and phone number.
Coinbase requires its users to undergo a verification process to ensure the security of its platform and to comply with regulations. This typically involves providing a government-issued ID and proof of residency.
Once your account is set up and verified, you will need to add a payment method. This can be done by linking a bank account or adding a credit/debit card. To purchase Shiba Inu Coin, you will need to have funds available in your Coinbase account.
Note: The availability of payment methods may vary based on your location and the country you are in. Additionally, certain payment methods may not be available for purchasing cryptocurrencies on Coinbase. It’s best to check the available payment methods in your country before setting up your account.
How to buy Shiba Inu Coin: Coinbase
In this section, you will learn how to find and purchase Shiba Inu Coin on Coinbase. By following the steps outlined below, you can easily add Shiba Inu Coin to your portfolio and place an order to buy the cryptocurrency. Additionally, you will learn about the different types of orders you can use to purchase Shiba Inu Coin, including market orders and limit orders.
Search for Shiba Inu Coin on Coinbase:
- Log in to your Coinbase account and click on the “Buy/Sell” button.
- In the search bar, type “Shiba Inu Coin” or “SHIB” and select it from the results.
Adding Shiba Inu Coin to your portfolio:
- If you have not already, add Shiba Inu Coin to your portfolio by clicking on the “Add to Portfolio” button.
- This will allow you to track the price of Shiba Inu Coin and easily make purchases in the future.
Placing an order for Shiba Inu Coin:
- Once you have found the Shiba Inu Coin listing, select the amount you wish to purchase.
- Choose between a market order or a limit order.
A market order is an order to buy or sell a security at the best available price. In a market order, the order will be filled immediately at the current market price.
A limit order, on the other hand, allows you to specify the maximum price you are willing to pay (for a buy order) or the minimum price you are willing to sell (for a sell order). The order will only be filled at your specified price or better. This gives you more control over the price you pay for Shiba Inu Coin, but there is no guarantee that the order will be filled.
The availability of certain order types may vary based on your location and the cryptocurrency you are buying or selling. It’s best to check the available order types in your country before making a purchase.
Storing Shiba Inu Coin
After purchasing Shiba Inu Coin, it’s important to find a secure place to store it. In this section, you will learn about the different storage options available for Shiba Inu Coin and the recommended best practices for keeping your cryptocurrency safe.
There are several options for storing Shiba Inu Coin, including:
Online wallets: These are wallets that are accessible through the internet and are stored on a server. They are convenient for everyday use, but they are also the least secure option as they are vulnerable to hacking.
Desktop wallets: These are wallets that you can download and install on your computer. They are more secure than online wallets, but they are still susceptible to hacking if your computer is infected with malware.
Mobile wallets: These are wallets that you can download and use on your mobile device. They are convenient for on-the-go use, but they are also less secure than other options.
Hardware wallets: These are physical devices that are used to store cryptocurrencies offline. They are the most secure option for storing cryptocurrencies, as they are not connected to the internet and are therefore not vulnerable to hacking.
For maximum security, it’s recommended that you store your Shiba Inu Coin in a hardware wallet. Hardware wallets are physical devices that are designed specifically for storing cryptocurrencies and are considered to be the most secure option. By keeping your Shiba Inu Coin in a hardware wallet, you can ensure that your cryptocurrency is protected from potential hacks and other security threats.
It’s important to research and compare different hardware wallet options to find the one that best suits your needs. Additionally, make sure to follow best practices for securely using and storing your hardware wallet to keep your Shiba Inu Coin safe.
In this guide, we have covered the steps for buying Shiba Inu Coin on Coinbase, including setting up an account, adding a payment method, searching for Shiba Inu Coin, adding it to your portfolio, placing an order, and choosing between market and limit orders.
It is important to store your Shiba Inu Coin in a secure location to protect against theft or loss. A hardware wallet is a recommended option for maximum security.
Cryptocurrency investment is speculative and can involve a high degree of risk. It is important to research and carefully consider your investment options before making a purchase. Always make informed decisions and consult a financial advisor if necessary.