Buy Cosmos (ATOM)
Cosmos Cryptocurrency (ATOM) Review
What is a blockchain network?
Probably, you can answer like this: "The blockchain is a digital ledger, the functionality of which is provided by a group of trusted nodes." The system continues to work correctly, even if some of the validators (no more than 33%) are harmful. Each of the full nodes copies and saves the ledger on its computer and updates the data in accordance with the protocol. Blockchain technology allows all network participants to share a distributed ledger without the need for control from a single control center.
The first blockchain ecosystems were isolated, tokens of different projects could be converted only on special Internet sites. Blockchains have a very complex architecture and can carry out only a few financial transactions per second.
The Cosmos (Atom) startup cryptocurrency is a turnkey solution that eliminates the incompatibility and low bandwidth of almost any decentralized payment network.
Features of Cosmos
Cosmos is not just another cryptocurrency, but a cryptocurrency network. Cosmos, which calls itself the "Internet of blockchains", enables transactions, data exchange and consensus building between various blockchain applications.
In this article, we will look at the real technological limitations that required the development of this cryptocurrency.
Despite the fact that bitcoin is taking the world by storm and thousands of imitators flourish on its wave, cryptocurrencies face many problems that prevent their widespread use in society. As the Cosmos founders put it, the challenges lie in scalability, compatibility, and usability.
To paraphrase, cryptocurrencies are ineffective when compared to other means of transaction such as credit cards; they cannot communicate or work with each other, because each cryptocurrency is isolated in its own virtual territory; and they cannot be adapted to meet different needs, because the blockchain codebase, as a whole, is monolithic, it is difficult to disassemble it into its constituent modules.
In an attempt to fix these problems, Cosmos first split the source codebase into three separate modules: the application that handles transactions; a network that transmits information to all users (or "nodes") of the system; and a consensus mechanism that ensures that all users agree on the state and nature of the information.
Cosmos can be thought of as a group of concurrent applications (“Zone”), each of which is connected to an intermediary hub that controls the underlying network system and consensus mechanism for each Zone.
Cosmos Hub has its own proof of stake cryptocurrency, ATOM, which makes it easy to exchange data and transactions between different zones.
Thanks to Cosmos, developers can now release new cryptocurrencies without having to build everything from scratch, reducing development time from years to mere weeks (a solution; thus a "usability" problem). Currencies can transfer data and conduct business between platforms, making them interoperable. More importantly, cryptocurrencies, like Omisego can now scale to handle more transactions than ever before.
Conventional credit / debit cards currently have a huge advantage over cryptocurrencies: Visa and Mastercard can process thousands of transactions every second, transferring data seamlessly to hundreds of banks, while cryptocurrencies like Bitcoin and Ethereum process less than twenty transactions per second.
The reason is that both Bitcoin and Ethereum rely on a “proof of work” consensus mechanism in which every transaction is verified through a wasteful and cumbersome mining process. Instead, Cosmos relies on a more efficient “proof of stake” mechanism, in which validators bet their own currency on the integrity of the system.
How to buy Cosmos in Kenya?
You can easily buy Cosmos as it is a popular cryptocurrency.
How to buy cryptocurrency profitable and safe? Instructions for a beginner
There are many ways to buy Atom and other coins. For example, through exchangers and exchanges, for cash, by transferring by phone number, or even exchanged for items from Dota 2 and Counter-Strike. We will tell you how to do it easier and more reliably.
Already at the stage of buying a cryptocurrency, you can make a lot of mistakes and lose both part of the capital and all the funds allocated for investment. Therefore, we have analyzed the main and not obvious ways of acquiring bitcoin and other digital coins.
The easiest way to buy cryptocurrency is through exchangers. At the same time, you can pay for coins in different ways. For example, using bank cards, payment systems and other methods. For the purchase of cryptocurrency through exchangers, a commission is taken. Its size can vary over a wide range, for example, be less than 1%, reach 10% and exceed this value. But usually it is 1-2%. The amount of the commission depends on the cryptocurrency chosen by the user, the payment method and the specific exchanger. If the coin is not popular, the demand for it will be less, and accordingly, the fees will be higher. The size of the commission charged by the exchanger may also differ due to the size of the internal commission set by the payment system. It is usually most rational to buy cryptocurrency with fiat money after a severe market downturn. For example, in May-June 2019, when bitcoin rose in price to $ 14,000, exchangers paid extra 4-5% to users for the purchase of coins. However, in the case of the withdrawal of digital assets, clients, on the contrary, received 4-5% less. Aggregators of exchangers will help you decide on the most profitable rate. On them, you can select the payment methods of interest and the desired cryptocurrency, and then filter all offers by price and other parameters.
