In March 2016 I received an invitation from my cousin Dolly in Austria introducing me to the world of cryptocurrency. Back then I merely know BitCoin (in short, I didn’t buy it in 2009). So my cousin shared some information about cryptocurrency and the product that she endorses – OneCoin.
At first, we were reluctant to buy in any cryptocurrency but then again, who knows, this industry seems to be worthwhile looking into. So, my husband Gnex and I, discussed and decided to give it a try. Few months after, I was approached by few friends to join the cryptocurrencies they endorsed. Somehow it made me realized that cryptocurrency industry seem to be gaining momentum and I only have a tad knowledge about it. So I decided to study what cryptocurrency is all about and how it can help or probably change the future of finance. I studied various cryptocurrencies in the market and that includes OneCoin. I’ve observed and studied other digital currencies and we decided to stick to OneCoin.
OneCoin is a cryptocurrency that uses blockchain technology. A blockchain technology is somewhat a digital ledger that uses hash algorithm requiring verification and recognition from the cluster of computers involved in identifying, approving and recording the transaction. Imagine yourself going to the bank and perform over the counter transactions. Before you start your banking transaction, the teller will need to verify your identification (it is called the Know Your Customer – KYC procedure) and your account number. Now, in digital cryptocurrency, you do not need the bank tellers or the bank, as long as you know your account, you can perform your financial transactions. The blockchain mechanism will perform the identification, hand-shake, approval and journal your completed financial transaction.
What are digital currencies used for?
Digital currencies or cryptocurrencies target markets are online payments, global remittances, and money transfers. Most of which deals with banking and financial services. There will be upcoming markets for cryptocurrencies, only if this method of payments will be accepted by merchants or probably banks.
There are ginormous digital currencies in the market. All of is which is lead by BitCoin. However, BitCoin itself still have some flaws such as anonymity. Combine with its high selling price, it’s not wise to put your money on BitCoin. In the end, consumers resorted to searching for alternatives.
I will not write about the shortcomings of other digital cryptocurrencies, this article will focus on my analysis of OneCoin using SWOT method to prove why OneCoin is worthwhile looking into. I’m not paid by OneCoin to blog, this article does not contain incites from the brand. I’m merely expressing my opinions and choose to share my understanding of the value proposition of OneCoin as a technology and OneLife as a company and why we’ve chosen OneCoin.
- OneCoin creates value by educating its members. While the trading or OneCoin exchange is the buzz of the internet, OneLife’s offering is educational packages. OneLife’s goal is to educate the vast majority of humanity who have none or minimal knowledge about finance and trading. When you buy an education package, you will receive the corresponding number of tokens which you can trade or “mine” to get the cryptocurrency coin – OneCoin. I believed this is one of the company’s strengths as it gives the members the audacity to decide for themselves as to whether take higher risks or invest with a calculated risk involved.
- OneCoin is a closed platform. Coming from an information technology (IT) background for 17 years, often dealing with projects, I often faced debates whether to choose an infrastructure of open source platform or that of the enterprise. Open platform has its own advantages I agree. However, my main concern for open platforms is that it is prone to code changes by the community. Simply put it, if it is an open platform, it is prone to abuse by the dubious folks from the web. Remember, cryptocurrency is all digital, it might be difficult to trace frauds in an open platform. You do not want the blockchain of your coins to be hacked and later find out your money has gone to waste. A closed platform indicates proprietary rights to the code involved in the blockchain. Having a closed proprietary code for blockchain protects the members from fraudulent transactions and hackers. It is easier to trace as OneCoin maintains its own codes.
- Know Your Customer (KYC) is important. The digital currency industry still doesn’t appear to have regulatory controls. For us, know your customer (KYC) procedure is important. This is to protect the trading members from transacting with criminals, terrorists, and dark webs. If your digital currency of choice does not employ KYC procedure (completely anonymous), there’s a likelihood that you might get involved in dubious transactions. In OneCoin, you won’t be able to perform financial transactions without the company approving your KYC documents. In short, the company checks and verifies the identifications of its members. Therefore, the members’ financial transactions can be audited and regulatory compliance can be implemented.
- Transaction Transparency. I am not sure how many cryptocurrencies do this, but OneCoin’s claim of embedding your KYC documents in the blockchain transaction is what I believed sets OneCoin above its competitors. Remember that cyber crimes keep on increasing through viruses, trojans, phishings, and malwares. Currently, another cyber crime emerged called RANSOMWARE. Ransomware happens when cyber criminals or hackers are able to access your computers and files when you click on email attachments or click on website links. When the cyber criminal or hacker is able to gain full control of your computer, tablet, or smartphone, you will receive a message asking for money or a fully anonymous cryptocurrency as a ransom. Pretty much like your computer or digital device has been kidnapped and you have to pay to ransom your critical data. This is not to smear the reputation of BitCoin but since BitCoin now have more vending machines (ATM), highly valued, and fully anonymous, it is the most wanted cryptocurrency by the cyber criminals, money launderers, and various sanctioned activities.
- OneCoin’s promised of 120 billion coins. People would find this claim ridiculous and crazy. However, bear in the mind that the successful businesses started with ridiculous and crazy ideas. Cryptocurrencies and trading employ the law of supply and demand. Having more coins can indicate the company’s sustainability of providing more coins in the longer period of time. In this way, the value of the coins will not bubble and will not become volatile. It is still a caveat that there’s no guarantee. OneCoin’s success, in my opinion, will come from the hard work of the founder, the management, and the members.
