How to Buy Olympus (OHM) in 2022: A Simple Guide

Olympus (OHM)In this guide you’ll get information about where to buy Olympus, if you are planning to buy OHM token – You’re in the right place!

Olympus is a decentralized protocol for algorithmic currency. Its main goal is to become a stable (crypto-native) currency. Often referred to as algorithmic stablecoin, Olympus is somewhat more familiar to the central bank because it implements reserve assets (like the DAI) to manage the price. Its main goal is to reach price stability while at the same time maintaining a floating price (which is driven by the market). Its native token would be the OHM, which can be used to manage everything.

So, if the characteristics of this platform (and its token, OHM) is seemingly the same as stablecoin, what’s the difference between the stablecoins and OHM? OHM is backed (but not pegged) to a certain price.

Moreover, OHM is different from Ampleforth (AMPL), another algorithmic stablecoin, because Olympus issues OHM in order to purchase DAI (and other assets) in order to maintain treasury. This mechanism is the same as FEI. However, the difference is that Olympus lets the token float while FEI keeps the dollar peg.

Olympus (OHM) Features

  • Interesting economic system. The platform has its own treasury minting and selling (new) OHM when it trades above the price floor and then buys back (and burns) the OHM when it trades below that.
  • Unique OHM issuance. Bonding is the process responsible for issuing the OHM. Users can sell their assets, such as wETH, DAI, or FRAX (to the treasury) and then get discounted OHM for the exchange. They can then redeem the bond after a vesting period for 5 days.
  • OHM staking. When users choose this system, it would reduce OHM’s supply within the open market, creating value within the protocol. The rewards for staking are quite high. It’s done to appreciate users, especially since their actions would accumulate more OHM. It may seem like an aggressive strategy, but it is able to expand the market capitalization (of the protocol) and they can grow the treasury.
  • Olympus Pro. This feature allows the DAO to offer bonds-as-service to the chosen partners (or protocols), so they can grow the treasury rather than depending on liquidity pools.
  • Vibrant community. Olympus has gained a positive reputation, especially related to solid meme game and strong marketing strategy. That’s why it is able to build (and then grow) vibrant community. It introduces the so-called 3,3 meme, which is the communication’s simplified version which stakes capital

Where to Buy, Sell and Trade Olympus aka OHM

You can basically use debit card, credit card, or even PayPal to buy the Olympus (or any other cryptocurrencies). However, the transaction won’t be direct. It’s not like you pay with cash and you get the Olympus as the exchange.

With cryptocurrency, things are different. You need to use debit card or credit card to buy  Tether first. After you get the ETH or BTC or USDT, you can convert it to Olympus. It takes several stages and processes. You need to gain access to the reputable cryptocurrency exchange first to make sure that everything is safe and sound.

In general, the process would be:

  1. You go to the online exchange and buy the Ethereum (ETH), Bitcoin (BTC), or Tether (USDT)
  2. Find a crypto exchange that supports Olympus currency and exchange your Ethereum / Bitcoin / Tether with the Olympus
  3. Store your Olympus to a secured wallet

Step 1: Buy Bitcoin (BTC) or Ethereum (ETH) or Tether (USDT)

There is no better way to get started with cryptocurrencies than aiming high for the big boys. You have to buy your first shares of Bitcoin or Ethereum by creating an account at COINBASE. The best to do so is by creating a confirmed account in the platform and explore your options.

The site will ask for some basic information about yourself, make sure to tell the truth. Otherwise, you could face withholding of your investment. Make sure to type your name, your e-mail, and your password correctly. The stronger your password is, the safest your money will be. You will be asked to check your status as a living being using a re-captcha box and to agree to the terms of use of the platform.

Get $10 Bonus when you sign up for Coinbase!

coinbaseClick here to register (opens in new tab)

  • You will be asked to through the process of confirming your e-mail address as well as verifying your identity. It would be best if you went through that procedure at once to avoid any issues before putting money on the platform. Coinbase will ask for personal information such as your home phone number, your address, and proof of your identity using an official document such as a passport or a driver’s license.
  • Keep in mind that Coinbase takes some time to verify your ID, but once your account is verified, things can move forward on your end. By confirming your identity, you will have better security on your account, and the people working at Coinbase will be able to help you with easy on any issue you face. You will also be able to trade larger numbers of money on your transactions as well as other perks related to the trading information the goes inside the platform.
  • You can also manage your payment options. As we mentioned previously, the sites make it very easy to handle FIAT money to pay for the altcoins you want to have in your portfolio. You can check in your bank account to make direct deposits or withdrawals. While this method is excellent, it takes at least two days to verify it on Coinbase’s end. You can also register your credit cards, debit cards, and even your PayPal account in the buy/sell link located on the top menu.

That’s the first step in buying Olympus, once you get your Bitcoin or Ethereum or Tether, you can continue to the next step.

Step 2: Choosing the Best Cryptocurrency Exchange for Your Investments

After you have your Coinbase account, you need to choose a cryptocurrency exchange to make your deals, then you need to transfer your newly purchased BTC or ETH or USDT from your Coinbase wallet.

