There is certainly no shortage of blockchains in existence at the moment, both old and new, that are helping to secure, verify, compute, and process millions of transactions every second. However, there's always been a problem when it comes to making blockchains “talk” to each other, and this is where Cosmos comes in. Understanding that importance, you might be tempted to get a piece of it yourself and are wondering how to buy Cosmos.
That's certainly sentiment with very strong merits, as interoperability between blockchains will assuredly be a highly treasured feature in the years to come. Blockchains are powerful enough on their own, but imagine having their abilities augmented by being interconnected with other networks. This is what Cosmos is trying to solve by being an “internet for blockchains“.
Through Cosmos's decentralized hub, blockchains can commune with each other, to then add new functionalities on top of one another, or to help amplify their potential. Imagine having the immense monetary capabilities of one ecosystem, matched with the large userbase and commercialization of another. So, read our how to buy Cosmos guide to learn more about knowing how to get a small piece of the future.
Where To Buy Cosmos – Top 5 Exchanges
At the time of writing this how to buy Cosmos guide, their native ATOM tokens are among the most valuable and popular in the cryptocurrency markets. Thanks to that, it's fairly easy to find ATOM being listed on most of the major cryptocurrency exchanges. Therefore, you'd be spoiled for choice in choosing the right marketplace on where you can get your hands on Cosmos' ATOMs.
Each exchange will have its respective benefits, and some can make the process of buying Cosmos much easier, with good support for fiat currencies and a user interface that's easy to use. There are also other important factors to consider when choosing the right cryptocurrency exchange, such as their security measures, liquidity, and trading volume, and not to mention added features or services that might interest you.
To find the complete and detailed list of cryptocurrency marketplaces that are actively listing Cosmos, you can use sites such as CoinMarketCap, or CoinGecko to find out more. For now, and to help you along with our how to buy Cosmos guide, we'll be recommended our top 5 exchanges that are offering ATOMs for sale.
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A Step-By-Step Guide on How To Buy Cosmos
Now, it's a good time to teach you more about the step-by-step process of knowing how to buy Cosmos since we've already understood the best marketplaces to find them at. Naturally, there are many different ways to buy Cosmos, depending on a wide variety of different variables. This includes which exchange you're using, your preferred deposit methods, and so much more.
For this how to buy Cosmos guide, we'll be using Binance as a demonstration. This is due to Binance owning the lion's share of trading volume and, thus, the liquidity of Cosmos' ATOM tokens. More than 9% of all Cosmos tokens worldwide are being traded on Binance, with OKEx following behind at around 5%. Binance is also very popular and widely used, with loads of unique features and services on its platform.
This is not to mention the ease of exchanging your fiat currencies for any sort of cryptocurrencies on Binance, including Cosmos' ATOM. The same procedures that we're demonstrating to you with Binance should work similarly with any other marketplace that you might otherwise choose. So, we hope these step-by-step scenarios will better help you understand how to buy Cosmos.
Step 1 – Go Through the Registration Process to Open an Account on Binance
The first step before we can do anything with Binance is to register an account on its platform. This begins by heading over to Binance's webpage. While you're there, we need to make sure that you've visited the correct website for Binance, as there are many illicit parties that try to emulate legitimate sites to prey on online users. Fake sites can steal personal data or hack into your computer, and they often look identical to a legitimate site.
The simplest way to tell that a site is not valid is simply by checking the URL address for any spelling mistakes. If it says “binnance.com,” for example, or anything of the sort, then you'll know that this website is not the real Binance. Alternatively, you can just use the links we've provided earlier during our comparison for the top 5 marketplaces on how to buy Cosmos. Next, hover over and select the yellow ‘Register' tab along the top on the right.
Follow through the on-screen prompts and steps, and then choose to sign-up using your email or phone number. It's very simple, and we highly recommend using a strong password. You can register for an account on Binance through their website or their mobile apps for iOS or Android. On a side note – unlike the small initial deposit that is necessary for opening a bank account, Binance – as with any other cryptocurrency exchange – is free to open an account.
Step 2 – Complete the Remainder of the Registration Process
Once we're done with the initial registration process, Binance will prompt you to verify your identity with an authentication link sent to your email. Be sure to check your spam folder as well, and this should complete the registration. Before we continue our how to buy Cosmos guide, we heartily suggest that you head over to your Binance account settings and have 2-factor authentication (2FA) switched on.
You can then use an authenticator service, such as Google's Authenticator, to set up 2FA with Binance. This is an optional step, but it is crucial to secure your account and lock it down with an added layer of defense against anyone trying to break into and steal your cryptocurrency assets. You'll now be asked to verify using 2FA for activities like logging into your account or withdrawing funds from Binance.
This ensures that you and only you can approve that these actions take place. One other optional step would be to have your account verified. You can do this by sending over personal documentation, such as your personal ID or driver's license. This is only necessary if you're planning to gain additional access to other services within Binance or if you're planning to trade large volumes. This is not necessary for our how to buy Cosmos guide.
