By Cosmas Odoemena
Cryptocurrency is a medium of exchange that uses what is called cryptography to execute. Cryptocurrencies are classed as alternative currencies, or digital monies compared to fiat money or paper money.
In 2008, in a landmark paper, a Japanese, Satoshi Nakamoto, said he could make secure transactions or send money across to someone without a bank as an intermediary. That bank charges were often too high. People thought it was not possible. So, in 2009 he developed Bitcoin. It was the first decentralized cryptocurrency. Skeptics called it a scam. But it was working. Those skeptics watched Bitcoin rise in value from 0.1 cents to more than 1000 dollars in two years. Bitcoin was a success to say the least. Today there are more than 600 cryptocurrencies, or altcoins as an alternative to Bitcoin. Cryptocurrencies use blockchains or distributed ledgers to do transactions. The blockchain is like the internet for cryptocurrency.
The coins are created through a process called mining, just like mining gold. There is a mathematical algorithm involved. But Bitcoin had some problems. It was like a cult thing. Since it was born in 2009 there are just 250,000 people. It was not accessible to everyone. Also, it required sophisticated software to mine and you had to be technologically savvy. Bitcoin transactions were anonymous, which means you don’t know who is doing the transactions. So, it can be used to finance terrorism. So, it could not be integrated into today’s financial system.
Dr Ruja Ignatova, a Bulgarian, was a consultant to many cryptocurrency companies and one of those who advised Bitcoin. She suggested a change in all these things. But Bitcoin would not change. Dr Ignatova also realized that not only were the cryptocurrencies too complicated, they were not easily accessible to everyone, especially the unbanked.
So, to bring about these things in cryptocurrency, Dr Ignatova, developed the OneCoin concept, and in October 2014 founded OneCoin with a vision to make it the preferred cryptocurrency, and the future of payments. The value of the coin depends on factors such as usability, demand and supply. OneCoin will be widely used worldwide in online transactions, e-Wallet payment and MasterCard debit cards. Members who mine tokens are licensed to operate as merchants.
Dr Ignatova holds a Ph.D. in Law, as well as M. Jur, which she got from the University of Oxford and a Masters Degree in Law and Economics from the University of Konstanz. She is a former associate partner with McKinsey & Company. Her statement that Bitcoin will soon be history did not go down with them. So, somehow there has been smear campaign against her even calling her a witch and a scammer. But, to her advantage, the vision is even bigger than her, and bigger than any detractor.
With OneCoin, investors buy into a package that teaches them about cryptocurrency, gold and investment of the future. Each package gives you tokens or shares which are used to mine coins in the OneCoin exchange. Coins can be sold when you think your investment has appreciated.
OneCoin caters to every level. You can come in as an individual or a corporate entity. Many merchants are now part of OneCoin.
It has a social media site already and it is being planned to give Facebook and the rest a good run for their money. It also sells tablets, and has a Mobile App Builder M.A.B, so anyone can develop their apps, especially for Small and Medium Scale Enterprises, SMEs. OneCoin is now the fastest growing network found in the world, as well as the fastest growing brand.
OneCoin is the investment aspect, and has now been separated from the network marketing aspect, which is now called OneLife. The network aspect is optional, in form of a referral bonus, mainly done to drive the market, and it is paying off. OneCoin has 2.5 million people and still counting, even very fast. People join per seconds. No serious business will joke with that potential market.
In 2018, OneCoin will go public in the New York Stock Exchange, I believe, and it may be difficult to get in. Now it is like a penny stock.
More information can be gotten from these sites. https://www.onecoin.eu/en/ https://www.onelife.eu/signup/mediatrix
Incidentally, the person who taught me the business was taught at Masters level by Dr Ignatova at the London Business School. He said she is a brilliant woman who can hold her own anywhere. He said even if you were the CEO of Microsoft, if you were late to her lecture, you either stand up or stay outside.
And he told us: “I am yet to see a legitimate business in my 13 years as a Business Development Consultant that pays me £1500 weekly,” under 5 months, and the earning still rising.
With unemployment on the rise in Nigeria, jobless people and the youth can get involved in it and earn referral bonus at the least, as there is a free rookie account. Time spent online discussing non-beneficial things can be used to make business connections. To learn the business is easy.
Dr Odoemena writes via [email protected]