How to Buy OmiseGo
OmiseGo (OMG) is a proof-of-stake blockchain or platform. Its goal is to decentralize the exchange of digital assets to create a financial system that is open to the public. The aim of OMG is to serve as an answer to the issues of coordination that exist between processors, institutions, and gateways.
OmiseGo is based on the Ethereum (ETH) platform. OMGs mission is to become the leading P2P cryptocurrency exchange platform. So lets dig through it and lets learn how to buy omisego!
What is OmiseGo?
OmiseGo claims to be the solution to the coordination issues that exist between payment processors, financial institutions, and gateways. The object of OMG isn’t necessarily to serve as a cryptocurrency, but instead, to provide its users with an option that’s different than online exchanges.
The primary issue with the exchanges that currently exist is that you need to use a fiat currency (US dollars, Euros, etc) to purchase cryptocurrencies, such as bitcoin (BTC) and ETH. When it comes to changing cryptocurrencies, the exchange options are limited.
OMGs parent company is Thailand-based Omise. Essentially, the payment system turns Ethereum coins into a bank account. OmiseGo is supported by the co-founders of Ethereum. The Thai Ministry of Finance and the Bank of Thailand also endorse OMG.
The goal of OmiseGo is to serve as a supplement for its exiting payment network.
Where to Buy OmiseGo
Since OmiseGo is ETH-based, it can be purchased through online exchanges that offer Ethereum. Currently, there are more than 30 online exchanges where OmiseGo can be purchased, including:
How to Buy OmiseGO
In order to purchase OMG tokens, you first need to purchase ETH. Once you purchase ETH, you can then exchange it for OMG. For this example, we will explain how to purchase ETH on Coinbase, one of the most popular cryptocurrency exchanges.
Use the link here or click the image above to get $10 in Bitcoin when you purchase or sell your first $100.Register on Coinbase
Step 1: Create a Coinbase account
Select the “sign up” tab and complete the form by entering the requested information, including:
- Your name (exactly as it appears on your photo identification)
- Email address
Step 2: Verify your account
- Issue your phone number
- Upload an image of your photo ID
- Verify your credit or debit card, or your bank account information
Step 3: Select the “Buy/Sell” option on the menu, once our account is verified
After verification, select the “Buy/Sell” option on the menu
- Choose “Ethereum”
- Input how much you would like to purchase
- Select the “Buy” button
Step 4: Confirm your purchase
- Select the “Confirm Buy” button
Step 5: Open an account on an exchange that accepts OmiseGo exchange
For the purposes of this example, we are going to use the Binance exchangeRegister on Binance
Step 6: Register your Binance account
- Enter your email address and a strong password
- Select “Register”
- You’ll receive an email to confirm your account
Step 7: Login to your Binance account
Step 8: Transfer ETH from Coinbase to Binance
- Under the “Wallet” tab, select “Deposits”
- Copy the ETH deposit address you are provided with
- Log back into Coinbase
- Select “Accounts”
- Click “Send”
- Enter your ETH deposit address
- Input the amount of ETH you want to transfer
- Select “Continue”
Step 9: Exchange ETH for OmiseGO Coins
- When your ETH has arrived in your Binance account, you can exchange it for OMG tokens
- Select ETH currency
- Search for OMG in the search box and select it
Select whether you want to “Limit” order (you can choose the amount of OMG you want to purchase) or “Market” buy, which will autofill your order at the best price
Step 10: Select the “Buy” button
- Once you have chosen the amount of OMG you would like to purchase, select the “Buy button”
- Your OMG order will be immediately filled; your ETH will be transferred into OMG
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Why Buy OmiseGo?
OMG is based on the ETH network, which utilizes decentralized blockchain technology. It offers lighting fast speed, high levels of security, and excellent solutions to the common communication problems that exist in the financial industry.
OMG allows for true peer-to-peer transactions. It also permits the use of decentralized apps, as well as smart contracts. It’s predicted that the value of OMG tokens will increase, so it promises to offer a good return on investment.
How to Sell OmiseGo
OmiseGo can be sold for other forms of Cryptocurrency. To sell OMG, follow these steps:
- Open an altcoin exchange account
- Fund your account with OmiseGo tokens
- Sell your OMG tokens for another form of cryptocurrency, such as ETH or BTC
- Sell your newly purchased cryptocurrency for fiat currency, such as US dollars or Euros
- Withdraw your fiat currency from your exchange account to your bank account
Which Wallets Can I Use for OmiseGo?
Multiple wallets can be used for OMG tokens. Some of the best options include:
- Ledger Nano
- Trezor Model One
Since OMG coin offers so many benefits, and because it is expected that the value of this type of crypto will see substantial gains, it can be considered a valuable investment.
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