What is Polkacover (CVR)?
Polkacover is the first insurance marketplace in the cryptocurrency ecosystem.
Polkacover aims to bring insurance to transactions in the Decentralized Finance world. They want to give the power back to the people by providing insurance services for transactions in the crypto space.
Providing global access to buy insurance products in a very quick and easy manner.
How to Buy Polkacover Crypto?
Step 1 - Register on Coinbase
Coinbase is simply the best place to buy cryptocurrency with Fiat money. They make it super easy to set up the account and start buying. You can have Bitcoin or Ethereum in your wallet within minutes of setting up the account. Use the link below to register and get 10$ of Bitcoin for free after buying 100$ or more of cryptocurrencies.
Click on 'Get Started' and add your Legal Full Name, Email, Password, and State. They'll ask for verification on everything you put here, so make sure you only use your real name, State, and email. For your safety, choose a very strong password that you haven't used on any other account.
Proceed, and now you'll have to verify your email address by clicking the link on the email they sent you.
Sign-In on Coinbase and they will ask for your phone number. This is for the 2-factor security system. Enter your phone number and type the code you received by SMS. Click Submit.
Now you'll have to add your personal information. I know this is very boring and scary to add, but Coinbase is very trustful and probably the most secure exchange, so think about it like something you give, so you can get back all the security they offer.
To finish this part, you'll need to go through the ID verification process. Once that's done, move one to the next step.
Step 2 - Buy Ethereum with Fiat Money
Now that all the boring verification part is done, you have to add a payment method. You can choose between Bank Transfer or Credit/Debit card. Credit Card has higher fees, but you can make an instant purchase. Bank Transfer is cheaper, but you have to wait a couple of days for the money to arrive at Coinbase.
Go to the Buy/Sell page. Set ETH as the currency. Type the amount in ETH or fiat you pretend on buying. Select the payment method you chose to add (If you chose credit card, choose the card you added). Confirm everything is correct and click on Buy Ethereum.
Step 3 - Setting up a Metamask Wallet
Metamask is by far the most used walled in the world of Ethereum. Whenever you want to buy and sell cryptocurrencies or even use blockchain apps that run on the Ethereum Network, Metamask will be your best friend. Setting up the wallet is also very simple and easy.
Head over to metamask.io and click Download. You'll need to use Google Chrome, Brave Browser, Firefox, or Microsoft Edge for this to work. So make sure you are using one of these four browsers. Now at the end of the page, click on the browser you're using and install the extension.
You are now the Welcome Page of Metamask. Click on 'Get Started.' Now click on 'Create a Wallet.' Choose a strong password for your Metamask wallet and continue.
Very Important Part! Keeping your backup phrase safe is the difference between having millions in your account or be that guy on the landfill looking for his old hard drive.
Click on reveal your backup phrase and write every word down on paper. Make sure you don't save your backup phrase on anything digital. This is for your security. After you wrote down your backup phrase, you'll be asked to confirm it. Click on every word in the correct order, and you should be done.
Step 4 - Send your ETH to the Metamask Wallet
To buy Polkacover, you'll need to have some Ethereum in your Metamask balance so you can trade it for CVR. That is why I instructed you to buy Ethereum first, instead of Bitcoin, for example.
To have your previously purchased Ethereum on your Metamask wallet, you have to send it from your Coinbase account to your Metamask wallet.
Copy your Metamask Wallet address by clicking here:
Go back to your Coinbase Dashboard. On the upper right corner, click on Send/Receive.
Choose the amount you want to send (click send all if that's what you want). Paste your Metamask wallet address where it says 'To.' Confirm all the details and complete the transaction.
After some minutes (sometimes it takes a bit longer), you should see the ETH you sent on your Metamask Wallet.
Step 5 - Buy Polkacover on Uniswap with ETH
Uniswap is currently the number one Decentralized Exchanged in the world, and it's simply the best place to buy cryptocurrencies that aren't available on sites like Coinbase or Binance.
Before we head over to Uniswap, we need to prepare your Metamask Wallet to receive Polkacover. Open Metamask, scroll all the way down, and click here:
Select Custom Token and paste this token contract address there:
The rest should autofill, and you need to click next and then add tokens. Your account is now ready to receive Polkacover (CVR).
You can check the price and confirm the correct token address of Polkacover on Coingecko.
Let's buy some Polkacover!
Go to Uniswap. On the upper right corner, click on Connect Wallet and select Metamask. A confirmation popup should open on Metamask (click on the "little fox logo" if you don't see it). Now you need to accept, connect, and your wallet should be connected to Uniswap.
Select a token and paste the Token contract address: 0x3c03b4ec9477809072ff9cc9292c9b25d4a8e6c6
Click Import and accept the terms.
This is what you should see now:
Now you have to select the amount of ETH you want to trade for CVR. After you confirm it, another popup will appear from the Metamask extension and you should approve the transaction.
Wait a few minutes, and your CVR should appear on your Metamask Wallet.
Congratulations! You are now a proud Investor of Polkacover!
In case your transactions keep on failing, adjust your slippage tolerance. To do that, click on Uniswap's gear icon, and put 5% here:
Why should you buy Polkacover?
Well, for starters, Polkacover will be the first decentralized insurance marketplace. What comes first sometimes doesn't mean it's the best, but I have a feeling it will be the best. Polkacover is bringing a super innovative solution to security in DeFi. Very soon, I believe we'll see insurance being big in crypto, and Polkacover seems to be the best contender to lead the insurance market in DeFi.
CVR is now running on the Ethereum Network but will bridge to Polkadot system but Q2. This decision was made for simplicity on the release.
Please make sure you read our Disclaimer. We are not financial advisors.