There is no doubt that the crypto industry has some flaws that cannot be ignored. Be it the Bitcoin ecosystem or the Ethereum network, which is used by millions of crypto users from all over the world; all have problems that are making people compromise on their crypto experience. But because we are living in an era where development is quick, and millions are willing to contribute, these types of problems do not stay unsolved.
OmiseGo was developed and launched to enhance the Ethereum network and improve some of its troublesome functionalities. You might already know that even the Ethereum network can be slow sometimes, and the gas fee can reach hundreds of bucks, making it unaffordable for many people to send transactions through. So how does OmiseGo solve these problems? Where can you store OmiseGo? Read on and find out the answers.
- OmiseGo is based on the Ethereum network
- You can buy OmiseGo (OMG) cryptocurrency on a crypto exchange
- You can store your OMG in a software or hardware wallet
- A hardware wallet is the safest option
What is OmiseGo?
OmiseGo is intended to be a decentralized revolutionary exchange and a payment solution that allows people to buy, sell, and send cryptocurrencies. The project also aims to make ERC20 transfers faster, cheaper, and more efficient so that they are more accessible.
OmiseGo works on the proof-of-stake consensus, keeping the environment safe from mining. With its decentralized structure, you can expect privacy, security, and a seamless experience with OmiseGo.
On which network is OmiseGo based?
OmiseGo (OMG) is an ERC20 token, in other words it is based on the Ethereum network. In short, any wallet that supports ERC20 tokens can store OmiseGo. You might have to manually enter the contract address of OmiseGo in some of the wallets, but you will be able to easily store your coins.
How to buy OmiseGo or OMG tokens?
If you are looking to buy OMG tokens or OmiseGo cryptocurrency with your fiat assets, you have to opt for centralized exchanges that have listed the token in their supported cryptocurrencies list. Fortunately, there are several cryptocurrency exchanges like Binance and Coinbase that support OmiseGo, and you can easily purchase the tokens with your fiat currencies. Depending on the payment methods available, you can buy OMG tokens with your bank card or any other means that are available.
But if you do not want to go with a centralized exchange, you have to opt for a decentralized exchange and swap any of your crypto assets for OMG. It can be a bit complicated and costly method due to gas fees, but it does work flawlessly.
Where to store OmiseGo? The best wallets to consider!
OmiseGo can be stored in any wallet that accepts ERC20 tokens, but you need to choose one that is trustworthy. To make things easier, I have gathered a few wallets for OmiseGo that work well and are safe to use. Let’s take a look at them.
Just like its name suggests, MyEtherWallet or MEW wallet is a crypto wallet designed explicitly for keeping ERC20 tokens. It is also quite popular among crypto users due to its benefits and features. The wallet is perfect for storing any Ethereum-based tokens, and you can store any amount of OmiseGo in it. The best thing is that you can operate the MEW wallet right from your desktop through the provided extension, or download the fast and efficient app on your Android or iOS device.
MetaMask is another popular cryptocurrency exchange that does not only support cryptocurrencies based on the Ethereum network but many other networks as well. So, if you have a diverse crypto portfolio and want to add OmiseGo to it, MetaMask can be an excellent choice for you. MetaMask also has browser extensions and mobile applications for convenient accessibility. For security, the wallet provides private keys and allows users to set secure passwords to keep their assets safe and sound.
Ledger Nano S Hardware Wallet
Both crypto wallets mentioned above are software wallets that store the assets of their users online. This makes the funds vulnerable and prone to attacks by hackers and breachers. To counter these problems, hardware wallets like Ledger Nano S are available to provide ultimate protection to the digital assets of crypto holders.
The Ledger Nano S has been updated to Ledger Nano S Plus, and it comes with even more benefits. You can have 100 applications installed in your ledger simultaneously, and the wallet supports over 5,000 assets. It also comes with a sleek design with a big screen to make it easier to use. With the certified chip and cold storage, you can have peace of mind regarding the security of your assets, specifically OmiseGo.
Hardware Wallets vs. Software Wallets
If you can afford them, hardware wallets are the safest and best choice for any crypto holder. This is because of their security structure, encryption, storage style, and other features.
But if you are not willing to spend $100 or more to buy a hardware wallet, software wallets can still do the job. Just make sure that you have stored the private key of your software wallet somewhere safe. Also, never keep the private key in your computer or hard drive, as a single click on the wrong web link may allow hackers to steal that information.
OmiseGo is unquestionably one of the very few cryptocurrencies that are trying to correct the flaws in the current crypto industry. Be it massive gas fees, long transaction times, or inefficiency, OmiseGo tends to solve all of these problems with their decentralized program, and they are constantly making changes and enhancing the system. So, if you believe in the project and have bought some OMG tokens, you can safely store them in the wallets mentioned above.
Marketplacefairness.org provides all its content for informational purposes only, and this should not be taken as financial advice to buy, trade or sell cryptocurrency or use any specific exchange. Please do not use this website as investment advice, financial advice or legal advice, and each individual's needs may vary from that of the author. This post includes affiliate links with our partners who may compensate us.