Categories: ComparisonViral

Bitcoin vs Onecoin

A lot of people seem to think Onecoin is a far better investment compared to bitcoin. While nothing could be further from the truth, it is not hard to see why people would invest in Onecoin rather than bitcoin. To the average consumer, bitcoin makes little sense. However, it is evident bitcoin will always be the superior currency.

2. Onecoin

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 product and services as part of the Onelife ecosystem. However, there are quite a few caveats regarding Onecoin that most less tech-savvy people tend to overlook. After all, the concept looks appealing, but can its creators back up any of their initial claims?

That is where the Onecoin project falls apart almost immediately. While it is true investors will see their account balance update over time, that does not necessarily mean they own said funds. In fact, until they request  a payout from Onecoin, they will never control their profits or original investment ever again. Moreover, the account balances one sees update every so often is nothing more than a number in the Onecoin site database being changed, even though it has no value whatsoever.

Moreover, the Onecoin team claims they have made a digital currency, which is issued over a blockchain. So far, there has been no proof of a Onecoin blockchain, simply because it doesn’t exist. Nor will it ever come to fruition either, as the project team has no idea on how they would create such a technological marvel in the first place. It is evident Onecoin is not even a currency with proper use cases, 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, that much is certain.

Related Post

1. Bitcoin

Which brings us to bitcoin, the so-called “inferior currency to Onecoin”, according to some of the platform’s investors. In fact, one can argue bitcoin is everything Onecoin is not and vice versa. Unlike the scammy counterpart above, bitcoin is an actual currency that can be used around the world without requiring approval from a centralized company that has no honest intentions whatsoever. It is rather interesting the OneLife network does not accept bitcoin payments, nor does any other merchant around the world accept Onecoin payments.

Moreover, bitcoin is a digital currency, as it does not merely exist in one website’s database. The entire world can see bitcoin transactions take place in real-time without having to install special software to do so. Onecoin transactions, on the other hand, have never been publicly documented. This begs the question whether or not there is any value to the Onecoin “currency” in the first place, considering it has no use cases.

Speaking of use cases, thousands of merchants and retailers around the world are accepted bitcoin payments as of right now. Both online and offline purchases can be completed with bitcoin. Additionally, there are also bitcoin debit cards, whereas Onecoin has no debit card whatsoever. That is quite surprising, considering the value of Onecoin seems to increase every so often. Striking a deal with a credit card issuer would not be all that hard in this regard. Then again, bitcoin has a value, and Onecoin does not, which explains why no card issuer wants to deal with Onecoin right now.

If you liked this article, follow us on Twitter @themerklenews and make sure to subscribe to our newsletter to receive the latest bitcoin, cryptocurrency, and technology news.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Share
Published by
JP Buntinx

Recent Posts

BTC ATH Close After Major Bullish Move, Top Analyst Still Thinks ALGT is a Better Choice

In the constantly fluctuating cryptocurrency market, Bitcoin (BTC) has stolen the spotlight with a dramatic…

1 hour ago

Fidelity Pursues Ethereum ETF Despite Potential SEC Hurdles

Fidelity Investments has taken a bold step in the cryptocurrency market by submitting a Form…

3 hours ago

Dogecoin Surges To New Heights Amidst Memecoin Frenzy

In an unexpected turn of events, Dogecoin, the beloved dog-themed memecoin, has skyrocketed to its…

3 hours ago

AGIX Token Unlock Boosts JasmyCoin Surge: BDAG Sold 4000+ Miners

BlockDAG Flies High with 4100 Home Miners Sold! AGIX Token Unlock Causes Frenzy! Jasmycoin Witnessing…

16 hours ago

From Rags to Riches: The Story of $100 Growing Into $200K with Bitgert Coin

There have been a series of success stories about cryptocurrency making new millionaires. We’ve heard…

16 hours ago

Rising Expectations: Expert Forecasts BEFE Coin Reaching $0.01

The current bull run is still in the early stages, and the pace of inflows…

16 hours ago