Onecoin has definitely made quite a name for itself for itself in a few years, but not until recently did they flood the African community especially Nigeria.. The people responsible for this project advertise it as a digital or crypto currency that will not only make investors rich over time but also provides a gateway to product and services. However, there are quite a few hitches regarding this ponzi scheme 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?
So what’s up about having so much without being able to use it as a legal tender? Now that is where the Onecoin project falls apart; 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 , 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 on the 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 it’s own created network. No one has ever been able to buy food or pay a bill with Onecoin directly, that much is certain.
Life is all about risks but some risks certainly don’t pay off. If you decide to invest in onecoin or bitcoin you should know that you stand the risk of losing your money. Bitcoin exchanges are entirely digital and are at risk from hackers, malware and operational glitches especially with the high rate of bitcoin phishing scams. There is no protection available to users or investors in these virtual currencies from financial losses.