What is ATOM?
Cosmos (ATOM) powers an ecosystem of blockchains designed to scale and interoperate with each other. Same as Helium aims to create the "Internet of Things", ATOM aims to create the "Internet of Blockchains". The interlinked blockchains will be able to communicate in a decentralized way. ATOM is a PoS (Proof of Stake) token which grants holders to maintain the network by staking their tokens. ATOM staking will reward ATOM.
ATOM has been around since February 2019, and fluctuated between $2 and $5 for months. The All-Time Low was marked on the 13th of March 2020, at $1.16 per unit. The value of ATOM started to surge in 2021 and reached a new All-Time High on the 16th of February, when reached $26.32 per unit.
At the moment, all blockchain communication happens through tacked-on solutions, such as sidechains and bridges. The Cosmos Stargate update will enhance blockchain interoperability. I like to core concept of ATOM and I will [follow] the progress closely.
ATOM can be staked on ATOMIC wallet and Coinbase. Coinbase offers a 5% APY and more flexibility while on Atomic Wallet the APY is 10%.
The contract trading is the method of trading that aims to gain profit from market volatility. This method allows the user to forecast if the price of an asset will go up or down, involving leverage.
The traders are not buying or selling the asset, only speculating the price and forecasting if the value will go up or down. Contract trading can bring profit quicker than holding assets but the risk involved with this type of trading is higher. Bityard has two different types of Contract Trading: Cryptocurrencies and Derivatives.
The Contract trading is different from spot trading. The trading instrument called contract allows the investor to trade on the price movement of the cryptocurrency, at a future date or and at the desired price. It involves leverage and therefore the traders are not buying or selling the asset, only speculating on the price movement. With a trading fee set at 0.05%, Bityard has trading fees lower than the industry's average.
In the below scenario, I am forecasting that the ATOM price will drop. Selecting “Short” will open a contract reflecting my choice, at the current value of $13.329. As the price was currently rising, the contract goes against the current trend.
For this transaction I set the leverage at 20x, using 6 USDT for this contract. The 0.05% fee was added to the order. Once confirmed, the ATOM contract was visible in the dashboard. The contract details will include the name of the cryptocurrency, the leverage, the chosen margin, opening price and opening time. As the price continued to rise, the contract was loosing value.
The contract will close automatically if the price will raise or drop at the set value, or it can be closed by the user at any time. Closing the contract manually will give the trader the option to reduce the loss or cash out for profit. As the ATOM value kept growing, I chose to go again against the trend, and open two more "Short" contracts. The anticipated price drop happened and I closed all contracts for a minimal gain.
Every crypto asset has it's own volatility pattern which can be used in the trader advantage. The pattern does not guarantee profit, as the value can rise or drop suddenly, or have a continuous bull/bear run.
- This is not financial advice!
Why Bityard is different?
Bityard engine is the fastest on the market, processing up to 1 million transactions per second. The exchange is available for both mobile (Android & IOS) and web, and has the lowest transaction fees. The website interface is available in nine different languages with customer support 24/7 via email and live chat.
Bityard is the world leading cryptocurrency derivatives exchange, fully regulated and compliant with international laws, with the main activity in cryptocurrency contracts with leverage and derivatives exchange. Bityard app made contract trading and spot trading even easier.
Bityard operates with licenses from four different countries: The USA, Australia, Singapore, and Estonia. The following licenses are regulating the exchange activity: the Singapore’s ACRA (Accounting and Corporate Regulatory Authority), The American Money Services Businesses (MSBs), Estonia’s MTR (Register of Economic Activity) for the European Union, and the Australian Transaction Reports and Analysis Centre (AUSTRAC)
AMA with a twist!
Do you have any questions for Michael Hung, the Marketing Director and Co-Founder of Bityard? I am planning an interview and I will forward any questions or feedback to him.
** Part of this article was already published on TechBullion
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