General OneCoin FAQs
What is OneCoin?
OneCoin Limited is a global company with key markets in Europe, Asia, Latin America and Africa. With worldwide operations, the company has opened offices in Europe, Hong Kong and the UAE. Its commitment to growth has led to fast expansion due to its vision, management team, innovative business concept and business strategy. Since its launch, OneCoin has created a community of millions of miners.
By acquiring an educational package, each client gets access to a respective subject of study and the opportunity to gain an in-depth knowledge in financial markets, cryptocurrency, trading and investing. The educational packages are developed in partnership with university professors and presented through the OneAcademy platform.
A global provider of financial services, OneCoin helps its miners to make payments easier and faster by providing education and simplifying cryptocurrency. You neither need a server to mine OneCoins nor a bank account nor an escrow agent in order to make payments anymore. You only need a OneCoin account and a laptop, tablet or a phone. Everyone can transfer money with OneCoin.
OneCoin gives instant access to easier, faster, safer and low cost financial services. OneCoin can process your transfer in a minute from any part of the world to another. And most importantly – mining the coin, transferring money and making payments with OneCoin is absolutely safe.
What happens when I join OneCoin?
When you open OneCoin account, you receive e-mail verification, confirming your registration as a client. We also automatically create an e-wallet for you. As a company that offers different services, we allow people to join and see for themselves how our business works. This however does not grant access to all products and services. If a client wants full access to all OneCoin's offers, then s/he must go through a KYC application process. Because of our centralized model, we take care of all technical aspects, ensuring that your mined coins are safe.
How does it work?
To use OneCoin cryptocurrency you need to create an account at OneCoin. This happens by invitation from another miner, thus you become a part of the OneLife Network global community. You are supported by our education platform via OneAcademy, by your OneLife Network and by the Support department.
You need to decide what your business objective is when creating an account at OneCoin - to benefit from our learning platform, to mine the coin, etc. Besides mining the coin, you can also make payments and transfer money from any part of the world fast, easy and safely.
What is OneCoins market capitalization?
Calculate the market capitalization of OneCoin: Number of mined coins multiplied by market price.
What is blockchain?
The blockchain is a digital technology for recording and verifying transactions. It is a key concept behind innovations related to cryptocurrencies in general, and OneCoin in particular.
The blockchain was first introduced as an alternative mechanism for the trust between two parties that make transactions that differentiated it from the way traditional institutions like banks or escrow agents processed payments.
Most recently the blockchain is considered a powerful tool that can provide new products and services, and improve traditional ones. The number of financial institutions and firms across industries that are using the distributed ledger technology as a secure and transparent way to digitally track the ownership of assets is constantly increasing. This is a move that helps companies to speed up transactions and cut cross border remittances while lowering the risk of fraud.
At OneCoin, we are able to execute your transactions in a minute thanks to the powerful blockchain – a technological innovation that stores cryptocurrencies. The OneCoin blockchain is based on protocols that authenticate, validate and store information in consistent, unbroken sequences. This guarantees that the system is safer by reducing fraud, duplicity and forgery. OneCoin is the first cryptocurrency company both storing KYC documents on its blockchain and performing a monthly audit of its blockchain
What is a cryptocurrency?
Like fiat currencies, cryptocurrencies function as a medium of exchange. Because it is based on cryptography, cryptocurrency is difficult to counterfeit. Cryptography protocols are used to make transactions safe and to control the process of new coin creation.
OneCoin cryptocurrency is not pre-mined, meaning that the miners create the market. OneCoin is easy to mine, easy to trade and easy to use. Thanks to the way OneCoin has structured its organization and operations, all mined coins are safe and cannot get lost because of a technical issue.
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. Therefore they are often compared to gold, hence called 'virtual gold'. The more a cryptocurrency is used, the more its value rises. With its millions of followers, OneCoin has quickly become the second largest in the world with a market cap of 2,9 Billion in February 2016.