- Without intermediaries.
Exchangers are intermediaries who offer services for the sale and purchase of cryptocurrency, and take their own markup for this. However, digital assets can be purchased without a third party, directly from other people. For this, p2p platforms (p2p - person to person - from person to person) were developed. The most popular of these is LocalBitcoins. On it, the user enters into a deal with another user, and the service acts as a guarantor that one will not deceive the other. However, there are several drawbacks here. Firstly, the price is indicated without the commission that the bank or the system will take for the transfer. Secondly, p2p services are less popular than exchangers and exchanges. Because of this, there are few offers for buying and selling cryptocurrency, and if they are, they are often for small amounts. It is possible to buy and sell digital coins without intermediaries, if, for example, you negotiate with a familiar person live. In this case, the transaction can be made in person, by paying in cash, by bank transfer or by any other means. However, this is probably the most risky method and should only be used with people you trust. Otherwise, there is a risk that the counterparty will sell the cryptocurrency at an overvalued rate, disappear when receiving money, appropriate it for himself, citing a technical error. And these are not all ways to cheat and rob in person.
Exchangers are often used to deposit and withdraw cryptocurrencies from exchanges. But you can buy digital coins on the trading floors themselves. On the one hand, it is more convenient and safer, because the risk of an unscrupulous counterparty is reduced. If the user buys cryptocurrency on the exchange, he excludes the chance to turn to the services of scammers. On the other hand, commissions for buying digital assets can be significantly higher than those charged by exchangers. Reason: Most marketplaces do not sell cryptocurrency directly. They form partnerships with other services. It turns out that the user transfers money to a third-party company, it makes an exchange with the exchange, and then the latter credits the user with coins. In this case, the client immediately pays a double commission, so you should carefully check the terms of the deal. However, exchanges do not inspire 100% confidence. Their managers, as in the case of exchangers, may turn out to be scammers. Also, trading platforms can go bankrupt or be hacked.
Trust but verify
There are many ways to buy cryptocurrencies. For example, using exchangers, crypto wallets, on exchanges, on p2p platforms, and others. All methods have their pros and cons, as well as risks. To minimize the likelihood of losing funds, users should double-check their data, avoid little-known platforms and services, check reviews for them on the Internet and make test purchases for small amounts.
How to Invest in Cosmos in Kenya?
You can also invest in Cosmos via CFDs.
Many people are familiar with cryptocurrency trading from personal experience. The principle is simple: buy cryptocurrency at a low price - sell at a higher price and earn on the difference. If trading on the stock exchange, that is, spot trading, is not a new phenomenon, then CFD trading on cryptocurrencies has appeared quite recently.
Unlike spot trading, crypto CFDs allow traders to play on fluctuations in the rate without the need to purchase cryptocurrencies. It was this fact that caused a wave of interest in CFD trading, and many experts said that the ability to trade without actually having cryptocurrencies is an absolute advantage of crypto CFDs.
CFD (Contract for Difference) is a type of financial derivative that acts as a contract between a trader and a broker. In the case of crypto CFDs, the trader does not own the cryptocurrency at the conclusion of the contract, and the profit depends on the forecast for changes in the exchange rate.
If the trader's forecast turned out to be correct, then the profit will be equal to the sum of the change in the value of the asset + the interest paid to the broker. The loss is calculated in the same way. The main difference between CFDs and spot trading is the ability to use leverage. Traders can operate with amounts that significantly exceed their deposit, which allows them to significantly increase their profits. However, in case of failure when trading with leverage, losses increase. However, crypto CFDs have a number of advantages. All popular cryptocurrencies, like Dogecoin are highly volatile assets. This is precisely the main feature of CFDs, which provide the trader with more flexibility and allow you to quickly enter and exit trades, set stop loss and develop your own hedging strategies.
Usually CFDs are popular for short-term trades. Nevertheless, the possibility of concluding long-term contracts is relevant, although it does not seem so profitable compared to short-term transactions.
Ultimately, CFDs and spot trading have their own advantages and disadvantages. Both instruments provide lucrative opportunities and the choice between spot trading and CFDs depends on the preferences and financial situation of the trader.