Recently, the Shiba Inu cryptocurrency (SHIB) has become one of the most talked about digital assets in the world, thanks to its community and growing popularity. According to CoinMarketCap, SHIB has a capitalization of over $18,5 billion.
Many entrepreneurs are starting to accept payment in digital currencies, which opens up new opportunities for businesses, such as access to foreign customers and minimizing transaction costs. In this article, let's take a look at what Shiba cryptocurrency is, what its main advantages are, and how businesses can start accepting payment in SHIB, including using CryptoCloud crypto processing.
Key Facts About Shiba Inu (SHIB)
Shiba Inu is an ERC-20 standard cryptocurrency powered by the Ethereum blockchain. It was created in 2020 as a sort of parody of another popular meme cryptocurrency, Dogecoin, but has evolved into a full-fledged ecosystem over time.
Shiba Inu includes several coins: SHIB, LEASH, and BONE, each with a different function in the ecosystem. The SHIB token is the main element of the system, which is used for settlements and participation in various projects.
Shiba Inu technology is based on Ethereum smart contracts, which ensures high security and stability. Like other cryptocurrencies of the ERC-20 standard, SHIB can be used for transactions, participation in staking and integration with various DeFi (decentralized finance) platforms.
Brief History of the Project
The idea to create Shiba Inu belongs to the anonymous developer Ryoshi. It is unknown whether it is one person or a group of people hiding under a pseudonym. In August 2020, Ryoshi launched the project as an experiment. A certain entrepreneur, with whom Ryoshi had a meeting in 2019, is also rumored to be involved in the development, but even less is known about him.
The project is based on the philosophy of creating a decentralized cryptocurrency run solely by the community, without central control or influence from large companies.
From the very beginning, the project gained widespread popularity thanks to a strong community that actively promoted SHIB on various platforms. One of the key events in the history of the Shiba Inu coin was the transfer of 50% of all SHIB coins to Ethereum founder Vitalik Buterin, who later donated a significant portion of the tokens to charity.
The remaining volume ended up under the blockchain on Uniswap (with a liquidity pool with ETH ) so the currency became available for purchase on transparent terms for all. That is, the creators also have no coins of their own left.
Advantages of Shiba Inu (SHIB)
- Ethereum-based. Since SHIB runs on the Ethereum blockchain, the cryptocurrency inherited all the advantages of this platform, including security and compatibility with other coins of the ERC-20 standard.
- Availability. The Shiba Inu token can be purchased and used on a multitude of crypto exchanges and decentralized financial applications, making it accessible to a wide audience of users around the world. In addition, its cost is very low at less than $0.00003.
- Popularity and capitalization. At the time of the article's writing, SHIB ranks high in terms of market capitalization among cryptocurrencies, indicating its significant popularity and wide acceptance in the crypto community.
- Community. The Shiba Inu community, known as ShibArmy, plays an important role in the development of the project. Active support of users helps the project to stay on the wave of popularity and attracts new participants.
- Fixed issue. Unlike many cryptocurrencies, the number of SHIB tokens is limited, which creates additional value for coin holders. A total of 1 quadrillion SHIBs have been issued, but a significant portion of the tokens have been burned, making the available volume of tokens limited.
How to Accept Payments in Shiba Inu (SHIB)?
Accepting payment via cryptocurrency can be realized in two main ways.
Direct transfer to a wallet
One of the easiest ways is to accept payments to a cryptocurrency wallet. This is suitable for those who want to quickly start accepting cryptocurrency without integrating complex services.
To receive payments, the merchant needs to provide customers with the public address of their wallet, calculate the amount to be paid and provide the necessary data on the cryptocurrency and network. This method is convenient only when receiving a limited number of crypto transfers, as it requires processing all transactions manually.
Crypto processing
For a more convenient and automated payment reception, you can use cryptocurrency processing services, such as CryptoCloud. Such services allow you to integrate the acceptance of cryptocurrency directly on the website, providing automatic conversion of the order amount and tracking of payments.
CryptoCloud is a cryptocurrency payment system that offers merchants a number of useful tools from payment analytics to conversion of incoming payments to USDT and AML checks. The service fee is from 0.4%.
Integration of CryptoCloud cryptocurrency payment gateway takes several minutes. To connect you will need:
- Registration on the site. Only e-mail and Telegram are required.
- Adding a project. In your personal account in the «My Projects» section, click on the «Add Project» button and fill out a small form with information about the company.
- Integration. Next, choose a convenient option of connection: a ready-made plugins for CMS, an HTML widget or a structured API. Following the instructions, integrate the system into your site.
- Testing. After the service is connected, the test mode will be automatically activated. To test the integration, you need to create a test account on your site and confirm it in your CryptoCloud personal account in the «Payments» section.
After successful testing of the connection, you can start accepting payments from customers.
Shiba Inu As a Means of Accepting Payments
Shiba Inu (SHIB) is a cryptocurrency that has gained significant popularity as a meme token and has found its place in the ecosystem of decentralized finance.
For entrepreneurs looking to expand their payment acceptance options and attract cryptocurrency users, SHIB provides convenient tools. Direct transfer to a wallet or the use of crypto processing services such as CryptoCloud make accepting payments in SHIB simple and secure.
