I remember the first time I came to know about the cryptocurrency, it was confusing and could not make sense. I know that may happen to you also since many don’t understand with the first time. So, the question in my mind was “how can an invisible currency take over what I already know as money?“
To answer my questions, I had to read a lot. So, I went online and got materials that could inform me what I wanted to know. To say the truth, there was a lot to read about crypto and I felt left behind. I didn’t know crypto was a world known thing.
During my search for the knowledge of the digital currency, I came to know a lot. The currency took the world with a storm and many investors have been keen to also know and get to invest in the coin. With the information, I knew I should act to know more, I went ahead to own the coin.
As I was reading online, I came to know that bitcoin is the pacesetter of the rest of the coins. It is the oldest and one of the coin that has been widely accepted in many countries and is in use. I studied the market how to acquire the currency and I went ahead and bought the coin.
When it went online to buy the bitcoin, I noticed that bitcoin was not the only crypto in the market. There are so many other coins called the altcoins that have been developed to compete or complete the bitcoin and that has been doing well in the market. A good example is the Ethereum.
Well, it’s not that I own a lot of bitcoin but through buying the little I have, I have learnt a lot about the digital coin and what the coins entail. I have come to know that there are many more currencies coming up in the aim of making bitcoin better.
Amid all this, I was lucky I was able to access all the information that I got, I wondered how many investors don’t know about the crypto but want to invest in the coins. That is why I decided to dig more and know more about the upcoming altcoin. That is how I came across One coin.
Why One coin?
In all the cryptocurrency that I have come across, none has hit the headline than the One coin. That is because of the negative publicity that has been associated with the coin. I decided to dig more and know what the coin is all about and whether what is said is true or not.
What is One Coin?
According to their website, one coin is a new currency that not hit the market yet. It was designed to be different from the bitcoin in terms of mining, trading and transacting. The aim of the coin founder is to popularize the use of the coin by offering various services.
It is a coin that was founded in the year 2014 by a Bulgarian woman by the name Ruja Ignotora of Sofia. She is claimed to be well learned and has a diverse background when it comes to financial transfers and other system management.
One coin has a different structure, all in the name of being different from the bitcoin. when it comes to its operation, according to their website, they claim to be honest, straightforward and tend to involve the owners of the coin in matters that involve the company.
When the coin came to be known, it was all thanks to Ones coin LTD and one life network offshore companies who have been active in the promotion of the coin. Their aim is to come up with a coin that is easy to mine, easy to trade and easy to use.
If you are to read more about the coins, you will find out that the founders go ahead to explain how easy it is to mine the coin. They say that all the coins are generated by mining but have a different structure from that of the bitcoin, so, what is their structure?
They use the basis of network marketing. The more you get to market what they have, the more you get to gain in terms of bonus and token from them. For you to get coins from them, you must purchase learning materials from you that will enable you to know more about cryptocurrency.
They claim it is through knowing about the cryptocurrency that you can make an informed decision when it comes to investing. They offer learning materials to new users in the name of you are supposed to learn first before you earn from the coin.
If you are interested in the coin, as a beginner, you are supposed to buy a certain level of reading material using your fait cash. After that, you are supposed to invite other people to join them so that you can earn the coin they have promised. They sell more and more reading materials in levels.
What is suspicious about One coin?
If you are a smart investor, you must be able to know what is true and what is not. When it comes to the One coin, a lot of things do not add up. Well, if you look at their website, there are a lot of gaps and question s that need to be answered and no one is available to answer them, they include;
Their website s shady. It does not provide complete information that can convince an investor to put his or her money into the coin. They give a lot of information that does not seem to add up and when you read more, many questions pop into your mind.
A website should be clear. that is because it is the first platform a potential investor would look for information before he or she put his money into. At the website, you are referred to the founder link and upon clicking on the link, the link takes you to a coming soon page with raises questions.
One coin is an altcoin. They are supposed to complement or to some extent compete with the bitcoin. that means that they should be made based on the bitcoin fundamental principles. Anything that is made outside the bitcoin main goal is not crypto.
The founder claims that One coin is easy to mine, but it does not follow the basic rule of peer to peer confirmation rule. There are some who say the coin is pre-mined and owned by developers. There is no clear guideline on how the coin is mined and how new coin is generated making it suspicious.
- The function of the coin
Cryptocurrency was meant to make transactions easy. Compete with the way e transact our traditional currency. Founders make the digital coin to make transactions more easy, borderless and transactions safe and secure, is that what is offered in the One coin?
When it comes to transactions, there are no proven transactions that have taken place using the One coin. That is because they complicate the process of you earning the coin. They also don’t have the coin in circulation making transactions difficult.
When it comes to transaction across borders, that has been at the centre of the controversy. That is because the coin is not accepted in many countries. Many nations including the USA have been burning the use of the coin due to its suspicious nature.
When you own the bitcoin as I do, you are free to trade the coin. You can pay for goods and services, you can be able to hold it in your wallet for future use and whenever you want to sell the bitcoin into fait cash, you can freely do so and get the money you want, that s what liquidity is all about.
When it comes to the One coin, there is no clear indication on how you will get your cash back if you ever feel the need to do so. They will give you various way in which you will invest in the coin but there is no clear platform or way in which you can trade the One coin to get back your cash, suspicious right?
- Hype marketing used
When you are dealing with cryptocurrency, you want to feel safe and your investment secure. You can only do that is you know you are dealing with legit companies right? As an investor, you must be able to see the legality of the whole process.
If the digital is meant to meet financial services needs, you must be able to see it in its way of working and the technology involved must be legal like the one of ASIC and SEC. it is evidently not seen when it comes to the operation of the company making people doubt it.
- People behind the company
This has been a matter that has been under scrutiny since the coin surfaced. The founder, Ruja Ignotora is a controversial person. She claims to be highly learned and has attained a lot in terms of knowledge but there is no single evidence to back the information.
The co-founder is controversial too. He has been mentioned in many pyramids and controversial schemes making you wonder what he is doing differently in One coin for him to be trusted. He has been arrested and tried in court for various counts of corning people.
- The company launching the coin
The company involved in the launching of the coin says a lot about the coin. If the company is suspicious and has a lot of controversy surrounding it, you will expect their product to be suspicious too right? Well, that is the case with the One-coin sponsoring companies.
Little is known about the company. No clear indication of their location and what they do. When it comes to explaining the coin, everything is not clear and whichever link you are given for father questions, the page is not available, can you trust such a company?
Is it a scam or not?
With the information around the internet, it is hard to know what is true and what is not. When you read and search for more information about the One coin, a lot of information are indicating that it is a scam, but I will not be quick to judge the coin.
There is some explanation that tries to explain why the coin is termed as a scam. Some claim that they are paid blogs paid so that the information can be ranked high when searching for legit coins among the digital coin. Have they tried to clear the air?
Unfortunately, not. A lot has bee happening to the One coin including the ban in different countries. No founder is actively defending the claims and in fact, what can be seen is the site actively telling people to invest their money through suspicious academy reading materials.
There have been several court proceeding regarding the coin and nothing seem to change when it comes to the coin. There is no known value of the coin or where you can trade it, the only thing that is clear is how you are supposed to put your money into the company.
As an investor, I will be cautious when it comes to the One coin. It is a young coin yes, it may need a lot of improvement of Couse yes, but the principle behind and the people behind the coin are scaring investors. No investor wants to put his or her money in a fishy run digital currency.
Whether the One coin is a scam or not, it’s up to you to read more and decide. Based on the information out there, you will be able to make an informed decision based on your principals as an investor. As yourself what drives you into investing in digital currency and see if one coin is providing the solutions you want.