Optimism (OP)

Did you know that Ethereum (ETH) has a scalability difficulty? With more users, Ethereum gets more expensive and slower. Due to Ethereum’s scalability difficulty, “Ethereum killers” emerged. In addition, so-called ETU killers, like Avalanche or Fantom, are on separate blockchains.

Naturally, the Ethereum ecosystem has a scaling solution called layer 2 chains. And Layer 2 scaling includes Optimism and Arbitrum.

Optimistic rollups combine transaction data into digestible portions. In addition, it is cheaper than Ethereum and is growing popular with each passing day.

Please keep reading to find out more about this revolutionary crypto token.

Brief History of Optimism (OP)

Optimism was launched in 2019 and currently has headquarters in the Greater New York area. Wang Jinglan, Karl Floersch Kevin Ho were the three most prominent founders of the company.

As a result, Optimism is a decentralized Ethereum infrastructure platform that supports instant transactions and scalable, intelligent contracts. As a for-profit organization with a public benefit mandate, they are required to strike a balance between the financial interests of their shareholders and the well-being of the community.

Optimism’s software changes are overseen by Token House, which is already operational. The Citizens’ House is in charge of allocating funds for public goods. Optimism itself raised funds on Gitcoin in its early days, a powerful platform for funding public goods.

Optimism released its OP coin on May 31. Two hundred thirty-one thousand addresses were eligible to grab 214 million OP tokens for free (known as an “airdrop”).

That represents 5 percent of the total 4.29 billion supply, meaning 95 percent of the supply has yet to hit the market.

What to consider when buying Optimism

Are you planning on buying OP? Well, if you are so, it would be best for you to consider the following factors:

• OP is prone to wild swings in price due to shifts in market sentiment and other uncontrollable factors. Cryptocurrency prices can drop by hundreds or even thousands of dollars in minutes.
• Governments and central banks presently have no authority over cryptocurrencies like OP. But recently, attention has begun to focus on them. Whether they should be classified as a commodity or virtual money, for example, is up for debate.
• There is no foolproof method of guarding against technology malfunctions, human error, or hacker intrusion.
• Always ensure your OP’s safety first. So, you can start buying it when you are sure that you have a good wallet.
• The cryptographic framework that underpins cryptocurrency uses key pairs to verify transactions. One is a public key that anyone can see, while the other is a secret key that the rightful owner can only access. When you open a crypto wallet, a private key is generated automatically and gives you access to the funds stored within. So, if you lose it, you lose your OP.

How to Buy Optimism

Let’s see a proper way to buy OP:

Set up an exchange account

You can use several different exchanges to trade Optimism. Naturally, you need to sign up for an exchange account by downloading the respective app.

To complete your registration, you’ll need a current photo ID and proof of address, so be sure you have those on hand.

Also, depending on where you reside, verifying your ID could take more than a few minutes.

The primary exchanges that deal in the OP are:

• CoinBase
• Lyra
• Binance (coming soon)

Add a payment way/method.

Tap the “payment method” box in the menu to add a payment option. You can use a debit card, open a bank account, or initiate a wire transfer.

Trade and Buy OP Tokens

After you have transferred money from your fiat card into your exchange account, search for a trade option, then select “buy” from the list of available options.

In the search bar, use the word “optimism” to look for information about Optimism. Now, tap the Optimism icon that appears in the list of results to access the screen where you can make your purchase.

Next, use the numeric keypad to enter the amount of money you want to spend in your country’s currency. That will be converted into an Optimism amount by the software on its own automatically.

When you are ready, you can finish up by tapping the “Preview buy” button. Now, you will be shown the specifics of your transaction.

So, check that everything is in order, and only then commit to making the transaction. You have completed the purchase of Optimism.

Where to Buy Optimism: Best Crypto Exchanges for OP

CoinBase, Lyra, and Binance are the three most essential exchanges that deal in OP (coming soon).

CoinBase

You’ve probably already heard of CoinBase if you’re considering getting into Bitcoin trading.

It is possible to buy, sell, and store digital currencies such as OP, Bitcoin, and Ethereum on CoinBase, one of the United States’ significant exchanges.

When it comes to buying and selling cryptocurrencies, several options are available. These include Venmo, Cash App, and trading apps like Robinhood.

CoinBase, on the other hand, has over 73 million verified users and is widely used.

Best Crypto Wallets for Optimism

The following are the two of the most commonly used crypto wallets for OP.

CoinBase Wallet

The CoinBase Wallet is a self-custody wallet, which means that you have complete control over your cryptocurrency. Also, it supports numerous other cryptocurrencies or tokens other than OP.

MetaMask

Connecting to blockchain-based applications is made easy and safe with the help of MetaMask, which offers the best of both worlds. When interacting on the future decentralized web, you will never find yourself without control.

Finally, it is one of the best options to store your OP.

Best Hardware Wallet for Optimism

Most crypto fanatics with a bulk amount of tokens or coins need an extra layer of protection and a feel of home for their virtual property. So, their answer comes in the form of hardware wallets. Following are a few options that are suitable for storing OP as well.

• Trezor One
• Ledger Nano X
• KeepKey

Optimism Price

Price Prediction

Following are the price predictions by crypto professionals along with their respective years.

OP in 2022

Although significant falls are still expected, the OP might reach $5 in 2022.

OP in 2025

Optimism has the potential to reach $10 by the end of 2025.

OP in 2030

According to the most recent upgrades, improvements, Optimism (OP) price prediction, and new project forecasts of the platform, investors in Optimism (OP) should reasonably anticipate a large number of partnerships and integrations around the year 2030. Furthermore, this may cause the price of OP in the cryptocurrency market to rise, making it the ideal investment because the price has the potential to skyrocket and reach close to $1,000.

Optimism Supply, Volume, Market Cap, Change

Is Optimism a Good Investment?

After the airdrop, the price of Optimism initially climbed but then collapsed severely as many of the original buyers dumped their stock. When a cryptocurrency first starts trading, it is exceptionally volatile most of the time. This holds for equities, which can be volatile when they first appear on the market.

Optimism’s technical analysis is not yet possible because there is not enough data to conclude. On the other hand, Optimism is a solid foundation with plenty of development opportunities. As a result, price recovery is likely before the end of the month. So, invest your money carefully!

Conclusion

This article has discussed numerous factors describing Optimism’s volatility, market, and potential.

So, what do you think about OP after reading this article? Do you think it has the potential to become something big in the future?

Finally, we still think it is terrible to invest considerable money in OP alone. Happy Trading!

Last modified: September 5, 2022