Bitvavo makes OMG Network as easy as possible. Here are answers to common questions to help you make your first steps in the world of digital assets.
What is OMG Network?
OMG Network (OMG) describes itself as a payment platform based on the Ethereum blockchain on which peer-to-peer transactions are possible in real time. On the decentralized network, it is possible to execute transactions regardless of the location or the type of assets. This should make it possible to be able to pay with Euros in every country where the receiving party receives the local currency without being charged a high commission. In addition, it should also be possible to pay with different types of digital currencies or other assets.
How does OMG Network work?
To achieve the goal of OMG Network, to offer the possibility of banking without a bank, OMG Network has developed the following:
1. Gateway to the digital currency market; users can easily exchange their fiat money for digital currency via the gateway to the digital currency market and store it securely.
2. Decentralized exchange; users can trade different types of digital currencies on the decentralized exchange of OMG Network. In addition, financial applications, such as wallets, can communicate with each other via the OMG Network network to enable exchange of digital currencies.
3. Clearinghouse; the OMG Network clearinghouse ensures that transactions can be processed quickly and securely using smart contracts that run on the Ethereum blockchain.
Using the above services, which are integrated with each other, OMG Network tries to make banking possible without a bank.
How to buy OMG Network?
Bitvavo makes it as easy as possible to buy digital assets and cryptocurrencies.
1. Sign Up
Create a free account with which you can buy, sell, send, receive and store OMG Network. Access your Bitvavo account from every location, on mobile and desktop.
2. Transfer Funds
Verify your account and transfer Euros to your Bitvavo wallet using one of the 8 supported payment methods.
3. Buy and Trade
Buy or sell over 150 digital assets and pay a maximum trading fee of 0.25%. Store your assets in your Bitvavo wallet or send them to your external wallet.
How to store OMG Network?
Storing OMG Network and other digital assets requires a wallet, but don’t worry: Bitvavo’s hosted wallet allows you to store OMG Network without any technical knowledge. Here is a brief overview of the existing wallet options to store your OMG Network:
Hosted wallets are wallets where the private keys to your OMG Network are managed by a third party such as Bitvavo. Access to your account is protected by a password and other advanced security features. Once you are logged in, you can easily and conveniently manage your OMG Network online. Bitvavo offers standard hosted wallets for all digital assets that are offered on the platform.
A software wallet is a program installed on your computer or other device in order to use and manage your OMG Network. Using a software wallet gives you full control over your private keys, so you are not dependent on third parties. The risk is that you alone are in charge of the security of your OMG Network, and if malicious parties have access to your device, your private keys (and therefore your OMG Network) can be stolen.
A hardware wallet is a physical device on which you can store your OMG Network offline. It is one of the safest ways to store your OMG Network, because the private keys are stored on a separate and offline device. Access to this device is often protected by a password. In many ways, a hardware wallet can be compared to a safe in which your OMG Network is stored.
You can use Bitvavo's hosted wallet to easily store, send and receive OMG Network. Once you have purchased OMG Network on Bitvavo, you can choose to send your OMG Network from your Bitvavo wallet to your own software or hardware wallet.
Direct Euro Transfers
Buying digital assets with Euros has never been easier. Bitvavo supports 8 payment methods, including SEPA for instant transfers.