How to Buy Cover Protocol Right Now
In this article, we will show you how to buy Cover Protocol easily. By the end of this article you would learn how to buy COVER with USD, BTC or ETH. Keep reading.
Table of Contents:
- What is Cover Protocol? Our review
- Current prices
- Where to buy COVER
- How to safely store COVER
- Frequently asked questions
Current Cover Protocol Price Stats
|COVER Price||$659.1500 USD|
|Price Change24h||$16.1400 USD (2.51%)|
|24h Low / 24h High||$628.8354 / $692.2816 USD|
|Trading Volume24h||$1,598 USD|
What is Cover Protocol? A Review
Cover Protocol provides peer to peer coverage with fungible tokens. It lets the market set coverage prices as opposed to a bonding curve.Cover Protocol allows DeFi users to be protected against smart contract risk. It stabilizes the turbulent DeFi space by instilling confidence and trust between protocols and their users. By bridging the gap between decentralized finance and traditional finance, Cover Protocol aims to open the doors of DeFi to all investors.The COVER Token and Migrations (SAFE2 to COVER)The exact token distribution can be found here. In our original plans, we had a tentative amount of 55,000 $COVER to be migrated. However, the amount of $COVER eligible in the snapshot for claiming (for those who missed the $SAFE =>$SAFE2 migration) was lower than expected by 150 tokens. For now, this difference of 150 $COVER will be minted to the treasury and we will hold a vote for $COVER holders to decide on what we do with these tokens.On release, $SAFE2 holders can migrate to $COVER while those who missed the $SAFE -> $SAFE2 migration will be eligible to claim a partial amount of their snapshotted balance. There will be a MIGRATE button on the left bottom of the side nav.This page refers to the updated version of COVER. Historical data prior to the update can be consulted here.
Where and How to Buy Cover Protocol (COVER) Coin
There are 3 steps to purchasing Cover Protocol. They are:
- Buy Bitcoin: Buying Bitcoin in 2021 is a fairly simple matter which we don't need to go in-depth on. The best places to but Bitcoin directly today with USD or your native currency are: Coinbase, Binance and Paypal.
- Move the Bitcoin to an Exchange that supports COVER: Once you have purchased BTC, the next step is to move the BTC to an exchange that supports the COVER/BTC trading pairs.
- Buy Cover Protocol on the Exchange: Now, you can buy Cover Protocol with your Bitcoin on your preferred exchange from the options we provided. Some of these exchanges support different COVER pairs. Below is a detailed breakdown of each exchange and the trading pairs it supports.
How to Safely Store Cover Protocol Crypto
Once you buy Cover Protocol, the next question you'd have is "where do I store my Cover Protocols?". It is quiet easy to store your Cover Protocol tokens after purchase. In fact there are two easy methods of doing so:
- Cold storage: There is a saying in crypto that the only tokens you own are those on your hard drive. This is very true as lots of things could happen to coins stored on exchanges - e.g hacks. For this reason, cold storage is usually a good option.
Hardware wallet options like - The Ledger Nano S or Ledger Nano X and SecuX V20 could be a good place to store Cover Protocol. If Cover Protocol is an Ethereum based ERC-20 token, you can also store it in any ERC-20 compatible wallet such as MyEtherWallet (MEW) or MyCrypto.
- Exchanges: Storing on Exchanges might be a good option if you don't plan on hodling Cover Protocol for the long-term and need to quickly trade it and make some gains. However, be careful as a downside of storing on exchanges is the susceptibility of exchanges to hacks.