With so many options out there and so many unbalanced reviews across the internet, it can be quite challenging to choose the right exchange service. Since we are looking out for you and we are interested in making you win money as well, we have taken the liberty of picking ten of the best ranking exchanges you can contact on the internet. For the sake of transparency, we can tell you that our operations keep running each time you click on these recommendations.

These are the best exchanges we can recommend for you to exchange BTC or ETH or USDT with Olympus:

GATE.io
gate.ioGate.io is a crypto exchange service that is part of Gate Technology Inc. Gate.io is registered in Virginia, United States, and founded in 2017. They only handle transactions using cryptocurrencies, so you won’t find Fiat options with them. Since they work with the best ranked digital assets in the industry, they can average up to $48million in transactions.

  • Deposit Methods: Cryptocurrency Only
  • Fiat Currencies: N/A
  • Supported Cryptocurrencies: BCH, EOS, TRX, ONT, ETH, BTC, BTM, AE, OCN, ADA, IHT, XRP, ETC, NAS, LTC, & over 1040+ more
  • Trading Pairs: 1801+

IMPORTANT! Once you are registered to the crypto exchange above, Go back to COINBASE and send your Bitcoin/Ethereum/Tether to your new exchange. Find the OHM/BTC or OHM/ETH or OHM/USDT trading pair and then place the order to buy those pairing cryptocurrencies.

Most likely you’ll find this pair available to you OHM/USDTso you need to convert your BTC or ETH to USDT first in order to buy Olympus (OHM)

Step 3: Managing Your Crypto Assets in a Secure Wallet

As your portfolio of crypto assets expand, you will need to have a crypto wallet to keep your goods safe. There are thousands of service providers on that end, and choosing the right one would take an entirely new guide to share some knowledge about this topic.

You can install one of these wallets in your hardware. That way, you can keep your currencies in your devices, such as your desktop or laptop. If you prefer, you can also use an online wallet to keep your holdings safe on the internet.

There are also options to have mobile wallets installed on your smart device, but most of them are lacking in the space department. The final option would be a paper wallet, which is nothing more than a euphemism to get an official legal document that states the content of your wallet and the keys to gain access to them.

For Securing your Olympus (OHM) We recommend you to use hardware wallet which support many cryptocurrencies – Choose between these two: Ledger or Trezor

ledger nano x

LEDGER NANO-X: Securely trade on-the-go and manage a large number of assets at the same time, with only one device.

  • Secure
  • Mobile Friendly
  • Easy to Manage
  • Supported Coins: 1200+

trezor model t

TREZOR MODEL-T: The next-generation cryptocurrency hardware wallet, designed to be your universal vault for all of your digital assets. Store and encrypt your coins, passwords and other digital keys with confidence.

  • Invented for your digital independence
  • keeps your keys safe
  • Easily back up your entire wallet
  • Supported Coins: 1093+

Frequently Asked Questions (Faqs)

Can I Buy Olympus (OHM) with PayPal?

You won’t be able to buy this directly with PayPal. If you are going to use PayPal, you need to buy Bitcoin or Ethereum first and then exchange it with the Olympus. You can use LocalBitcoins to find BTC or ETH seller who accept paypal as payment.

Can I Buy Olympus (OHM) with Cash?

You can’t buy it directly, you need to get bitcoin/ethereum first. buying BTC or ETH with cash you can do the following:

  • Make sure you have a BTC / ETH wallet before you buy from seller
  • Go to LocalBitcoins and find person in your area who sells bitcoin/ethereum and accept cash.

Can I Buy Olympus (OHM) with Skrill?

You can’t buy OHM directly with skrill but you can buy Bitcoin/Ethereum first using Skrill and exchange it later to Olympus. You can buy BTC/ETH with skrill by using these exchanges::

  • LocalBitcoins
  • Paxful
  • Virwox
  • SpectroCoin
  • Lykke
  • Exmo
  • Coingate

Can I Buy Olympus (OHM) with Bitcoin?

Yes, you are basically exchanging your Bitcoin with this. Just head to any exchanges listed above, find trading pair OHM/BTC and begin the transactions.

Can I Buy Olympus (OHM) with Ethereum?

Yes, the process is similar to using Bitcoin: Find a criptocurrency exchange which support OHM/ETH trading pair.

What Is the Best Payment Method to Buy Olympus (OHM)?

The cheapest way is to use bank account to buy Bitcoin or Ethereum or Tether first or to buy the Olympus right away. The fastest way is to use a credit card but you will then be charged higher fees.

How to Protect Olympus (OHM)?

Once you have purchased the Olympus, transfer it to your wallet. We recommend using hardware wallet, here are some recommendations:

Ledger Wallet

Trezor Wallet

 

 

 

 

 

 

How to Sell Olympus (OHM)?

Find a crypto exchange which allow pairing OHM with BTC or ETH or USDT – convert it back to Bitcoin or Ethereum, then sell your BTC or ETH for a fiat currency.

Can I Mine Olympus (OHM) and Not Buying It?

You can’t mine this actually. It has a completely different network and structure than the regular Bitcoin. The only way to own a Olympus is to buy it from a reliable exchange.

Conclusion

Those who are interested in investing their money in a platform that can offer a profitable product that looks like stablecoin (but not exactly one) can always consider Olympus. It’s unique and definitely not for everyone. To join the platform, make sure to buy Olympus (OHM) first.

Leave a Comment

error: