Cryptocurrency Vancoin - reviews and review of OneCoin

OneCoin cryptocurrency
OneCoin (ONE) is a kind of cryptocurrency, which in its operating principle is identical to Ponzi schemes and MLM networks, launched by One Coin Limited. It has established itself in the crypto community as a scam and a pyramid scheme. Users filed several class action lawsuits accusing the founders of fraud and misappropriation of investor funds.

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Important!

The OneCoin crypto scam website is closed at the request of law enforcement agencies

Free “cheese” is what people have always wanted, want and will continue to want. After all, few people understand that it only happens in a mousetrap. With the advent of cryptocurrencies in our lives, cryptocurrency scammers have appeared who try to lure funds from inexperienced users by any means.

Users are promised a large income in a short period of time and fed with promises of future millions. Unfortunately, in this case it is not the investors who become millionaires, but the creators of this fraud, as in the onecoin project.

And if we talk about a coin that uses a financial pyramid scheme, the most “famous” one is the OneCoin cryptocurrency, launched by One Coin Limited. In this article we will analyze in detail who and what is behind it, as well as why you should not blindly trust the promised millions.

• What is OneCoin
• History of OneCoin creation
• OneCoin rate and capitalization
• Where to buy, how to store and what to do with OneCoin
• OneCoin ICO
• Accusation of creating a financial pyramid and arrest of management
• Prospects for OneCoin

What is OneCoin

Cryptoscam
OneCoin is itself declared as a virtual currency based on blockchain technology. And the company quite seriously talks about it as an analogue to Bitcoin. But in comparison with “digital gold”, OneCoin has differences that are not at all characteristic of real cryptocurrency.

And if “bitcoin” was conceived as a decentralized system, then the currency in question is completely centralized. It has an emission of 120 billion coins, mined on the servers of the company itself.

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This cryptocurrency does not have a peer-to-peer network, and mining is carried out only by One Coin Limited itself. She also has full control over the database, and operations with the coin can only be performed through a personal account on the website or a controlled platform.

The One Coin Limited company offers its users to “earn money” without special technical knowledge, and, in general, without any knowledge at all. There are several “packages” for this, costing from €110 to €27,500.

Some write that the price of such a “package” can reach up to €118 thousand.

For this money, the user receives a certain number of tokens, which the company itself later offers to send to itself for mining and start “making a profit.” After all, she is the one doing it.

Types of splits on OneCoin

Let’s say that if you buy the Starter package for €110, the investor will receive 1000 tokens. Next, the user can double the tokens through a split. Note that these tokens are not yet the main coin (OneCoin), but a simple intra-platform unit.

And in order to receive OneCoin itself, the user needs to send the purchased tokens for mining to extract OneCoin itself. It is currently unknown how much the mining costs, but as of 2020 it was equal to 63 tokens. That is, if you have 1000 in your account, you will receive 15 OneCoins.

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Official website of OneCoin.

Main differences from cryptocurrencies

The official website, which is rarely updated today, provides an explanation of the cryptocurrency. It is positioned as a clear competitor to Bitcoin. The system and algorithms are supposedly the same. It is stupid to criticize for this, since the BlockChain algorithm really shows itself very well and has already been implemented in other, real cryptocurrencies.

Another negative point: the company’s monopoly on currency mining. That is, if there is mining in a real altcoin, then it is the task of the system participants. If this is not provided, then this type of emission cannot exist.

Onecoin claims that mining exists (and should exist if Bitcoin structures are used), but the company itself mines, and its users are not granted such a right. As a matter of fact, even after mining, you would not be able to sell these coins anywhere except on the official VanCoin exchange. And this exchange is a half-living spectacle with a large supply and absent demand. You can only buy coins here. There is no access to the network, and there is no talk of posting on popular sites.

All information about transactions and available amounts is stored in the documents of the company itself. All trading processes are controlled by it. This means that the principle of decentralization is clearly violated here; therefore, we can fully conclude that OneCoin is not a cryptocurrency, but is exclusively a financial pyramid. It was possible to earn money here only in the initial stages, and only if a dozen of your referral partners connected to the network. Network marketing and nothing more, and it takes away capital.

History of OneCoin creation

History of Onecoin
The One Coin Limited company was founded in the fall of 2014, and its director until 2020 was Dr. Ruja Ignatova. Then the post of leader was taken by her brother, Konstantin Ignatov, and Pierre Ahrens became the general director.