Step 3 – Choose How to Deposit Funds into Your Binance Account
Continuing with our how to buy Cosmos guide, we will need to start depositing some money into your Binance account's wallet. This process is just as easy as depositing money into your bank account and should not require a lot of confusion. Binance offers a wide variety of deposit options, such as bank transfers, using your credit or debit card (VISA/Mastercard), PayPal, or to simply deposit using other cryptocurrencies.
For today's how to buy Cosmos guide, we'll be taking a look at two of the more popular deposit options. Firstly, we'll be taking a look at how to deposit with fiat currencies and then make a direct purchase to another cryptocurrency. Next, we'll look into how to deposit cryptocurrencies straight into Binance.
Step 4 – Choosing To Deposit Using Fiat Currencies
Presently, at the time of writing this how to buy Cosmos guide, Binance does not support the direct purchasing of Cosmos' ATOM cryptocurrency tokens with fiat. So, this means that we have to first buy another cryptocurrency using the available fiat deposit/purchase options. After that, we'll need to exchange those newly-bought cryptocurrencies into Cosmos. This is, therefore, more time-consuming.
First, log into your Binance exchange account, and hover your cursor over the ‘Buy Crypto' tab on the upper left. Under one of the options that mentions ‘Pay With', you can choose between a select number of supported fiat currencies, such as USD, EUR, GBP, and more. This is crucial, as the type of fiat currency you select will then determine what sort of options are made available for you to buy cryptocurrencies with.
You can also make fiat currency deposits from your ‘Wallet.' For instance, if you prefer to deposit with USD (US Dollars), then you can opt for a SWIFT bank wire transfer. Alternatively, you could use your credit or debit card (VISA or Mastercard). There are also other options, such as peer-to-peer (P2P) cryptocurrency trading. This means that you will be trading directly with other users on the Binance platform.
Those selections will enable you to use fiat currencies to directly purchase a select number of cryptocurrency tokens, which you can then swap for Cosmos' ATOM. This includes popular tokens such as Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), or stablecoins like Tether (USDT). However, if your intentions are to immediately exchange all those tokens for Cosmos, then you might want to buy a less volatile stablecoin such as Tether.
Step 5 – Choosing to Deposit Using Cryptocurrencies
Rather than using fiat currencies, maybe you'd like to instead deposit with cryptocurrencies straight into your Binance account. This is a much more convenient solution and cheaper as well, given the fact that purchasing cryptocurrencies with fiat will cost you a small fee. Log into your Binance account, hover over the ‘Wallet' tab on the upper right, and click on ‘Overview'.
This will send you the overall summary view of your Binance wallet. Along the top of the ‘overview' page, you might notice a yellow tab that says, ‘Deposit'. Select this, and Binance will ask you which cryptocurrency you'd like to deposit into your wallet. There are a few things to take note of here while you're depositing with cryptocurrencies – the type of cryptocurrency token, the deposit address, and any additional tags.
For our how to buy Cosmos guide, let's take Bitcoin as an example for your crypto deposit. If you'd like to deposit Bitcoin into your Binance account, you'll be required to select ‘Bitcoin' under the cryptocurrencies options. Please be sure to double-check this. In order for you to receive a Bitcoin deposit into your Binance account, you will have to withdraw Bitcoin from another account somewhere else.
For instance, if you withdraw Ethereum and deposit it into a Bitcoin address, that Ethereum might be lost forever and cannot be retrieved. Then, you'll need to get the deposit address right. You could simply copy and paste the deposit address on Binance and onto your withdrawal page elsewhere on a different account or wallet. Cryptocurrency addresses are always long and comprise a complex mixture of letters, numbers, and symbols.
Once again, double check once you've copied the address over, as a single missing character could risk you failing the transfer or sending your cryptocurrency tokens over to someone else by mistake. To make things easier, you can use a QR code instead. For example, if you're trying to withdraw Bitcoin from a mobile wallet app on your phone, simply scan the QR code that you see on Binance to deposit it there.
You can also select which blockchain network you might want the transfer to be processed with, and that will then decide how much fees you have to pay depending on congestion on those networks. This will also have an impact on the confirmation times for you to wait before receiving your Bitcoin on Binance. The network choices vary depending on which cryptocurrency you're planning to deposit with.
There are other parameters that you will need to get right, as well. Depending on the cryptocurrency, you might need additional tags, such as a ‘MEMO' or Payment ID. Whenever you're trying to withdraw said cryptocurrency, it will prompt you, just as well as Binance, through its deposit page. The same process applies here; copy over the corresponding information and double-check. Now, wait until the transaction has been confirmed.
