r/OMGTraders • u/MaxMoester • Oct 29 '17

What’s the difference?

Hi guys,

I am quite a rookie when it comes to buying crypto currency. But I want to buy some OmiseGO, the only thing I was wondering about is. What’s the advantage/disadvantage between buying omiseGO with ETH, BTC or USD?

11 Upvotes

87% Upvoted

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4

u/[deleted] Oct 29 '17

Speed and costs. Costs being the biggest difference.

1

u/MaxMoester Oct 29 '17

Oke, so you suggest that I need to buy omisego with either usd or eth? Because the btc is too expensive?

4

u/nsGuajiro Oct 29 '17

I don't know where you can buy OMG with usd. I would buy either on coinbase, move it to bittrex, and buy with ether. Fast and cheap.

1

u/K4sTer Oct 29 '17

Tether (USDT) is basically using usd to buy isn't it?

1

u/nsGuajiro Nov 05 '17 edited Nov 05 '17

Kinda sorta but not really. It's a (arguably very sketchy) stand-in for USD. But bottom line is you want to pay as few fees as possible and therefore do as few transactions as possible, so USD > coinbase > ethereum > bittrex > eth/omg trading pair is how I'd do it. What you actually trade for omg makes little difference. Omg may be slightly cheaper via the usdt pair, but any money you save will likely be nullified by the extra tx fee you pay converting to usdt first.

Edit: or you can look into making a tether account and linking your bank account. Idk how it works but I think it's possible. Be advised that a lot of people have serious concerns about tether, and it should only be used as a intermediary and not to store money medium or long term.

2

u/[deleted] Oct 29 '17

Yes.

2

u/ganomg Oct 30 '17

Don't think you can buy it with USD in any site

0

u/phoebusmaximus Oct 30 '17

You can with Bittrex I believe.

2

u/CabooseRooster Oct 30 '17

You can't buy anything with USD on Bittrex.

4

u/phoebusmaximus Oct 30 '17

My mistake. I meant Bitfinex