Convert
Indian Rupee (INR) to Bone ShibaSwap (BONE) Instantly

Frequently Asked Questions

What exactly is the INR to BONE trading pair and its significance in the Shiba Inu ecosystem?

The INR/BONE pair allows you to directly purchase Bone ShibaSwap (BONE) tokens using Indian Rupees (INR). Its primary significance lies in providing a fiat on-ramp for users in India to access a key digital asset of the SHIB ecosystem. BONE serves two critical functions: it's the governance token for the Doggy DAO, allowing holders to vote on proposals, and it is the designated gas token for transactions on Shibarium, the Layer-2 blockchain solution for Shiba Inu.

How does BONE function as the gas token for the Shibarium Layer-2 network?

Within the Shibarium Layer-2 solution, BONE is essential for paying transaction fees, known as 'gas'. Every operation, from a simple token transfer to a complex smart contract interaction, requires a small amount of BONE. This mechanism is crucial for the network's Delegated Proof of Stake (DPoS) consensus, where fees paid in BONE are used to reward validators who process transactions and secure the network, ensuring efficient and low-cost operations compared to the Ethereum mainnet.

Besides its gas utility, how does BONE function as a governance token for the Doggy DAO?

As the governance token, BONE empowers its holders with voting rights within the Doggy DAO (Decentralized Autonomous Organization). By holding and/or staking BONE, users can participate in community governance by creating and voting on proposals that dictate the future of the ShibaSwap DEX and other ecosystem components. This includes decisions on new trading pair listings or adjustments to protocol parameters, ensuring a community-driven development model.

What are the most common payment methods, like UPI, for acquiring BONE with INR on Indian crypto exchanges?

On most Indian cryptocurrency exchanges that list BONE, the most prevalent fiat on-ramp method is the Unified Payments Interface (UPI) due to its instant settlement and widespread adoption. Other common options include direct bank transfers via IMPS, NEFT, or RTGS. After funding your account with INR and completing KYC/AML compliance checks, you can place an order on the INR/BONE order book to execute the digital asset purchase.

What security measures should be taken after completing an INR to BONE digital asset purchase?

After purchasing BONE on a cryptocurrency exchange, best practice is to withdraw the tokens to a secure, self-custody digital wallet where you control the private keys. Wallets like MetaMask can be configured for the Shibarium network. Always enable two-factor authentication (2FA) on your exchange account, use a strong, unique password, and be wary of phishing attempts. Storing assets off-exchange mitigates the risk of platform-specific vulnerabilities.

What are the typical fees when using an INR fiat on-ramp to buy BONE tokens?

When purchasing BONE with INR, you'll typically encounter a few types of fees. First, there may be a deposit fee for adding INR to the exchange, although many platforms offer free deposits via UPI or IMPS. Second, the cryptocurrency exchange will charge a trading fee (usually a small percentage based on a maker/taker model) for executing the INR to BONE trade. Finally, if you withdraw your BONE to a self-custody wallet, there will be a network withdrawal fee, which is denominated in BONE.