The company says OneCoin is different from other cryptocurrencies because it is the world's first private blockchain. And to capture the retail sector, the distribution company OneLife was created. In fact, this is an MLM network where each participant has the right to attract new users and make money from it.

According to One Coin Limited, the strategy is aimed not only at making money from investments, but also at establishing a large-scale user network. The company is also trying to promote its currency as a means of payment. In fact, all this is more reminiscent of some kind of modern Ponzi scheme.

Also watch an interesting video about Onecoin crypto scam:

Cryptocurrency scam Onecoin

OneCoin rate and capitalization

Onecoin rate
Unlike almost all other cryptocurrencies, the rate and capitalization of OneCoin cannot be found on the CoinMarketCap website. This coin is simply not there. All information is located only on the official website of the company.

Have you ever heard of a cryptocurrency whose price has been trending upward for five years? Now we have heard.

At the start in January 2020, one OneCoin cost €0.50. As of December 2020, the price of the cryptocurrency has risen to €29.95.

Finding information about mined blocks and capitalization of the OneCoin (ONE) cryptocurrency is not so easy. And it’s clear why. When you see these unsubstantiated numbers, the word “scam” comes out on its own.

At the end of January 2020, 33,035,550,000 “OneCoins” were mined (after this, the information on the site is not updated, and then you will find out why). At that time the price was at €20.75.

Based on this, the total capitalization of the OneCoin cryptocurrency amounted to more than €686 billion. That is, more than the total capitalization of all cryptocurrencies at the moment ~ $211 billion.

OneCoin cryptocurrency rate

Where to buy, how to store and what to do with OneCoin

Where to Store OneCoin
Unlike regular cryptocurrencies, OneCoin cannot be found on any exchange.

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That is, in order to receive this coin, you need to contact the company and invest in it. After this, the user receives the coveted tokens and the right to earn money from mining.

At the same time, the company generously rewards its investors. Depending on the amount invested, the user receives one, two or three splits. A split is an opportunity to double your coins every 8-12 weeks.

Tokens are stored in a wallet built into your personal account.

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At the moment, OneCoin can only be sold on a platform controlled by the company called DealShaker.

This platform was opened at the beginning of 2020 for online sales of goods and services for the OneCoin cryptocurrency. DealShaker is built quite interestingly: even with tokens on the account, the user will only be able to buy various trinkets with them, and if he wants to purchase a more expensive product, he will have to pay extra.

Any offer on DealShaker is a combination of the OneCoin (ONE) cryptocurrency and the euro. The seller can only accept 50% of the funds, the rest he will receive in cryptocurrency. And when it comes to buying a watch or a car (yes, this is also possible), the buyer will not be able to pay 100% for such goods in OneCoin. Fiat currency will have to be paid in any case.

Working with a wallet

Let's look at how the deposit and withdrawal processes occur on Coinpot.

Refill

Select the desired cryptocurrency and click the Deposit button.

Click Generate Deposit Address to see the address to which you can send money. A QR code will also appear - if you use a mobile wallet, you can use it to scan this code and immediately begin transferring.

Send the required amount of cryptocurrency to the specified address. Do not send less than the minimum threshold (it is indicated in the blue box), otherwise the funds will not be credited to the account. The deposit is received after 1 network confirmation of the transaction.

Withdrawal from faucet to Coin Pot wallet

Coinpot works with the following cryptocurrency faucets:

1. Bonus Bitcoin
2. BitFun
3. Moon faucets (Bitcoin, Litecoin, Dash, Doge, Cash).

For example, we use the Bonus Bitcoin faucet. Register on it using the same email as for your Coinpot account.

Confirm your email address using the link in the letter.

Find the Claim Now button on the page and click on it after solving the captcha.

The Coinpot wallet balance was immediately updated.

Similarly, you can collect cryptocurrency from all faucets that your wallet supports at once, which is very convenient.

Withdrawals

To withdraw cryptocurrency to a third-party wallet, click Withdraw on the page of the coin you are interested in.

At the top of the window you can select the output direction:

• There is no commission for a regular Bitcoin wallet
• Mellow Ads advertising network – no commission
• FaucetFly Wallet – 1.5%
• FaucetPanet – 2%
• ExpressCrypto – 1%
• FaucetPay – 1.5%
• MicroWallet – 1.5%

Insert the recipient's address, enter the amount of cryptocurrency and confirm your action with a password. Then solve the captcha and click Withdraw. A confirmation email will be sent to your registration email. Withdrawal takes up to 48 hours.

