OmiseGo project idea 

Nowadays, as the statistics of search queries show, people's interest in investing in cryptocurrency is growing every day. More and more Indian citizens are showing interest in methods of making money using cryptocurrency.

The OmiseGo (OMG) cryptocurrency is developed by the large Asian company Omise, which appeared in 2013 and was registered in Thailand. Until 2017, the company provided services for transfers of ordinary currencies within the country and abroad.

For 4 years, Omise entered into about 1000 agreements with banks and financial institutions in Japan, Indonesia and other countries in this region, and also attracted investments of more than USD 20 million.

In the winter of 2017, the firm launched the OmiseGo cryptocurrency project based on the Ethereum blockchain. In July, an ICO was held, as a result of which OMG tokens entered the market.

The project system includes its own blockchain and electronic wallet, with unique differences.

The idea of the project is to solve the general problem of interaction between different payment structures, maximum decentralization and low cost of actions.

OmiseGo is a means of exchange, provides work with cryptocurrencies and fiat currencies, allows you to carry out various transfers, payroll.

OmiseGo's universal hallmark is the convergence of currency exchange and real-time payment services. The sender pays the invoice in a format convenient for him, and the recipient receives the amounts in the crypto or fiat currency he needs. This is related to its popularity.

OmiseGo project idea
OmiseGo project idea

Advantages and Disadvantages of Investing in Cryptocurrency 

Among the advantages of investing in cryptocurrency are the following:

  • Liquidity. The system works equally quickly in two directions; you can sell cryptocurrency as quickly as you buy it. Therefore, if an investor needs cash, he can get it back almost instantly, unlike selling gold or stocks. Crypto investment is a dynamic thing.
  • Low commission. There is no cumbersome and costly intermediary infrastructure in the cryptocurrency market, as in the securities market. Application algorithms provide an optimal purchase rate and low commission.
  • Minimum personal participation of the investor.
  • Easy to enter the market, becoming an investor is easy even for a beginner. Conservative investment methods require the involvement of intermediaries. Cryptocurrency can be bought in a few clicks by simply downloading the application. Some of them are completely anonymous and do not even require verification.
  • You can start with a small investment. In cryptocurrencies, you can take the very minimum amount of money and buy a certain amount of cryptocurrency with it.

But among the advantages there are also disadvantages:

  • profitability is not guaranteed;
  • legislative uncertainty;
  • investments may turn out to be unprofitable in the short term.
OmiseGo network
OmiseGo network

Cryptocurrency OMG Review 

OmiseGO has an internal currency - OMG, which acts as a crypto-share of the project.

The OmiseGo (OMG) token is designed to facilitate interactions between blockchain projects and payment services such as PayPal and Visa.

Tokens are needed to work within the network. If you want to conduct a transaction or fulfill a contract, you must pay with OMG Coin.

Every time someone uses the network, they pay with OMG coin. The token is then sent to nodes or validators that enforce smart contracts according to the rules of the network. These nodes link the OMG coin to the smart contract. If you create your own contract, you can earn income from staking your tokens. In case of non-fulfillment of the terms of the contract or violation of the rules, the coins can be withdrawn. Such a system helps to limit the number of tokens in circulation, while maintaining their value, and to protect against spam.

Buying OmiseGo through the trading platform
Buying OmiseGo through the trading platform

Buy OmiseGo (OMG) 

The main way to get OmiseGo tokens is to buy OMG on a cryptocurrency exchange. However, the exchange for conducting transactions must be chosen responsibly, taking into account the authority, popularity and stability.

When choosing the best crypto exchange for yourself, you should always focus on maintaining a balance between the essential features that all top crypto exchanges should have and those that are personally important to you. For example, all the best exchanges should have high-level security features, but if you only want to trade major cryptocurrencies, you are not too interested in the variety of coins available on the exchange.

It is worth deciding in advance with the purpose of buying digital coins. If your goal is to trade cryptocurrency and often use it for various transactions, then it is better to store purchased tokens on the exchange, this will greatly facilitate access to them.

The advantage of this investment method is the ability to use purchased tokens for trading, protection of investors, since most of the largest crypto-exchanges have long entered the legal field. If the tokens are purchased for the purpose of long-term investment and will not be used in the near future, then it is better to store digital coins in a wallet.

How to buy OMG coins? 

