What is OMG?
Jun Hasegawa and Donnie Harinsut are founders of OmiseGO. They created OmiseGO as they held ICO that gathered over $25 million on the Ethereum blockchain for the OmiseGO cryptocurrency OMG token. A very important question that comes into the mind is what is OMG coin? OMG, which is a short form of OmiseGO, is a payment platform based on decentralized blockchain technology. It aims to change the way we make and accept payments.
OmiseGO wants to provide good financial services to everyone throughout the world by making it simple to pay for your fast-food burger or online shopping. Its motto is to un-bank the banked, which means they want to turn Ethereum-based blockchain code into a bank account on your smartphone. It has a lot of high-profile strategic OmiseGO partnerships because of the existing online OmiseGO payment product. It is important to look at the benefits of OMG to understand its importance.
Benefits of Using OmiseGO
There are many benefits associated with the use of OmiseGO for your transactions. A few of the most prominent benefits are as follows:
- Instant Settlement
OmiseGO offers an instant settlement as it completes the transaction process in seconds. You get the confirmation only seconds after its initiation. SO, you don’t need to wait for hours or days for an international transaction to complete. This instant settlement feature makes it a popular transaction method worldwide.
- Cross-Wallet Compatibility
Wallets can automate transactions using Smart Contracts by interacting with each other using an open standard protocol. The Ethereum network OmiseGO is one of its built-in advantages.
- No Bank Needed
You don’t need a bank account for daily needs and transactions because of OmiseGO. It allows easy transactions on a national as well as international level. You don’t require a return in the process of the approval of the transaction.
You can use the OmiseGO wallet for different purposes, such as for payments, transfers, loyalty, and rewards points using Smart Contracts. All these features make this payment platform flexible.
- Highest Security
A perfect security policy is needed whenever money is involved in the dealings. OmiseGO never compromises on security as it uses ultra-secure blockchain technology, which assures the highest security and safety of transactions.
- Low Transaction Cost
OmiseGO uses blockchain and peer-to-peer technology to bring down transaction charges. These blockchain transactions take place between the sender and the receiver, so there are no expenses for middlemen in the process.
How to mine OMG?
Coinsquare does not support this OMG token; you need to purchase this on other trading platforms for any major cryptocurrency such as BTC, ETH, ChangeNOW, and XRP. You can also get it in fiat currency such as the Canadian dollar, US dollar, and Euro. If you want to get OMG then you should follow the steps given below:
OMG Mining Steps
- Sign Up at Coinsquare
You have to sign up at Coinsquare to verify your account. The verification process of your account ensures that the account gets connected properly to your funds.
- Fund Your Coinsquare Account
After that, you have to fund your Coinsquare account. For this, you have to use fiat currency such as the Euro, US dollar, or Canadian dollar.
- Purchase Bitcoin or Ethereum
In the next step, you have to purchase Bitcoin or Ethereum by using the fiat currency in your Coinsquare account. The two most widely-accepted cryptocurrencies to make it easy to trade for OmiseGO are Bitcoin and Ethereum.
- Bitcoin or Ethereum to Private Wallet
If you want to purchase OmiseGO then you should withdraw your Bitcoin or Ethereum from your private wallet or an Altcoin OMG exchange.
Where to buy OMG?
The most important questions to be answered are how do I buy OMG or where can I buy OmiseGO? You can buy OMG or can exchange it with the following:
ChangeNOW provides a platform where you can exchange OMG to HOT at the most profitable price on the OMG cryptocurrency. You can buy OmiseGO with Holo in a secure way and conveniently without registration. ChangeNOW provides the best service and is the best OMG cryptocurrency converter which provides easy and fast instant swaps.
