How to Store Shiba Inu Tokens in a SecuX Hardware Wallet
If you’re one of the ~1.2 million investors who will store Shiba Inu private keys in an unsecured wallet, you may be kept up at night. This meme asset has enjoyed major gains this cycle, so knowing how to safely store Shiba Inu tokens will help give you peace of mind.
Firstly, it’s important to note that there are various ways to store your $SHIB coins.
You can store them on an exchange, use a software wallet or even (preferably) use a secure hardware wallet to protect your digital asset investments.
However, depending on your needs and preferences, one option may be much safer than the other. Read on as we explore the various ways to store Shiba Inu tokens safely.
What is the Shiba Inu token ($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 are 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.
Micropayments
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.
Ethereum compatibility
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!
Sources:
- https://shibatoken.com/
- https://secuxtech.com/howitworks/bep20-web/
- https://secuxtech.com/howitworks/erc20-web/
- https://shop.secuxtech.com/products/v20-hardware-wallet-for-computer-mobile-user/
Follow us on Twitter, Facebook and Instagram ❤️
📲 Twitter: https://twitter.com/SecuXwallet
📲 Facebook: https://www.facebook.com/secuxtech
📲 Instagram: https://www.instagram.com/secuxtechnology/