You can buy cryptocurrency on the exchange. To do this, you need to go to the exchange using your account. In the search field, enter the OMG ticker and select the desired currency. Then the currency chart will open, below it you can create an OMG sell or buy order. Select the type of order, specify the amount, rate, and then click "Buy" or "Sell". 

By purchasing coins you start investing in OmiseGo in India.

How to buy OmiseGo?
How to buy OmiseGo?

Registration and opening an account on the platform 

In order to purchase OmiseGo through the platform, it is recommended that you choose a reliable platform with a good reputation and positive reviews. To register on the platform, you must fill out a special authorization form. To do this, by entering your username and email address, you will create a new account. 

Registration on the platform
Registration on the platform

After registration, you can open a trial demo account or a real account. After making your first deposit, your live trading account is activated. Then you can invest in OmiseGo.

Demo account on the platform
Demo account on the platform

Platform Security 

The platform functions as an add-on to the Ethereum network, but this not only increases the speed of transactions, but also the level of security of transfers. The histories are stored in the local ledger using DEB technology (double-entry bookkeeping), thereby eliminating double translation. The operation of the OMG token is not controlled by the network, but only by the participants according to the consensus algorithm, excluding third parties.

How to Invest in OmiseGo in India? 

There are several ways to invest in OmiseGo. Choose a payment format that is convenient for you and a suitable reliable platform. The most popular ways to buy OmiseGo in India are by credit cards and PayPal, as well as bank transfers. In order for the funds to quickly reach the broker, they usually use credit cards. However, despite the convenience of payment, they have a high commission.

When making payments using bank transfers, the fees are significantly lower, but they are a little more complicated.

Deposit on the platform
Deposit on the platform

Features of OmiseGo 

The goal of the project is to create a unified environment for the exchange of money between all participants in the system so that payments are made quickly (almost instantly) and with a minimum commission. For example, if a netizen wants to buy goods in India for cryptocurrency, he simply enters the amount in rupees in the window, the cryptocurrency is read from the wallet, and the seller receives fiat rupees.

Summarizing, we can conclude that:

  • OmiseGo covers a wide area of payments, optimizing transfers of both fiat money and cryptocurrencies;
  • OmiseGo assumes the execution of transactions with a commercial purpose: payment for a product or service, ensuring financial flows between enterprises, etc. That is, it can play the role of not only a conversion center, but also a payment system.

OmiseGo mining is not provided as the system uses the Proof-of-Stake (PoS) consensus algorithm. Mining has been replaced by rewarding the most active users as an incentive.

OmiseGo's trading volume is spread across many exchanges. This suggests that the startup is interesting to a wide range of investors from all over the world.

The OmiseGo project has the following three main features:

  • Access. There is no bank account to access the exchange.
  • Scalability. Instant settlement and low costs characterize the OmiseGo system.
  • Security. The project offers decentralized currencies and decentralized token storage.
OmiseGo : trading conditions
OmiseGo : trading conditions

Benefits of OmiseGo cryptocurrency 

Among the advantages of the OmiseGo cryptocurrency are the following:

  • instant transaction speed. The transfers themselves are cleared of unnecessary operations that do not load the network;
  • support from the Ethereum developer is a strong argument in favor of OmiseGo;
  • the exchange between fiat money and cryptocurrencies is beyond the control of financial institutions or states;
  • a mechanism is provided that ensures the liquidity of the transferred money;
  • the network is scalable.

An electronic cryptocurrency wallet has an SDK-type, that is, it adapts to any type of activity. It is not only a place for storing cryptocurrency - it is a whole software package. The wallet adapts to the specifics of the business and the tasks of its owner.

OmiseGo (OMG): current information
OmiseGo (OMG): current information

OmiseGo Cryptocurrency Prospects 

The trend of investing in cryptocurrency is only gaining momentum. It is very simple, accessible to everyone and quite beneficial. At the same time, it is necessary to follow simple safety rules, choose reliable services and study promising cryptocurrencies for investment.

The future of OmiseGo cryptocurrency looks optimistic. OmiseGo has received excellent support from investors who definitely continue to believe in the platform. The quotes chart, albeit unstable (there is a constant growth), but reflects a fairly large interest from traders and investors.

Yandex Money
The financial services provided by this website carry a high level of risk and can result in the loss of all your funds. You should never invest money that you cannot afford to lose