You can check the current rate of OMG to HOT via live charts. The decision-making process is easy for you as you get the prices shown in real-time and in a user-friendly way. It provides fast transactions, clear fees, and an account-free policy. The exchanging process is simple as you just have to follow four steps:
- Choose the assets you wish to exchange
- Enter the recipient address
- Confirm your transaction
- Make a deposit
Bitcoin is another way of buying OMG, where you can get the exact conversion rate with Bitcoin OmiseGO price details. You can check the highest conversion rate from 1 Bitcoin to OmiseGO through live chat. If you want to buy OmiseGO through Bitcoin then you should follow the steps below:
- You have to click on the button showing “View all Offers” after selecting the OMG coins BTC in the left dropdown and OMG in the right downtown. This process will show all the offers for BTC to OMG conversion.
- It is up to you to select the recommended exchange or any other exchange you like.
- You have to enter your OMG wallet address so that you can get the converted amount. Click “Next” and it will create your order. It will also show the address of the OMG coin BTC.
- After the above step, you have to transfer BTC from your wallet to the above-provided address, and it’ll exchange your coins. You will receive OMG in your wallet.
What is the best OMG wallet?
The first thing to consider while looking for the best OmiseGO wallet is security. You should go for an OmiseGO wallet, which has as many advanced security features as possible. The wallet should have hierarchical determinism. It should not store your private keys on any servers and should have two factors, which is authentication and password login. A wallet that will have a modern and friendly user interface will be good for you.
Best OmiseGO Wallets
The following are some of the best OmiseGO wallets:
- Ledger Nano S Wallet
Ledger Nano S is one of the most popular crypto wallets on the market. It includes all the safety features that have support for over 800 cryptocurrencies, which includes OMG too. This wallet is a hardware wallet, and it is really easy to use it as you can connect it just like any other portable device to your computer via USB. This wallet keeps your private keys protected via PIN code and two-factor authentication. The design of this wallet is quite minimalistic as it has a simple, tiny OLED display and two control buttons. These control buttons enable you to quickly manage all the transactions.
- Trezor One Wallet
Trezor is the biggest competitor of Ledger Nano S, as it has pretty much the same features. This includes boasting support for almost the same number of crypto coins. This wallet doesn’t expose your private keys to the online environment. You can connect Trezor’s wallet with the computer via USB. It also allows you to generate 24-word recovery seeds.
- Exodus Wallet
Exodus is a popular and highly accessible wallet for OmiseGO. It can hold OMG tokens and is capable of holding over 100 other cryptocurrencies. This wallet is available for all the popular operating systems that include Windows, Linux, and macOS. It not only has a great look but also a ton of useful information. You can personalize the stylish charts to perfectly suit your needs. You can easily exchange between coins without having to leave the app as it has Exodus boasting ShapeShift integration.
- Eidoo Wallet
Eidoo is a multi-currency, multi-platform wallet. It supports over 500 cryptocurrencies that include ERC-20 and ERC-223 tokens like OMG. This wallet provides good levels of security and is an HD wallet that allows storing the private keys on your device. It is demanding, especially for its system compatibility.
This wallet comes with personalized clients for macOS, Windows, and Linux. It is also for mobile platforms such as iOS and Android. Additionally, Eidoo has a hybrid exchange that looks like a centralized exchange. This hybrid exchange uses a DEX highly specialized in ERC-20 trading. This wallet is a good choice for OMG holders.
Omise’s experience affords OmiseGO a few unique advantages that are not seen in other cryptocurrencies in payment processing networks. Is it the DEX of the future and the best decentralized financial payment system? The big future of OmiseGO will depend upon its ability to fit into this ever-changing and evolving system. However, it looks very obvious that OmiseGO’s future is bright.
You can easily buy the OMGcoin or OMG tokens through different OMGcryptocurrencies by choosing any of the above-mentioned options.OMG is a great way of making and accepting OMG payments due to its unique advantages such as cross-wallet compatibility, instant settlement, and flexibility. Additionally, no need for a bank, low transaction cost, and highest security are some of the other amazing advantages of using OmiseGO for accepting or making online payments.
To learn more about OMG price prediction, please visit the following OmiseGO post in our blog.