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OMG Coin: The Ultimate OmiseGO Crypto Guide 2018
Our straightforward guide will tell you what OMG coin is, what it does and help you decide if you should invest.
Contents
What is OMG Coin?
OmiseGo, or OMG, is a virtual currency that is built on the Ethereum blockchain. However, the two are separate projects. This currency was developed by the Thai financial company Omise and provides high transaction speeds and superb scalability. OMG aims to give cryptocurrency the same legitimacy as fiat currency holds.
OmiseGo comes from the Omise company and promises to bring about changes to the fintech industry. The OMG cryptocurrency uses digital wallets with an embedded financial technology. This technology enables peer-to-peer payments and transactions by using decentralized currencies in its operations.
OMG coin wants to shift the views of the financial industry by forcing us to rethink the way redistribution is handled. It wants to contribute and assist with the idea of financial inclusion, disrupting operations of current financial players. Their belief is that these disruptions, caused by reducing the cost of performing transactions, are a small price to pay in an effort to realize the objective before them. This includes, but isn’t limited to, sending money or making payments. This cut in the cost of transactions will make an enormous difference, not only in the use of fiat currency but in cryptocurrencies as well.
During the implementation of this cut, OMG coin has the intention of establishing a platform that will offer fair and smooth competition among currencies. This enables the best coins to move to the forefront while others get in line. OMG cryptocurrency promoters are tirelessly working to ensure that this idea is a success. OmiseGo plans on having OMG tokens available for bid to kick off the project.
In A Nutshell
Simply put, OMG provides interoperability between self-contained payment systems like Paypal, Visa, Apple Pay, etc. For example, if you want to pay for something using Apple Pay, but the retailer only takes Visa, OMG steps in and gives you the ability to pay with Apple Pay while the retailer receives a Visa transaction.
But the benefits of OMG don’t stop there. OMG can also be used when spending or accepting different fiat currencies. If you only accept GBP and I only have USD, then OMG steps in and takes care of the transaction. As a result, OMG is making the process, and commerce as a whole, easier and cheaper for everyone.
How Does OMG Cryptocurrency Work?
The OMG coin ecosystem consists of two primary products: the wallet and the blockchain. OMG plans to provide decentralized exchanges available on a public blockchain. This exchange will offer low cost and high volume to its users. At its simplest, OMG is a wallet and decentralized exchange open to everyone.
The OMG network will be open to anyone – so long as they’re connected to the Ethereum main network – and will provide users the ability to perform financial transactions. These financial transactions with OmiseGo will include payments, payroll deposits, remittances, supply-chain finances, B2B commerce, asset management, and loyalty programs.
With this platform, millions of users will have an easier time accessing and participating in the world of digital currencies. OMG gives them the ability to quickly and easily make the switch from fiat money to decentralized cryptocurrencies. Including BTC, ETH, and many others.
Features
The OMG cryptocurrency provides many features which are available across both its blockchain and its wallet:
- Security – OMG wants to offer a decentralized exchange for digital currencies and fiat token custody
- Scalability – Low costs and instant transactions and settlements are key benefits of the OMG exchange
- Access – Users do not have to have a bank account to access the platform.
What is OMG Coin Used For?
OMG coin has a few primary purposes. First, it is used to fuel the exchange, giving users the ability to make full use of OMG’s capabilities. As a result, users have a vested interest in seeing the company become successful so their investment grows.
Nevertheless, the overarching goal of the OMG coin is not to provide a replacement for fiat currency, but rather to facilitate and encourage trading between digital and fiat currencies. Because of this, there are a few reasons to put OMG coin on your must-have list as they may play a part in driving up the OMG coin price.
Stripe mentions OMG and ends support for Bitcoin
Online payment processing company Stripe recently announced that it will completely stop supporting Bitcoin as a form of payment. That doesn’t mean that they no longer believe cryptocurrencies are worthy of consideration. On the contrary, Stripe mentioned that one of the two digital currency projects they would be considering would be OMG coin.
Additionally, Starbucks announced that they would begin to accept cryptocurrencies once a major payment processing company makes it possible for them. Enter Stripe, who currently provides support for Starbucks. With the backing of a major coffee retailer and a well-known payment processing entity, it’s only a matter of time before OMG cryptocurrency and OMG coin price begin to trend upward.
Proof-of-Stake benefits
Another reason to be bullish with OMG coin is their plan to move from proof-of-work (PoW) to proof-of-stake (PoS). This means that anyone holding OMG coin will have the ability to stake their coins and receive a passive return based on network confirmations.
The OmiseGO Team
The OMG project is backed by several well-known investors in the cryptocurrency world, led by Jun Hasegawe. That does not mean, however, that the team works as a single entity. Some of its backers include Joseph Poon, Gavin Wood, and Vitalik Buterin. This is, without a doubt, a highly qualified team that will earn the trust of any investor.
In addition to its high-quality team, OMG has donated $100k to Devgreants. This program is an arm of Ethereum and such a large donation serves to show how committed OMG is to the development and launch of the project. This considerable donation has given investors a boost in confidence in the platform and its future.
Future Outlook
During its ICO, the OMG coin price was $0.27. However, the digital currency reached an all-time high of $24.50 during January of 2018. If anything, this is a clear indication that the digital currency has generated a lot of hype since its ICO. In addition to its close relationship with Omise, OMG has many successful partnerships including Shinhan Card and MakerDAO. Additionally, the OMG team is in early discussions with Thailand Central Bank for the purposes of integrating their technology.
