What is cryptocurrency?
Cryptocurrency is an innovative development– a medium of exchange designed around securely exchanging information which is a process made possible by certain principles of cryptography. Fundamentally, cryptocurrencies are specific digital currencies that use the principles of cryptography to implement a distributed, decentralized and a secure information economy. The first and most popular cryptocurrency is Bitcoin, launched in 2009 and was the most successful financial product last year, with a 75x value increase in 2013.
What is OneCoin?
One coin is a new state of the art digital currency – it will become the new Bitcoin. It also can be transferred instantly between people. OneCoins are traded on a private exchange and is sought to be a very profitable digital currency and the next success story in the industry.
What is Bitcoin?
Bitcoin is a software-based payment system developed by Satoshi Nakamoto and introduced as open-source software in 2009. Payments are recorded in a public ledger using its own unit of account, which is also called Bitcoin.Payments work peer-to-peer without a central repository or single administrator, which has led the US Treasury to call bitcoin a decentralized virtual currency. Although its status as a currency is disputed, media reports often refer to bitcoin as a cryptocurrency or digital currency. Bitcoin is a distributed peer-to-peer digital currency that can be transferred instantly and securely between any two people in the world. It's like electronic cash that you can use to pay friends or merchants without any fees.
How can I buy OneCoins?
You can obtain OneCoins only if you become a member in One. OneCoins can be bought by members either with cash – or exchanged for tokens. Buy one of our educational packages, get access to the OneTokens – and trade them for the cryptocurrency OneCoin. You will be able to trade and profit from the coins on the OneExchange. Please ask the person who introduced you to the OneCoin concept how the token concept works or just watch any of the education videos in our back office.
What is the OneLife Plan?
The opportunity for you to be a part of the OneLife Plan, gives you a complete business model and tools to succeed in your new venture. You get rewarded for your work and there are several support systems in place for you to be able to succeed.
How can I pay for my education packs?
We provide several payment options for your purchase of our product packages and registration fee. Credit card, debit card payments as well as bank wire. One of the options that we provide to you is to pay via the OnePay e-Wallet. A safe and secure way for you to pay. Please click here for more information on how to use the OnePay e-Wallet.
What is the OneExchange?
The exchange is where the actual token and coins are traded among our members holders. The price of the coins is set by the markets natural supply and demand curve.
What are AurumCoins?
AurumCoins are a unique product – they are a part of our bonus system. They come as a free bonus with each of our education packages. These coins are very special as they are a hybrid cryoptocurrency. They are backed up with solid precious metal in form of Gold Bars, each AurumCoin represents 1 mg of real Gold stored in a Gold Vault.
How can I get AurumCoins?
OneCoin has a partnership with the GoldVault and can therefore offer its members AurumCoins as a free the education packages. Please ask the person who introduced you to the OneCoin concept and they will be able to help you further or look up in the educational material in the back office. Of course you can always buy additional AurumCoins and profit from gold.
Is this pyramid selling?
No. The compensation to Members is based solely on product sales and not on the mere recruitment of other Members. Depending on the level of product sales they make each month, they are eligible for sales bonus payment regulated by the OneLife plan. The higher the volume, the greater the sales bonus payout. Our sales representatives customers who have purchased one of our product packages, often choose to become members of OneLife and sell products themselves.
How can I register as a member?
You can become a member of OneCoin by invitation only. Normally you will get introduced by someone you know – who will invite you by email – or will simply tell you about the opportunity. Please follow the instructions in the sign up procedure and register! You then follow the sign up procedure in simple steps.
What is a start-up kit?
The start-up kit secures your position in the company and gives you the right information to get started with OneCoin, it also includes the e-book: The Richest Man in Babylon
When will my account be activated?
Please note that we need 3 business days to process your payment. Your account will be activated/upgraded as soon as your transaction is visible on our bank statement.
Why is the amount different on my bank statement?
Please note that the amount that appears on your bank statement may be slightly different due to FX rates that apply if your bank account currency is different than EUR.
What if I do not have 3D Secure?
You may still register for 3D secure services with your credit card issuing bank. For additional help, please contact your credit card issuing bank directly for the most up-to-date information about using 3D secured card.
What happens during a 3D secured credit card payment?
When you pay with a 3D secured credit card, the 3D secure service launches automatically. After you enter your credit card number and submit your payment, a 3D secure window will appear and your card issuer will display an authentication page. Enter your information and password and click submit. Once your identity is verified, your checkout continues.
