Cryptocurrencies have been all the rage recently, with Bitcoin and Ethereum leading the charge. However, among the plethora of altcoins, Shiba Inu Coin, often abbreviated as SHIB, has been making waves, especially within the Indian crypto community. In this blog, we’ll delve into the fascinating origin story, key features, and emerging use cases of SHIB coins in the context of Crypto Trading Exchange In India.
Origin of SHIB Coins
SHIB coins were introduced in August 2020 by an anonymous individual known as “Ryoshi.” Drawing inspiration from the Dogecoin (DOGE) meme, which features the Shiba Inu dog breed, Ryoshi created a playful and community-driven cryptocurrency. SHIB’s mascot, a Shiba Inu dog, quickly symbolized the coin’s viral appeal. What started as a meme soon evolved into a thriving cryptocurrency ecosystem.
How to buy/sell SHIB in India?
Create an Account on Bitcoiva
There are two ways to create an account on Bitcoiva, the Best Indian Exchange For Cryptocurrency.
- Register using the
- Bitcoiva App
Update your Identities and verify your KYC; it may take 2 to 3 days. Your INR deposits can be made using a Bank transfer.
Deposit Fiat Currency In Your Bitcoiva Wallet
Before you buy SHIB on Bitcoiva, ensure that you have a minimum balance of INR 100 in your Bitcoiva wallet.
Buy SHIB Via Bitcoiva
Login with your registered email with the Bitcoiva app or website
Click on the Menu icon and select Exchange.
Enter the INR amount you would like to buy
The quantity of SHIB/INR that you can purchase will be displayed.
Check all the order details.
Click on Place Buy Order
You can receive a message that your order has been placed successfully.
How to convert SHIB to INR?
Convert SHIB to INR
You can convert SHIB to INR with the Bicoiva Converter. Using the crypto calculator in Bitcoiva, you can calculate the equivalent value of INR for SHIB.
Key Features of SHIB Coins
- Decentralization: SHIB coins are built on the Ethereum blockchain, making them naturally decentralized. It means no central authority governs SHIB, providing users with greater control over their investments.
- Deflationary Mechanism: One of SHIB’s unique features is its deflationary model. A substantial portion of the total supply was sent to Ethereum founder Vitalik Buterin as a gesture. Still, he burned many SHIB coins, reducing the supply and increasing scarcity.
- Community-Driven: SHIB’s community is actively involved in its development and promotion. The coin’s success is attributed to its dedicated and passionate community, which fosters a sense of belonging among its members.
- SHIBSwap: SHIBSwap is a decentralized exchange (DEX) built on the SHIB ecosystem. Users can swap SHIB and other tokens without centralized intermediaries, offering greater privacy and control over their assets.
- SHIB Inu NFTs: Non-fungible tokens (NFTs) have recently gained immense popularity. SHIB Inu NFTs have emerged as collectibles within the SHIB community, showcasing the creativity of its members.
Use Cases of SHIB Coins in India’s Best Crypto App
- Trading and Investment: SHIB coins are actively traded on various cryptocurrency exchanges listed on Best Cryptocurrency App To Invest In India. Investors can buy, hold, and sell SHIB coins to capitalize on price fluctuations.
- Portfolio Diversification: For Indian crypto enthusiasts looking to diversify their portfolios beyond Bitcoin and Ethereum, SHIB offers an exciting opportunity to add variety to their holdings.
- DeFi and Yield Farming: SHIB coins can be used in decentralized finance (DeFi) protocols and yield farming platforms on Best App For Crypto Trading India. Users can stake SHIB to earn rewards or provide liquidity for decentralized exchanges.
- NFT Market: As NFTs gain traction in India, SHIB Inu NFTs can be bought, sold, and traded within the best crypto app. They serve as digital collectibles and can even have investment potential.
- Community Engagement: The SHIB community is known for its active engagement. Users can participate in community-driven initiatives, charity events, and governance decisions, making SHIB more than just a cryptocurrency; it’s a community ecosystem.
In conclusion, SHIB coins, with their playful origin, unique features, and expanding use cases, have captured the attention of the Indian crypto community. As the crypto landscape continues to evolve, India’s best crypto app provides a gateway for enthusiasts to explore the world of SHIB and other cryptocurrencies, opening up a world of possibilities in the digital asset realm. Whether you’re a seasoned trader or a newcomer to crypto, SHIB coins offer an intriguing opportunity to join a dynamic and rapidly growing community.
Visit us at: www.bitcoiva.com