- OneCoin lets you build your direct selling business. The human behavior is to share what appears to be something valuable, isn’t it? If you are looking for business opportunity through direct selling (network marketing), OneLife provides bonuses through referrals. You can become OneLife’s Independent Marketing Associate (IMA). However, do note that being IMA is optional. Meaning, if you do not want to participate in the bonus schemes, you can sign up and buy the educational package excluding the IMA.
- The Founder and CEO is visionary. The company’s strength and sustainability will come from the founder’s vision and the company’s mission. I have a little knowledge of Dr. Ruja Ignatova’s background, so I did a search of a worthy video to share in order to understand her visions of the company. Here’s her early interview from MLM News:
- OneLife’s Corporate Social Responsibility. I believe in companies who gives back to society. OneLife has its social arm in doing charities to the needy communities.
- OneCoin is accused of a SCAM and a Ponzi Scheme in the internet. Search OneCoin over the internet (regardless of search-engine) and the first couple of result lines are headed as OneCoin is a scam. Next, it is a Ponzi scheme. Now, remember that Ponzi schemes and scams refer to the non-delivery of promised product or service(s). When you put your money in OneCoin, what you’re buying are the educational package(s) and not the tokens or coins. The IMAs are selling the said educational packages, or OneTablet (Digital device). If the IMA sells you the tokens or coins, it violates the IMA terms and conditions. If you feel that OneCoin was misrepresented, you can file your complaint by sending an email correspondence to email@example.com so an investigation can be done. OneLife as direct selling company has thousands (or probably millions) of IMAs. Therefore, it is pretty important to know your IMA before signing up. Remember, your IMA will be your future business partner should you decide to become an IMA when signing up with OneCoin.
- OneCoin is a fairly new company. The company is less than 2 years old as of this writing. However, OneLife’s member is more than 2 million in numbers (according to OneLife’s website). Definitely, there’s a risk when you join OneLife considering the age of the company, but having more than 2 million members somehow signals guarantee that OneLife will stay in the business for a longer time. How long? No one can guarantee you that. It is of utmost important that you understand the risk when joining or supporting a business regardless of which kind.
- OneCoin’s Main Headquarter is in Sofia, Bulgaria. Yup, it is in Europe, particularly in Russia. They are in different timezone compared to us in Asia. OneLife has 2 more offices – Hong Kong and Dubai. In my opinion, it is a good move by the company to ensure the members the company’s presence in Asia and the Middle East. You have to ask your IMA for OneLife’s countries of operations. If you belong to a country where OneLife doesn’t have operations, it is always advisable to take caution as there may not be consumer protection in my opinion.
- OneCoin is only traded in OneCoin Exchange. In my opinion, this is a weakness but it’s also a strength. I’m guessing the reason behind OneCoin not present in the public exchanges is to avoid the bubble in the coin value. Law of supply and demand: The lesser the supply, the greater the demand. It’s pretty much what happened to BitCoin. At some point, BitCoin value reached US 1000+. It bubbled up, it also bubbled down. If you’re going to check the cryptocurrency exchanges, there’s a big gap between the price of BitCoin and the rest of the digital coins. It creates challenges to the lower valued coins. If you buy a digital coin of US 0.10 value, what’s the probability that the value will rise? And for how long? OneLife has a different vision in my opinion. A company with long term vision does not need to hurry to be traded publicly. In my opinion, OneLife as a company aims to be in the business in the longer term.
- More offerings from OneLife. OneLife’s offering started with educational packages. Then followed by OneTablet. The company signals more business opportunity and a larger platform. We will have to wait and see what are OneLife’s future offerings and acquisitions. It is important for the members to keep abreast with the company news and updates. You can check with your business partners for more information. You are also advised to subscribe to OneLife’s YouTube channel to listen and understand where the company is heading.
- More and more cryptocurrencies and business models. It is definite that more and more cryptocurrencies will emerge. It’s good news for consumers, it means more choices. Different business models such as direct selling (network marketing) will also come up with efforts to boost up the revenue of the other 600+ cryptocurrencies of lower value than BitCoin. Middle companies whose aims are to sell various coins will come into play as well. If you’re a current IMA or contemplating of signing up as one, I recommend that you read the terms and conditions of OneLife. Avoid the scenario of “conflict of interest”. OneLife takes serious actions on IMAs involved in such mentioned activities.
Before joining any direct selling business, it is important that you understand the product. This is to avoid mistakes in the future when for some reason you change your mind. Check as well, if there are “cooling period”. Cooling period is the number of days that you can decide to cancel your subscription or purchase(s) without incurring penalty.
It is the IMA’s responsibility to respond to your queries. If you have some questions, list it beforehand and get clarifications before signing up.
When purchasing an educational package, ensure that you have made calculated risk. Meaning, only buy the educational package that you can afford to loose.
Being involved in cryptocurrency business, the risk can be considered high. As always take caution in deciding the level of risk that you want to make.
It is important not to join in haste. OneCoin maybe a good news but remember to evaluate whether you need cryptocurrency in your current and future affairs. If you’re spiritual type of person, I recommend that you pray about it first before giving it a yes.
A great news!
OneCoin is currently on bonus mode. The coins that you received including the coins that you are still waiting, will be doubled this coming October 1st 2016! Also, when you place your tokens into mining before October 1st, the expected number of coins will doubled too! We feel this is something you want to check into.
My husband is a registered IMA. You can sign up for free without obligation (no credit card information needed). You will only need to pay when you want to activate your account to receive your educational package access and its corresponding tokens.
Click here to sign up free and understand more of OneCoin before fully deciding to join.
Til next time. Au revoir.