Buy Ethereum in Australia easily using a peer-to-peer (wallet-to-wallet) trading platform like Elbaite cryptocurrency exchange.
To buy Ethereum (ETH) in Australia, simply:
1 - Get an Ethereum wallet
Since Shiba Inu is an ERC20 token you need an Ethereum wallet to purchase it. This is where you will store your purchased cryptocurrency. You can get a free online wallet or a hardware wallet. Elbaite does not hold your cryptocurrency in their own centralised wallet. Elbaite believes, your cryptocurrency is only yours if it is in your wallet.
2 - Find an offer from a trusted seller on Elbaite cryptocurrency exchange:
Elbaite connects trusted sellers to trusted buyers. Find an offer on Elbaite at a price and amount you would like to buy.
3. Pay for your purchase
Pay the agreed amount using your bank account. On Elbaite you can pay using OSKO/PayID or mobile banking to the Elbaite escrow bank account where it is kept safe until you receive your SHIB in your wallet. The seller will never know your banking details, keeping your data private.
Shiba Inu, also known as SHIB, was launched in 2020 and saw significant growth through 2021.Created by an anonymous individual known as Ryoshi, Shiba Inu can be described as an Ethereum-based alternative to the popular dog-themed memecoin, Dogecoin. However, unlike Dogecoin, Shiba Inu's network includes three separate tokens with different characteristics and use cases. These are SHIB, LEASH, and BONE. The Shiba Inu network also includes an art incubator known as the Shiba Inu Incubator. Additionally, there is a DEX called ShibaSwap, an NFT collection known as Shiboshis, and a leap into the metaverse with the Shibeverse. According to their 'Woof Paper,' Shiba Inu puts emphasis on being entirely community driven. This means no private funding, centralised governance, or direct leadership. The network is run as a Decentralised Autonomous Organisation, known as the DoggyDAO, with the community dictating the DAO's direction through its governance token.
Why buy Shiba Inu (SHIB) with Elbaite cryptocurrency exchange?Elbaite is the first non-custodial wallet-to-wallet Australian cryptocurrency exchange.
Unlike other Australian crypto exchanges that hold your cryptocurrency in their own centralised wallets, Elbaite's wallet-to-wallet trading means that your Shiba Inu is not held by us at any point. This is a safer and more simple trading process, giving you greater control and freedom over your cryptocurrency!
What is the difference between Shiba Inu and Dogecoin? On a fundamental level, Shiba Inu and Dogecoin run different consensus mechanisms to validate their transactions which dictates their speed, security, and level of decentralisation. Dogecoin is a fourth-generation fork of Bitcoin, meaning it uses a Proof-of-Work (PoW) consensus mechanism. PoW requires a majority of nodes in the network to agree to achieve consensus, which requires a lot more power to run and only worsens as the project grows.
On the other hand, Shiba Inu runs on top of the Ethereum network, which utilises Proof-of-Stake (PoS). Under PoS, those who have deposited the most coins to the network for the longest duration get to validate the next transaction.
As this only requires one validator and a few additional nodes to verify the validator's work is accurate, it requires much less energy to operate, making it more scalable than PoW cryptocurrencies. Because of this difference in consensus mechanisms, Dogecoin runs its own blockchain, while Shiba Inu runs on top of the Ethereum blockchain as it is an ERC-20 token.
As a medium of exchange, Shiba Inu is generally more versatile than Dogecoin, although DOGE is currently more widely accepted than SHIB.
Learn more about Ethereum 2.0.
How do I store my Shiba Inu (SHIB)? There are many Ethereum-based wallet options you can explore when it comes to safely storing your Shiba Inu, including using hot and cold crypto wallets. Conducting your own research is crucial to keeping your Shiba Inu safe.
What are Hot Wallets?
Hot wallets are crypto wallets that are connected to the internet. They offer better accessibility which simplifies more frequent trading. However, they offer less security against hacks and fraud incidents.
What are Cold Wallets?
Cold wallets are crypto wallets that are not connected to the internet. The two main types of cold wallets are paper wallets and hardware wallets such as Trezor and Ledger wallets. Cold wallets are a popular option for those who value security, or for traders holding Shiba Inu as a long term investment.
More Shiba Inu information
Shiba Inu Whitepaper