Another key item to keep in mind is that the OMG team is currently developing on the Plasma.io network. Using the Plasma network gives OMG a theoretical output of nearly a million transactions per second. What’s the benefit? With that many transactions per second (Visa currently supports 50k TPS), OMG offers businesses the ability to scale at an enterprise level without concern about whether or not the network can handle the number of transactions.
It’s no secret that the crypto market has been experiencing significant bleeding since early February. Even though OMG has suffered also, it has done reasonably well at keeping its head above water.
Keep in mind that OMG coin is still fairly nascent and considered to be in its development phase. However, if recent integrations and decisions are any indicators, the future for OMG coin looks both rewarding and bright. And with a well-known developer like Vitalik Buterin on board, you can be sure that there is no shortage of potential when it comes to OMG coin price.
Competition
The primary threat to OMG is the possibility that companies like Paypal, Visa, WeChat, and Apple Pay might establish and develop their own interoperability solutions. If these companies create a method through which they communicate and perform transactions with one another with little or no restrictions, much of the value OMG provides is eliminated.
Another problem OMG is going to face is a large amount of competition currently in play. In addition to the already established fiat currencies like Paypal, Android Pay, WeChat, and Apple Pay, OMG will have to deal with several digital currency based fintech solutions.
For example, TenX has been working on a crypto-debit card. However, at the time, the company does not have permission to provide a Visa card beyond the borders of Europe. TenX is considered a competitor because it has shown that a crypto-debit card has the ability to convert many digital currencies into fiat currency.
Additionally, many companies like Centra, Uquid, and Shakepay are working on platforms that rival OMG’s. Centra might be the biggest threat to OMG, as it is planning to provide crypto-debit cards and banking services in the United States, something OMG has yet to pursue. Because it is Ethereum-based, Centra is considered not only a threat but a direct competitor.
This competition just goes to show that there is plenty of promise and growth potential for OMG’s business plans. The company has also shown off its ability to attract the right investors and venture capitalists who believe in the platform. For these reasons, OMG should outlast and outpace the competition and set itself up for success in the future.
Should You Buy OMG Coin?
Of course, everyone wants to know if you should invest in the coin. It should go without saying at this point that OMG is an incredible project with a lot of potential upside and market growth. The currency has been helped along by many involved in the Ethereum Foundation and might be one of the most technically sound projects available in regards to cryptocurrency. Many large personalities and private companies are involved with OMG, which helps to make it a reliable coin for investing.
Pros
- Reliable platform due to solid Ethereum team.
- High expectations because of significant partnerships.
- Can handle 1,000,000 transactions per second thanks to plasma technology.
- Clear and distinct message.
- Experienced and proven team.
- Handles a large volume of money each day.
- Minimal power consumption.
- Secure transactions.
- Low charges on transactions.
- Transactions can occur with other fiat currencies or decentralized digital currencies.
- Transactions complete quickly.
- Blockchain maintenance is rewarded with OMG coin.
- No restrictions, no formalities, and no approvals needed.
- Simple and easy to use.
- Support diverse cryptocurrencies and fiat currencies.
Cons:
- Blockchain development is from the ground up.
- Many errors and bugs during the process.
- Current operations are only in the Asia-Pacific area.
- Young platform.
Image via Coinmarketcap.com
Where Can You Buy OMG?
OMG is one of the more popular cryptocurrencies on the market and is available on many of the more popular exchanges. If you’re interested in purchasing OMG coin, you can find it on the following exchanges:
Need a step by step guide to show you how to buy? We have you covered with our detailed OMG coin buying walkthrough.
Conclusion
As you can see, the goal of OMG is to move away from typical banking strongholds and give the users more power to use their money as they see fit. OMG is one of the leading public Ethereum-based fintech operations in the cryptocurrency market. With OMG, you can create real-time, peer-to-peer transactions. This means your payments and exchanges can move through financial services agnostically. Finally, OMG makes it so that this can happen with both fiat money and decentralized digital currencies.
The idea behind OMG is to allow for the ongoing disruption of financial institutions and create more inclusion among users. This simple to use exchange allows for its users to easily access the platform and use the OMG coin, network, and wallet framework without a lot of unnecessary complexity.
2) Do you think there needs to be an easy way to spend your crypto anywhere? MCO coin is building an ecosystem to do exactly that. 3) Looking for a Coinbase alternative? We have you covered with our guide to the top 5 alternative options.
Resources
Below we’ve listed some key resources relevant to OMG coin.
? Safest OmiseGo Cryptocurrency Wallets
The safest way to store your coins is by using a hardware wallet. The two main brands are Trezor and Ledger and we are happy to recommend both. If you need help choosing between the two just read our Trezor Vs Ledger guide.
? Best Free Wallets
As OMG coin is a ERC-20 token, you can use any wallet that is compatible with Ethereum. Find our top two choices below:
- MyEtherWallet – if you need help getting started we have you covered with our MEW wallet guide.
- The Ethos Universal Wallet – store over 100 cryptocurrencies in one place.
? Best Crypto Tracking App For OmiseGo
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As with any cryptocurrency project we recommend you read the OMG coin whitepaper.
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