Categories: EducationFAQViral

What is OneCoin?

The OneCoin program has gotten a lot of attention over the past few years. As a result, there is a lot of false information out there. Anyone can see OneCoin is a clear scam and a program that aims to piggyback on the success of existing cryptocurrencies such as Bitcoin. Below the surface, there are quite a few fishy things going on with OneCoin, even though the project continues to attract a lot of investors from all over the world.

OneCoin In a Nutshell

It does not take a Master’s Degree to figure out what the objective of OneCoin really is. The project advertises itself as a multi-level marketing 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 program in the first place.

Any program referring to itself as a “once in a lifetime opportunity” should be scrutinized. OneCoin is no different in this regard, especially when considering the website – nor company – provides any meaningful content and research related to their own project. One would expect from OneCoin to at least provide some credible evidence as to how the project makes money, but that is not the case.

Things only get weirder when we look at the apron responsible or founding OneCoin. The infamous Dr. Ruja Ignatova is responsible for the creation of OneCoin, and she used to oversee day-to-day operations. Interestingly enough, she stepped down a few months ago once OneCoin started attracting attention from legal departments and governments all over the world. She fled the sinking ship right on time, one could say.

Related Post

Dr. Ruja Ignatova was born in Bulgaria and claims to have a degree from Oxford University. This degree is subject to controversy, as she claims it was opened in 2004. The OneCoin website, however, showed a document dated to 2009. A very strange discrepancy which no one has been able to solve to this very day. Moreover, Dr. Ruja’s employment with different companies prior to founding OneCoin remains a big mystery as well.

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 how this project has nothing to do with cryptocurrency and blockchain technology. There is no OneCoin blockchain, it is not a currency, and the “OneCoin” can’t be traded anywhere else but through the centralized platform itself. All of these warnings signs can only lead to one conclusion. OneCoin is a big scam, and should be avoided at all costs.

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

Aptos (APT) and Tron (TRX) Prices Slide, As Volume Soars For Rollblock Suggesting Parabolic Rally

As Aptos and Tron prices take a recent downturn, the spotlight shifts to Rollblock, whose…

4 hours ago

Altcoins to Watch in November: Binance Coin (BNB), Rollblock (RBLK), and Neiro (NEIRO)

As the crypto markets roll into their most bullish time of year, we present three…

4 hours ago

Analysts Forecast $1 for Cardano and Lunex Network As Dogwifhat Plunges To Former Lows

As the crypto market prepares for a major rally, experts believe that two top altcoins,…

4 hours ago

Retail Traders Panic Sell During ‘Fake Dip’; Whales Hold Tight to SOL, DTX, and SHIB for a Millionaire-Maker Bull Run

Solana (SOL): A Strong Ecosystem Despite Volatility Solana (SOL) has been all over the place…

5 hours ago

Llama 3.2 Predicts Price For Dogecoin: $2 Peak By 2025 And $5 Rally For DTX Exchange This Winter

Cryptocurrency trends are keen on the forecast that was recently released by Llama 3.2 model…

6 hours ago

Crypto Whale Sparks 8x Surge In $OPK Price with Massive Buy-in

A mysterious crypto whale, who previously invested 9,600 SOL into tokens $Pnut and $FRED, has…

7 hours ago