Cosmos 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.
Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific
provider, service or offering. It is not a recommendation to trade.
Quick guide: How to buy Cosmos (ATOM) in Australia
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.
Using AUD to get ATOM
It may be preferable to purchase ATOM with cryptocurrency, even if you have to buy Bitcoin or Ether to use as an intermediary cryptocurrency first.
Buying through fiat currency like AUD via an intermediary cryptocurrency could be faster. For a same-day purchase, you might want to do the following:
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: Cryptocurrencies are speculative, complex and involve significant risks – they are highly
volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of
future performance. Consider your own circumstances, and obtain your own advice, before relying on this information.
You should also verify the nature of any product or service (including its legal status and relevant regulatory
requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may
have holdings in the cryptocurrencies discussed.
Disclaimer: The author holds BTC at the time of writing.
Andrew Munro is the global cryptocurrency editor at Finder. After previously writing about insurance and other areas, he now covers the latest developments in digital assets and blockchain and works on Finder's comprehensive range of guides to help people understand cryptocurrency.
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