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Crypto Revolution: Buying SHIBA INU Made Easy! Get In on the Action NOW!
The cryptocurrency hype continues with popular meme-inspired coins like Shiba Inu (SHIB) skyrocketing in popularity recently. This guide will walk you through step-by-step on How to Buy Shiba Inu Coin on Coinbase in 2024, which is one of the most user-friendly mainstream cryptocurrency exchanges.
Coinbase is an ideal platform for beginners looking to buy their first cryptocurrency. With its easy-to-use interface, high-security standards, and availability on both web and mobile apps, Coinbase makes it simple for anyone to trade top cryptos like Bitcoin, Ethereum and now Shiba Inu.
This article will provide background on the Shiba Inu coin phenomenon, reasons to consider buying it, details on how Coinbase trading works, step-by-step instructions to purchase, and factors to keep in mind before buying this volatile cryptocurrency.
What is Shiba Inu Coin?
Shiba Inu Coin (SHIB) is a meme-inspired cryptocurrency project that was launched in 2020 by an anonymous founder known as “Ryoshi”. It gained rapid popularity in 2021 and 2022 due to its association with the Shiba Inu dog meme popularized by the Dogecoin cryptocurrency community.
Some key facts about Shiba Inu Coin include:
- Decentralized cryptocurrency is similar to Dogecoin to be an Ethereum-based counterpart. The project labels itself as “Dogecoin Killer”.
- The native token of the Shiba Inu ecosystem is called SHIB, which operates as the main form of digital currency
- Uses and supports NFT art projects along with a decentralized exchange platform called ShibaSwap
- The Shiba Inu Coin community refer to themselves as the “Shib Army” and are actively involved in growing the project through grassroots marketing
- As of December 2022, there are over 1 quadrillion SHIB tokens in circulation with a current price trading around $0.00001 per token
- Since launching, Shiba Inu Coin has quickly entered the top 20 cryptocurrencies by market capitalization, which peaked at over $40 billion in late 2021
The viral popularity of the Shiba Inu dog breed imagery has led this meme coin to become one of the hottest and most talked about cryptocurrencies in a matter of months. However, critics warn that SHIB is still a relatively new asset with higher risk factors than something like Bitcoin or Ethereum.
Next, we’ll explore reasons why one might consider buying SHIB cryptocurrency using the Coinbase platform, which offers an easy gateway to purchase for first-time crypto traders.
Step-by-Step Guide on How to Buy Shiba Inu Coin on Coinbase
Follow this simple step-by-step guide for how to buy SHIB tokens on the Coinbase platform:
Step 1: Create a Coinbase Account
- Go to www.coinbase.com and sign up for a new account.
- Verify your identity by providing your contact details, and date of birth, and linking a payment method.
Step 2: Add a Payment Method
- From the settings menu, link a payment method such as a debit card, or bank account via ACH transfer, wire transfer or connect an Apple Pay or Google Pay wallet.
Step 3: Access the Trade Page
- On Coinbase.com, hover over the “Trade” menu and select “Classic”. On mobile, tap the “Trade” button.
Step 4: Search for Shiba Inu
- On the trade page, type “SHIB” into the search bar and select “SHIBA INU” once it populates.
Step 5: Enter Purchase Amount
- Type the amount in dollars or Shiba Inu tokens you would like to purchase and preview buy details.
Step 6: Confirm the Purchase
- Carefully review trading fees, total cost, and other order details then click “Buy Now” to complete the purchase.
That’s it! SHIB coins will appear in your Coinbase portfolio once the purchase is complete. You can now exchange, trade, sell or move your SHIB as desired.
Supported Payment Methods
Coinbase allows users to link various payment methods to fund crypto purchases, including:
- Debit Card – Visa and Mastercard supported. Instant transfers with higher fees.
- Credit Card – Currently only Visa cards are supported. Slightly higher fees than debit purchases.
- Bank Account – Link bank account via ACH transfer for lower fees. Takes 4-5 days to settle transfers.
- Wire Transfers – Deposit directly from your bank. Fees depend on the financial institution. Fast transfers.
- Apple Pay and Google Pay – Instantly fund accounts and buy crypto using mobile wallet apps on supported devices.
What are the Fees?
When you purchase Shiba Inu coin or other cryptos on Coinbase, there are trading fees to consider:
- Debit/Credit Card Buys – Approx. 1.49% per transaction fee plus a fixed fee based on fiat currency and the size of the transaction.
- ACH Bank Transfers – Between $0.99 – $2.99 per buy or sell depending on the transaction amount. Lowest fee option.
- Cryptocurrency Conversions – Small percentage fee depending on currencies, trading pair and order size. Typically 0.50%.
Other potential fees include wire transfer fees, account service charges for Coinbase USD wallet balances, and more. Always review the total cost under the buy/sell preview before confirming your transaction.