Limits on input and output

When depositing and withdrawing, consider the minimum amounts:

OneCoin ICO

ICO OneCoin
Despite the statements of the company management that the OneCoin cryptocurrency is supposedly already used by several million people, they decided to conduct an ICO. Users were offered to buy One Coin Limited tokens – called OFC.

From October 8, 2020, anyone could become a participant in the ICO. Why is OFC cryptocurrency needed, you ask. Everything is simple to exchange it for OneCoin in the future. At the same time, the company insisted that investors do not get rid of the coin immediately after release, but hold it in their account for at least a year. So, according to them, it will be more profitable.

Against this background, One Coin Limited announced the opening of its own exchange, XCOINX, where it will also be possible to sell brand new OFCs in the future. The ICO was supposed to end at the end of October 2020, and investors were promised that part of the OFC could be sold as early as January 2020. But at the time of writing (December 2020), there is no news on this topic yet.

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You can track the latest news about the OneCoin scam on our website

True, the exchange is still undergoing mythical “technical work”, and investors are sitting with useless tokens. And, apparently, the company is unlikely to continue to exist.

Cryptocurrency to dollar rate

Current rates of cryptocurrencies to the dollar - follow the fluctuations online. Information comes from the largest exchanges and is processed in real time. You can see exchange rate changes for most of the most popular fiat currencies. Online charts, automatic converter and news will allow you to quickly navigate the current market trends in the relationship between the dollar and cryptocurrencies.

It is always worth remembering that the cryptocurrency exchange rate is quite volatile. It can either grow by several percent in a couple of minutes or fall. This volatility attracts most investors, who constantly monitor the price of cryptocurrency in order to buy at the lowest price, and then wait for growth to sell at the highest. You can buy cryptocurrency quickly and at a favorable rate in the Matbi online exchanger. The service has been operating for more than five years and can offer users not only the exchange of cryptocurrencies, but also their reliable storage. Matbi's built-in crypto wallet supports four leading cryptocurrencies: Bitcoin, Litecoin, Dash and Zcash. A high level of protection for users’ crypto assets is provided by “cold” wallets, as well as three-factor authentication when entering your personal account (PIN code, email code and SMS code, which can be replaced with Google Authenticator). The service is also interesting to users, as it includes a multi-level affiliate program. 24-hour technical support promptly answers all user questions. How to become the owner of cryptocurrency in Matbi is discussed in detail in this video.

Estimate!

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Accusation of creating a financial pyramid and arrest of management

Arrest of the creators of OneCoin
At the beginning of March 2020, the current leader of the OneCoin cryptocurrency, Konstantin Ignatov, brother of Ruzha Ignatova, was arrested at Los Angeles airport. He is accused of fraud and creating a financial pyramid.

According to the United States Attorney's Office, Ignatov and his sister misled investors around the world, resulting in people investing billions of dollars in the fraudulent scheme. They are accused of building a billion-dollar cryptocurrency company based entirely on deception.

“OneCoin is a cryptocurrency that exists only in the minds of its creators and accomplices”

– said FBI Assistant Director in Chief William Sweeney

He noted that unlike other cryptocurrencies that keep records of investors' transaction history, OneCoin did not offer any way to track the money. That is, this cryptocurrency has no real value.

Onecoin scam

And you need to understand that the arrest of the Ignatovs was a matter of time. The first messages from regulators regarding OneCoin began to arrive in the fall of 2020. First they did this in Ruzha’s homeland, Bulgaria, where they informed potential investors that OneCoin was a fraudulent organization.

Subsequently, similar statements came from the UK, Italy, Finland, Germany, Vietnam, Hungary, Sweden, Latvia and even Kazakhstan. Trading for OneCoin in these countries is prohibited. But this did not stop the organizers from entering other markets in less developed countries.

And if you go to Google trands and type in “OneCoin”, you can see that over the past few years this “cryptocurrency” has been of interest in not the most developed countries of the world, with the exception of Finland, where more than 20 thousand OneCoin investors were affected.

Investors in OneCoin

The company's website states that it complies with the laws of the countries in which it operates and has all the necessary licenses. But financial regulators in different countries say the opposite. One Coin Limited and OneLife Network ltd are in fact trading without licenses and permits, misleading investors.