How To Buy SHIBA INU (SHIB)?
A common question you often see on social media from crypto beginners is “Where can I buy SHIBA INU?” Well, you’ll be happy to hear it is actually quite a simple and straightforward process. Thanks to its massive popularity, you can now buy SHIBA INU on most cryptocurrency exchanges, including Coinbase and Binance in 3 simple steps.
Step 1: Create an account on an exchange that supports SHIBA INU (SHIB)
First, you will need to open an account on a cryptocurrency exchange that supports SHIBA INU (SHIB).
We recommend the following based on functionality, reputation, security, support and fees:
In order to sign up, you will need to enter some basic information, such as your email address, password, full name and, in some cases, you might also be asked for a phone number or address.
Note: On specific exchanges, you might need to complete a Know Your Customer (KYC) procedure in order to be able to purchase cryptocurrency. This is most commonly the case with licensed and regulated exchanges.
Step 2: Deposit funds into your account
Many cryptocurrency exchanges will allow you to purchase SHIBA INU (SHIB) with fiat currencies, such as EUR, USD, AUD and others. Furthermore, they will also provide you with multiple deposit methods through which you can fund your fiat account, such as credit and debit cards, ewallets or direct bank transfers.
Note: Some payment methods will have higher fees than others, such as credit card payments. Before funding your fiat account on your chosen exchange, make sure to do your due diligence to find out the fees involved with each payment method to avoid unnecessary costs.
Step 3: Buy SHIBA INU (SHIB)
This process is similar across almost every cryptocurrency exchange. All you have to do is find a navigation bar or a search bar, and search for SHIBA INU (SHIB) or SHIBA INU (SHIB) trading pairs. Look for the section that will allow you to buy SHIBA INU (SHIB), and enter the amount of the cryptocurrency that you want to spend for SHIBA INU (SHIB) or the amount of fiat currency that you want to spend towards buying SHIBA INU (SHIB). The exchange will then calculate the equivalent amount of SHIBA INU (SHIB) based on the current market rate.
Note: Make sure to always double-check your transaction details, such as the amount of SHIBA INU (SHIB) you will be buying as well as the total cost of the purchase before you end up confirming the transaction. Furthermore, many cryptocurrency exchanges will offer you their own proprietary software wallet where you will be storing your cryptocurrencies; however, you can create your own individual software wallet, or purchase a hardware wallet for the highest level of protection.
For more in-depth instructions, our ‘Absolute Beginner’s Guide To Cryptocurrency Investing‘ will take you through the process step-by step. In addition to providing instructions for sending and receiving your cryptocurrency.
And if you’re completely new to crypto our beginner, intermediate and advanced level articles will get you up to speed with everything you need to know about the cryptocurrency space starting out.
What Is SHIBA INU (SHIB)?
- Shiba Inu is an ERC-20 altcoin created on the Ethereum blockchain.
- The coin was created by an anonymous individual going by the name Ryoshi and dubbed the “Dogecoin Killer”.
- There are almost 400 trillion SHIB tokens in circulation, with a max supply of one quadrillion tokens.
- The Shiba Inu creators have created an ecosystem of three coins known as SHIB, LEASH and BONE and a decentralized exchange called ShibaSwap.
- Ryoshi sent Vitalik Buterin, the creator of Ethereum, half of the supply of the token.
- Buterin donated and burned all of his holdings in early May, tanking the price.
- The SHIB whitepaper was updated after Buterin’s donations saying that they were good for the coin and that Buterin is a “friend of SHIB.”
- Some SHIB investors were misled to believe that Buterin was an investor in the project.
- ShibaSwap has received an audit that revealed centralization risks where a developer had the authority to “withdraw all the ERC20 token boneToken to any arbitrary address” that they wished.
What is Shiba Inu?
Shiba Inu is an ERC-20 token created on Ethereum by an anonymous individual known as Ryoshi. Shiba Inu’s website says that the coin is a decentralized meme token that is growing into a vibrant ecosystem.
“SHIB is an experiment in decentralized spontaneous community building. SHIB token is our first token and allows users to hold Billions or even Trillions of them. Nicknamed the DOGECOIN KILLER, this ERC-20 ONLY token can remain well under a penny and still outpace Dogecoin in a small amount of time (relatively speaking).”
The token’s whitepaper says that the intention is to build an ecosystem consisting of three tokens with different supplies.
SHIB is the ecosystem’s foundational currency with a max supply of one quadrillion. LEASH is the second token created and has a supply of 107,646 tokens and the third token is BONE with a supply of 250,000,000 tokens.
The team behind the tokens has also created a decentralized exchange known as ShibaSwap, that allows users to “dig” (provide liquidity), “bury” (stake coins), “fetch” (retrieve tokens from Uniswap or SushiSwap) and swap coins. This exchange is similar to others on the Ethereum network, like SushiSwap and Uniswap.
Does SHIB have an official team?
SHIB’s diverse team is composed of: social media administrators, web designers, graphic designers, artists, music producers, developers, product developers, financiers, IT security team, influencers and software engineers. They are active investors that offered their spare time to contribute based on an incentive to spread the news about the project and to grow the community. This was all done on a voluntary basis
From the beginning, the main Dev/Visionary Ryoshi lead Shib, to be joined by Shytoshi Kusama, who came to the community half way through the first year to help develop ShibaSwap. Today he is considered the main developers/project manager for Shib.
