Shiba Inu has become a popular crypto asset among investors, but the safety of storing its private keys in an unsecured wallet may cause anxiety. Luckily, there are several ways to store $SHIB coins safely. One option is to store them on an exchange or a software wallet, but using a secure hardware wallet, also known as a cold wallet, is the safest method. A hardware wallet is a type of crypto wallet that stores private keys offline, protecting them from potential online security breaches. By using a hardware wallet, you can ensure that your digital asset investments remain safe and secure.
Table of Contents
- What is the Shiba Inu token ($SHIB)?
- What is the Shiba Inu token used for?
- Why you should store Shiba Inu tokens in a SecuX hardware wallet
- How to store Shiba Inu (ERC-20) in a SecuX hardware wallet
- How to store Shiba Inu (BEP-20) in a SecuX hardware wallet
- Shiba Inu token storage: our conclusion
What is the Shiba Inu token ($SHIB)?
Firstly, it’s important we cover why it’s important to store your $SHIB safely.
What is ‘Shiba Inu’ exactly, outside of a super lovable doggo?
The Shiba Inu project and the $SHIB asset is a form of digital currency created in August 2020 by an entity known as Ryoshi. Touted as “the Dogecoin killer” due to its thematic similarity, but technical prowess in comparison to the popular meme coin, the Shiba Inu cryptocurrency project quickly generated steam and became a worldwide sensation.
The project now has a market cap of nearly $13 billion.
As a payment coin that’s built on Ethereum’s smart contract platform using the ERC-20 standard, $SHIB provides the same reliability and stability you would expect from traditional forms of currency like the U.S. dollar. This makes SHIB coin an excellent alternative to fiat currencies managed by central banks, giving you control over your funds through a decentralized blockchain network.
With 585k community members, this decentralized meme token showed us how the Internet could take something and turn it into a vibrant ecosystem! There are a lot of crypto coins with active communities, but the Shiba Inu community is certainly one-of-a-kind.
What is the Shiba Inu token used for?
Since Shiba Inu operates on a decentralized network, you can use it for a variety of applications and services, including:
Fast and secure transactions
With the Shiba Inu coin, transactions are nearly instantaneous. Thanks to the immutability of smart contracts that run on the blockchain network, they’re also secure. That makes it ideal for merchants who accept crypto coins while avoiding transaction fees or credit card processing rates.
Due to its minuscule per-token price, $SHIB is ideal for users who are interested in micropayments.
For pennies per $SHIB token, one can send money anywhere worldwide in seconds with total anonymity! Because of its peer-to-peer design, Shiba Inu also makes it possible to avoid banks and other financial institutions entirely–another far cry from fiat currencies that rely on centralized institutions.
Advanced privacy and security
Anybody who’s ever used a credit card or checked an item on their Visa statement can tell you that financial institutions often keep track of your personal information. Some companies collect this information from multiple sources to create an extensive database about every purchase they make.
With Shiba Inu cryptocurrency, transactions are anonymous! They’re also secure due to the decentralized network and encrypted blockchain technology.
As a smart contract platform, Ethereum can create all types of decentralized applications. Some of these include wallets and other crypto coin services such as exchanges.
Thanks to its ERC-20 and BEP-20 compatibility, Shiba Inu is easy to store with Ethereum-based wallets like those developed by SecuX for its superior security features, of course! Peace of mind is extremely important in the cryptocurrency arena, after all.
After reading about the benefits of the SHIB coin, it may be tempting to store your funds on an existing solution like an exchange. However, exchanges often carry security risks that expose your funds to theft or loss.
Plus, you never know when an exchange is going to get hacked. When they do, you’re at risk of losing your digital assets investments!
Not only that, but exchanges are largely administered by centralized institutions. This means they are subject to all of the issues with traditional fiat currencies, like fees and rate limits when making transactions between individuals or businesses.
Many users have begun storing their funds in SecuX hardware wallets for these reasons. Between digital and physical wallets, the latter provides the best security.
Store Shiba Inu in a premium wallet product
SecuX has developed a high-end physical wallet made with military-grade material to protect your assets from theft, damage, or tampering. It also features two-factor Bluetooth authentication that keeps your information secure during transactions made through the web-based SecuX application or mobile app.
Supporting over 1000 cryptocurrencies, including Shiba Inu, our premium hardware wallets are ideal for individuals and businesses that prioritize security, access and control.
We have the largest hardware wallet touch screens in the market, and it is designed to be stylish, sleek, durable, and water-resistant.
How to store Shiba Inu (ERC-20) in a SecuX hardware wallet
To add ERC-20 tokens to your token list, you’ll need to access our SecuXess platform.
Once there, you’ll be able to access your dashboard, where you can see all of your assets in one place. From here, it’s easy to add new tokens or adjust settings like two-factor authentication. On the left-hand side, you’ll find Ethereum and its sub-tokens. You can click on this to add new tokens.
You can choose the name, token contract address, and decimal values. You’ll be prompted to enter the token information if it’s not on the list.
Once you’ve entered these fields, press “save” to add them to your list. You can just as easily delete them afterward.
How to store Shiba Inu (BEP-20) in a SecuX hardware wallet
As a fork of the ERC-20 token standard, BEP-20 gas fees are paid in BNB, allowing your transactions to be processed at low costs to you! Like the above instructions, you’ll need to access your SecuXess account.
Instead of choosing Ethereum from the left-side list, you’ll need to navigate to Binance network.
After creating a BSC account, you can follow the same steps to add/delete tokens and enter the required information.
Shiba Inu token storage: our conclusion
Hot wallets are an acceptable option for storing small amounts of Shiba Inu tokens, used for transactions and other everyday needs. For larger amounts, we would recommend physical alternatives for storing your Shiba Inu tokens securely via one of our state-of-the-art hardware wallets (which stores your private keys offline).
SecuX is a premium cryptocurrency hardware wallet company that offers a web-based service for storing 1000+ cryptocurrencies. Shop today or download our apps for Android and iOS devices!