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Alt Coins Made Simple: Covesting

The Covesting (symbol is COV) token is defintiely one to keep an eye on with recognition by giants like Yahoo Finance, Market Watch and The Street.

When we first heard about this one, we were sure it was too good to be true but with demo software already in place, it seems like this dream might really turn into a reality so we’re super excited to be breaking it down for you!

Alt Coins Made Simple: Covesting

Real-World Value

Covesting is essentially every wannabe trader’s dream.

Your portfolio will automatically copy what expert, veterened investors do, taking a percentage (18%) for the trader if there’s a profit. Basically, you choose an amount, you choose an investor and you press “Start” and voila!

All the investors you can follow are listed with their verified track records plain to see so you can sort by things like profit, consistency, lack of losses and choose your favourite.

Futhermore, if you are an expereinced investor, then you can apply here to be one the traders being followed. This is pretty good for you too because you’re upping the ante on your profits but maintaining the same downside risk.

Some of the bonuses are that the software includes a comparison of prices from various exchanges all in one spot, which gives traders an edge. Furthermore, by the look of the demo, it’s pretty user friendly with advanced charting and last but definitly not least also included in the software will be news and information about the crypto world.

Alt Coin By The Numbers

Supply of Token : 20,000,000 COV

Here’s some information about their recent sale since this is really an ICO becoming alt coin

Min contribution amount: 0.1 ETH

Sale : Nov. 24, 2017 – Jan.15th, 2018 – Raised $15 million+

Listing Date: January 24th, 2018 on HitBTC

Project Timeline

2017 was a crazy year for this ICO and just goes to show how organized and capable their team is. They went from forming a team, preparing and hashing out the idea, writing up and releasing the whitpaper to raising $1.1 million, releasing the demo and doing a good chunk of software development and testing.

In 2018, their plan is to get on muliple exchanges, release the beta version of the platform, do some publicity and marketing, release a mobile app, setup headquarters in London, (*pause for breath*) form partnerships, optimize the software and achieve gloabl user acuisition.

Woooah! This is one ambitious team we’ve got here but so far they’ve surpassed expectations so we’re super excited to see how this year goes.

Conclusion

This is one of the few alt coins we’ve seen so far that has the potential to really distrupt the market with it’s software.

It still seems almost too good to be true so let’s wait and see how 2018 goes and we’ll keep you updating on the team’s progress!

Additional References

 

 

 

 

Martina

4 Comments

  1. Hi Martina, Let me see if I understand this. I sign up and I invest a certain amount of money in a cryptocurrency. I then select an investor who is actively trading. If the investor’s. The software then takes my investment and mirrors the actions of the trader. Is that what happens? If the investor does well, I do well and pay him or her 18% of the profits.

    This is intriguing. Beside the Covest website (I’ve checked that out), is there any other place I can read up on this?

    Thank you for a very informative article.

    • Hey Joe, 

      So yes except it’s not “in a cryptocurrency” – it’s just in the software. Then that software will mimic the investment proportions of the investor that you choose and invest your money into the respective cryptocurrencies (eg. 50% Bitcoin, 20% Ripple, 15% Ethereum, etc.). If Bitcoin goes up, then you keep 82% of the profits and the investor keeps 18% as a “reward” for picking a good investment. 

      Everything is automated by the Covesting software. The best place to get the most information is the Whitepaper, which I’ve linked to at the end of the article. I would also recommend listening to the Bad Crypto Podcast (also linked) because they interview the founder of the ICO in that episode. 

      Hope this helps! Please don’t hesitate to get in touch if you have anymore questions or concerns. 

      Cheers, 

      Martina 

  2. Hi Martina,
    What I understand is we invest money in cryptocurrency through Covesting software and it does everything including selecting a good trader for us to share the 18% profit Right! That means everything is automated and invest and be seated to see the profit. As a matter of fact, presently the value of the cryptocurrency has gown down abruptly. What will the Covesting software do in this case?How the loss will be shared with the Trader we follow?
    Thanks for your informative article

    • Hey Prabakaran, 

      Yes that is absolutely correct! 

      In the case of losses, the loss only goes through if the investor sells off while the market is down. Right now, everyone who is experienced is most likely holding through the downturn. If, however, the investor does sell off at a loss, the loss is registered by the investor and whoever is following them – there is no percentage given or taken. 

      Let me know if you have any further questions! 

      Cheers, 

      Martina 

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