• OmiseGO (OMG) Price

    What is OmiseGo?

    OmiseGo is a cryptocurrency exchange platform that is built on top of Ethereum blockchain. The OmiseGo network allows for a decentralised economy that does not rely on any one central point of control. It allows scaling of finance and enables P2P transactions in real time. The native currency of OmiseGo is called OMG and it uses a proof-of-stake (PoS) algorithm .

    OmiseGO is a network that allows transactions across asset classes, allowing users to manage and transact with their digital assets using the blockchain. The network is based on the Plasma architecture which has the potential to allow millions of transactions per second. The Plasma architecture is based on the Ethereum network and allows for unlimited scalability with faster transaction speed.

    Features of OmiseGo

    OmiseGO is building its own network called the OmiseGO blockchain which will not be owned by the OmiseGO company. It will be an open and permissionless network belonging to all those using it.

    OmiseGO was started by Jun Hasegawa and Donnie Harinsut who are the founders of the already operating company Omise. It was founded in 2013, in Bangkok, Thailand. OmiseGO raised more than $25 million in its initial coin offering (ICO) in 2017.

    Where to buy the OmiseGo token?

    According to the official website of OmiseGo, the network does not sell OMG tokens. Therefore, it is only possible to acquire OMG tokens using a cryptocurrency trading platform. Some of the platforms do list the option to buy the token using fiat currency or using a different cryptocurrency that can be exchanged for OMG. The tokens are listed on platforms like Bianance, IDAX, Huobi, and Bittrex.

    OmiseGo Wallet

    Since the OmiseGo network is based on the Ethereum network, the OMG token is an ERC20 token. As a result, the OMG tokens can be stored on Ethereum wallets for example, MyEtherWallet and Mist. There is also an option to use hardware wallets like Trezor or Ledger.

    OmiseGo Mining

    OMG tokens cannot be mined as it uses the proof-of-stake technology to verify transactions.

    OmiseGo Price trends

    On 29 May 2018, the market capitalisation of OMG tokens was $992,383,204 while the price of 1 OMG token was $9.77. At the beginning of January 2018, the price of 1 OMG token was around $20 following which it remained under $20 till mid of March. However, in April the price of the OMG token fell below $10 for initial weeks while it was up by few points in May.

    DateOpenHighLowCloseVolumeMarket Cap
    5/30/201810.5210.849.9810.33107378000045997000
    5/29/20189.6410.759.5610.5298354600045009000
    5/28/201810.4210.599.619.64106343000036995300
    5/27/201810.7810.7810.2810.42110030000039393500
    5/26/201810.7111.1610.5510.78109321000035272400
    5/25/201811.1911.4810.6110.72114153000040454300
    5/24/201810.6311.3410.2211.15108502000047290900
    View MoreLess

    Risks associated with investing in OmiseGo

    It is recommended that a person wishing to acquire OMG tokens perform adequate research before making any purchases. Cryptocurrencies are subject to government regulations and are also extremely volatile in nature. Hence, it is quite risky to invest in cryptocurrencies. We would advise you to invest in mutual funds instead as they are a more reliable and secure mode of investment.

    Disclaimer:

    "The Reserve Bank of India (RBI) and Ministry of Finance has frequently cautioned the users, holders and traders of virtual currencies regarding the potential economic, financial, operational, legal, customer protection and security related risks associated in dealing with virtual currencies. RBI also further clarified that it has not given any licence/authorisation to any entity/company to operate schemes or deals related to Bitcoin or any virtual currency. RBI has also barred its regulated entities from dealing or providing services to any individual or business entities dealing with cryptocurrency. The Ministry of Finance has also officially stated that virtual currencies are not legal tender or coin.

    A&A Dukaan Financial Service Private Limited (“BankBazaar”) does not endorse investing or dealing in virtual currencies in any manner. The information provided on our website is solely for illustrative purposes and should not constitute investment advice or assistance in investing or dealing with crypto currencies. If you decide to invest or deal in cryptocurrencies, you should be aware that you will be dealing with the respective individuals or business entities dealing in cryptocurrency and BankBazaar has no role in any manner in such transactions or dealings. We strongly advise our visitors to invest in legally recognised financial instruments rather than risking their capital on virtual currencies which are unregulated instruments."

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