How to buy shiba inu coin on Robinhood – Step by Step guide
The good news is the wait is finally over for all the shibheads. Robinhood lets the customers buy and sell the Shiba Inu coin, a popular token whose supporters have been lobbying the online brokerage to list it. In this article, you will learn how to buy a Shiba Inu coin on Robinhood in detail.
What is Shiba Inu?
Before going into the details, let us first understand what a Shiba Inu coin is. It is an ERC-20 token. Instead, you can say that it runs on the Ethereum blockchain and utilizes the network’s smart-contract technology.
After perusing through Shiba Inu coin’s 22-page white paper, which the author named wood paper, the meme token’s primary mission is to preserve one of cryptocurrency’s central tenets, decentralization.
Decentralization prevents traditional institutions, for example, banks and governmental bodies, from monopolizing control.
The woofpaper also discusses why SHIB runs on Ethereum, elaborating that it is a secure, well-established blockchain that lets SHIB remain independent of moderating forces.
Where to buy Shiba Inu from?
There are many platforms available where you can buy Shiba Inu, for Examples include Binance, Crypto.com, Atomic Wallet, and KuCoin.
You may also choose to buy SHIB on Uniswap, where you will be required to exchange Ethereum for SHIB.
How to buy Shiba Inu coin on Robinhood?
Robinhood has finally announced the news of including four cryptocurrencies in the trading app Tuesday, including compound, polygon, and Solana.
According to Steve Quirk, Robinhood’s chief brokerage officer, the company was very excited to add more choices for the customers.
They are working to make Robinhood the best place for investing in crypto. Shiba Inu coin began as a parody of another meme cryptocurrency, dogecoin.
Tad Park, the CEO of the crypto investment fund Volt Equity, termed it as ‘the joke of a joke.’ However, like dogecoin, it is becoming one of the most valuable cryptocurrencies by market value.
Shiba Inu coin surpassed dogecoin late last year and became the ninth-largest cryptocurrency.
Platforms like Coinbase and Public.com added the Shiba Inu token last year. Shiba supporters launched a petition, which has nearly 600,000 signatures currently. This helped convince Robinhood to follow the same.
Where to buy Shiba Inu coin in New York?
It isn’t easy to secure cryptocurrencies if you live in New York or any other crypto unfriendly territory. Although Shiba Inu was not previously accessible to New Yorkers on Coinbase, residents can now purchase the dogecoin on the same platform.
Besides, Gemini also allows New Yorkers to purchase Shiba Inu coins on its platform. Lastly, you must make sure to exercise caution while buying crypto.
How to buy shiba inu coin on coinbase?
You can buy Shiba Inu with the Coinbase app anywhere since it is available everywhere, and Coinbase is quicker, easier, and more secure. Here’s the step-by-step process on how to buy Shiba Inu on Coinbase.
- Create a Coinbase account- Download the Coinbase app and complete the sign-up process. Some personal information and valid ID proof must be submitted to create the account.
- Add a payment method- Tap on the payment method box and select your payment method. You can use your bank account or debit card or initiate a wire.
- Start a trade- Select ‘buy’ from the list of given options.
- Select Shiba Inu from the list of assets- Search for Shiba Inu in the search bar. Then, open the purchase screen.
- Enter your amount- Enter the amount you want to spend in your local currency, and it will automatically convert into a Shiba Inu amount.
- Finalize the purchase- Before finally buying the Shiba Inu, make sure everything is good and confirm your purchase.