The Mastercoin or Omni is a digital currency made from the Bitcoin blockchain. It aims at adding new financial functions for cryptocurrencies. Some of the features planned for Omni include a decentralized exchange as well as the installation of a smart property and savings wallet.
People who are looking to invest in Omni or are in getting involved with the development of this cryptocurrency must have their own Mastercoin wallet. There are also a number of places where you can buy and sell Omni.
Omniwallet
The best place to create Mastercoin wallet is in Omniwallet.org. The site’s security is the highest in the industry. As the private keys moved to the server, they are encrypted. The site is also made entirely from open source. Open source software allows people to fully inspect and test out the code.
Creating a Mastercoin wallet is as simple as entering a working address and password. You are instantly shown in your account after creating one. It is important to take note of your wallet ID showing on the “overview” page of your wallet. The wallet ID is your login ID when you want to sign back in to your Omni wallet. You can copy and paste the ID on the overview page of your account to a text file in your computer. The Mastercoin wallet ID is also in the first Omniwallet email.
Account security
Omniwallet wants to stress out the importance of a strong password for your Mastercoin wallet and to keep it with you at all times. The site does cannot recover your account if you do not have your password or if someone is able to hack into your account. Use a strong password with a capitalized letter, numbers and symbols. This will make it harder for anyone to crack your password. Omniwallet also allow the multifactor authentication or MFA code when you log in. The code adds another security layer to your account.
Obtaining Omni coins
Unlike Bitcoin, there are no more mastercoins or Omni coins to mine. You can buy the coins from different exchanges which accept the cryptocurrency. Omniwallet one good example of an exchange where you can buy Omni coins with Bitcoin. You can also buy Bitcoin with your Mastercoin wallet from this site.
Another way of obtaining Omni coins is through a faucet. Faucet sites give away some cryptocurrency coins for simply visiting it or doing some tasks. One Omni faucet only requires you to use a qualified account to receive 50 cents worth of Mastercoin.