Beginning a trend that continues to defy common practice and set Shiba Inu apart from many other crypto projects, no Dev tokens were provided for either Ryoshi or Shytoshi or any of the devs or volunteers. Without exception all team members purchased their tokens as investors, buying SHIB at the market price.
As of today, Riyoshi has passed the torch to the next generation of SHIB’s ecosystem developers. In the early days, Ryoshi, the founder of the token, was pretty aggressive and kept early investors in check to protect the contract from future “Whales.” He was always vocal about the idea that to maintain the experiment full decentralization this was a necessity.
What is the Vitalik Buterin wallet?
From the total supply of SHIB, 50% was sent to Vitalik Buterin’s wallet, one of the co-creators of Ethereum. From that wallet VB burned 45% of total SHIBs supply, decreasing the number of tokens in siculation by almost 1/2 of the amount. Before burning his wallet, 5% was given to the Indian Relief fund, which was a historical charitable event for SHIB. This amount went towards humanitarian efforts to help India’s fight against the novel COVID-19 outbreak that had devastating consequences for that country.
Calculate SHIB’s burning distribution: https://shiba-calculator.online/
What is ShibaSwap?
Shibaswap is a decentralized exchange (DEX) that allows users to exchange one cryptocurrency for another without leaving their wallets. It also provides network liquidity through a system of pools by staking and yielding farming. On ShibaSwap this is distinguished as Bury, or Dig.
ShibaSwap and Shib’s Ecosystem was envisioned by Ryoshi. ShibaSwap’s native tokens consist of SHIB, LEASH and BONE.
ShibaSwap also allows users to swap from one Ethereum based token to another as long as the token has enough liquidity.
What are the tokens available in SHIB’s ecosystem?
SHIB’s ecosystem consists of SHIB, LEASH and BONE.
– SHIB: is the value token that made all the ecosystem possible. In the near future the utility of SHIB will become self-evident.
$SHIB’s contract number: 0x95ad61b0a150d79219dcf64e1e6cc01f0b64c4ce
– LEASH: was created with a limited supply much lower than SHIB and is used to pair with both BONE and SHIB. This is the rarest token and because it’s rarity it offers holders the ability of gaining more rewards while providing liquidity on the SS.
$LEASH’s contract number: 0x27c70cd1946795b66be9d954418546998b546634
-BONE: was the latest token to be released and it was presented in a liquidity event during the first two weeks of the SS. BONE is responsible to give holders full democratic power within the SHIB community and it is the most participatory token in rewards returns. Basically every feature on SS gives you BONE as a reward.
$BONE’s contract number: 0x9813037ee2218799597d83d4a5b6f3b6778218d9
How to stake Shib, Leash or Bone using ShibaSwap?
Open the following ShibaSwap link https://www.shibaswap.com .
Click BURY and then Stake Tokens.
You will be able to see a page where you can Bury Shib and the other two tokens.
Click Bury Shib and/or Leash > Bone.
Select the Token to stake and click approve.
You will now see a page where on your wallet you will be able to see the current fees and where you’re able to change the speed of the transaction: Speed advised = Fast.
Once you approve the contract you can click Stake and repeat the same procedure for the fees.
Once this process is completed you will be staking your Shib, Leash or Bone and can visualize the respective contract added as xShib, xLeash or tBone on your wallet depending on what you are staking.
⁃ xShib: 0xb4a81261b16b92af0b9f7c4a83f1e885132d81e4
⁃ xLeash: 0xa57d319b3cf3ad0e4d19770f71e63cf847263a0b
⁃ tBone: 0xf7a0383750fef5abace57cc4c9ff98e3790202b3
How to DIG?
Open the following ShibaSwap link https://www.shibaswap.com
Click provide liquidity on DIG..
– Select “create a pair”, then select the pairs you want to combine.
– Click “supply,” confirm the transaction on your wallet.
– Go to WOOF to check your deposits and your added pairs balance.
– Click deposit your pairs to add liquidity.
How do I WOOF my rewards?
Open the following ShibaSwap link https://www.shibaswap.com
Click on “farm tokens” on WOOF.
– Click to open on your added pairs, then click WOOF respective reward.
– Approve transactions on your wallet.
– On the right side panel you can verify your deposits, and your 67% woofed rewards.
– Check your wallet for the 33% remaining rewards.
What is dogg DAO?
DAO means decentralized autonomous organization. Doggy DAO is the SHIB’s ecosystem version inspired by the Ether DAO, which allows investors to send money from anywhere in the world anonymously. The Dogg DAO provides tokens to holders, allowing them voting rights on possible projects, while the ShibaSwap BONE holds these powers and it is the reward given in exchange for liquidity providing functions in the SS.
One of the major features of digital currencies is that they are decentralized. This means they are not controlled by a single institution like a government or central bank, but instead are divided among a variety of computers, networks, and nodes. In many cases, virtual currencies make use of this decentralized status to attain levels of privacy and security that are typically unavailable to standard currencies and their transactions.
Why does BONE have a voter power or dogg DAO powers?
Why is BONE democratic? Because BONE holders will be called to vote in SHIB’s ecosystem major developments changes. BONE doesn’t need to be bought, although it is available for purchase but the idea is to be earned through farming using SS. There is no conflict with SHIB.
Because of returns generated in the SS, BONE has a TopDog wallet. That wallet contains a large sum of BONEs and is responsible for rewards distribution within the ShibaSwap. Manual rewards are given every other week by the Development team using a 6/9 multi signature wallet. Which has a 24 hours alert security to prevent it from being triggered without alerting the community. This feature is exclusive for BONE.
Official website: https://shibatoken.com/
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