Buy OMG Network
What is OMG?
The OMG Network is the quickest and most affordable way to transfer ETH and ERC20 tokens globally without restrictions.
Formerly known as OmiseGo, OMG Network was established in 2017 as a trustless, non-custodial Layer-2 scaling solution
for transferring value on Ethereum.
The OMG Network enables the transfer of ETH and ERC20 tokens with a throughput of thousands of transactions per second,
scaling Ethereum and making it enterprise-ready.
Why does OMG exist?
Billions of people have smartphones and internet access, but limited connections to traditional bank accounts and services.
OMG aims to make it easier and safer for everyone to access financial services in a trustless, permissionless way through cryptocurrencies.
How is the price of OMG determined?
OMG's price is determined by how much OMG is available for sale and how many people want to buy it (supply vs demand).
As OMG's network design is proof-of-stake, at any one time there could be a lot of OMG tokens tied up in smart contracts (in addition to people holding them for investment purposes). This means OMG has the potential to be more scarce when compared with other cryptocurrencies (positively affecting the price).
140 million OMG are available in total, with over 100 million in circulation.
The price of OMG is calculated many times per second by exchange computers all over the world. Just like any other traded item, the price floats between what sellers are asking (Offer Price) and what buyers wish to pay for OMG (Bid Price).
In June 2020 OMG rebranded from OmiseoGo to the OMG Network to align with its future objectives around its values and diversity.
What the bears are saying
- OMG could be considered 'centralised': Unlike many cryptocurrencies, OMG is overseen and developed by a company, as opposed to a ‘decentralised’ community of developers.
- Other decentralised exchanges are launching: There are several decentralised cryptocurrency exchanges in operation, with more coming online.
- Success depends on partnerships: The success of OMG is dependent on the success of partnerships with e-wallet providers and decentralised financial networks.
What the bulls are saying
- OMG has vast potential: Cryptocurrency exchanges are big businesses, with the potential for enormous growth over time. OMG’s decentralised exchange functionality could see it take a big portion of this business.
- The technology is powerful: OMG Network’s highly-efficient processing technology could transform how financial inclusivity is attained and delivered globally.
- It adds value to Ethereum: Ethereum is the world’s most-used smart contract platform, making it advantageous for OMG Network to provide services on it.
How to buy OMG
With Uphold, you can set up an account, verify your identity and buy crypto with ease.
Here is how:
1. Go to Uphold.com and click ‘Sign up’
2. Enter your email address, phone number and your personal details
3. Tell us how you plan to use Uphold and provide some basic financial information (e.g., employment status and source of funds)
4. Verify your identity by providing an ID document and taking a ‘selfie’
… and you’re off to the races!
Just start trading.
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This content is correct as of September 2021
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