The OneCoin programme has gotten a lot of attention over the past few years. As a result, there is a lot of information out there. A lot of people seem to think OneCoin is a far better investment compared to Bitcoin but it is a programme that aims to piggyback on the success of existing cryptocurrencies such as Bitcoin.
Over the past few years, OneCoin has made quite a name for itself. The people responsible for this project advertise OneCoin as a digital currency that will not only make investors rich over time but also provides a gateway to products and services as part of the Onelife ecosystem. The project advertises itself as a multi-level marketing (MLM) scheme focusing on cryptocurrency and blockchain technology. As one expects from MLM schemes, earning money requires users to bring new members into the fold. Not doing so will result in fewer or no earnings at all. Moreover, users need to make an upfront investment before they can earn money with this programme in the first place.
Any programme referring to itself as a “once in a lifetime opportunity” should be carefully scrutinised especially when considering there seems to be no meaningful content and research related to the project. The concept looks appealing, but can its creators back up any of their initial claims?
People who have invested money in OneCoin have not been overly successful in getting funds out again. Users have to reach a certain amount of active referrals before they can withdraw funds. Another option is to keep one’s OneCoin balance and spend it on products and services offered by the company itself. This is the traditional approach to MLM schemes, as they persuade as many people as possible to not cash out their investments and keep it within the locked-down ecosystem.
Perhaps the most disconcerting aspect about OneCoin is that is not even a currency with proper use other than the ones provided by the Onelife network. No one has ever been able to buy food or pay a bill with OneCoin directly.
Bitcoin is the virtual currency world leader and it is claimed that OneCoin comes next, but something doesn’t add up. It’s supposed to be a virtual or crypto currency and rival to the market-leading Bitcoin – digital money that can be traded and spent online. You are told that it is also a way to get very rich. “The earlier you join, the more you make.”
Your joining fee – ranging from a £100 Starter Package to £28,000 for a Special Combo Package – does not buy OneCoins themselves. Instead it just buys you tokens. The idea is that these can later be exchanged or “mined” to get OneCoins. They claim you can more than double your money even if the thing you’ve invested in stays at the same price – that’s without the value of OneCoin even increasing.
OneCoin claims to rank No 2 in the world by market capital. In crypto-currencies, this is measured by multiplying the number of coins by their value. Bitcoin is the world leader, with a market capital of $5.7billion. OneCoin claims to be next, with a market capital of $3billion but if you look on websites such as coinmarketcap.com that value these currencies, OneCoin is not second, third, fourth or indeed anywhere at all. It is non-existent.
Next week…OneCoin vs BitCoin.
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