Over the past few years, a lot of people have made a strategic investment in a “cryptocurrency” called OneCoin. The people operating this scam claim OneCoin is far superior to Bitcoin in every aspect, yet they have very little to show for it. Every time someone tells how great OneCoin is, rest assured they are either lying through their teeth or have not looked into the program properly. OneCoin is lying to its users in several ways, as you can read below.

#3 Onecoin is a currency

Unlike Bitcoin which is not tangible, but does exist, OneCoin is nothing more than vaporware. There is no OneCoin currency, simply because the people responsible for this scheme have never bothered to create it. What does exist, however, is a multi-level marketing scheme that is borderline Ponzi Scheme, where people who invest their money will eventually end up with nothing to show for it.

On the surface, MLM schemes are perfectly legitimate, and people can earn a decent amount of money from them. With OneCoin, however, they took the aspect of cryptocurrency and slapped it on the MLM business model. That does not make it more – or less-  legitimate by any means, but it seems to obfuscate the truth by quite a bit.

#2 Onecoin has a blockchain

Anyone who has ever heard a OneCoin representative talk to other people may have noticed they keep referring to a blockchain. When asking these people what a blockchain entails exactly, they seem to dodge the question and not give a straight answer. Even the people in charge of OneCoin are incapable of explaining how their program’s blockchain is supposed to work.

That should not come as a surprise to anyone, as there is no OneCoin blockchain. After all, why should there be, as there is no OneCoin currency either. OneCoin is the overarching name of this MLM scheme, but it is not a cryptocurrency, despite what most of their representatives may want the world to believe. The lack of a Blockchain and the lack of a use make OneCoin nothing more than a fancy name, rather than an actual currency.

#1 OneCoin Is Better Than Bitcoin

Don’t be tricked into believing OneCoin is a legitimate currency by any means. Although this MLM scheme provides some limited services and products to people who are brainwashed into joining this program, it is not a way to improve financial inclusion on a global scale. That privilege can only be granted to Bitcoin and the handful of other legitimate cryptocurrencies in existence. OneCoin is not one of them.

That being said, virtually every OneCoin supporter will gladly tell you how this MLM scheme is superior to Bitcoin in every regard. These statements should be ignored, as they are based on half-truths and biased information. Members of this scheme are indoctrinated in such a way they tend to forget all common sense. Most of these people have never even used Bitcoin, so they can’t begin to compare the two systems. Rest assured OneCoin is not superior to Bitcoin in any way. In fact, they can’t even be compared, as one of them is real, and the other is a fraud.

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.