Small Defi (decentralized finance) protocols have the potential for massive gains in price. After all, the major Defi platforms of today (Uniswap, Compound, etc) all started as relatively small and unknown projects. Boosted Finance is an example of a small Defi project with upside potential.
Read on to learn more about Boosted Finance including the best and easiest ways for you to purchase BOOST today.
What is BOOST?
Boosted Finance is a Defi (decentralized finance) protocol that aims to offer all the benefits of decentralized technology to its users including a fair and equal barrier to entry, fair distribution of economic benefits, and democratically representative governance.
The BOOST token is an ERC-20 (Ethereum) standard token that is used as a governance token, meaning holders of a certain amount of BOOST can vote on proposed updates to the Boosted Finance protocol. In this case, voting requires 13.37 BOOST locked up in a staking contract with Boosted Finance.
In addition to this, BOOST is held as the native asset of the Boosted Finance treasury, which allows the protocol to save and spend funds when needs arise.
If this sounds interesting to you, read on to learn the easiest and best ways for you to buy and store BOOST in this step-by-step guide.
Step 1: Register on Fiat-to-Crypto Exchange
To begin purchasing cryptocurrencies like BOOST you need to enter the crypto ecosystem by exchanging fiat money (such as dollars) for cryptocurrency. This is done via a fiat-to-crypto exchange which is a regulated intermediary between the two ecosystems (dollars or other fiat and crypto). After you have purchased your initial cryptocurrency with fiat money it will be much easier to swap between other cryptocurrencies on any platform of your choosing.
We recommend using CryptoWallet for your initial fiat-to-crypto onramp. The easy-to-use CryptoWallet application, which is available on both Apple and Android devices, provides a guided process to make registration simple and fast. It is also an extremely secure option since all crypto funds stored in your wallet are protected by BitGo, a leader in the digital asset security space. CryptoWallet even offers a crypto debit card, allowing you to spend your crypto-like money anywhere that accepts debit payments.
Once you’ve completed the initial onboarding process you are ready to begin purchasing cryptocurrencies, which will be covered in the next step.
Step 2: Buy BTC with Fiat Money
It is not time to purchase your first cryptocurrency. CryptoWallet makes it easy to purchase cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT) using just a debit or credit card. Although BOOST is not directly supported, it will be very easy to transfer from one of the mentioned currencies above into BOOST, which we will cover how to do in step 3.
We recommend purchasing Bitcoin (BTC) on CryptoWallet to get started since it is the most widely known and accepted cryptocurrency. This will make it much easier for you to find a suitable altcoin exchange when it is time to trade for BOOST.
After purchasing BTC you are ready to move on to the next step, swapping BTC for BOOST.
Step 3: Transfer BTC to an Altcoin Exchange
BOOST is currently supported on several altcoin exchanges, the most famous of which being Hotbit, a medium-size exchange registered in Hong Kong and Estonia.
You will need to sign up for a new account on Hotbit, however, since fiat money is not involved and you will only be trading crypto-to-crypto from here on out, the sign-up process should be fast and easy.
After completing sign up it is time for you to send your BTC to your Hotbit wallet. First, find your BTC receive address on Hotbit, then paste that address into the ‘Send To’ field on the CryptoWallet app.
It will generally take 15-45 minutes before your BTC will arrive on Hotbit. Once this is done you are ready to find the BTC/BOOST trading pair and make your trade. Once the trade has been executed you are now the proud owner of BOOST.
Step 4: Store BOOST Securely
Cryptocurrencies like BOOST can grow exponentially in price in a short period of time, so it is important to consider security from the beginning, even if you are only storing what seems like a small amount of funds at the time.
You generally have two options to secure cryptocurrencies like BOOST: online (or software) wallets and offline (or hardware) wallets. Each comes with its own potential tradeoffs.
CryptoWallet is an example of a software wallet that allows you to buy, sell, trade, and even spend (via their unique crypto debit card) your crypto all in one easy-to-use application. You can also rest easy knowing your crypto is safe with CryptoWallet since it is secured by BitGo, an industry-leading custodian. Currently, CryptoWallet is focused on major cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Ripple (XRP), and Tether (USDT), however. This means it is not available for BOOST.
If you are storing large amounts of funds and not requiring regular access, then a hardware wallet may be your best option. Hardware wallets store your keys offline, providing an extra layer of security. The potential downsides of hardware wallets are that you must purchase a separate device and that they are not tailored toward regular use. Ledger and Trezor are two examples of popular and trustworthy hardware wallets where you can store your crypto.
Other Useful Tools for Trading BOOST
Price-feed tools like CoinGecko.com and CoinMarketCap.com are also very useful for trading cryptocurrencies like BOOST. These tools provide you with a real-time price chart and statistics such as current market cap and trading volume. In addition to this, CoinGecko and CoinMarketCap will provide you with a list of exchanges currently trading BOOST as well as the trading pairs they support.
You can also trade BOOST on a decentralized exchange like Uniswap. Decentralized exchanges allow you to make trades directly from your wallet without having to give custody to an altcoin exchange.
Can I buy BOOST with cash?
Unfortunately, you cannot buy niche cryptocurrencies like BOOST directly with cash. However, a cash-like way to purchase BOOST is to use your debit or credit card to purchase BTC on CryptoWallet and then trade that BTC for BOOST on an altcoin exchange.
Are there any quick ways to buy BOOST in Europe?
The quickest way for you to buy BOOST in Europe is to use the CryptoWallet app which will allow you to buy Bitcoin (BTC) directly with your debit or credit card. Once you have completed this purchase you can easily swap your BTC for BOOST on an altcoin exchange.
Are there any alternative platforms to buy BOOST or Bitcoin with credit cards?
While the combination of CryptoWallet and an altcoin exchange that supports BOOST is likely the easiest and best option to purchase BTC with a credit card and then swap that BTC for BOOST, other options may exist. You should do your own research as to which option is best for you and what the potential trade-offs are for your chosen platform.