What is OmiseGo and Where to Buy the Coin
Are you interested in discovering a different type of cryptocurrency? If so, then look no further than that of OmiseGo, otherwise known as OMG. OmiseGo is a cryptocurrency which allows everyone to access quality financial services.
So, if you’re done with Dogecoin or bored with Bitcoin, OMG could just be your next best alternative.
The Premise of OmiseGo
Released in 2013, the idea of OmiseGo was to offer much more than just cryptocurrency. Initially, the aim was to provide a financial platform. Soon its intention was to disrupt those current financial institutions and establishments.
The primary goal was to showcase a platform that is different from Bitcoin and Dogecoin currencies. This would highlight an alternative to users when completing online exchanges.
Considered a viable solution, OmiseGo claims to be the answer to fundamental problems. These exist between payment processors, that of gateways and indeed financial institutions.
The idea was born in Thailand as a start-up to offer online payment solutions. It swiftly proved popular and indeed useful. Now it’s become a tried and trusted favorite, in particular amongst merchants. Without any dependency on third parties, merchants can conduct transactions hassle-free.
What Makes OmiseGo Different from Standard Exchanges?
You may be wondering exactly how OmiseGo differs from a standard exchange. It’s these types of exchanges that OmiseGo attempts to disrupt. This involves the current methods being used for buying and selling cryptocurrencies here. Thus, there is one major notable difference here – decentralization.
OmiseGo is Decentralized
A great feature of OMG is that all its transactions are decentralized. This means they’re stored on the blockchain.
Other exchanges are centralized operations. This means they store all their transaction databases on one or a group of servers. These servers are also owned by the exchange. There is also data readily available for particular users. In some instances, this includes valuable ID documents. This can mean anything from driving license to passports.
By offering a decentralized system, OmiseGo can continue to provide the same functionality as the exchange. But meanwhile, it can keep the data more secure.
OmiseGo Versus Bitcoin
Many people like to compare OmiseGo against Bitcoin. The reasons for this include:
- OmiseGo isn’t merely used for peer to peer transactions, unlike Bitcoin
- It doesn’t suffer from high transactions fees as Bitcoin does
- OmiseGo doesn’t have high transaction clearance times like that of Bitcoin
Therefore, OMG’s primary application is in the financial sector. This is mainly so when it comes to larger transactions and currency exchanges.
Besides such advantages over Bitcoin, Omisego claims to be the token for Ethereum’s Plasma network. It plans to fix both higher transaction fees and higher transaction clearance times. These are still currently experienced with Bitcoin.
Furthermore, the Plasma Network can process up to a staggering one million transactions per second.
Why OmiseGo is Considered A Good Contender in the Crypto Marketplace
The technology utilized by OMG is Plasma architecture. Thus, OMG tokens are the Plasma network’s fuel. This means it takes advantage of the Ethereum network’s decentralized blockchain. So, you’ll find here fantastic speeds and robust security. You’ll also experience some of the best financial-industry grade solutions.This ensures that direct peer to peer transactions are possible.
Also, Smart contracts and decentralized apps can be used. Here the employment of this technology provides global banking and financial solutions. These include currency conversion, debiting and crediting of money, remittances, and many others.
But the greatest concept here is that all this is not just limited to those who have a bank account. This can all be accessed by all those also who don’t too.
The Many Advantages of Using Omisego
OmiseGo offers several advantages. These include:
- OMG removes the middleman.
In several money transfers, the middleman means a slightly increased rate. A great example here is that of banks. They will add an increase on all their transactions to gain a small profit each time. OmiseGo technology works to bypass any middlemen. It instead creates direct transfers between the users. So, all such costs are eliminated. Here, you can perform currency conversions, remittances, and other transactions. This is all without attracting further charges.
- OmiseGo has fantastic redeeming qualities!
In almost any industry, it can be used to give or redeem loyalty points. A great example here is for that of airlines.
- OmiseGo ensures fail-safe Smart Contracts
These are methods of executing financial transactions. In particular, they allow for those transactions involving larger amounts of money. Smart Contracts ensure that they can’t be changed without all parties’ consent.
How to Buy OmiseGo
Other cryptocurrencies have a specific minimum procedure. This means people can own them, Yet, OmiseGo requires no mining. This is because all coins were pre-mined at its inception.
Thus, when it comes to buying OmiseGo, the process is slightly different here. OMG coins are available for trading on all major exchanges. These include Kucoin, Cryptopia, Binance, and HitBTC to name but a few. All exchanges will also tend to OMG pairings with Ethereum and Bitcoin. Some will even support Litecoin.
Because of this, you can buy OMG tokens using existing Ethereum, Bitcoin or Litecoin.
OmiseGo recommends that when it comes to storage, Ethereum wallets are used. These can include, for example, Parity and MyEtherWallet to start.
Hardware wallets can also be used here, such as Trezor and Ledger. It’s recommended by OMG that wallets should be selected for their credibility. They should also be picked for their secure functionality.
The Transactional Process of OmiseGo
OmiseGo works on both simple peer to peer transactions. This is alongside that of sophisticated Smart Contract technology. This means those people involved here can set certain conditions. Thereby contracts here are only executed when certain conditions are met. Thus, it keeps everyone safe and in control.
Additionally, it can be employed in significant financial transactions and currency exchanges. This is ideal for those sellers who have to pay money in bulk. It’s also perfect when converting large amounts of money in different currencies.
Ultimately, corporations partaking in import or export can use OmiseGo here. It allows OMG tokens to be used as the currency. So, this extends to when importing or exporting raw materials and products worldwide. It’s thus a sound base currency in these situations. Corporates here can also convert OMG tokens accordingly when it comes to fiat currency.
The Future of OmiseGo
OmiseGo has done exceptionally well so far in the cryptocurrency market. Because of this, it’s currently a very popular choice of an altcoin. This has been enhanced partly due to support from the Thai Government. Many sources believe this support has enabled it to come back from some financial issues.
Endorsed by the Bank of Thailand, it’s also accepted by some well-known worldwide names. These include Alipay and McDonald’s. Besides such brand acceptance, OMG also has a lot of partnerships. These currently include Golden Gate Ventures, SBI Investments, and SMBC.
Overall, the future of OMG appears to be very bright! Experts even suggest that its presence in the financial sector could expand further. This, in turn, means it could soon become parallel when running alongside that of the banks.
Final Thoughts About OmiseGo
So, to conclude, the question remains about whether you should invest in OmiseGo?
This is undoubtedly a cryptocurrency that has already formed some fantastic partnerships. Plus, many experts believe it will continue to grow in popularity.
OMG is predominantly a cryptocurrency that can swiftly and securely process around one million transactions per second. Therefore, it is already prepped and poised for a mass adoption process!
Thus, it’s perfect if you’re looking for a cryptocurrency which boosts reliability. It’s also an ideal choice which utilizes technology to the full and has a proven track record. In concluding, OMG could just be the perfect cryptocurrency for you. This is especially so if you’re looking to get away from Dogecoin or Bitcoin.