Buying Cosmos (ATOM) in Canada

How to Buy Cosmos (ATOM) in Canada Using Coinberry

Cosmos is a growing network or ecosystem of interconnected blockchains. You can buy its native token ATOM through a popular crypto trading platform such as Coinberry.

Buying Cosmos (ATOM) in Canada

To buy some ATOM, you can do the following:

  1. Sign up to a major crypto platform
  2. Verify your account and identity
  3. Fund your account using wire transfer or Interac e-Transfer
  4. Buy some ATOM and start for as little as 50 CAD

The entire process is quick and straightforward at Coinberry. Their team has made it easy for people to start their crypto investing journey.

What is special about Cosmos (ATOM)?

After knowing how to buy Cosmos (ATOM) in Canada, let’s now talk about the Cosmos network and why it has become a popular investment.

With probably more than 18,000 cryptocurrencies available today, what makes Cosmos special? Why should you buy it instead of other cryptos such as Bitcoin, Ethereum, Cardano, and Dogecoin?
understand the risks and benefits of cryptocurrency trading

Often, investors choose Cosmos (ATOM) because:

  • Its ecosystem of interconnected apps and services is continuously growing
  • Cosmos excels in interoperability (it’s the future of blockchains, similar to connecting several computers to the Internet)
  • Bitcoin and Ethereum are too expensive now
  • Cosmos (ATOM) might have much more room to grow

Many investors also try to look for less popular cryptos that are promising. After all, the top cryptos with the largest market caps might have reached their peak already (a new all-time high might be impossible). Also, you might get more profits from cryptos that are still rising and emerging. Once these cryptos reach a certain price point, their user base might snowball and the cryptos’ values might skyrocket.

However, Cosmos’ price is also volatile just like most other cryptos. Small events can easily sway the price and quickly result in significant losses or gains.

In addition, Cosmos has a strong and more popular competitor. Polkadot (DOT) also provides interconnectivity and interoperability among blockchains. As of this writing, Polkadot also has a larger market capitalization than Cosmos (both have a market cap of billions of dollars).

Cosmos (ATOM) competitors

Aside from Polkadot, many investors consider the following as Cosmos’ popular competitors:

  • Meter
  • Quant
  • THORChain
  • Wanchain
  • Orbit Chain
  • Stellar
  • ICON

Several other blockchain networks offer similar functionalities as Cosmos when it comes to interoperability.

Why does blockchain interoperability matter?

Cosmos and other blockchain networks have attracted attention partly because of their interoperability feature. Why is it important? Does it help raise the value of their cryptocurrencies and tokens?

Blockchain interoperability matters because it:

  • Makes transfer of digital assets easy between two or more blockchains
  • Can unleash the potential of decentralized apps (dApps)
  • Makes data sharing frictionless
  • Helps provide a user-friendly experience
  • Makes execution of smart contracts easier

In other words, interoperability takes advantage of connections and sharing. This is similar to how the internet works where you can view websites through different devices and browsers. In blockchains, interoperability allows for compatible and frictionless data access and sharing experience.

Is Cosmos (ATOM) worth buying?

Blockchain interoperability is one of Cosmos’ strong features. For now, it’s in a great position to take advantage of the further growth and development of the blockchain industry. Also, as Cosmos’ ecosystem of interconnected blockchains grows, the entire ecosystem becomes more powerful.

Hundreds of apps and services already run on the Cosmos network. Perhaps the network is just starting when it comes to unleashing the potential of blockchains. However, Cosmos (ATOM) is also a highly volatile asset just like most cryptocurrencies and tokens.

ATOM’s price may fall because of:

  • The rising popularity of other networks that highlight interoperability
  • Continuing growth and development of Polkadot (DOT)
  • Inflation
  • Poor stock market performance
  • Loss of trust in the crypto industry (especially after a crash or huge fraud)

On the other hand, ATOM’s price may rise if:

  • The entire crypto industry recovers or attracts more supporters
  • General economy grows
  • A major update in Cosmos’ technology
  • Price of competitors’ tokens are getting to expensive (investors will look for lower-priced cryptos)

Those are just some of the factors. Several other variables can influence ATOM’s price that may result in huge gains or losses. Because of the complexity and rapid evolution of the crypto market, it’s crucial that you protect yourself from risks.

Cosmos (ATOM) and crypto investing strategy

To protect yourself from losses, here are some tips:

  • Start small (e.g. at Coinberry you can start for as little as 50 CAD)
  • Invest only what you can afford to lose
  • Ignore the market and focus on other important matters
  • Use a dollar cost averaging strategy

When you start small (e.g. 50 CAD), you won’t lose big when something goes wrong. As you get more comfortable, anytime you can put more money to buy more crypto.

 

Invest only what you can afford to lose. Experienced investors allot only a small percentage of their total investment capital to crypto. For instance, you can put 5% of your investment capital into crypto (and put the other 95% in stocks, business, real estate, and others).

Buying Cosmos (ATOM) in Canada

Ignoring the market may also help. This will help you avoid acting on impulse (which often results in huge losses). This will also help you save time and energy that you can instead use on other important matters and opportunities.

To further save time and energy, you can apply a dollar cost averaging strategy. For example, you can invest a fixed dollar amount every month to buy more Cosmos (ATOM) or other crypto (regardless of the price). After several months, you would have accumulated a sizable asset while protecting yourself from huge losses and sudden dips.

One way to apply dollar cost averaging is through Coinberry Autopilot which can help you:

  • Save time and plan your investments for months in advance
  • Avoid acting on impulse and excitement
  • Reduce risk because overall you’re somehow protected from huge losses

You can set it up so that you could make small crypto purchases daily, weekly, or monthly. This spreads your crypto purchases which helps protect you from huge price fluctuations. In contrast, making a large lump sum investment can magnify the effect of cryptos’ volatility (a 10% price drop will hurt more if you have a huge investment).

Salman Zafar
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