SHIB can easily be called the most exciting cryptocurrency on the market today. There is virtually no crypto investor who would be indifferent towards Shiba Inu. This goes to show how powerful SHIB is. Currently, there are more than one million people who own SHIB. Many of them opt for actively using their favorite coin to purchase goods and obtain services. Businesses that wish to offer SHIB payments but still want to get paid in fiat can use NOWPayments’ auto-conversion feature to do it.
Key points:
- SHIB is a popular cryptocurrency with more than a million holders.
- SHIB payments are quick and peer-to-peer.
- NOWPayments lets merchants deploy SHIB payment gateway.
What is Shiba Inu crypto?
Shiba Inu basics
Shiba Inu is built on the idea of complete decentralization. This translates into the fact that Shiba Inu completely belongs to its community. Basically, the project does not have a central authority controlling every aspect of the development. Instead, it relies on the efforts of the die-hard fans of Shiba, who support their favorite project in different ways.
Shiba Inu’s native currency called SHIB exists on the Ethereum blockchain. The Ethereum network was chosen by Ryoshi, the mastermind behind SHIB, because it is a secure and well-established platform that is constantly upgrading its tech to accommodate more projects and offer new opportunities.
Tokenomics
The initial supply of SHIB was one quadrillion tokens. Yet, right after minting, the project sent exactly half of the supply to Vitalik Buterin, the founder of Ethereum. Vitalik then donated a share of the sum to the Indian COVID relief fund and burned more than 410 trillion SHIB (circa 40% of the total supply), thus removing these coins from circulation. This major burn launched the price of SHIB to the moon, the price of the coin jumped by 27 million percent over the course of ten months in 2021 and became one of the most sought-after tokens on the market.
As of July 2022, the current supply of SHIB stood at approximately five hundred forty-nine trillion coins. The project and its community members regularly burn SHIB tokens to reduce the number of circulating coins. The Shiba Inu also has ShibaSwap, a decentralized exchange where users can provide liquidity with SHIB, as well as stake and swap their tokens to gain WOOF Returns.
Advantages of SHIB payments
Community
SHIB has a truly massive community consisting of more than a million people. The SHIB community is extremely active and creative. There are dozens of artists who create incredible SHIB-inspired art and hundreds of influencers and each Shiba Inu influencer uses their social media to promote the coin. Merchants can capitalize on the mind-blowing popularity of SHIB in different ways. Yet, the easiest and potentially the most lucrative one is offering a SHIB payment method. The Shiba Inu community always gets excited when new SHIB use cases emerge. So, businesses offering SHIB payments can expect a substantial inflow of new customers.
Speed of transactions
Although SHIB lives on the Ethereum network, which is not the fastest blockchain out there, SHIB transactions still demonstrate a decent speed. Compared to bank transfers, which can take up to several days, SHIB transactions are practically instant. On average, you will need to wait only several minutes for SHIB to get transferred from one crypto address to another. Merchants can use Shiba Inu for payment when they do not want to wait for hours for their payment to get processed.
Availability
SHIB is an extremely popular asset. This means that SHIB can be found on the majority of crypto exchanges. It is a widely available crypto asset. So, merchants will not have any problem getting SHIB tokens or exchanging them for fiat or other cryptocurrencies. Similarly, your clients will not experience any issues trying to buy some SHIB coins. Moreover, SHIB is not an expensive coin like Bitcoin or Ethereum. The availability of SHIB makes it a highly liquid asset, meaning that you can convert it to your favorite currency at any moment.
Zero chargeback fraud
One of the key reasons why businesses decide to go for crypto payments is the absence of chargebacks on the blockchain. Specifically, businesses often suffer losses due to falling victim to different kinds of fraudsters who abuse the chargeback option offered by most banks. Blockchains, including the Ethereum network, do not have central authorities capable of enforcing chargebacks or other types of third-party interventions. So, all SHIB transactions are peer-to-peer, and they cannot be reversed once made. Businesses that decide to use the Shiba Inu payment method can protect themselves from chargeback fraud and avoid losing money.
Unlimited transactions
SHIB transactions are unlimited in several senses. First of all, SHIB transactions are borderless since they are not affected by factors such as the distance between the sender and the recipient or laws of various jurisdictions. SHIB transactions also do not have a cap on the maximum sum that can be transferred using the network. There is no limit on the number of transactions one address can make. Additionally, SHIB transactions are available 24/7 and all year round. This is why there are no limits when it comes to SHIB transactions.
How to accept Shiba as payment and get fiat
NOWPayments is a service that helps businesses and people to set up a Shiba Inu payment gateway. Moreover, it enables merchants to convert SHIB payments they receive to fiat automatically. NOWPayments works in partnership with Switchere, a trusted and reliable crypto exchange, to bring the auto-conversion feature to clients. Thanks to Switchere, businesses that use NOWPayments can now exchange their SHIB funds for fiat directly without any intermediary transactions.
Follow these steps to start charging clients in SHIB and getting paid in fiat:
- Create an account on NOWPayments’ official website here.
- Provide your SHIB crypto address.
- Generate your API key.
- Choose your tool for accepting crypto payments. Check out the list of the available options here.
- Go to the “Fiat Withdrawals” page on the left sidebar of your account.
- On the “Fiat Withdrawals” page, you will be asked to register on Switchere.
- Switchere will require your business to undergo the Know-Your-Business procedure, which involves presenting documentation about your company to the service.
- Once Switchere approves your account, go back to the “Fiat Withdrawals” page.
- There, provide your business information for NOWPayments to make crypto-to-fiat conversion available to you.
- Finally, you will be able to charge your clients in SHIB and receive the final payment in fiat.
Conclusion
SHIB is a great coin for crypto payments. NOWPayments and Switchere let merchants use the auto-conversion feature and exchange their SHIB payments for fiat.