Who can I sell my OneCoin to
Buy Onecoin: is the new cryptocurrency legitimate?
OneCoin is the name of the new virtual currency, which is currently experiencing an enormous hype as the successor to Bitcoins. On the Internet, the OneCoins are touted as a promising capital investment, but consumer advocates warn of a snowball system that ultimately benefits nobody except the inventors of the OneCoins. So what's behind the OneCoins? And is the new cryptocurrency legitimate? In this guide we explain.
The so-called "OneCoins" are currently being hotly debated on the Internet - the virtual currency is being traded as the successor to Bitcoins, which was first introduced in 2009 and is intended to replace other crypto currencies. On its own website, the OneCoins are extensively touted as a “unique opportunity” and as a “revolution in the digital economy”. But can you really trust that? And how exactly do the OneCoins work? In the following article we give you an overview of the OneCoin phenomenon.
OneCoin: price, mining, payout - this is how the new cryptocurrency works
Cryptocurrencies have been on everyone's lips for a number of years: digital currencies enable cashless payment transactions without a central regulatory authority (e.g. a state central bank) - the currency is secured by computationally intensive, cryptographic encryption mechanisms - this is intended to ensure that nobody is cheating and manipulating their own digital assets In addition, the identity of the user remains in the dark due to the decentralized storage of the data. There are now around 3000 different crypto currencies - but only very few of them have been able to establish themselves. The best-known crypto currency is Bitcoin - but recently there was a currency that caused a sensation on the Internet - the OneCoins.
In principle, OneCoins works in a similar way to other crypto currencies: The currency is intended to act as an alternative to conventional money - since OneCoin has no intrinsic value in itself, users have to believe in the value of the new currency, i.e. trust that one with other users of the currency for which OneCoins receives a real equivalent in the real world. In order to prevent inflation, there is an upper limit for the total amount of OneCoins issued, and you can also earn virtual coins through so-called "mining" - similar to Bitcoin mining. In addition, there are some key differences between the OneCoins and other crypto currencies - and this is exactly where the questions arise.
- While other crypto currencies are managed completely decentrally and through basic democratic decisions of all members, with the OneCoins a single company stands behind the currency.
- The OneCoins are therefore not open source - the algorithm for calculating the OneCoins is not visible to everyone and the mining only runs on the servers of the operating company.
- So far, the OneCoins - in contrast to other virtual currencies - can only be traded on the company's own exchanges.
- OneCoin promises that this will change as soon as 80% of all OneCoins have been created - but there is no guarantee and you just have to trust the company.
- The company uses so-called “network marketing” or “multi-level marketing” (MLM) to distribute the OneCoins.
This is a kind of snowball system: OneCoins users receive additional mining permits when they recruit new members.
- The more people you convince of the advantages of OneCoin, the more money you can earn through mining.
Not least because of this last point, many consumer advocates warn against investing in OneCoins: Everyone who advertises OneCoin has specific financial self-interest in the back of their mind - should the OneCoin bubble burst at some point or the currency ultimately not prevail, you have may invest a lot of money for nothing and end up empty-handed.
Who is OneCoin?
OneCoin Ltd. is behind OneCoin itself. based in Gibraltar. The distribution is carried out by the Bulgaria-based One Network Services Ltd - the bank they work with is the Georgian Capital Bank. The company was founded by the Bulgarian Dr. Ruja Ignatova - according to her own reports, the entrepreneur has already been voted Businesswoman of the Year several times in her home country, and she is said to have worked for the renowned management consultancy Mc Kinsey for several years. Ignatova has a doctorate in law from Oxford and Konstanz in law and various other awards - although it is not entirely clear whether these claims are really true. The OneCoin founder is said to have been on the cover of Forbes magazine, for example - afterwards it turned out that it was probably just a bogus advertising interview.
OneCoin experiences: is OneCoin really legitimate?
There are numerous pages and blogs on the Internet that advertise the OneCoins and advertise the benefits of the system. Due to the sales model described above, one should be extremely careful here: Everyone who advertises OneCoin has a tangible financial interest in pushing the virtual currency, as this will reward them with mining licenses. So these are probably not independent users with no ulterior motives.
Consumer advocates also warn against the OneCoins. "Much points to a pyramid scheme," says Bettina Stepwieser, Head of Consumer Protection at the Austrian Chamber of Labor. "According to our information, new entrants have to be constantly recruited in order to bring in the initial investments - in good old euros, by the way." In addition, the exchange rates are "extremely unstable" and fluctuate greatly. An investment can therefore in no way be regarded as "safe".
On the subject:
The crypto quiz: How well do you know Bitcoin and Co.?
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