How To Get Shiba Inu Coin On Coinbase Wallet
Shiba Inu coin, also known as SHIB, is a cryptocurrency that has been making waves in the crypto industry. With its adorable Shiba Inu dog logo and a growing community of supporters, many investors are eager to get their hands on this digital asset. In this article, we will guide you through the process of acquiring Shiba Inu coin on the Coinbase wallet, a popular choice among cryptocurrency enthusiasts.
What is Shiba Inu Coin?
Shiba Inu coin is an Ethereum-based cryptocurrency that was launched in August 2020. It was created as an experiment in decentralized community building and has gained immense popularity in a short period of time. The coin’s mascot, the Shiba Inu dog, is inspired by the Dogecoin project, which also features a Shiba Inu dog as its logo.
Shiba Inu coin aims to become the “Dogecoin killer” by offering better scalability and a vibrant community. It has garnered significant attention due to its low trading price and the potential for massive gains. However, it is important to understand that investing in cryptocurrencies carries inherent risks, and you should do thorough research and consult with financial advisors before making any investment decisions.
Step-by-Step Guide to Getting Shiba Inu Coin on Coinbase Wallet
Step 1: Create a Coinbase Account
The first step to acquiring Shiba Inu coin on the Coinbase wallet is to create an account on Coinbase. Visit the Coinbase website or download the Coinbase app on your smartphone. Click on the “Sign-Up” button and follow the instructions to create your account. You will need to provide your name, email address, and set a strong password for your account.
Step 2: Complete the KYC Verification
Once you have created your Coinbase account, you will need to complete the Know Your Customer (KYC) verification process. This involves providing Coinbase with your personal information, such as your full name, date of birth, address, and a photo of your government-issued ID. Coinbase is a regulated exchange and is required to comply with KYC and anti-money laundering (AML) regulations.
Upload the required documents as instructed, and Coinbase will review your information. This verification process may take a few hours to a few days, so be patient. Once your account is verified, you will receive a confirmation email, and you will be ready to proceed to the next step.
Step 3: Deposit Funds into Your Coinbase Account
Before you can purchase Shiba Inu coin, you will need to deposit funds into your Coinbase account. Coinbase supports various payment methods, including bank transfers, credit/debit cards, and cryptocurrencies. Choose the method that suits you best and follow the instructions to deposit funds into your account. Be aware that different payment methods have different processing times and fees.
Step 4: Enable Two-Factor Authentication (2FA)
After depositing funds into your Coinbase account, it is crucial to enable Two-Factor Authentication (2FA) for added security. 2FA adds an extra layer of protection to your account by requiring a second verification step, usually a unique code sent to your mobile device. You can enable 2FA under the “Security” section of your Coinbase account settings.
Step 5: Find Shiba Inu Coin on Coinbase
Once your Coinbase account is funded, you can now search for Shiba Inu coin on the Coinbase platform. Coinbase has a user-friendly interface that allows you to easily search for specific cryptocurrencies. Type “Shiba Inu” in the search bar, and the coin should appear in the results.
Step 6: Purchase Shiba Inu Coin
After finding Shiba Inu coin on Coinbase, you can proceed to purchase it. Click on the “Buy” button next to the coin’s name, and a buying interface will appear. Enter the amount of Shiba Inu coin you want to buy, review the transaction details, and confirm your purchase. Coinbase will deduct the corresponding amount from your account balance.
Can I buy Shiba Inu coin directly with fiat currency on Coinbase?
No, Coinbase does not currently support direct purchases of Shiba Inu coin with fiat currency. You will need to deposit fiat currency (such as USD or EUR) into your Coinbase account and then use it to buy Shiba Inu coin.
Can I store my Shiba Inu coin on the Coinbase wallet?
Yes, you can store your Shiba Inu coin on the Coinbase wallet. Coinbase provides a secure and user-friendly wallet service for its supported cryptocurrencies. However, it is worth considering transferring your coins to a hardware wallet for enhanced security.
Can I sell my Shiba Inu coin on Coinbase?
Yes, you can sell your Shiba Inu coin on Coinbase. The selling process is similar to the buying process outlined in this article. Simply find Shiba Inu coin on the Coinbase platform, click on the “Sell” button, enter the amount you want to sell, review the transaction details, and confirm the sale.
Is investing in Shiba Inu coin risky?
Yes, investing in Shiba Inu coin, like any cryptocurrency, carries inherent risks. Cryptocurrency markets are notoriously volatile, and the value of Shiba Inu coin can fluctuate drastically. It is essential to do thorough research, understand the risks involved, and only invest what you can afford to lose.
Acquiring Shiba Inu coin on the Coinbase wallet is a relatively straightforward process. By following the steps outlined in this article, you will be able to buy this popular cryptocurrency and join the growing community of Shiba Inu enthusiasts. However, always remember to do your due diligence and make informed investment decisions. Cryptocurrency investments carry risks, and it is essential to stay up to date with the latest market trends and developments.