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What Is OmiseGo | OmiseGo Cryptocurrency Uses

OmiseGo is structured on the Ethereum platform. It is a venture – backed payment service company which operates in Thailand, Japan, Singapore and Indonesia.

OmiseGo was introduced with the aim to become the top most, peer – to – peer (P2P) cryptocurrency exchange platform. Other than an altcoin, OmiseGo has been designed to be a financial platform with an aim to disrupt current financial institutions and methodologies.

OmiseGo recount itself as “The answer to a fundamental coordination problem amongst payment processor, gateways and financial institutions”.

Symbol Initial release date Algorithm type Max. supply
OMG 2013 N / A 140 million OMG

Other than being a cryptocurrency such as Bitcoin or Dogecoin etc, but also to offer users an alternative to online exchanges. As with current exchanges, to purchase a cryptocurrency like Bitcoin, it is important to start from a fiat currency. There are very few choices and little variety available in exchanges, especially when it comes to converting one cryptocurrency to another.

Name Payment Method Available Fiat Currencies Available Cryptocurrencies
Changelly Credit Card, Debit Card USD, EUR BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM, 1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC
CoinSpot Cash, BPAY, POLi, cryptocurrency AUD BTC, BCH, ETH, XRRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG etc
MERCATOX OKpay, PerfectMoney, Yandex Money, Payeer, QIWI, Cryptocurrency USD, EUR, RUB BTC, XRB, ETH, DCN, BCH, NIO, TRX, DASH, COB, DOGE, PRIX, DSR, XCPO, LTC, VERI, LOC, NUA, PKT, PPT, ICO
BINANCE Cryptocurrency BTC, XRP, USDT, ETH, NEB, XVG, TRX, NEBL, ETH, NEO, FUN, ETC, BCC, POE, DASH, ELF, ICX, BNB, ZRX, APPC etc
ShapeShift Cryptocurrency BTC, BCH, BTG, ETH, ETC, FUN, 1ST, ANT, BAT, BNT, BLK, CVC, CLAM, DASH, DCR, DGB, DNT, DOGE, EDG, EOS, FCT, GAME etc

How is OmiseGo Different From Other Standard Exchanges

The main motive behind OmiseGo is to disrupt the current method of buying and selling cryptocurrencies from exchanges. This can happen by connecting present existing cryptocurrency wallets to a central OmiseGo blockchain, over which users can exchange cryptocurrencies quickly and easily. OmiseGo is different by consisting the below mentioned steps:

  • Decentralized

Other present exchanges are a centralised operation which means that they are located, stored, and maintained in a single location which is owned by the exchange.

On the other hand, OmiseGo offers the same exchange functionality, however, keeps all its transactions decentralized and stored on the blockchain. With this the data is secured as the hacker cannot access one location to tamper with, say, the available funds of one person.

  • Currency Agnostic

In most of the exchanges, there are options where you can exchange money from fiat currency to cryptocurrency and back. However, it charges a lot of fees from the users for the same. For instance, if a user wishes to convert their BTC (Bitcoin) to ETH (Ether), you will first need to find an exchange that trades in both BTC and ETH. After that you will have to send BTC from your wallet to the exchange. Then you will be able to convert your BTC (Bitcoin) to a common fiat currency (e.g. INR or USD). And at last you will have your crypto converted.

It is also important to note that in this whole process, exchanges would take fees, often when selling the BTC and again when buying the ETH.

OmiseGo find a way to disrupt that by claiming that its currency agnostic. Your conversion does not matter, as the fees remains the same; one direct conversion with one tiny fee.

How to Purchase OmiseGo Coins (OMG)

In order to purchase OmiseGo coins, you are required to create an account with a reputable online exchange and then convert some USD into OMG. Once you receive OMG coins in your wallet, their value will rise or fall depending on whether OmiseGo‘s value rises or fall. You can sell back to the exchange at any time if you wish to.

You can also follow the step – by – step guide to buy OmiseGo (OMG):

Steps 1 – Create an account on a cryptocurrency exchange that list OMG

Look for an exchange that trade for OMG and register yourself. However, you may not be able to trade Indian Rupees (INR) directly for OMG. You might have to trade a popular cryptocurrency like Bitcoin (BTC) or Ethereum (ETH) for OMG.

