OmiseGO
$1.30 2.61%
0.00036064 BTC
Name OmiseGO
Symbol OMG
Market Cap $182,503,053
Volume (24h) $32,852,285
Circulating Supply 140,245,398 OMG
Max Supply 0 OMG

About OmiseGO

OmiseGO is a company that has been around since 2013 that has developed a new technology that can be used in digital wallets. Built on the Ethereum network, this technology has been designed to lower the costs of sending currencies using digital wallets and also to improve interoperability between them.

Their technology has also been designed to give people in Asia the ability to have a bank account of some kind – millions in the region do not have bank accounts.

What is The OmiseGo Coin (OMG)?

The OMG coin is the token currency of OmiseGO that you can buy, sell or trade with on the cryptocurrency exchanges. This cryptocurrency has a market cap of $1,778,366, 979, a daily trading volume of $44 million on average and is currently worth $17.43 per coin.

Whats Special About OmiseGo (OMG)

OmiseGO aims to solve two separate problems through its technology:

  • Firstly, due to there being millions of people across Asia that do not have bank accounts for whatever reason, OmiseGO plans to provide them with a solution. Their technology will allow people to have their own wallet and be able to send currencies across the globe quickly and with very low transaction fees.
  • OmiseGO also wants to improve the interoperability between payment processors, gateways and financial institutions. An example would be the transfer of somebody that wants to send via PayPal to somebody else who has Neteller that does not have the ability to own a PayPal account.

They aim to make both possible through their peer-to-peer exchange and payment technology that has been built on top of the Ethereum network. This technology will allow individuals and companies to send currencies both digital and fiat across the network instantly and without the need for banks or other financial institutions.

The fees will be extremely low and because the technology is completely decentralized, it will be much faster than traditional banking methods. This technology could have the potential to make the need for traditional banks redundant.

Where to Buy OmiseGo (OMG)

OmiseGo might not quite be up there with some of the leading cryptocurrencies right now but can still be found at a decent selection of cryptocurrency exchanges. Some are better than others so make sure you do your research before you deposit on them. You could also just consider a few that we have come up with:

  • Binance

Binance is a crypto-to-crypto exchange that is extremely popular with traders. It provides users with the ability to trade anonymously but does not allow fiat currencies of any kind on their platform.

  • Gate.io

If you are looking for a wide selection of cryptocurrencies to trade, Gate.io is definitely an exchange that you should consider. If you want to use fiat currencies to pay for your cryptocurrencies, Gate.io gives you that ability and even allows the use of credit card.

  • Cryptopia

Cryptopia is a cryptocurrency exchange that operates out of New Zealand that has been operating since 2014. Like Binance it is a crypto-to-crypto exchange only and will require you to already own some cryptocurrency if you wish to trade there.

  • Bter

Bter has been around even longer than Cryptopia having been launched originally in 2013. It allows traders to work with trading pairs around the CNY and USD and supports a couple of dozen cryptocurrencies.

  • Bitfinex

Bitfinex is another good option and one that we feel that you can trust. This is one of the largest cryptocurrency exchanges around and it allows you to purchase cryptocurrencies using the USD fiat currency.

Each of those above would make a good choice when it comes to the trading of OmiseGo. You might be able to find a few other places as well as this currency starts to increase in popularity. We always suggest that you research a cryptocurrency exchange before using them – simply because some are not as trustworthy as others.

Investing in OmiseGo (OMG)

In Asia in particular, there has been a lot of interest in OmiseGO with a number of large companies already becoming investors in the project. This heavy backing has led to many traders investing in the cryptocurrency themselves which has resulted in the value of it increasing quite substantially since its release.

If you think the OmiseGO vision is something that you believe will become successful, it is definitely a cryptocurrency you should think about trading or investing in. If you are not yet certain, you should at least do a bit more research into this technology and see what they have planned before deciding if they are worth an investment.

Do I Need an OmiseGo Wallet?

You should always be looking to ensure the safety of your cryptocurrencies and unfortunately, this is no in the wallets provided by the cryptocurrency exchanges. Plenty of hackers in recent times have shown that security is not always so great at these exchanges, so you should never leave you currencies there if at all possible.

Instead, you should be looking for wallets that you can store them in that are away from these exchanges whenever you are not trading on them. Losing your cryptocurrencies due to hacking when you could have done more to protect your cryptocurrencies is not something you want to experience.

OmiseGo might not be up there with the more popular cryptocurrencies just yet but there are still plenty of wallets that you can use to store it.

Hardware Wallets

If you value your cryptocurrencies like you should do, hard wallets should be your preferred choice to store them. The only downside is that these wallets cannot always hold all cryptocurrencies. Fortunately, OMG is one currency that is supported by the two hard wallets that we recommend you look at.

  • Ledger Nano S

Considered by many to be the ultimate in cryptocurrency storage, the Ledger Nano S is an ideal place to put your portfolio of cryptocurrencies. Your private and public keys are stored alongside your cryptocurrencies and you simply keep the device in your pocket.

  • Trezor

The Trezor is very similar to the Ledger Nano S but does come in at a more expensive price. This is mainly due to it being constructed of aluminium and generally being more rugged than its competitor.

Software Wallets

There are different types of software-based wallets, with some being downloadable clients or apps while others will be simple online wallets that you can use. We suggest going for the client-side wallets as these will at least allow you to store your cryptocurrencies offline.

  • MyEther Wallet

MyEther wallet is known for being one of the best software-based wallets for those of you that wish to store Eth-based cryptocurrencies such as OMG. This is definitely a good option if you decide against using hard wallets.

  • Exodus

Exodus makes for another good option for the storage of your OMG and other Eth-based cryptocurrencies. In fact, Exodus is widely considered to be one of the very best software-based wallets around.

Pros & Cons

OmiseGO is certainly a cryptocurrency that is showing a lot of promise. With many corporations already taking a big interest, this technology could be being used in the mainstream on a much larger scale. Take a look at the pros and cons of OmiseGO:

Pros

  • A strong team of developers with a background in Ethereum.
  • Backing and investment from large corporations.
  • Aims to solve two real-life problems.

Cons

  • The team not as active on social media as they could be.
  • Have some way to go to knock Bitcoin off of its perch.
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