How to Connect Cryptocurrencies and Fiat? OmiseGO Project Review

omisego project

The OmiseGO project can become a connecting bridge between cryptocurrencies and fiat money. This technology, subject to successful implementation, will be very popular in the market. In this article we will talk about the OmiseGO project, learn about its strengths and weaknesses, storage options, key figures and understand whether it is worth investing in it.

Contents:
(please, click the topic to scroll down to it)

  1. What is OmiseGO cryptocurrency?
  2. Main advantages of the coin
  3. Main disadvantages of the coin
  4. OmiseGO in figures
  5. Where to buy and how to store OMG?
  6. Conclusion

1. What is OmiseGO cryptocurrency?

OmiseGO is a platform solution which you can use to make exchange transactions and money transfers online. The main feature of the platform is the simultaneous support of both cryptocurrency and ordinary money (dollar, yuan, euro, etc.).

How can this be used in practice? For example, a buyer from the UK who has pounds sterling wants to buy something from a seller from the US who accepts payment only in Bitcoin. Through this platform, the buyer sends pounds sterling, OmiseGO almost instantly converts them to BTC and transfers them to the wallet of the seller. It should be noted that the platform takes a minimum commission in OMG tokens.

2. The main advantages of the coin

Prospects for OmiseGO are huge, as the project has a number of strengths, which we will disclose to you:

– an open protocol and simple integration with almost all blockchain networks;
– high throughput;
– high level of protection against hacker attacks;
– provision with large national fiat currencies;
– the demand for technology in the market;
– strong partners (Bitcoin Suisse AG, Ethereum’s founder Vitalik Buterin, major developers from MakerDAO, GOLEM, etc.).

3. Main disadvantages of the coin

Whoever follows the OmiseGO news remembers that the main drawback of the project is that the development team did not follow the road map originally submitted by them. During the ICO period in January of 2017, the developers indicated the deadline for launching the OmiseGO Network platform by the end of the year. After that, the road map was edited, and the current deadline dates back to the fourth quarter of 2018. This significantly affected the mood of investors, which led to a sharp decline in the exchange rate.

Also, some experienced traders declare that traces of manipulation can be found in the graph of the coin’s value fluctuation, since sometimes a sudden rise or fall can be explained neither by the phase of the market, nor by the news background.

4. OmiseGO in figures

  • the number of tokens is 140 million, one-time issue was made, OmiseGO mining is not available;
  • exchange rate (as for August, 8, 2018) is $4.12;
  • market capitalization is $579 million;
  • 21st place in the global rating of Coinmarketcap.

5. Where to buy and how to store OMG?

This coin can be bought on almost all popular cryptocurrency exchanges (Binance, Bithumb, OKEx, Cryptopia, etc.). However, the issue of storage is not yet fully resolved. The fact is that the developers claim that making transfers or exchange operations will only be possible with the help of an official wallet. But there is a small nuance, the wallet has still not launched. Only the first beta version was released in the beginning of spring, which still needs to be tested and modified.

Now the only option for storing OMG are wallets that support the ERC20 token format. The most reliable of them are:

  • MetaMask;
  • MyEtherWallet;
  • Exodus.

You should know that the abovementioned wallets do not support this coin by default. In order to start using them, you should go to the settings and add “OMG”. If the list does not appear, you need to manually enter the coin address, which can be found here.

6. Conclusion

This project has good prospects for the future, provided that the development team can successfully implement its plans on time. Some experts give an optimistic forecast for OmiseGO – about $100 per coin. If you decide to invest in this project, you should probably adjust to a long-term perspective, since the platform still requires a lot of improvements.

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No Panic: Crypto Community Reaction on Bitcoin Collapse

The beginning of 2018 pleased the crypto community much more, than current week. This year, Bitcoin set a positive record on January, 7th. According to CoinMarketCap, when the rate of the first cryptocurrency flew up to the mark of $17 527 for one coin. The Anti-record was settled this week, November, 20, with the rate of $4 279. As a result, within 11 month, Bitcoin fell by 75%.

Today, November, 21, at the moment of 11:30 UTC, Bitcoin rose slightly – up to $4 665 for one coin. Despite the drop in prices, BTC is still confidently covers more than half of the crypto market in terms of capitalization,
and $ 81,114, 287, 644 in total.  

Not only the Bitcoin rate has been a victim of collapse. Even Ethereum  has seeded his 2nd position by Ripple capitalization. The crypto industry has become more and more discussed in a last few days.  But incredibly, the panic within the community is mild, and some individuals are treating the situation inside the market  with some kind of irony. You may learn about it from different crypto enthusiasts Twitter profiles.

CoinShare security manager Meltem Demirors, noticed the possibility of a broad cultural shift for the industry in front of depreciation:

Binance CEO Changpeng Zhao, commented the collapse of BTC in his Twitter:

Also added:

The entrepreneur Andreas Antonopoulos, who is regarded in the crypto community as a preacher of cryptophilisophy, in his Twitter gave recommendations about the current market situation:

The trader and publisher of the weekly Factor Service Peter Brandt, shared his observation about cryptocurrency liquidity:

American trader Jacob Canfield, in his Twitter gave a comic forecast for the Bitcoin price:

In general, the crypto-community is divided into two camps : the first one blames Bitcoin Cash hardfork, and the second one is convinced that such low drop is a common economic phenomenon and we just have to wait. For example, Fundstrat Global Advisors analyst Tommy Lee, believes that Bitcoin will grow up to $15 000 by the end of 2018.