Sign up for an account before you can buy them. To sign up you are required to provide your email address and create a password. You may also required to verify your account by providing your full name, contact information and proof ID before you can make a deposit.

In order to keep your coins secure, you should enable two – factor authentication on your account. Some exchanges require you to submit additional documents, such as photo ID, before you can begin trading.

Step 2 – Deposit funds into your account

The deposit process varies between exchanges. This process requires exchange’s deposit feature, where one can choose the currency you want to deposit. You may then be prompted to enter the receiving address of your exchange wallet.

In case the exchange you chose to buy OMG from does not accept fiat currency, you will have to acquire cryptocurrency in the first place to be able to deposit cryptocurrency funds into this exchange.

Step 3 – Buying OmiseGo (OMG)

Make sure that you have received your deposited funds in your wallet. After that you can proceed to buy OMG. The process may vary slightlybetween exchanges, but the usual way involves navigating to the trading page. Then, you would select the appropriate trading pair (such as OMG / ETH, in case you wish to exchange ETH for OMG). After that, you would specify the details of your order, such as the amount you wish to exchange, before hitting a buy button to purchase OMG.

How to Sell OmiseGo (OMG)

There are slight differences in buying and selling processes, which varies from exchange to exchange. In many cases, you are only required to enter a trading pair, such as ETH / OMG. You would then specify the selling details such as the quantity to be sold before you hit the sell button to sell your OMG holdings.

How to Use OmiseGo

The use of OmiseGo’s exact operational method is still unclear. Nevertheless, the vision as described by the developers to bring together service providers and help them bridge the gaps between them by using the OmiseGo currency agnostic blockchain.

OmiseGo is not a platform that can be used on its own. It requires other service providers to plug into it for users to reap its benefits. If it sees widespread adoption, most users might not even know that they’re using OmiseGo’s platform as they go about using their own cryptocrrency’s platform.

Note: It is important to note that OmisGo is still a young platform, it is still in its early stages both in terms of development and adoption as of September 2017, so not a lot is known about it other than a general, bird’s eye view of its team’s vision.

Which are the Valid Wallets to Store OmiseGo (OMG)

Below mentioned are some of the wallets which supports ERC20, which are as follows:

Name Wallet Type Supported Cryptocurrencies
TREZOR Hardware BTC, BCH, BTG, LTC, DASH, DOGE, ETC, ETH, ERC20, NEM, NMC, ZEC, EXP, UBIQ
Ledger Hardware BTC, BCH, BTG, ETH, ETC, LTC, DOGE, ZEC, XRP, DASH, STRAT, KMD, ARK, EXP, UBQ, VTC, VIA, NEO, XST, XLM, HSR, DGB, QTUM, PIVX, POSW
MyEtherWallet Web ETH, ETC, ERC20 tokens
EXODUS Desktop Client BTC, BCH, BTG, LTC, ETH, DASH, ETC, VTC, FUN, DCR, EOS, ANT, GNO, OMG, BAT etc
eidoo Mobile BTC, ETH, EOS, TRX, FUN, VEN, REP, OMG & 500+ ERC20 tokens

Future of OmiseGo

It is too early to predict the future of OmiseGo. However, market and cryptocurrency experts seem confident that OmiseGo has good things in future but nothing is guaranteed.

Things to Ponder Over Before Buying OmiseGo (OMG)

  • Supply – As per a popular source, the circulating supply of OmiseGo (OMG) is 102,042 OMG out of total supply of 140,245,398 OMG
  • Use – The team behind OMG that companies will use the wallet SDK to develop their own application. On February 28, 2018, the team released its wallet SDK code, as well as the code for its server and mobile SDKs , in a Github repository for anyone interested in developing their own wallet applications
  • Partnerships – Significant developments which includes Omsie’s signing of a partnership agreement with McDonald’s Thailand in September 2017 and Thailand’s National Identification (ID) project in February 2018
  • Ongoing new developments and press – Keep a check on the news for any developments on OmiseGo.
  • Adherence to future plans – You should look at how successful OmiseGo is in implementing its roadmap plans ahead or on schedule.
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