Can I Use PayPal to Purchase Shiba Inu?

When it comes to the new and exciting world of cryptocurrency, everyone wants to know how they can buy whatever coins are available. One popular coin is Shiba Inu, often called SHIB. It’s named after a cute dog breed and has a big following. 

But is PayPal supported to purchase Shiba Inu? We will try to answer this question step by step and the best way on how that can be done.

What is Shiba Inu?

Shiba Inu is a type of cryptocurrency. It started as a joke, similar to Dogecoin, but quickly gained a lot of fans. People like it because it's fun and has a big supply, meaning you can buy a lot for just a little money. Shiba Inu is built on the Ethereum blockchain, which makes it secure and reliable.

What is PayPal?

PayPal is a popular way to send and receive money online. Many people use it because it’s easy and safe. You can link your bank account or credit card to PayPal, making paying for things on the internet simple. Recently, PayPal began allowing users to trade cryptocurrencies such as Bitcoin and Ethereum.

Can You Buy Shiba Inu Directly with PayPal?

The short answer is no, you cannot buy Shiba Inu directly with PayPal. PayPal only supports a few major cryptocurrencies right now, such as Bitcoin, Ethereum, Litecoin, and Bitcoin Cash. Shiba Inu isn’t one of them. But don’t worry, there are other ways to use PayPal to get Shiba Inu.

How to Use PayPal to Buy Shiba Inu Indirectly

Even though you can't buy Shiba Inu directly with PayPal, you can still use it to get Shiba Inu by following a few extra steps. Here’s how you can do it:

1. Create a PayPal Account

If you do not already have a PayPal account, you will need to sign up for one. Simply visit the PayPal website, create an account, and add bank or credit card details.

2. Find a Cryptocurrency Exchange that Accepts PayPal

Another thing you have to do is find an exchange that allows PayPal purchases. A few popular exchanges where you purchase Bitcoin with PayPal are eToro, Paxful, and LocalBitcoins. These platforms will enable you to purchase Bitcoin or Ethereum with PayPal.

3. Buy Bitcoin or Ethereum with PayPal

Once you’ve chosen an exchange, use PayPal to buy Bitcoin or Ethereum. These are two of the cryptocurrencies that PayPal supports and can be easily bought on most exchanges.

4. Transfer Your Bitcoin or Ethereum to Another Exchange

After buying Bitcoin or Ethereum, transfer it to another exchange that supports Shiba Inu. Some well-known exchanges that list Shiba Inu are Binance, KuCoin, and Huobi.

5. Trade Bitcoin or Ethereum for Shiba Inu

Finally, once your Bitcoin or Ethereum is on the new exchange, you can trade it for Shiba Inu. Look for the trading pairs like BTC/SHIB or ETH/SHIB and make the trade.

Benefits of Using PayPal to Buy Shiba Inu

Easy to Use

One of the main benefits of using PayPal is that it’s very user-friendly. PayPal even if you are a newcomer when it comes to buying cryptocurrency, PayPal has done its best to make the procedure simple and easy to understand.

Safe and Secure

Security features in PayPal What makes this wallet great is how it uses encryption and fraud protection to make sure your hard-earned money does not fall into the wrong hands, something really important when we talk about cryptocurrency.

Fast Transactions

The vast majority of transactions through PayPal are instant, which allows you to obtain Bitcoin or Ethereum almost immediately, and subsequently, trade it for SHIB with practically no delays.

Disadvantages of Using PayPal to Buy Shiba Inu

Limited Direct Support

The biggest downside, however, is that Shiba Inu is not purchasable directly with PayPal. Which means you need to do some extra things-this can be a pain.

Fees

PayPal fees and buying crypto exchange fees, coin transfer fees and currency exchange costs if one is to cash out of Bitcoin using the conventional banking system.

Alternative Ways to Buy Shiba Inu

Using Credit or Debit Cards

You can buy Shiba Inu at any of many cryptocurrency exchanges, and they do provide a range of payment methods such as buying using a credit or debit card. While it can be quicker and easier than dealing with PayPal you should be conscious of the costs.

Bank Transfers

You can also buy Shiba Inu via bank transfer. It may be slower but it usually comes with less fee than PayPal or credit cards.

Cryptocurrency ATMs

In other places, there are cryptocurrency ATMs that allow you to exchange cash for digital currencies. It can be a convenient choice if you do not want to opt for online payment modes, and rather use cash.

Storing Your Shiba Inu Safely

Use a Secure Wallet

The first thing to do after buying Shiba Inu is to store it safely. A cryptocurrency wallet is a secure location for digital coins. Wallets come in other form factors too including hardware wallets, software wallets and mobile wallets.

Hardware Wallets

A hardware wallet - like Ledger or Trezor - is a physical thing which holds your cryptocurrencies offline. These are extremely safe and are the perfect thing to use if you intend on holding your Shiba Inu for a long time.

Software Wallets

Software wallets are applications that run on a computer or smartphone. They give you a great mix of a little more security but really convenience and good for every day use.

Mobile Wallets

Mobile wallets are applications running on your smartphone from which you can access your cryptocurrency anytime. They are very convenient, but be sure to get one with good security features.

Conclusion

You cannot buy Shiba Inu with PayPal directly, but you can still use your PayPal account to buy it by following a few extra steps. You can purchase Bitcoin or Ethereum with PayPal and then exchange these assets for Shiba Inu on another exchange to get the cryptocurrency you desire. 

PayPal is one of the highest recommended methods out there due to its ease use, security, and quick transactions for both beginners and veterans. Be cautious with the fees and find a place to safely store your Shiba Inu after you buy it.