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How to Buy Cosmos (ATOM) in Canada with Coinberry

Here let’s talk about the following:

  • How to buy Cosmos (ATOM) in Canada
  • Why invest in Cosmos
  • What affects the price of Cosmos (ATOM)
  • When should you buy Cosmos (ATOM)

After you read this article, you’ll gain some useful knowledge and insights about Cosmos and the crypto market as a whole.

How to buy Cosmos (ATOM) in Canada

To buy Cosmos’ native token, ATOM, you can do the following:

  1. Sign up to Coinberry
  2. Verify your account and identity
  3. Fund your account
  4. Buy some ATOM

You can do all of that online. To fund your account, you can use wire transfer or Interac e-Transfer. Then, you can buy some Cosmos (ATOM) or explore other cryptocurrencies and tokens (you can start for as little as 50 CAD at Coinberry).

Why invest in Cosmos

After knowing how to buy (ATOM) Cosmos in Canada, the next step is to learn more about what Cosmos is and why it could be a good investment.

First, Cosmos is a network that helps ensure blockchains can communicate with one another. Its governance token, ATOM, keeps the network secure.

Cosmos (ATOM) is dubbed the internet of blockchains because of its interoperability (blockchain networks can talk with one another). This interoperability can help the blockchain industry reach its full potential. This is similar to how we can view websites through different browsers and devices (another example is we can send an email through different services).

Many blockchains operate in isolation. But through the Cosmos’ interoperability, the sharing of data and movement of assets become frictionless.

With its focus on interoperability, the Cosmos network highlights the following:

  • Collaboration over competition
  • Autonomy over monopolies
  • Innovation over status quo

In contrast, the focus of other blockchain networks has been on monopoly and competition. But in the Cosmos network, it’s more about putting them all together in one ecosystem and letting them share and talk with one another (and ultimately empowering the developers and other users).

Interoperability is said to be the future of blockchains. Perhaps this is inspired by how connecting several computers makes each one more powerful and useful. The high level of connection and sharing accelerates innovation and benefits the entire Internet. This similarly applies to blockchains where as we add more apps and services to the Cosmos network, it becomes more powerful.

With Cosmos, developers have already built autonomous application-specific blockchains that connect with one another. Cosmos has already helped facilitate the development of:

  • Social networks (where there’s free flow of information and freedom of expression)
  • Marketplaces (allowing permissionless global trade)
  • Games (developers can monetize their creations without third-party approval or app store fees)

In other words, Cosmos is about empowerment where developers and users can fully take advantage of the blockchain technology.

What affects the price of Cosmos (ATOM)

Although the Cosmos network is in a favorable position because of its interoperability feature, small events and several variables can easily affect the price of its native token ATOM. Some of those events and factors are:

  • Competition from Polkadot (a popular blockchain platform that also highlights interoperability and interconnectivity)
  • Support from a billionaire, corporation, or a financial institution
  • Country’s economic performance and priorities
  • Confidence in the overall crypto market
  • Performance of other cryptocurrencies
  • Government regulation

Government regulation and intervention plays a huge role now because of a recent crash and fraud incidents. With this increasing intervention, this might affect the trajectory of Cosmos and other major cryptocurrencies.

The performance of other major cryptocurrencies is correlated with or somehow affects ATOM’s price. Here’s why:

  • When price of Bitcoin and Ethereum drops, this tells something about the confidence of investors in the entire crypto market
  • When price of Bitcoin and Ethereum rises, investors might sell them and take their profits (then, they will invest in other cryptos such as Cosmos’ ATOM)

A country’s economic performance and priorities can also affect ATOM’s price (and the price of other cryptocurrencies). If an economy is going under, people will have less resources to invest in crypto. Instead, they might put their money in safer investments or convert them into cash.

Also, support or discouragement from a billionaire, corporation, or financial institution can influence the crypto market’s movement. Be wary though because it might be a pump and dump scheme where a cryptocurrency receives hype, its price skyrockets, and major investors suddenly sell their crypto assets (price falls rapidly as a result).

Competition also plays a role in ATOM’s price. This results from people’s limited resources where they can’t have it all. They always have to make a choice and they just can’t invest everywhere. For instance, anytime they might choose Polkadot over Cosmos. This can make the ATOM’s price fall.

When should you buy Cosmos (ATOM)

Now that you know what makes Cosmos special and what affects its price, let’s now talk about when to buy Cosmos (ATOM) and how to maximize your gains and minimize your losses.

First, the entire crypto market is highly unpredictable and uncertain. Crypto assets are highly volatile and they rise and fall every moment. This makes it impossible to “time the market” and get huge profits consistently.

If you want consistency, it makes sense to focus on your own efforts instead of the crypto’s ups and downs. In other words, you can make your efforts consistent while ignoring the market. One way to do this is by using the dollar cost averaging investment strategy.

In dollar cost averaging, you consistently invest in a crypto each day, week, or month regardless of the crypto’s price. You can set it up automatically so that you can just “set it and forget it.” This takes the emotion out of the equation because this will help prevent you from acting on impulse or excitement.

You can also come up with your own strategy. You can modify and mix different strategies and tactics. Just keep in mind that the ultimate goal is to minimize your losses and still have enough time and resources for other pursuits and opportunities.

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