One of the absolute first altcoins that ever existed what that of Open Metaverse Currency.
Open Metaverse Currency was also one of the first actual uses for any cryptocurrency ever created. Long beore stores were accepting bitcoins, OM¢ found its real world application.
Open Metaverse Currency is used to buy or sell virtual goods or services in virtual worlds. These are worlds like second Life, avination, Island Oasis, and similar cyber simulated worlds.
Cryptocurrency and Virtual Worlds
The way it works is very unusual. Unlike other cryptocurrency, Open Metaverse Currency is accepted in a number of such worlds, not just one.
It was created to be compadible with the OpenSim HyperGrid system.
This means a virtual world user can go shopping with their avatar in any of the OM¢-enabled grids and pay in a single virtual currency from one single account.
The users currency is not really transferred between the OpenSim servers. Instead, it is kept their VirWoX account.
Every payment made in the virtual environment has to be authorized on this secure website which is also an exchange.
This is where things get very interesting.
Open Metaverse Currency vs Ethereum
OM¢ is not actually the only currency on the OM¢ grid system.
In fact, long before anyone thought of creating things like Ethereum that could within its chain offer assets, DOA's and other currencies to be created - the Open Metaverse Currency did it.
Open Metaverse actually contains several currencies. Along with OM¢ there is also SLL. SLL, also know as linden dollars, are the main currency used in the Second Life world. SLL are actually the most popular of the cryptocurrencies.
The other currencies are MVC and ACD - which honestly I don't know much about but assume as with SLL, these are currencies related to other online worlds.
The one very unique thing about all the Open Metaverse Currencies is that they can be converted directly into and out of select fiat currency.
This means if you are holding OM¢, you can sell them directly to USD, GBP, EUR, or CHF.
This leads me to one of the oldest and least known secrets of trading cryptocurrency to new traders, but likely known and forgotten by the seasoned vets.
Bitcoins to Paypal
When I first started trading one of the things I constantly had to do was find people to buy my bitcoins from me. I had bills that needed to be paid, and I have always maintained paying bills with paypal.
This was a huge burden. First of all finding people that wanted a bitcoin or two was never easy. Outside of that, they always expected that I would take a loss on the sale.
Of course that doesn't even get into the paranoia of it while waiting for people to send you money, hoping they don't reverse changes after you send them bitcoin, etc. It was just a huge stress.
Then I learned about OM¢. I also learned there was a secret way using OM¢ to cash out bitcoin directly to paypal.
The Secret Cashout
Because it is part of well known virtual worlds, paypal has always seem all the coins on the Open Metaverse as low risk. This means they have never had a problem working with the Virwox website and allowing gamers to cashout.
As most people using these currencies use them within the games, there is not a huge problem to paypal.
As a cryptocurrency investor and bitcoin enthusiast, I use this to my advantage.
Its a simple matter of buying SLL with bitcoin just like I was going to use it in a virtual world, only instead, I instantly turn around and sell that to fiat currency - in the case of my example, US dollars.
After I have purchased dollars, I can then cashout those dollars to paypal.
Step by Step
So here is exactly how it works:
- Send bitcoins to Virwox account bitcoin address located on the deposit screen.
- Buy SLL with bitcoin using the BTC/SLL link. Buy as you would on any exchange.
- Go to the USD/SLL link and do the same as above, this time buying USD.
- Visit checkout and send to paypal.
I will support you, God bless you, I learn english, so if I made some mistakes, then I apologize and keep it
thank you very much
非常感谢你
Thank you kindly for the support.
謝謝你的支持
Xièxiè nǐ de zhīchí.
Upvoted. I'm going to resteem this now :)
thank you kindly :)
Because of FUD's OM€ is gone.
What do you mean by "omc is gone". Its used in many virtual worlds. At least 20 that I know of.
Great post as allways! I upvoted and im following you!
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How much are the fees?
If you are not in a hurry...
Wouldn't Kraken trading platform--> BANK account --> PayPal be cheaper?
Honestly I hate PayPal fees, they just kill everyone outside US...
If one has a bank account, or wishes to use their bank account - then they probably don't have this issue to begin with, because coinbase also allows one to cashout to bank accounts. However not everyone has a bank account, and more so not everyone wants their bank account backtracked to bitcoin.
Now about the fee's... they vary - and thats actually a secret very few people understand how to game. When you first create an account the transaction fees on your trades are just under 4%. The more you trade, the smaller that percentage gets until its under 1%.
What I have learned is with a little patience, you can actually sell your bitcoins for more than the value of bitcoin is - AFTER you reach that less than 1% mark in trading. So its actually possible (and I have done this several times) to end up cashing out to paypal, and having more than the trading value. Say a coin is $4000, you can manage to get $4100 which after cashout fees (2% +$1 USD for paypal fees) you end up $4012.
Figuring out fee's and how to game the sells is the hardest part, but after you do, I honestly think its the best way to cashout.
True true...
suggested this to a fellow of mine
very kind of you.
Is Linden Dollars really considered a cryptocurrency? It's just an ingame currency.
Have u heard of DMarket? I just bought a few of them (like 30bucks) but it sounds like a really interesting project where they integrate their currency as a means to sell virtual items (looking very similar to OM¢, just on a way bigger scale).
Simple answer - no. They are not a cryptocurrency - but most wouldn't know to ask that. They are however a virtual currency and very much traded like any other currency. https://bitcoinmagazine.com/articles/digital-vs-virtual-currencies-1408735507/
I have not heard of DMarket. The only reason I use OM¢ at all is because I can get my bitcoins sold to paypal without having to sell to a third party outside of an exchange. I would however be interested in a link to check the project.
Yeah that's what I figured. I played Entropia Universe for a while where they use something similar called PED, an ingame currency linked to the US dollar.
dmarket.io for the DMarket project. They just had their first token distrubtion not too long ago and raised 11M so far, in just a few days of funding!
https://steemit.com/money/@dobartim/how-did-i-earn-from-usd-40-79-btc-for-8-months