There are lots of vaporware in the crypto market today. Lots of tokens in this market do not have any real use. As such, there is a real risk that many of them may never recover from this downturn. The problem comes in differentiating the good from the bad. That’s because even the worst of them are so well marketed that it is hard to tell whether they are worthless or not. In such a complex market, where does Omisego (OMG) stand? Is it vaporware?
For starters, at this point, the price is not a good parameter to determine whether a coin or a token is a good investment or not. That’s because prices all across the market are down. Even bitcoin (BTC), the foremost cryptocurrency has touched new lows this year. It caught most by surprise that bitcoin could hit a low of $3500 in 2018, but it has. As such, it is not surprising that most altcoins including Omisego (OMG) are down by over 90% from their all-time highs. So if the price isn’t a reliable measure to determine whether Omisego (OMG) is a good investment or no, what could be the best measure to achieve this objective?
One of the best ways to achieve this objective is to look at the use case, as well as the differentiating factors in the market. Omisego is simply a token for moving value using the blockchain fast, cheap and securely. So what makes it stand out? By themselves, these attributes are not worth much for Omisego at this point. That’s because there are multiple other coins with the same value proposition as Omisego, and have more recognition globally.
Trust in South East Asia
Value for Omisego comes from the trust that Omisego the company has built in the market. The Omisego Company has users all across Asia that use it to transfer payments on a daily basis. The trust that this company has established in the market will play a major role in the adoption of Omisego (OMG) in the future. That’s because part of the problem that cryptocurrencies have at this point is the lack of trust by the general population.
The masses are yet to understand, let alone accept cryptocurrencies. This gap in knowledge will play a major role in the adoption of cryptos like Omisego (OMG). That’s because it is easier for them to adopt a crypto that is associated with a company that they use every day than any other random crypto. This makes Omisego a worthy crypto that could gain significant levels of usage in the future.
On the basis of its connection to the Omisego Company, there is no way that Omisego (OMG) can be vaporware. It may have taken a beating in 2018, but this is nothing unique to Omisego. The entire market has been in bearish for the past 11 months.
In a bull market, Omisego could bounce back, bigger than it was before. That’s because people are already appreciating the need for speed in payments, especially in cross-border payments. Omisego could dominate the payments market in East Asia in the future.