Cosmos (ATOM) is focused on blockchain interoperability. It’s intended to be like a blockchain of blockchains, laying down standardised 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. Here’s our guide on how to buy Cosmos.
Quick guide: How to buy Cosmos (ATOM) in the UK
- Register for an account with Binance.
- Enable two-factor authentication.
- Click on “Funds” and select “Deposits.”
- Select “BTC” and copy the wallet address or scan the QR code.
- Transfer BTC into your account.
- Click “Exchange” and select “Basic.”
- Search for “ATOM/BTC.”
- Select a limit, market or stop-limit Order.
- Enter the amount of ATOM you want to buy.
- Review transaction details.
- Click “Buy ATOM.”
This is our quick guide to just one way to buy Cosmos (ATOM). Compare some other options in the table below.
Where to buy Cosmos
Exchanges that offer Cosmos (ATOM) include the following:
How to buy Cosmos: a step-by-step guide
You can buy ATOM with fiat currency, cryptocurrency or a combination of both. Take your pick:
How to buy Cosmos with fiat currency
How to buy Cosmos with fiat
There are a limited number of places to buy Cosmos (ATOM), but you can buy 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.
Using GBP to buy Cosmos
Buying through fiat currency like GBP via an intermediary cryptocurrency could be faster. For a same-day purchase, you might want to do the following:
- Create an account at Coinspot.
- Get verified – this will often be complete within a couple of hours.
- Make a GBP deposit with POLi (instant).
- Buy Bitcoin or Ether with GBP.
- Create an account at your choice of exchange listing ATOM such as Binance.
- Transfer your BTC or ETH to the exchange.
- Buy ATOM with cryptocurrency.
How to sell Cosmos
The process for selling Cosmos (ATOM) is like buying it in reverse.
- If you haven’t already, register for an exchange which supports ATOM.
- Deposit your ATOM on this exchange.
- Exchange your ATOM for another cryptocurrency or fiat currency if applicable.
Storing your Cosmos in a wallet
Cosmos (ATOM) has its own native wallet, called Lunie. You can find it at the Lunie website. To get started, sign in at the Lunie website.
How does Cosmos work?
Cosmos (ATOM) 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
Cosmos (ATOM) is quite 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.