Step 6 – Swapping Cryptocurrency Tokens to Buy Cosmos
At this point, you would already have some cryptocurrencies in your Binance wallet, either through directly depositing tokens into your wallet or purchasing them first with fiat currencies. Next up in our how to buy Cosmos guide, we can now swap out those tokens with ATOM. The process here is similarly pain-free, and there are several ways that you can go about it. Head back to the main Binance site, and hover over the ‘Trade' tab on the upper left.
You can see five unique choices here: Convert, Classic, Advanced, Margin, and P2P. The easiest method for buying Cosmos is to ‘Convert' from one cryptocurrency token to another. This is a convenient way to exchange tokens on Binance and without needing any complex procedures. This conversion service is only made available to a select number of cryptocurrencies at the time being.
Luckily, Cosmos' ATOM tokens are supported. You don't have to worry about trading fees or having to match your trade with the order books. However, you also do not have any control or say in the matter, as the whole process is done automatically and without needing much input other than the amount. For the most advanced users, Binance offers more comprehensive services where you can have more options.
The ‘Classic' tab will take you to a more traditional marketplace, where you can see graphs, charts, an order book, and a list of variables that you can choose from. The ‘Classic' trading platform is a good option if you'd like more control, such as setting your preferred buying price relative to the market. There are also options to buy Cosmos automatically and instantly according to the market price, thus not needing to go through any hassle or waiting.
Best Wallets To Hold Cosmos
Having finished our step-by-step guide on how to buy Cosmos, we hope you've learned the right steps on getting your hands on its ATOM tokens, no matter which exchange you're using. Now, we'll transition our how to buy Cosmos guide into helping you to understand the importance of keeping your newly-purchased and priceless Cosmos cryptocurrency tokens safe and secure.
So far, we've learned that holding your digital cryptocurrency assets online, kept wide open on an exchange account, isn't the best way to secure your tokens. As per a report done by ZDNet, in 2020 alone, there were over 122 different successful cybertheft attempts. This had a heavy cost of $3.8-billion worth of losses to cryptocurrency users worldwide.
Even state-backed hackers are working to steal cryptocurrencies, with North Korea having stolen more than $1.3-billion so far and siphoning them off to fund their nuclear weapons program. It's important, therefore, that we undertake the right measures in keeping our digital assets safe from criminals who are intent on preying on the innocent and the unsuspecting.
The best way to do this, as we now know, is by setting up a dedicated cryptocurrency wallet to keep your Cosmos tokens. These wallets are another robust and reliable layer of defense against anyone trying to steal your hard-earned money. Often, there are two types of wallets; software-based ‘hot‘ wallets or hardware-based ‘cold‘ wallets. For our how to buy Cosmos guide, we've selected some of the best wallets for you to safely keep your ATOM tokens in.
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More Information About Cosmos
Cosmos is built not as one singular blockchain but as a decentralized ecosystem that is capable of running multiple blockchains in parallel. Cosmos' goal is to become the internet of the blockchain world by creating several powerful networks that can interconnect with one another and thus be able to further increase the versatility, adaptability, power, and efficiency of blockchain technology.
Currently, there are several key problems that plague most blockchain networks. Firstly, they can be energy inefficient, with poor scalability for much significant real-world use, slow transaction and processing speeds, and often suffer severe network congestion that results in high fees. Blockchains could also sometimes be hard to understand for developers, thus making it hard to program new applications.
Moreover, blockchains are also often siloed within their own networks and cannot interoperate, communicate, or be able to work compatibly with one another. Cosmos aims to solve all three of these key issues with their own decentralized ecosystem through a central hub called “Gaia,” and thus allow a channel to open for all blockchains within the Cosmos network to transfer data and value to one another.
Cosmos is described as a third-generation blockchain, one where it solves the key problems surrounding future mass scalability and interoperability. They have also created their own standardized interconnectivity protocol, called the ‘Inter-Blockchain Communication‘ so that other existing blockchains can connect and interact with the Cosmos ecosystem seamlessly and securely.
The native cryptocurrency token of the Cosmos ecosystem is ATOM. It has seen very healthy organic and fundamental gains since Cosmos' ICO in 2017. At the time of writing this how to buy Cosmos guide, one ATOM token is worth $23.26. Currently, there is a circulating supply of 210,551,050 ATOM out of a 268,335,653 ATOM total supply cap, which values Cosmos' ATOMs as the 17th-largest cryptocurrency by market cap, valued at $4,896,795,525.
We can now come to the end of our how to buy Cosmos guide, and we hope you have been able to learn a thing or two about how to buy Cosmos and be a part of its very exciting journey. There's definitely a lot to look forward to in the near future, especially with Cosmos' Stargate update coming along, which should see more than 200 different Tendermint-based blockchains to interoperate and connect with one another.
This is a very important milestone, not only in Cosmos' history but for blockchains as a whole. So far, blockchains have proven to be extremely capable but are not quite there yet when it comes to being deployed en masse within the mainstream. It's just not ready, with huge question marks over scalability and accessibility being a key concern. But I think those worries might disappear very quickly soon enough once the world begins to embrace the Cosmos.