OmiseGO (OMG) is a cryptocurrency with decentralized exchange meaning that the trading occurs directly between users (peer-to-peer) without any third party holding the customer’s fund. This is a liquidity provider mechanism in which they buy a large volume of securities from companies and distribute them or make them available for retail investors. It is an asset-backed blockchain gateway based in Ethereum.
One main feature of OmiseGO is that unlike other decentralized exchange platforms, it allows exchange between other blockchains directly without a trusted gateway. This project was funded by the Omise financial company (founded in 2013) and is working in Japan, Thailand, Indonesia, and Singapore. The company specializes in works for non-cash payments.
What is OMG?
OmiseGO (OMG) is a public financial technology that was initially based on Ethereum eth OMG, which is an open-source, public and blockchain-based computing technology featuring smart functionality. In 2018, it switched to its blockchain, which can be easily used in ordinary wallets to provide real-time trading of assets between two users. This trading is done without the presence of a third party for payment services in such jurisdictions where this kind of service is not entirely or poorly developed. It allows working with cryptocurrencies and traditional Fiat currencies (the ones issued by the government). Access to the platform is provided through the OmiseGO network and the digital wallet shell.
OmiseGO is the key to resolving the fundamental problem of coordination that exists between different payment systems, along with gateways and financial institutions. Therefore, by providing a decentralized exchange on a conventional public blockchain with large volumes and low cost, OmiseGO (OMG) provides a new era of value transfer services operating in asset types and different currencies. The basic idea of OmiseGO is to allow users to send funds or money over their network without basically having a bank account.
An Alternative Way Of Payment
It provides a substitute for financial and digital commerce tools for almost everyone without having to go through traditional banks, institutions, or card networks. OmiseGO network helps everyone to conduct financial transactions such as payments, B2B commerce, remittances, supply chain finance, asset management, and trading. Additionally, other on-demand services can also be done in a wholly inexpensive and decentralized way. Token holders will be able to earn transaction fees for decentralized exchange and interchange payments.
OMG Price Dependence
Like every other cryptocurrency, the OmiseGO price depends on the supply and the demands. If OMG coins have a higher quantity and little desire from traders and users then the OMG coin price is likely to fall. However, if there is a higher demand among traders or users then eventually, OMG price will rise as well. The current OmiseGO or the OMG token price is around $0.5. OmiseGO (OMG) cryptocurrency works using the Proof of Stake consensus algorithm. This means that to get OMG coins, you first need to have a certain amount of coins with you in your wallet. The more coins are in your wallet, the more cryptocurrencies you will receive.
OmiseGO Price History
The OMG coin price in 2017 was very low at its start. However, after its ICO, the coin appeared for trading. By mid-July, its market capitalization rose to almost $150 million. In September, its value rose to $12.8, and the capitalization moved beyond the value of 1 billion. But October and November were not very successful for OmiseGO, and you may ask what happened to OmiseGO but it was surpassed by other cryptocurrencies.
Seeing the previous trends OMG coin predictions 2018 were not so admiring. Still, in January 2018, OMG went into an uptrend, coin capitalization grew to $ 2.5 billion, and the price did not fall below $ 20 for the entire month, and the peak value reached was $ 28. It continued for about 3–4 months, after which the price seemed to drop until the end of 2018.
The OMG price prediction for 2019 showed a decent turn with the OMG coins being trading sideways for the whole year.
OmiseGO Price Prediction 2020
The start of January 2020 showed OmiseGO USD price to be around $0.63, and however, by the end of 2020, the price reached a maximum value of $0.86. The start of February also showed an uprise with it reaching a maximum amount of $1.3 till the mid of February. However, after that, there is a downfall in its value with March averaging at a cost of around $0.5 — $0.6. The OmiseGO price today is about $0.51. The OMG crypto price prediction or the OMG cryptocurrency price prediction for the year 2020 was averaged to be between $0.5-$1.5
- Price Prediction For May
The OmiseGO forecast is to reach a price of $0.77 by the beginning of May 2020. The maximum price is predicted to be $0.79, a minimum price of $0.53, while for the end of the month, it is estimated to be $0.63.
- Price Prediction For June
The OmiseGO forecast is to reach a price of $0.62 by the start of June 2020. The maximum price is predicted to be $0.89, minimum price $0.57, while for the end of the month, it is estimated to be $0.67.
- Price Prediction For July
The OmiseGO forecast is to reach a price of $0.67 by the start of July 2020. The maximum price is predicted to be $0.89, minimum price $0.61, while for the end of the month, it is estimated to be $0.71.
- Price Prediction For August
The OmiseGO forecast is to reach a price of $0.71 by the start of August 2020. The maximum price is predicted to be $0.94, a minimum price of $0.64, while for the end of the month, it is estimated to be $0.75.
- Price Prediction For September
OmiseGO trading is to reach a price of $0.75 by the start of September 2020. The maximum price is predicted to be $0.99, minimum price $0.67, while for the end of the month, it is estimated to be $0.79.
- Price Prediction For October
OmiseGO trading is to reach a price of $0.79 by the start of October 2020. The maximum price is predicted to be $1.03, a minimum price of $0.70, while for the end of the month, it is estimated to be $0.82.
- Price Prediction For November
OmiseGO trading is to reach a price of $0.86 by the start of November 2020. The maximum price is predicted to be $1.07, a minimum price of $0.73.
- Price Prediction For December
OmiseGO trading is to reach a price of $0.89 by the start of December 2020. The maximum amount is predicted to be $1.11, a minimum amount of $0.759, while for the end of the month, it is estimated to be $0.78.
OMG Long Term Price Prediction
OMG Coin’s future is surely bright with prices predicted to rise to an average of 10–100 times that of the current by the year 2023. The trend seems to increase in the upcoming years as well with it appearing to increase to 100 times by the year 2025. So, the question is, should I buy OmiseGO? The answer is that OMG’s future seems to give a good return in the future. Another question is, how many OMG coins are there? The answer is, there are 140 million coins around the world.
Where to buy OMG?
If you are having the question of how to buy OMG coin, then follow the following steps to do so:
- Go to a currency exchange like ChangeNOW.
- Enter the amount and the currency with which you want to exchange OMG coins.
- Or you can enter the amount of OMG coins you want and get the rate at which you will get it.
- Enter the wallet address at which you want to receive your coins.
There are several exchange platforms available that list OMG trading with other cryptocurrencies. You can buy OMG on DigiFinex, Huobi Global, OKEx, Upbit, and many others.
OmiseGO is a trending cryptocurrency around the world nowadays, and its trend seems to give a good return to the investors in the upcoming years. It is a great way of making and accepting payments. The price predictions presented in this review article are encouraging the investors to invest their money in OmiseGO. This technology is expected to increase in the upcoming months in 2020 due to technological advancements.
Disclaimer: This article reflects its author’s opinion only and is not financial advice. We take no responsibility for the results of any trader’s decision or action.
To learn more about OMG please visit the following OmiseGO Review in our blog.