How to buy Shiba(SHIB) Coin on Bitbns?

Today we will be talking about a meme coin getting quite a fame recently. Shiba has recently been listed on Indian exchanges. In this article, we will explain how to buy Shiba (SHIB) coin at Bitbns.

Summary (TL;DR)

  • Shiba Inu (SHIB) is a meme coin based on a Japanese dog.
  • The woof paper of Shiba Inu explicitly mentions that it is an experimental token. So do your research before investing your hard-earned money.
  • Bitbns allows you to buy, HODL, and sell the Shiba Inu token; however, you cannot withdraw it from your Bitbns wallet.
  • There is no specific feature about the SHIB mentioned in the Woof paper, and hence it does nothing.

What is Bitbns?

Bitbns is one of the best Indian crypto trading platforms and has been active since the fall of 2017. The platform also offers margin trading with a 4x leverage. The platform charges a fee of 0.25% and provides a Fixed Income Plan (FIP) for its users.

Bitbns
Bitbns

You can learn more about Bitbns from our Bitbns review article. Choosing the right coin to invest in involves a lot of research and understanding of the market. If you’re a beginner, then our Guide to investing in cryptocurrency might be handy.

What is Shiba Inu?

Shiba Inu is a breed of dogs in Japan. You might have come across another popular cryptocurrency DOGE, also based on a Japanese dog. Shiba Inu coin is said to be the ultimate DOGE killer, but does any of these coins have any use? The short answer is no, and with it comes another question. Why do they exist in the first place, then? Let’s try to find its solution.

Why was the Shiba Inu token created?

A group of developers from around the globe joined hands to make something creative. This gave birth to the Shiba Inu community and, ultimately, the token. According to their Woofpaper (the whitepaper of meme coin based on a dog), SHIB is just an experimental token in building a decentralized spontaneous community. 

How to buy SHIBA on Bitbns
How to buy SHIBA on Bitbns

The primary purpose of creating SHIB was to provide the world with a currency controlled by no single entity. Which I guess is the purpose of most cryptocurrencies. You can learn more about the Shiba Inu token from their Woof Paper.

How to buy SHIB on Bitbns?

You can trade on Shiba Inu token on Bitbns; however, you cannot withdraw the tokens to store in your private wallets. Now, if you wish to trade SHIB, you can follow the below steps to set up your Bitbns account.

Steps to create an account and deposit funds

  • First of all, visit the official website of Bitbns and click on the signup button.
  • Now, enter your email, password, and hit the submit button.
  • Go to your mailbox and click on the link sent by Bitbns.
  • Login to your account once the verification process is complete.
  • Secondly, visit the account section and click on the KYC verification tab.
  • Once you upload all the documents, the exchange will verify your account in a day.
  • Thirdly, visit the funds’ section and click on the deposit funds button.
  • Now, choose your preferred mode to deposit INR.
  • Complete the process, and deposit the amount you wish to invest.
Deposit on Bitbns
Deposit on Bitbns

Steps to buy SHIB at Bitbns

  • Once you’ve completed all the steps above, you can move ahead to the Shiba Inu token.
  • Click on the start trading button on the home screen and then on the view all button (above all the trading pairs) on the next screen.
  • Then search for SHIB among the trading pairs.
  • Now, enter the amount of SHIB you wish to purchase and hit the buy button.

What are the risks of investing in SHIB?

Shiba Inu has gained enormous popularity in recent weeks and has seen a surge in several traders investing in SHIB. However, the concept of the coin is still unclear, and there are specific reasons that make it riskier than other crypto assets:

  • For now, SHIB is used for nothing, and its only purpose is to provide an opportunity for digital payment mode. Even if you read the Woof paper (white paper of Shiba Inu token), there is no mention of any helpful technology apart from decentralization provided by almost every coin.
  • In the Woof Paper, it is mentioned that the project is an experiment. Hence, there is a very high possibility that it can be a scam.
  • The SHIB token is a meme coin; remember what happened last time a meme token was in the market and given much attention? Yes, its value rose due to constant influences from Elon Musk, but can you provide a single why it shouldn’t plummet tomorrow?

Buying Shiba (SHIB) from Bitbns: Pros and Cons

ProsCons
You can use UPI and even credit/ debit cards to deposit funds.You cannot withdraw the Shiba Inu you buy.
The platform offers margin trading with a leverage of up to 4x.The platform has the highest fees of 0.25% in the crypto market.
The platform provides a clean and straightforward interface in the mobile application.The crypto market chart is inaccurate when compared to other larger platforms.

Conclusion

The recent surge in the number of investors in Shiba Inu led to its rise in value. However, since it is a currency that serves no purpose in blockchain technology, it is improbable that any sound investor would be a part of this. If you did go ahead with your research and wish to buy Shiba Inu, Bitbns can be a perfect platform for buying HODL and selling it at a higher price.

Frequently Asked Questions

Is Bitcoin legal in India?

As of May 2021, India has no laws on cryptocurrency and hence is neither legal or illegal. However, there are rumors about a crypto ban in India, which might keep the government from charging a considerable amount of taxes. So you should keep an eye on the latest crypto-related news from the government.

Where can I buy Shiba Inu tokens?

You can buy Shiba Inu at pretty much any Indian exchange, such as Bitbns. However, these platforms only allow you to trade the SHIB tokens, and you cannot withdraw any of your holdings. You can instead use Uniswap to buy Shiba Inu and withdraw them to your external wallet.

How do I withdraw money from Bitbns?

You can withdraw your INR holdings from your Bitbns account from the wallet section. Then you’ll see a withdrawal button, and on clicking on it, you can transfer the funds to your account. For a detailed explanation, you can refer to our Bitbns review article.

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