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Omise, the team behind OmiseGO (OMG), aims to create a blockchain-based electronic payments platform that accepts all kinds of fiat and cryptocurrencies. Omise seeks to facilitate exchanges around the world at lower costs than traditional payment platforms. Although trading activities on the platform will take place on existing blockchains, primarily the Ethereum (ETH) blockchain, Omise plans to create its own blockchain to streamline cross-blockchain transactions. With the OMG token, you can participate in validating transactions on the OmiseGO blockchain and earn fees in the process.
If you want to learn more about buying OMG, how OMG works and things to consider before buying it, keep reading.
This is our quick guide to just one way to buy OMG. Compare some other options in the table below.
You can buy and trade OMG on several cryptocurrency exchanges, including the following:
If you want to know how to buy OMG on an exchange, you might follow this example:
Select a cryptocurrency exchange that enables trading with OMG using either fiat currencies or cryptocurrencies. One such exchange based in Australia is Coinspot, where you can pay in AUD.
When you create an account at an exchange, you might have to provide your email address and password. On Coinspot, you first provide your email address to create an account.
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.
The process of depositing funds to your account varies between exchanges. This process typically involves using the exchange’s deposit feature, where you choose the currency you want to deposit. You may then be prompted to enter the receiving address of your exchange wallet.
When logged into Coinspot, your dashboard should have a “Deposit AUD” button. After clicking this button, you can select your payment method as well as how much AUD you wish to deposit.
Note that if you wish to buy OMG from an exchange which 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. To learn how to get started with this, check out our guides:
You would then transfer your cryptocurrency bought with fiat currency (such as AUD) to your wallet on an exchange which lists OMG.
Ensure that you have received your deposited funds in your wallet. After this, you can proceed to buy OMG. Again, the process may vary slightly between exchanges, but the usual way involves navigating to the trading page. Then, you would select the appropriate trading pair (such as OMG/ETH if you wish to exchange ETH for OMG, or OMG/AUD if you wish to buy OMG with AUD). Next, you would specify the details of your order, such as the amount you wish to exchange, before hitting a buy button to purchase OMG.
Depending on the exchange, there might only be slight differences in the buying and selling processes. In many cases, you are only required to enter a trading pair, such as ETH/OMG or USD/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.
OMG is ERC20 compatible as it is based on the Ethereum (ETH) network. Wallets that can hold ERC20 coins should hence be able to support OMG as well. The following are some of the available ERC20-compatible wallets:
OmiseGO is a subsidiary of Omise, a leading payment gateway in East and Southeast Asia. Established in 2013, the developers of OmiseGO recognised that the blockchain had the potential to address interoperability problems among payment services. It counts Ethereum founders Vitalik Buterin and Gavin Wood among its advisors. Joseph Poon, the creator of the Lightning Network and Plasma, wrote the OmiseGO whitepaper and is the designer of the OmiseGO blockchain.
To send money to someone else in another country using traditional financial systems, senders have to pay transaction fees. Moreover, the money is converted to local currency before it reaches the recipient’s hands.
While mobile wallets have the capability to address this issue, mobile wallet platforms are not interoperable. This means that if the sender and recipient are on different mobile platforms, sending and receiving money remains virtually impossible.
OmiseGO aims to change all this with a global platform that offers real-time, peer-to-peer value exchange and payment services, regardless of the currency and asset type used.
Note that Omise does not own the OmiseGO platform, which will remain freely available to anyone, just like the bitcoin and Ethereum blockchains.
Learn more about OMG in our introductory guide.
OmiseGO’s wallet Software Development Kit (SDK) is already available to other payment gateways interested in a decentralised exchange. The SDK is designed for other companies to be able to create their own wallets capable of validating transactions on the OmiseGO network. These wallets can be used for payment, loyalty and reward programs and for various other financial services.
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