Chapter 2.11

OmiseGo is a Southeast Asian-based cryptocurrency payment platform dedicated to combining blockchain-based efficiency with real-world point-of-sale systems. OmiseGo, also known as OMG, is based on the Ethereum platform.

The OmiseGo ecosystem uses OMG tokens as its payment protocol. OMG tokens are ERC20 tokens, which means they use Ethereum’s standardized token system. The OmiseGo blockchain uses a proof of stake algorithm.

Ultimately, OmiseGo is similar to Ripple in that both projects seek to provide enterprise-grade speed and security using a blockchain-based settlement system. OmiseGo, like Ripple, has signed numerous partners since launching in 2013. It’s important to note that OmiseGo is owned by its users and token holders – not by a centralized, privately-funded company.

You can buy OMG tokens to interact with the OmiseGo ecosystem. Tokens can be spent at partner institutions that use the OmiseGo protocol, for example. Alternatively, some people buy OMG tokens as an investment. The price of OMG tokens, like the price of most cryptocurrencies, has skyrocketed since the beginning of 2017. In July 2017, tokens were priced at around $0.50. By early 2018, OMG had hit a high of around $25 per token.

Ready to buy OmiseGo tokens (OMG)? Here’s how to do it.

How to Buy OmiseGo (OMG) from Any Cryptocurrency Exchange

Many cryptocurrency exchanges sell OmiseGo. OmiseGo is relatively popular, currently sitting inside the top 20 or 25 cryptocurrencies by market cap. That means it’s relatively easy to find exchanges that support OMG pairs like OMG/BTC or, in most cases, OMG/ETH.

Here’s the basic process you’ll use to buy OmiseGo (OMG) from any cryptocurrency exchange:

  1. Sign up for a cryptocurrency exchange that has an OmiseGo pair like OMG/BTC or OMG/ETH
  2. Verify your account
  3. Deposit funds into your account
  4. Buy OMG using the OMG/BTC or OMG/ETH pair
  5. Keep your OmiseGo tokens in your exchange account; or, withdraw your OmiseGo tokens to a wallet like MyEtherWallet that supports Ethereum and ERC20 tokens (remember: OMG is an ERC20 token supported by all ERC20 wallets)

How to Buy OMG Using Bittrex

OMG is available on Bittrex through three different pairs, including OMG/BTC, OMG/ETH, and OMG/USDT. You can sell your bitcoin, Ether, or US Dollars in exchange for OmiseGo tokens. Here’s how to do it on Bittrex:

  1. Go to Bittrex.com
  2. Click the “Get Started Now” button to visit the account registration page.
  3. Enter your email address and password to register your account, then confirm your registration by clicking the link sent to your email.
  4. Sign into your newly-verified account, then fill in personal details like your name, address, and phone number; Bittrex will verify your phone number. If this is your first time signing up for Bittrex, then you might also be required to provide government-issued photo ID and other verification data, depending on your country of residence.
  5. Once this process is complete, you’ll need to activate two factor authentication (2FA) to protect your account further; if you want to login to Bittrex in the future, then you’ll need to enter your Google Authentication code. This protects your account from being hacked. Go to your Bittrex Settings page, then click on Two Factor Authentication. Bittrex will generate a 6 digit code.
  6. Create an OMG wallet on Bittrex. This wallet will hold your OmiseGo tokens. Remember: you cannot deposit OMG into a bitcoin wallet. If you try to do so, then you’ll permanently lose access to your OMG. Make sure your Ethereum wallet supports ERC20 tokens before you deposit OMG tokens. Not all Ethereum wallets support ERC20 tokens. To create an OMG wallet on Bittrex, click the “Wallets” link in the upper right corner of the Bittrex homepage. On the next page, you should see a “plus” sign beside OMG. This will create a public OMG address complete with a QR code, making it easy to deposit OMG into that address.
  7. Now you need to actually purchase OMG. To do that, you’ll need to hold BTC, ETH, or USDT in your Bittrex account. Then, click on one of the three available OMG pairs (OMG/BTC, OMG/ETH, or OMG/USDT).
  8. Once your Bittrex account has been funded, you can easily purchase OMG using one of the three pairs we just mentioned. After clicking on your desired pair, you’ll see two boxes on the bottom of the page. One box says “Buy OMG” and the other says “Sell OMG”. In the Buy OMG box, you’ll have three options to buy OMG. You can buy OMG at the last sold price (“Last”). You can buy OMG at the best price currently being offered (“Bid”). Or, you can buy OMG at a specific price – like a price lower than the market rate, if you’re anticipating a drop. In that case, you’d hit the “Ask” button. Once you’ve chosen your order type, enter the number of OMG tokens you wish to purchase (under “Units”). Then, click the “Buy OMG” button once you’re ready. Your order will be processed as soon as a seller is found. Your ETH, BTC, or USDT will be deducted from your Bittrex wallet. Then, you’ll receive the OmiseGo tokens (OMG) in your Bittrex OMG wallet.
  9. You can keep your OMG in your Bittrex OMG wallet. Or, you can withdraw to your own OMG wallet if you want to maintain full control of your funds.

Conclusion

OmiseGo tokens (OMG) are the fuel for the OmiseGo payment platform, a community-owned settlement system with a major presence across Southeast Asia. Today, you can buy OmiseGo tokens easily online using Bittrex and other major cryptocurrency exchanges. Once you’ve purchased OMG, you can store it in any wallet that supports ERC20 tokens.

Written by Andrew T

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