Cosmos is a distributed network of independent parallel blockchains powered by a Byzantine Fault Tolerant (BFT) consensus algorithm such as Tendermint. Its core components are the Cosmos Hub, a central blockchain, and the Zones chain of specialized blockchains.
Cosmos is the first-ever interoperable blockchain ecosystem that facilitates cross-chain communication and enables the building of multi-chain applications.
Here are some of the best Cosmos blockchain projects to invest in 2023
Kava (KAVA): Kava is a DeFi lending platform built on the Cosmos blockchain. It works as a decentralized stablecoin, providing liquidity and collateral for crypto assets.
BAND (BAND): BAND is a protocol that enables the trustless issuance of tokens on the Cosmos blockchain. It is used to create, issue, and manage tokenized assets
IRIS Network (IRIS): IRIS Network is a distributed ledger protocol that provides a trusted, secure, and efficient infrastructure for the global economy. It enables the creation of a financial ecosystem that includes decentralized applications and services
Secret (SCRT): Secret is an enterprise-grade data platform that enables developers to build, run, and manage distributed applications on the Cosmos blockchain. It is designed to deliver secure, auditable, and tamper-proof services to organizations
Comb Protocol (COMB): Comb Protocol is an open-source framework for developing distributed applications and services on the Cosmos blockchain. It provides an enterprise-grade infrastructure for developers to build, deploy, and manage scalable applications
Sentinel (SENT): Sentinel is a distributed data storage solution that enables enterprises to build trustless applications on the Cosmos blockchain. It provides a secure and tamper-proof infrastructure for storing and managing user data.
Those are some of the best Cosmos blockchain projects to invest in 2023. Be sure to do your own research before investing in any project.
How to Buy Cosmos (Atom) in a few steps
1. Create an account with an exchange
These user-friendly exchanges provide multiple deposit methods and a wide range of cryptocurrencies.
Fees, security, payment methods, and other features will vary between exchanges, so explore the “info” tab on the exchanges listed above to determine which one is best for you.
The platform you choose will be determined by your preferences and the cryptocurrencies and payment methods it accepts.
It’s also worth noting that you can always join other exchanges later.
2. Complete the KYC verification process
After you sign up for an exchange, you must verify your identity and address as part of the Know Your Customer (KYC) process. This is an unavoidable legal requirement for almost all African exchanges.
To complete this step, have your photo ID handy, so you can photograph both the front and back sides of the document.
In most cases, your verification will be approved immediately, with the exception of 1-2 days.
3. Make a fiat deposit
To purchase Cosmos and other cryptocurrencies, you must link a bank account or credit card to the exchange.
The exchanges offer the following payment methods: credit card, debit card, bank transfer (SEPA), and SWIFT.
The funds could arrive at the exchange in minutes or days, depending on the payment method used.
4. Buy cryptocurrency
You are now ready to purchase your first Cosmos after funding your account. Most exchanges allow you to purchase Cosmos or any other cryptocurrency for as little as a few dollars.
5. Send your cryptocurrency to a personal wallet
Once you’ve purchased Cosmos or your preferred cryptocurrency, you should withdraw it to your secure personal wallet.
Leaving your coins on an exchange is risky because many exchanges are targets for hackers looking to steal user funds. Storing your own coins on a personal hardware wallet reduces this risk.
What to Look Out for a Great Crypto Trading Platform
In our search for the best crypto exchange that supports Cosmos trading, we take into account a variety of factors. Here are a few of the more notable ones:
The best African crypto exchanges support at least 20 or 30 coins, including all major coins such as Bitcoin, Ethereum, and Cosmos. Platforms that regularly add new coins are more customer-focused in general, making this a strong indicator of a forward-thinking exchange.
It is critical for beginners to select a platform with an easy-to-use trading interface. As a seasoned crypto investor, you should also look for exchanges that provide more advanced features such as advanced order types and transaction exports for tax purposes.
All cryptocurrency exchanges charge fees (in the form of trading commissions and bid-ask spreads), which vary widely. I’ve specifically chosen low-cost platforms to assist you in maximizing your profits.
Trading on a well-regulated exchange is far safer than trading on an unregulated one, especially when markets are not moving in your favor. Some exchanges also provide depositors’ insurance, which protects your assets even if the platform itself experiences liquidity issues.
Deposit & withdrawal options
To ensure that you can easily transfer funds in and out of your account, the exchange you choose should offer a variety of payment methods (bank transfers, debit/credit cards, PayPal, and so on). The more alternatives you have, the better.
Look for a trading platform that strictly enforces multiple layers of security, such as two-factor authentication and at least 95% cold storage. Additional security measures, such as daily offsite backups, third-party security audits, and transaction email confirmations, increase the security of your account.
The best cryptocurrency exchanges take pride in having well-trained, responsive support teams that can assist users with any issues. I pay close attention to the channels through which each exchange provides support, response times, the thoroughness and usefulness of their responses, and user feedback on the customer service they’ve received.
Frequently Asked Questions
What is the best exchange to buy Cosmos (Atom)?
You can examine each of these exchanges to determine which is best for you.
Can you buy Cosmos (Atom) anonymously?
Yes, you can buy Cosmos anonymously and safely by using a P2P (peer-to-peer) exchange like Paxful.
Can you buy Cosmos (Atom) using debit or credit cards?
Debit/credit card payment options are available on most centralized exchanges. Keep in mind that this requires completing KYC.
Should I leave my Cosmos (Atom) in an exchange after buying it?
No! You should store your Cosmos (Atom) or other cryptocurrencies in a hardware wallet because it keeps private keys safe and completely offline.