How to Convert OMG to USDT
Trading cryptocurrency has never been simpler, faster, and more convenient.
The process will vary slightly depending on the exchange you use. You will use the OMG tokens in your crypto wallet to trade for USDT. You will have to enter details regarding how much cryptocurrency you wish to trade. It is advisable to monitor the trends in the exchange rate, and trade at what you judge will be the most profitable moment.
Trading using the correct exchange can prove to be very advantageous in terms of acquiring the best exchange rates, the fastest conversions, and the safest transactions. This is why Rubix is the ideal cryptocurrency exchange. Rubix offers an easy-to-use platform with a simple, easy-to-navigate user interface that makes trading quick and hassle-free. In addition, its platform makes managing and trading your cryptocurrency easier, with quick, on-demand currency conversions.
To convert OMG to USDT on Rubix, all you have to do is make an account and deposit your desired funds to your wallet. Then, in the Rubix converter section, choose OMG as the currency you wish to convert, USDT as the currency you want to trade to, input the desired amount, and confirm the conversion. It is as simple as that. Clear instructions and informative guides are available on Rubix to help you with your trading journey.
About OMG & USDT
What is OMG Network?
The OMG network was established in 2017. It was initially known as OmiseGo. It operates on the Ethereum blockchain and is a layer-2 Ethereum scaling solution. This essentially refers to a network that operates on an existing blockchain protocol to improve efficiency. It is a decentralized public network, meaning transactions occur directly between traders in a peer-to-peer manner. It is a value transfer system that works with Ethereum and ERC-20 tokens (a standard used to create smart contracts on the Blockchain, which can then be used to create smart assets).
As stated by the founders, the primary purpose of the OMG network is to make transfers more secure, affordable, and faster. It is a faster transfer method and has much lower transaction fees than Ethereum. It aims to charge less than 1/3rd of Ethereum’s transfer fees.
This is possible because the OMG Network uses ‘bundling’, it bundles transactions together for transfer. This allows it to save on ‘gas’ (Ethereum transfer) costs. Ethereum can make up to 14 transactions a second, whereas the OMG network can make thousands of transactions per second. This is because of the bundling, and OMG’s scalability solution, known as More Viable Plasma (MoreVP). As a result, the Ethereum blockchain has to use intense procedures for verifying all data, limiting its ability to carry out transactions. The MoreVP solution verifies the bundled transactions using a plasma chain or a child chain, independent blockchains connected to the Ethereum chain.
The OMG token is the utility token for the OMG network and is used to pay for transaction fees. The token can also be used as a security deposit to gain the ability to run validator nodes in the PoS validated network.
What is Tether?
USDT (also known as Tether) is issued by the Hong Kong company Tether Limited, a company controlled by Bitfinex. The Tether is a cryptocurrency like Bitcoin but differs because it is a ‘stablecoin’. A stablecoin is a coin tied to real-world assets, and in this case, Tether is pegged to the US Dollar. As a result, Tether is the largest stablecoin in market capitalization.
Each Tether token matches the value of $1 as closely as possible at any given time. Hence it is stable (its value tends not to fluctuate as much as typically seen in other cryptocurrency value trends). This causes traders to buy it when they wish to secure their funds in a time of uncertainty. It is meant to be secure storage of value for funds more than an investment.
Convert OMG to USDT using Rubix
Rubix’s convenient trading tools makes converting OMG to USDT simple. All you have to do is select the desired amount of OMG you wish to convert, choose USDT as the currency you want to trade to, confirm the transaction, and Rubix will take care of the rest.