Because of market specifics, Asian customers became early adopters of cryptocurrencies, recognizing their advantages such as making payments directly, without the need of expensive or unsafe intermediaries. Contrary to bank transactions, OneCoin offers faster, cheaper and easier way to send and receive money worldwide.
What is One Ecosystem?
Since its establishment in 2014, OneCoin is dedicated to have a coin for mass use in line with its vision to provide access to financial services for everyone. To fulfill our promise to the growing community using OneCoin cryptocurrency, we started creating an ecosystem around the coin.
We are proud to say that our clients can choose between a growing number of OneCoin products in the areas of education, investments, payments, exchange, business app solutions, trading and investing, entertainment and games, and more.
What is One Academy?
OneAcademy is an innovative e-learning platform covering a broad range of financial topics including trading, the stock exchange, cryptocurrency, financial analysis, asset management and more. Our mission is to provide our students with the guidance and educational materials they need to achieve financial literacy. Our 6-level program, developed by finance experts and academics, is highly-structured and easy to understand. Learn at your own pace and be part of the future of global finance.
What is OneLife Network?
OneLife Network is a network-marketing company with a strong mission to deliver engaging and life-changing products. We inspire our members through strong leadership and education on a full spectrum of team-building initiatives. Our Independent Marketing Associates are rewarded for their efforts in building a strong affiliated sales force through one of the industries most easy and dynamic compensation plans. The OneLife Network has the chance to mine the coin, use the coin and benefit from both the value of the coin and the wide rage of available OneCoin products.
What is One Forex?
Based on an award-winning platform, OneForex will be a unique marketplace for traders with all levels of experience. It provides retail investors with 24-hour access, five days a week to foreign exchange markets. OneForex will be the first exchange where you can trade your OneCoins against the worlds' major currencies. With OneForex, even a novice will be able to trade and invest like a real professional.
What is CoinCloud?
CoinCloud is a business app solution, developed for a wide range of devices. It benefits all OneCoin clients, who are looking for a top security solution for storing sensitive data, along with the opportunity to privately browse the Internet in one simple, brilliant app.
What is One World Foundation?
The One World Foundation is committed to bringing positive changes to childrens' lives. We believe that all children should have the chance to live up to their potential and develop their knowledge and skills. Our hope is that by supporting educational and social projects for children and the communities they live in, we will help even the playing field for future generations.
What is CoinVegas?
CoinVegas is the first online cryptocurrency casino, offering 100% entertainment to those of you, who would like to use their OneCoins and enjoy a wide range of online games, including those with multiple players.
Do I need any special software to mine?
No, just sign up and start mining cryptocurrency in your backoffice
When will the mining difficulty increase?
Please check the Difficulty Increase Barometer, located in your backoffice. The difficulty ratio will increase once that barometer reaches 100%
How many Coins can be mined per minute?
The OneCoin blockchain runs every minute and per minute there are approximately 50 000 coins mined in all pools
What does the blockchain show?
The blockchain shows the number of OneCoins that have been mined per block as well as any transactions that have already happened.
What is the algorithm of OneCoin?
OneCoin is not an ALTCOIN – this means we do NOT use the Bitcoin algorithm with small changes. We decided to use a custom made solution, which has elements of script and x11.
Does OneCoin comply with rules and regulations?
OneCoin complies with all rules and regulations that make payments and transactions transparent, safe and secure.
Currently legal challenges related to cryptocurrencies are mainly related to the anonymity of transactions and the decentralization of financial dealings. The authorities goal is to prevent the possibility of using cryptocurrencies as a means for criminal activity.
Therefore in order to prevent individuals from engaging in criminal behavior, OneCoin has taken active steps in monitoring the market and implementing rules aligned with the legal development. For example, to prevent money laundering, identity theft, financial fraud and terrorist financing, OneCoin has implemented KYC (know-your-customer) rules, thus disrupting any possible misconduct by its clients.
What is KYC?