Factors to Consider Before Buying Shiba Inu Coin
While the process of buying Shiba Inu and other cryptocurrencies on Coinbase is very simple, there are some important factors to evaluate before deciding to invest your money:
Market Volatility Risks
Like most cryptocurrencies, SHIB prices can fluctuate wildly from day to day. Only invest money you can afford to lose, as there is no guarantee your investment will appreciate over time. The crypto market is extremely speculative.
Research Extensively First
Before investing, learn as much as possible about Shiba Inu coin, cryptocurrency exchanges like Coinbase, and risks involved with crypto investing. An informed investor makes better trading decisions.
Invest Responsibly
Determine how much you want to allocate to SHIB or any cryptocurrency based on your wider investment portfolio and financial situation. Never invest at the risk of not meeting other obligations.
Long vs Short Term Outlook
Consider whether you are bullish on SHIB as a longer-term hold with potential upsides as the ecosystem develops, or if you want to trade more actively to capitalize on short-term price fluctuations.
As with any investment product, you should carefully weigh risks and opportunities with your situation before choosing to buy SHIB or other cryptocurrencies.
Storing SHIB Safely
Once you’ve purchased Shiba Inu coins on Coinbase, you need to make sure they are stored securely:
Coinbase Hosted Wallets
By default, any SHIB you purchase through Coinbase will be held in an online hosted wallet on the exchange. This allows easy trading and conversions, but less security.
Pros:
- Easy access to trade or sell
- Covered by Coinbase insurance policy
Cons:
- Vulnerable to potential hacking risks
- Lose control of tokens
Hardware & Cold Wallets
For optimal security, transfer your acquired SHIB to a cold storage hardware wallet or software wallet held offline on your PC or paper wallet. This fully decentralizes management.
Popular hardware wallets include:
- Ledger Nano X
- Trezor Model T
- SecuX V20
Using DeFi Apps
Some users transfer SHIB holdings to DeFi platforms like ShibaSwap which allow staking, liquidity pools, and yield aggregators to earn rewards on your tokens. Introduces smart contract risks, however.
Evaluate the range of hosted hot wallet, cold storage, or DeFi yield options to choose what works best for your preferences, technical comfort level, holdings amount and risk tolerance.
Watch Web Story on How to Buy Shiba Inu Coin on Coinbase
Frequently Asked Questions
What are the fees to buy SHIB on Coinbase?
Coinbase fees include 1.49% for debit/credit card buys or between $0.99 – $2.99 for bank account purchases. Review full transaction details for precise fee amounts before confirming buys.
Is buying SHIB on Coinbase safe?
Yes, Coinbase is a reputable company based in San Francisco that is publicly traded in the US. They offer industry-leading security and insurance protections.
Can I earn interest on my SHIB holdings?
Yes, you can lend SHIB or provide liquidity on DeFi platforms like ShibaSwap to earn additional yield through rewards, reflections or interest.
What is the minimum amount of SHIB I can buy on Coinbase?
Coinbase allows the purchase of SHIB with a minimum trade amount of USD 2 worth of coins. There is no fixed minimum number of SHIB tokens.
What payment methods can I use to buy SHIBA on Coinbase?
You can purchase SHIBA on Coinbase using various payment methods, including debit cards, credit cards, and bank transfers. Coinbase provides flexibility to cater to your preferred payment option.
How long does it take for SHIBA INU purchases to reflect in my Coinbase account?
The processing time for SHIBA INU purchases on Coinbase varies depending on the payment method used. Debit/credit card transactions are usually instant, while bank transfers may take a few days to complete. It’s recommended to check your transaction history for real-time updates.
Are there any restrictions on buying SHIBA INU for users outside the United States on Coinbase?
No, Coinbase allows users from various countries to buy SHIBA INU, not just limited to the United States. However, it’s essential to check the availability of specific services in your region and comply with any local regulations regarding cryptocurrency transactions.
How do I sell SHIBA INU on Coinbase?
To sell SHIBA INU on Coinbase, navigate to the “Sell” section on the platform. Choose SHIBA INU as the cryptocurrency to sell, enter the amount you want to sell, review the transaction details, and confirm the sale. The funds will be credited to your Coinbase account after the sale is complete.
Conclusion
I hope this complete walkthrough helped explain in detail how to easily buy Shiba Inu cryptocurrency on the Coinbase platform. Signing up for a Coinbase account, adding a payment method, and purchasing SHIB can be done in minutes.
Be sure to carefully consider volatility risks, invest responsibly, and explore optimal storage solutions to protect your investment in this popular meme-inspired coin. As with any new technology, do your own thorough research before choosing to buy cryptocurrencies.
For further learning, Coinbase has extensive educational resources plus keeping up with the latest news and developments around the Shiba Inu coin and cryptocurrency space from credible blockchain media publications.
Disclaimer
This article is for informational and educational purposes only. It should not be construed as investment advice. Please conduct your research before making any investment decisions. Cryptocurrency investments carry risk, including potential loss of principal invested. Cryptowini does not endorse nor recommend any specific cryptocurrency, exchange, wallet or methodology for storing digital assets
