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Are you interested in storing your cryptos, not just trading them? Savings in cryptocurrencies have been rising in popularity in recent times. It is not just the thrill of trading that keeps attracting more people to the market. Many investors are willing to let go of the usual ways of saving, join a big group of people worldwide and fill up their piggy banks with crypto coins. But how do you do it properly, and more importantly, how do you do it safely? Keep on reading, we got you covered.
How to store Shiba Inu coin (SHIBA)
In this article, we will ease your way into crypto savings by showing you a practical example. One of the most popular coins in the world – the famous Shiba Inu coin is the example we have chosen to present to you in this article. We will help you learn how and where to store Shiba Inu coin.
First things first, let’s have a quick reminder about these coins and their characteristics.
What is a Shiba Inu coin?
Shiba Inu or SHIB coin is an altcoin (an alternative to Bitcoin) with a friendly dog’s face as a trademark. It is named after the famous Japanese dog breed Shiba Inu. This coin is based on Ethereum, meaning it does not have its own blockchain, but uses Ethereum’s. SHIB coin’s creator is an individual or a group behind the name Ryoshi. This coin is created as a meme coin, as a “counter coin” to Dogecoin, but it soon got more serious.
What is special about Shiba crypto is that its creator decided to put it into Ethereum’s chain and start from there. Ryoshi stated that this blockchain was perfect for the coin. It was already steady, safe, and strong. The goal was to create a big decentralized group, which would form and work spontaneously. It seems like they have succeeded, as the community numbers over 500,000 people around the world.
A fun fact: Shiba also works with NFTs. There are around 10,000 Shiboshis which are Shiba-generated non-fungible tokens. Each one of them is unique and pretty popular as a collectible item.
How to buy SHIB tokens?
Now that you know what this funny dog coin is, here is what you need to do if you decide to buy some.
- You decide on which crypto exchange you want to use. There are numerous exchanges online, you just have to find the right one for you. Make sure it is safe, as that is the most important thing. Beware of suspicious websites and software.
- When you are happy with your choice, proceed to make an account. When your acc is done and reviewed, find the SHIB token on the exchange platform of your choice. Now you can make your first deposit. You might want to do a budget check before you decide to buy coins. We advise you in a friendly manner to cover the “top priorities” on your financial checklist before investing. Stay safe and play smart.
- That is it – you are now a proud owner of Shiba!
Ways to store Shiba Inu coin (SHIBA)
The next thing we want to tackle is the safe keeping of your coins. Now, if you do not want to keep trading constantly, you might want to know how to store Shiba Inu coin.
What you need for storing is, of course, a wallet. Just like with regular coins, you need a piggy bank, a safe, or a wallet to keep your money safe. When it comes to cryptocurrencies, there are numerous digital wallets in store.
A digital wallet is usually an app for mobile phones that gives you, a crypto coin owner, the possibility of storing and retrieving your digital assets. The first wallet of such type was released back in 2009 when Bitcoin planted a seed of the crypto era in the global market. Now, as for a wallet to store Shiba Inu coin, you can practically use any of the wallets that work with Ethereum tokens. Bear in mind that Shiba works on the Ethereum blockchain.
The best place to store Shiba Inu coin
There are multiple options and types of wallets to choose from. The most important thing is that you find a safe option for storing your coins. Now, one of the top wallets that came up in the research was the so-called hardware wallet. This type of wallet was made extremely safe and highly resistant to phishing scams. They are fully encrypted and a lot safer than website wallets, according to research. Some of the names that are famous in the hardware wallet business are Trezor and Ledger.
Both of these offer “beginner-friendly” versions for about 50-60$. Using a hardware wallet along with your app is probably the safest option to store your coins. We will take the Ledger as an example and explain how the whole system works.
How to store Shiba Inu coin on Ledger
Ledger is said to be one of the best wallets in the market. Aside from SHIBA, it supports over a thousand different crypto coins. There are currently two ledger wallets on the market – Ledger Nano S, and Ledger Nano X. The S version is said to be very durable, and the X one is a bit more technically advanced. It has Bluetooth, allowing you to connect to your smartphone and store your coins on the go, whenever and wherever you want. There can be up to 100 crypto apps on your Nano X device, and it has a large screen so it is comfortable to use.
A Ledger safekeeping device does not exactly keep your coins, but it keeps all your keys and classified info safe and sound from all types of attacks. The best thing is that it keeps everything offline, and you can simply put the device in your bag, or even your pocket. So it definitely sounds as safe as it gets.
The Nano S version is more suitable for newbies. It is perfectly safe, just like the Nano X version, but it is a bit more simple to use. What you want to do is to install the Ledger Live app, and follow the simple instructions. It will help you connect your device to the Ethereum wallet of your choice. Remember that Shiba is an ERC-20 token, therefore you need a wallet that supports these types of tokens.
Other ways to store Shiba Inu tokens
Besides using a hardware wallet to store Shiba Inu coin, you can also use some other things for the same purpose. One of these is the Binance’s Trust Wallet. It is popular among the community, and it is said to be easy to use and safe. This wallet is mobile, so all you need to do is to download the app for your Android or iOS device. Follow the tutorial to set up a new wallet and directly send your Shibas or other ERC20 tokens you have.
Another app suitable for storing is Ethereum’s official wallet – MyEtherWallet. Keep in mind that this option is a bit less secure, as it is an online wallet. With extra cautiousness, you can work with this wallet too. It also supports other Ethereum-based tokens besides the Shiba.
There is also an option to store your coins online, but we would not recommend that for obvious reasons. It is important to stay safe and find a suitable option for your savings.
To sum up
The Shiba Inu token was created in August 2020 and it quickly became one of the most popular coins. The Japanese dog mascot appealed to a lot of people in the market. The community was built spontaneously and everyone seems to share the love for this dog breed. The key goal was to create a decentralized group, and as far as the testimonies go, the community seems to be very democratically oriented. When it’s time to add something new or change a thing or two, the whole group speaks.
If you are interested in becoming a part of the Shiba crew, all you need to do is get yourself some coins. (You have the instructions above, you can bookmark this article for an easy reminder in case you forget something.) We also encourage you to do your own research and prepare as well as you can. The Internet can be the best and the worst place at the same time, we all know that by now. Keeping your assets safe should be your top priority.
Digital wallets can help you with that, you just need to get the best option according to your liking. In this article, we have taken a glance at the hardware wallets that seem to offer more safety for your keys and important data. They are said to be great options for coin storage, and the majority of them are beginner-friendly. The most notable thing about them is that they work offline. This means you are protected from all the potential risks which are present if you are using an online wallet.
Conclusion
We hope this guide helped you learn something new and clarify things to a certain extent. The world of Cryptocurrencies can seem very abstract and confusing not just for the newbies. Experienced crypto traders can also need some help and tips on how to stay safe in this market.
Since the popularity of the crypto market is growing stronger regardless of the recent crash, more and more individuals and groups are entering the field. Also, more crypto owners decide to store their coins and make a savings plan instead of just trading.
The future of finance is still changing, and the overall views on money are changing as well. We are using less and less cash to pay for our food, bills, and other necessities. Credit and debit cards, for example, have become a part of our daily habits, and cryptos are no longer such a mystery.
What is important to say is that the more info you have, the chances of staying safe (and enjoying the ride – we are not going to pretend that cryptos are not fun, too, because they are) are bigger. So, do your homework and read, read, read. That will save you a lot of potential trouble, and can also save you money!
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