KYC means know-your-customer. OneCoin uses KYC in order to prevent money laundering, identity theft, financial fraud and terrorist financing, thus disrupting any possible misconduct by its clients.
Why does OneCoin implement KYC?
By requesting documentation that proves the identity of each client, OneCoin makes sure that each transfer made using the protocol is not anonymous. Since global business opportunities demand a sophisticated international customer identification and verification solution, the KYC policy adopted by OneCoin includes identifying the customer and verifying the identity by examining reliable and independent documents.
All submitted documents of identity and details remain confidential. Each client must go through a verification procedure every time his or her identity information is changed.
The KYC information requested includes their name, residential address and date of birth/country, as provided to OneCoin upon account registration.
Could you please explain the OneCoin blockchain audit?
OneCoin is the first company in the world to audit its blockchain by an external, independent auditor. The objectives of the audit are to assess the consistency of the blockchain and to verify that no coins are mined outside of the blockchain, hence proving that all existing transactions are included in the blockchain and are consistent.
The procedure verifying the transactions requires that a number of automated tests are performed in order to comply with the objectives. The first procedure has to prove that all transactions are included in the blockchain and no coins are mined outside of the blockchain. The second procedure has to prove that the blockchain is consistent, meaning that each transaction inputs and outputs correspond and could be tracked back to the very first transaction.
The procedure verifying the blockchain has been designed to confirm that all blocks are consistent, i.e. that each block follows previous one and there are no errors in the block sequence. Secondly, the blockchain must contain the transactions validated in the tests from the previous paragraphs.
So far, the results from each blockchain audit clearly show that the OneCoin blockchain is consistent, meaning that there are no coins mined outside of it and there are no alterations to the blockchain. What the members see as a number of coins mined on the website is what actually happens and that there are neither more, nor less coins than those stated on the website.
The Audit of the blockchain proved that firstly, the blockchain of OneCoin is consistent, and secondly, that the number describing the amount of coins mined, seen on the counter on the landing page of the website, is true.
What is OnePay?
OnePay is a unique electronic store value account solution for easily accessing and transferring funds electronically. Also known as e-wallet, the payment platform is automatically created for each client from the first day they join OneCoin. Accessible from any location in the world, the world-wide payment network, proprietary payment platform and global payment solutions ensure payees that they receive their funds in a timely and cost-effective manner. OnePay is a trusted payments technology and a service provider to top-tier organizations across multiple industries. Payees enjoy the benefits of quickly receiving their funds and the ability to choose payment methods that are most convenient for them, including local bank direct deposit, branded prepaid cards and more.
I am trying to set up my OnePay Account. I don't know the password and when I select forgot password I am not receiving my password.
Please make sure you are using the email that you entered during the OneCoin account registration, please also check your spam folder.
Is cryptocurrency legal in my country?
Most countries have recognized cryptocurrencies as a commodity, which may be held or traded by their citizens.
How secure is OneCoin?
In terms of security OneCoin is extremely secure. There are four main reasons:
- We have a centralized Database with our client’s e-wallets and accounts. We back up this database several times per hour. For example, Bitcoin do not have a database like this, and whoever gets your “keys” can hack and steal your coins. Contrary OneCoin can track all transactions – and even a crash will not make coins disappear, as we back up very frequently.
Coins do not leave the e-wallets currently, they are transferred in the system. If another miner hacks your account – we can track immediately who, find out what happened and how did it happen and restore the balance.
Before money leaves the system, there are different checks to be made. So if someone “steals” your money, again s/he has to provide a bank account or other form of identification.
We use the https certificate as TRADING. If someone wants to load the website and has issues - he has to click: trust this website.
I am using an old laptop. Do I have to upgrade to a more powerful laptop after I join OneCoin?
OneCoin is not mined via any software locally installed on your laptop. The mining happens through the corporate website and the only requirement is to have internet and a web browser. You can use any browser such as Firefox for instance.