We want to remind you, that previously Tom predicted the rate’s growth  by $25 000, but in July, he suddenly changed his mind and decreased the rate till $20 000.

Tom Lee: Bitcoin Might or Might Not Reach $25K by the End of 2018

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What Cryptocurrency Exchanges Own the Wealthiest BTC Addresses?

It is quite obvious that a single person can not own the richest crypto wallet, it obviously has to a company, in our case, a crypto exchange.

5 major digital asset exchanges currently possess around 3.5% of the total amount of BTC. At the rate of approximately $5300 per BTC in monetary terms, it is almost 600 thousand BTC (more than 3 billion dollars).

Let’s find out who made it to the top-5.

1. Binance, which is also #1 in the CoinMarketCap rating in terms of trading volumes. It owns over 141 thousand BTC (almost 750 million dollars).

2. Bitfinex. #3 on the CoinMarketCap and holds almost 139 thousand BTC (around 737 million dollars).

3. Huobi. This exchange ranks 4th on the rating according to its trading volume and owns a bit more than 108 thousand BTC (almost 575 million dollars).

4. Bittrex. Being only the 32nd on the CoinMarketCap, Bittrex managed to become the 4th richest BTC holder with its approximately 107 thousand BTC (around 570 million dollars).

5. Bitstamp. Last, but not least is Bitstamp, #15 on the rating. Almost 98 thousand BTC (close to 520 million dollars) belongs to this exchange.

Here are the richest crypto exchanges holding Bitcoin. As for the famous crypto personalities who can boast of their BTC wallets, we can’t help mentioning Roger Ver and the Winklevoss twins. These two own $11 million worth of Bitcoin.

We remind you:

Founders of Alibaba, Bitmain, Binance, Huobi, OkCoin Got On the List of 2018 China’s Richest Businessmen

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UK Is Highly Likely To Ban Cryptocurrency Derivatives Due To Market Volatility

The United Kingdom adopted an attitude of severity towards cryptocurrency long ago. As the situation is quite pitiful on the market right now, the Financial Conduct Authority (FCA) in the UK decided to grapple with cryptocurrency derivatives that seem to be pretty unpopular among UK authorities.

The representative of the FCA, Christopher Woolard, claimed that they were discussing a possibility to ban crypto contracts-for-difference (CFDs), including options, futures, and transferable securities.

Woolard said:

“We’re concerned that retail consumers are being sold complex, volatile and often leveraged derivatives products based on exchange tokens with underlying market integrity issues.”

The current market volatility may alienate people from crypto investments, and may force authorities to ban or put big limitations on using cryptocurrency. Nevertheless, we want to remind you

Investors Lost $135 Million Due To OKEx’s Decision To Close BCH Futures Too Early

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John McAfee Wants the Crypto Community to Calm Down

John McAfee, who undoubtedly has lots of experience on the crypto market seems slightly annoyed with the panic that arose over the price collapse of cryptocurrencies.

McAfee believes that the phenomenon of bear market is quite a common state which happens from time to time, but eventually goes away and gives way to bullish trends. He also stated a couple of reasons which, in his opinion, might have caused such a downtrend, including inadequate crypto regulation and traders’ uncertainty.

The crypto enthusiast also mentioned the fact that the crisis might end, as the forces ruling it leave. Can it be connected with the recent Jihan Wu vs. Craig Wright scandal?

Crypto Wars: Jihan Wu vs Craig Wright, Who Gets McAfee’s Support?

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Bitcoin Cash CV Goes Wild and Reorganizes Its Own Blocks

The recent hard fork of Bitcoin Cash has caused a lot of noise in the crypto community. Some people even blame the collapse of the crypto market on this event. Moreover, as most experts predicted, the fork didn’t proceed smoothly and keeps causing confusion.

One of the newly emerged coins, Bitcoin Cash CV, developed by CoinGeek and supported by Craig Wright, conducted a reorganization of its blocks without any assistance from outside. According to multiple specialists, this is a major violation of the way blockchain functions.

Due to such a frivolity, Bitcoin Cash CV might soon be delisted from major crypto exchanges.

We remind you:

Bitcoin Cash ABC Was Attacked by an Enormous Amount of Spam

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Cryptocurrency Prices Today, November 21: Cryptocurrency Is in the Green Zone for the First Time after the Collapse

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA, Dash, Monero: Cryptocurrency prices

According to the Coin360 online platform, Bitcoin (BTC) gained 3.20% over the past 24 hours. The price at the time of writing is $4661 per coin, but remains quite volatile and changes constantly.

Cryptocurrencies in the rating are also showing growth:

Bitcoin Cash added 16.6% over the past 24 hours and costs $259 per coin;

Ripple plus 1.02% and is $0.45 in price;

EOS grew by 2.02%, and its price is $137;

Litecoin became more expensive by 3.27%, and its value is $34;

Cardano added 5.95%, and its cost is $0.048;

Stellar gained 4.73% and costs $0.20;

IOTA plus 7.47%, and its price is $0.32;

Dash added 8.30%, and its rate is $113;

Monero increased by 3.80% and costs $70.

Ethereum added 2.02% over the past day. The cost of the coin is $137.

The total market capitalization is $152 billion. Bitcoin accounts for 53.3% of the total volume. In monetary terms, it is $81 billion.

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