The Ethereum blockchain gave way to a great number of tokens, each providing its own kind of utility. Shiba Inu is one of the most notable currencies issued on the Ethereum network. Building on the solid foundation of other canine-inspired coins, Shiba Inu became an instant success in the crypto community. One year later, the coin remains a coveted asset.
Despite unforeseen market setbacks, $SHIB manages to stay in the top-50 list of cryptocurrencies. Due to its large supply and low price, Shiba Inu constitutes a perfect payment solution. NOWPayments assists organizations in accepting Shiba Inu tokens.
Key Points
- Shiba Inu Token has undergone an incredible evolution from a meme-coin to a full-fledged DeFi project
- Businesses that accept SHIB can gain considerable benefits such as low fees, fast transactions, security, and the SHIB community’s recognition
- NOWPayments offers several reliable solutions for accepting SHIB as payment or donation
About Shiba Inu
Shiba Inu Origins
Shiba Inu officially started its existence in August of 2020. Ryoshi is the person behind the project whose identity, nevertheless, has still not been revealed. The coin was intended as an alternative to Dogecoin, another meme token that started the dog-craze in the crypto world. The overall supply of Shiba Inu equals one quadrillion tokens.
Yet, the creator of the coin transferred 50% of the token supply to the crypto address of Vitalik Buterin, the founder of Ethereum. Vitalik Buterin burned a large portion of the tokens by causing deflation and donated a part of his Shiba Inu holdings to India’s COVID Relief Fund. It was officially the largest crypto donation in history: еhe total proceeds for converting 10,139,544,347,612 SHIB are 76,215,526.65 USDC, reports India’s Crypto Covid Relief (September 23, 2021). With this, all the $SHIB donations from Vitalik Buterin have been converted into stable coins.
Shiba Inu Today
Shiba Inu was meant to be a meme token, but a sudden rise in popularity meant that the creators had to come up with a proper ecosystem for it. As a result, two new tokens appeared in order to complement Shiba Inu. Namely, these are LEASH and BONE tokens. Today, the three coins make up the solid ecosystem of the project.
ShibaSwap is a place where users can trade and generate new coins. For instance, by using these tokens, investors can earn rewards. They can BURY (stake) their SHIB and receive BONE and more rewards. LEASH token can also be staked to receive BONE returns and more. BONE can be staked to receive more BONE!
Moreover, there is the Shiba Inu Rescue Association which investors can donate to and help dogs around the world. Thus, Shiba Inu has managed to evolve from a meme to a proper DeFi project which allows investors to gain rewards.
Advantages of Accepting Shiba Inu
Fees
Low transaction fees are perhaps one of the key advantages of blockchain. SHIB tokens require paying transaction fees in Ethereum. This is great news for companies seeking to minimize their expenses. Moreover, in the near future, a shift to Ethereum 2.0 will radically bring down the transaction fees on the network even further. As a result, more people will be willing to buy SHIB coins and use them as payment. Shiba Ecosystem has a Plan to move to their Own Blockchain ‘Shibarium’ in the Future.
Borderless Transactions
Shiba Inu coins help businesses facilitate international transfers. In a traditional setting, companies use banks to pay overseas suppliers and contractors. Yet, this involves a lot of unnecessary paperwork and wastes time since banks are always slow to process international transfers. Blockchain does not recognize borders. In fact, businesses can send and receive payments in a matter of minutes from anywhere in the world as long as they have access to the Internet.
Community
Shiba Inu’s community is perhaps the main factor behind the coin’s success. From the very start, the asset aimed at forming a large group of dedicated fans who could support the project during difficult times. The SHIB community is, undoubtedly, among the strongest ones in the industry. They are passionate about every use case related to their favorite currency. If you decide to accept SHIB tokens as payment or donation, be certain that you’ll get plenty of mentions on Twitter.
Security
As already mentioned, the SHIB token was issued in the Ethereum blockchain, the network which is truly one of the most flexible and secure ones in the industry. This means that holders of SHIB coins do not have to worry about their crypto funds being stolen from them in a hacker attack. Moreover, in order to observe all safety precautions, one needs to keep their funds in a non-custodial wallet and not disclose their private key.
Accepting Shiba Inu
Ways to Accept Shiba Inu
As you can infer from the information presented above, Shiba Inu is a great digital asset perfect for companies that want to accept cryptocurrencies. NOWPayments is a service that offers a wide variety of ways to accept SHIB tokens as payment or donation.
Payments
- For instance, there are crypto invoices which are ideal for small businesses with a moderate selection of products. A crypto invoice contains all key information necessary for making a transaction. Crypto invoices have a user-friendly design which any client will find easy to navigate.
- Another solution for businesses offered by NOWPayments is crypto payment plugins. These plugins are available to e-commerce stores that host their websites on platforms such as Shopify, PrestaShop, WordPress, and Shopware. Moreover, companies that use software such as Magento 2, Zen Cart, WHMCS, and OpenCart can also utilize these plugins. Such plugins automatically process payments of clients made in SHIB tokens or other cryptocurrencies.
- There is also an API method for integrating SHIB payments for companies that need a custom solution.
- Physical stores can accept SHIB by using a crypto terminal link.
Donations
NOWPayments has a solution for charities, non-profit organizations, and bloggers that accept donations. These will look perfect on your website or social media pages. Using these elements, your clients or fans will have a chance to donate in SHIB tokens and support your project.
- Crypto donation widget
- Donation button
- Customized branded donation links
Shiba Inu to Fiat & Mass Payments
NOWPayments is committed to promoting mass adoption and recognizes the need to bring together crypto and fiat payments. That is why NOWPayments offers the option of converting crypto to fiat.
Essentially, companies that accept SHIB using NOWPayments solutions can receive their clients’ payments in a fiat currency. NOWPayments observes enterprise-level legal and compliance standards, which means that companies using the conversion feature will not have any problems with the authorities.
It works the other way around too: people can pay in fiat, and merchants can receive Shiba Inu.
Another feature available to businesses utilizing SHIB tokens and other cryptocurrencies is mass payments. This feature is indispensable for businesses that utilize cryptocurrencies on an advanced level. NOWPayments facilitates the process of sending payrolls to employees, rewards to hundreds of clients, commission fees to freelancers, and any other type of payment.
How to Accept Shiba Inu
In order to accept SHIB tokens, you need to take three simple steps:
- First, you need to sign up for a NOWPayments account. The process shouldn’t take more than a minute!
- Next, go to Store Settings to enter your wallet address and add a new API key.
- Paste this API key in the required place for any type of SHIB payment gateway. It can be our widget, button, or invoice module.
- The integration will be active on your website, and you’re ready to accept cryptocurrency payments.
Conclusion
Shiba Inu Token is a notable digital asset which has gained a large following in the crypto community in one year. Despite being intended as a joke, the currency has evolved into a solid DeFi project. Businesses that accept SHIB tokens enjoy plenty of benefits, including low fees, fast transaction speed, security, and the support of the SHIB community. NOWPayments offers several SHIB payment gateways to organizations and individuals willing to accept SHIB tokens.