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How to buy the Cosmos blockchain (ATOM) cryptocurrency
See which exchanges to visit and what Cosmos is all about.
Cosmos is focused on blockchain interoperability. It’s intended to be like a blockchain of blockchains, laying down standardized protocols for different blockchains to talk to each other.
The Cosmos system is powered by the Tendermint proof-of-stake protocol, which uses the Cosmos ATOM token.
In this guide:
Where to buy ATOM
Exchanges that offer Cosmos (ATOM) include the following:
A step-by-step guide to buying ATOM
You can buy ATOM with fiat currency, cryptocurrency or a combination of both. Take your pick:
Buying ATOM with fiat currency
There are a limited number of places to purchase ATOM, but you can purchase it directly for USD, CAD or EUR on Kraken. To buy ATOM on Kraken with fiat currency, you will need to do the following:
- Create an account.
- Get verified up to tier 2.
- Make a wire transfer to deposit your funds on Kraken.
- Navigate to the relevant USD/ATOM, CAD/ATOM or EUR/ATOM pair and place an order.
Note that Kraken requires a higher level of account verification for fiat deposits, currency exchange fees may apply and your deposit may take up to a week.
How to sell ATOM
The process for selling ATOM is like buying it in reverse.
- If you haven’t already, register for an exchange that supports ATOM.
- Deposit your ATOM on this exchange.
- Exchange your ATOM for another cryptocurrency or fiat currency if applicable.
Storing your Cosmos (ATOM) in a wallet
Cosmos has its own native wallet, called Lunie. You can find it at the Lunie website. To get started, click “sign in” on the Lunie website.
How does Cosmos (ATOM) work?
Cosmos allows blockchains to seamlessly communicate with each other within a scalable proof-of-stake-based protocol.
It’s built on Tendermint proof of stake, and Tendermint’s developers are the main driving force behind the creation of Cosmos.
Cosmos aims to do the following:
- Allow anyone to easily create their own custom blockchain with Cosmos SDK.
- Cement a new set of blockchain standards through the Inter-Blockchain Communication (IBC) protocol.
- Create seamless interoperability between Tendermint-based chains such as those created through Cosmos SDK as well as non-Tendermint blockchains such as Bitcoin.
Cosmos has a well-known team behind it and has achieved a lot of recognition from many other large projects in the space.
Things to consider before buying Cosmos (ATOM)
Cosmos is a new project, and it’s just one of several blockchain interoperability projects.
And although it’s been heavily tested prior to launch, its underlying proof-of-stake protocol is still largely experimental. Similarly, the IBC protocol has yet to be launched.
Once you learn about Cosmos and the team behind it, and weigh up the risks and downsides associated with the project, you can make an informed decision about whether to buy Cosmos’ ATOM cryptocurrency.
Disclaimer: The author holds BTC at the time of writing.
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