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REVIEW THE OPPORTUNITY: http://www.onecoin.com
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OneCoin review: Cryptocurrency meets MLM
Launched in the shadow of the now-famous Bitcoin, OneCoin is a newer cryptocurrency MLM that hopes to lure late-comers to the trending digital currency scene.
Oh, to be a time traveler and go back in history to invest in things you know will go big.
Barring that, what�s the next best thing? It�s this: riding the coattails of a hit concept that�s so big it stays strong for years � cryptocurrency.
That�s exactly what the founders of OneCoin hope will happen with their encrypted digital currency product.
They make no bones about riding the Bitcoin wave. The OneCoin website is peppered with phrases like �is OneCoin the next Bitcoin?�.
In case you�re new to the world of cryptocurrency, or the world of Bitcoin, here�s a brief intro. The easiest way to explain OneCoin is to explain Bitcoin.
Bitcoin is an alternative currency system that�s meant to replace dollars, rubles, whatever.
There are no physical bitcoins because they exist only virtually. Digital currency is not backed by any particular government and not regulated by any organization.
People use digital currency to purchase things online but increasingly you�re able to spend bitcoins in person, too. According to Bitcoin City (1), for example, there are 2 restaurants and 3 retail stores in the NYC now accepting Bitcoin.
While that�s not much, keep in mind that although Bitcoin was the first (arrived on the scene in 209) digital currency, this whole industry is still very much in its infancy.
Here�s what people love about cryptocurrency:
cryptocurrency is anonymous: no need to give your real name in transactions
no banks are involved
international payments are easy and cheap
there�s no regulation!
no credit card fees for accepting cryptocurrency
It�s this last point on which OneCoin has built its business. Hoping to cash in on the fervor created by Bitcoin in recent years, OneCoin is a digital currency system plus a home based business opportunity. Sell OneCoin opportunity to people under an MLM structure and earn commissions, bonuses, and residual income.
OneCoin�s marketing team is of the magnanimous school of advertising. In movie-trailer voiceover style narration, they ask �How to you take advantage of all the OneCoin opportunities and more?�. In similarly breathy and dramatic fashion they offer the following tidbits:
This is the year of gold. OneCoin offers trading in a �hybrid cryptocurrency�, the first one ever (the hybrid being gold and digital currency).
Liquid gold allows for fractions of gold to be transferred instantly. With OneCoin, you are both owning gold and profiting from cryptocurrency (good buzzwords in there).
Their �powerful and exciting leadership program recognizes your personal achievement since the first day you joined OneCoin�.
As you can see, their marketing department is a little on the dramatic and hokey side. Maybe because that�s OneCoin is based in Europe? Their website does actually admit they focus on developing their brand in South East Asia, Europe, India, and Africa. Are they implying those markets especially vulnerable to cheesy-sounding infomercials?
If you�d like to see the dramatic Darth-Vader sounding presentation for yourself, it�s on YouTube (2).
Where�s all that energy coming from? For starters, OneCoin knows people viewing their videos will probably be aware of the fact that a lot of people got very rich trading BitCoins.
If you had invested in BitCoins last fall, you would have seen a $200 investment turn into $1,146, according to Coinbase, which tracks bitcoin prices. (3)
Coinbase also reveals that since the first of this year, the number of bitcoin transactions has gone from zero to a spike at 240,252 in July.
By buying into the OneCoin family, you are opening up chances to trade in not only OneCoins but also Aurum Gold Coins. These Aurums are the �hybrid currency� mentioned earlier. Unlike OneCoins they are backed by gold.
Keep in mind the actual OneCoins and Aurums are not what you�re getting when you choose and pay for a OneCoin starter package. You�re simply buying an education so you can start mining and trading in one or both of the OneCoin currencies.
OneCoin calls their opportunity �OneLife�.
You can join at the �Rookie� level for free. You get a free e-book entitled �Think and Grow Rich�, plus the OneCoin newsletter. But realistically speaking if you want to earn commissions, you�ll need to put up some cash for the Starter package (100 Euros). It�s hard to sell something you haven�t seen.
Want to really dive in? Of course there are higher packages on up to �Premier Trader� which costs 12,500 EUR.
What do you get for your investments? Depending on how deeply you dive into the company, you get various levels of OneCoin�s online education programs. They show members how to trade the currency and how to profit from mining the OneCoins.
Sell new packages to recruits and earn 10% commissions. Build a team under you and reap rewards on a residual structure. Leadership ranks are based on team sales in a typical MLM setup. Commissions are calculated based on the weaker leg in your binary tree of team members. Commissions are based on your rank.
An important note on the income available through OneLife. In one area of the company website it�s mentioned that members are issued vouchers which can be redeemed only through the OneLife system. The vouchers are good for �lifestyle� rewards such as travel, hotels, restaurants, and experience days (whatever those are. Excursions?).
60% goes to your OnePay card and 40% goes to our OneCoin currency trading account. However, the wording of the OneCoin compensation plan makes it sound like affiliates earn cash. Tricky tricky!
The company website states there are currently over half a million members.
The digital currency market was once very hot. Who�s to say it won�t get hot again?
Most would say digital currency is definitely here to stay, and those who invest early for round two may just see great things happen.
OneCoin could be the leader of Round Two in the cryptocurrency game, but that doesn�t mean you�ll get rich and quit your 9-to-5 with them.
If you want to build a real business that doesn�t involve selling products to family members and friends, there is a better way.
After reviewing well over 200 opportunities, here�s my #1 pick.
(and it�s not even close 🙂)
OneCoin is a digital currency, based on cryptography and created through a process called 'mining'. Just like the serial number on a paper bill, each digital coin is unique.
Unlike money issued by governments, there is a finite number of OneCoins, ensuring they cannot be affected by inflation and are impossible to counterfeit. Because cryptocurrencies are not tied to any particular country or central bank, the value of the coin depends on factors such as useability, demand and supply.
When joining OneCoin, users become part of a global network of millions of OneCoin miners, who are able to choose among different ways to use their OneCoins. You can mine the coin and benefit from its value. You will also be able to make payments and transfer money to and from any part of the world.
OneCoin's new and unique blockchain will set a new industry standard by storing KYC information, running every minute and is tailored to customer and merchant needs.
Learn more: www.onecoin.eu
OneCoin is a Ponzi scheme promoted as a cryptocoin with a private blockchain. It is promoted by offshore companies OneCoin Ltd (Dubai) and OneLife Network