How To Buy OmiseGo (OMG) | Overview & Buying Guide

Hey there.  I wanted to talk about the latest technology to really interest me, so I thought I’d share some thoughts & show you how to buy OmiseGo.  OmiseGo is an Ethereum-backed, flexible SDK wallet technology that is seemingly looking to disrupt the private banking sector.

OMG huh?  That sounds kinda fun.

It is!  Following a massively successful ICO, they have been crushing the market volume rankings on marketplaces and exchanges.  Unlike a lot of other shiny, sleek coins to ICO this year, I find OmiseGo to be very accomplished and well-t0-do.   Having direct support of Vitalik doesnt hurt the cause either.  Primed for a full release of their product in Q4 of 2017, the OmiseGo team has put out great information for investors & could have a breakthrough on their hands.

Here’s some of the details I really like about OmiseGo:

  • Ethereum Partnership:   This one is really huge for me.  Not only does public support from Ethereum help them in terms of sheer number of eyeballs, but it will likely keep their tech stack cutting edge compared to competitors.
  • Multicoin Support for Storing & Trading:  While I can’t confirm through product use just yet, their information is confirming that users will be able to store & trade most adopted altcoins.  It’s definitely annoying to have to download a new wallet & write down a new set of keys for every coin I decide to invest in.
  • Bank Rewards Without the Red Tape:  The product page on their website outlines a number of user perks — namely rewards points, contests, etc.  Right out of the big bank playbook, but no contracts or centralization of a big bank.  Could be pretty cool.
  • Payments Processor:  If you’re into web development, you’ll know what sort of stranglehold that Stripe has on the online payments game at the moment.  If OmiseGo can take this role in the crypto space, this alone could make this thing a unicorn coin.. er .. Unicoin.

Anyways, definitely take a look at their website for more details.  Now, let’s figure out how to buy OmiseGo.

Note:
– If you already have Bitcoin, copy down your address and head to step 4.
– If you’re looking for a hardware wallet, I recommend Ledger

I. Create A Coinbase Account

Go to the the Coinbase Signup Page.   Coinbase is a super easy-to-use wallet for buying Bitcoin, Etherium & Litecoin with your local currency.  We’re going to buy Bitcoin to trade for OmiseGo.  Note:  you DON’T have to buy full Bitcoins.  You can get small amounts of them. 

Why can’t I buy OMG with my local currency?

It’s not currently possible to buy OMG straight up with centralized currency.  Hoping that will change someday soon, but for now we’ll have to operate through Coinbase or your preferred exchange.  Note:  If you want to use Ethereum, that’s fine too.  The process is the same, just use the Ethereum wallet & marketplace on Bittrex.

coinbase sign upIn order to get your account fully set up:

  • Create your account & connect either a bank account or credit/debit card
  • Confirm your identity and payment option you have connected
    • Coinbase will post two test charges to your account for some amount between $0.01 – $0.10, you will just have to log into your bank and confirm those two values — they will not be approved or your account charged.

II. Create A Bittrex Account

Bittrex is a marketplace in which most widely accepted altcoins are traded.  For now, we’re just going to create an account — so go to the Bittrex registration page.

III. Buy Some Bitcoin on Coinbase

Coinbase is super easy to use.  Just go to the buy/sell tab, select Bitcoin, then enter the amount you would like to buy.  You can enter the amount in terms of your local currency so you don’t have to do any stupid math.  Woohoo!

Easy part over!

IV. Transfer Bitcoin to Bittrex

This part get’s more complicated, so stay with me.   Follow the screenshots below for a step-by-step show.  Note:  This same process will work for Ethereum, just make sure you are depositing into the Ethereum wallet, not BTC.

 

  • Go to Wallets on Bittrex
    • Find BTC row, and click the “+” button
    • Generate an address then copy it
  • Go to the Accounts tab on Coinbase
    • Note, there used to be a “Send/Receive” tab — this has all been consolidated into the Accounts tab
    • Look for Bitcoin, select “Send”
    • Paste the wallet address that you have generated & copied from Bittrex
    • Select the amount of Bitcoin you wish to transfer, then send it!

The transfer usually takes around 30min to an hour.  It should show up as pending on Bittrex within 5-10 minutes.

Hard part over!

V. Bid On OmiseGo (OMG)

Time to shine, pal!  Navigate to the OMG market page (Bitcoin Market | Ethereum Market):

Here, you can take a look at the market trend.  It can be alot of data to take in at once if you’re not attuned to trading platforms, so take your time.

On the bottom left, you’ll see the buy section.  There are 3 main choices:

  • Amount:  Click the max button to buy the maximum amount given your current balance of Bitcoin — or manually enter an amount of OmiseGo to buy
  • Bid:
    • Last: The latest price listed
    • Bid: Latest bid price
    • Ask:  The latest price someone has asked for — usually higher price, quicker acceptance
  • Time:
    • Good ’til cancelled will leave your buy open until it’s filled
    • Cancel if not sold — If there is nothing available at this price, your buy will be cancelled

Twist & turn the nobs until you’re happy, then buy OmiseGo!

VI. Evaluate

OMG!  I have OMG!  What now?

As Q4 2017 approaches we’ll get a better trajectory of where this coin is headed.  So I’m stocking up now before the public catches better wind of it.   Now that you know how to buy OmiseGo, you can do so at your leisure — or buy any other coin on the Bittrex exchange as well.

Recommended OMG Wallet:

Download:  Exodus Wallet for OMG

If this guide helps you, small tips are very graciously accepted:

Bitcoin: 1DBJUe6izzzjD7BL2atenZF3hsQdta53Tt
OMG: 0x36187be08a60eb08226b8ca42ce6d5dfb5921dc4

Good luck & BasedGodspeed.