What is 3D Secure for credit card payment?
3D Secure was created for Visa/MasterCard/ to further secure CNP's (Cardholder Not Present) internet transactions which creates a 'trust chain' for every secure payment made. This creation ensures users that even when shopping online all your information and transactions are exclusively meant to be used by you only. Each credit card has their own version, for visa it is "Verified by Visa", for MasterCard it is "MasterCard SecureCode".
What are the payment options available?
You may pay through bank transfer, perfect money, one pay or credit card.
MINING FREQUENTLY ASKED QUESTIONS
Where do I sign up for the mining? How do I mine?
You go to “Exchange”. Mining Menu. And on the lower left side you can sign up tokens for mining. You can choose the amount of tokens that you wish to mine. Or you can mine with all tokens.
Do I need any special software to mine?
No, you just sign up on the mining dashboard on the exchange in your back office.
How many OneCoins have been mined?
Please check the ticker on our website!
When will the mining difficulty increase?
It depends on the amount of coins mined. Please check the back office for more information.
How many Coins can be mined per day?
Per hour we can mine approximately 60,000 coins in all pools. This means 24 x 60,000= 1,440,000 OneCoins per day maximum.
What does the Blockchain show?
How many OneCoins have been mined per block. And if any transactions happened.
What will happen to the Tokens “escrowed for Cryptocurrency”?
It depends on which package you are. All packages that are not Tycoon and have already split ONCE will go into mining on a certain date. This will be announced by the company, so you have time to upgrade your account if you wish to do so. All Tycoon packages that have split once will NOT go into mining, but the company will wait until they have split for a second time.
How often does an account split?
Every account can split up to 3 times. Example: You buy a starter package. It splits once. You upgrade to Tycoon. It will split two more times. You buy a Tycoon package. Account splits 2x You buy a starter package. It splits once. You upgrade to Trader. It will split again once. You upgrade to Tycoon – the account will split only once more, as every account can split up to maximum three times.
Should I wait for a split before I mine?
Please stay tuned here. An exciting announcement will be made on Thursday!
How long do I have to wait until my coins are mined?
People are signed up and assigned to mining pools on a principle first come, first serve. Whenever a place is free you join a pool. If you sign up for mining, you can be 100% sure that your coins will be mined. Current waiting time is 2-4 days. But might change in future.
Why does it take so long for the block to be mined?
In the beginning, it will take longer period for the mining process.
When will I have coins in my account?
The mined coins are distributed once a day to the customer accounts. This happens around 08:00 GMT.
When does OneCoin trading start?
Currently there are not many coins mined. We will wait for appr. 3 months from first day of mining, until some more coins are mined and trading can happen. We expect trading to start beginning of May.
How many Tokens do I need to mine ONE OneCoin 5 Tokens.
Unless you sign up for service “Automatically Mining”. Then you can mine at 4 Tokens per coin.
Can you somewhere see if you have joined the mining?
Yes, in your backoffice (Exchange – Mining) it is saying “you are mining”. Soon you will be able to see with how many tokens and which pools you belong to. How can I mine for 4 Tokens per coin? Tick the box “Automatically mining”. This gives you a preferential rate for mining.
Is there a reason why NOT to choose the AUTOMATICALLY mining option?
No, actually this is the best option. You can mine NOW in the early days – and you mine 20% cheaper than other miners. And you still will get the split on all you tokens, if you are entitled to one.
What does “Automatically Mining” mean?
Mine automatically gives you a preferential rate for mining. Normally mining for OneCoin is 5 Tokens per coin. If you subscribe to the service “Automatically Mining”, you can mine the coin cheaper. If you tick the box “Automatically Mining” you are subscribed for this service for three months. You can also subscribe ALL existing tokens for 4 Tokens/Coin while you tick the box.
How will I receive a split on my tokens if I join the mining?
Our system records ALL tokens (from package and bonus/mandatory/exchange purchases) and will SPLIT all this tokens if you mine with them now. Should you have now 200.000 tokens (120.000 from your package, and 80.000 from your mandatory buy) and you mine with all of them – you will receive in the next split 200.000 tokens! There is no disadvantage for you if you mine today.
Why do you give preferential rates for mining with all tokens?
The more OneCoins we mine, the earlier we can start the trading of the coins and the faster the value of the coin will increase. We have a financial model, valuing the tokens and allowing us to do this promotion.
Why can’t I see the algorithm of OneCoin?Why is not open source (yet)?
If we would publish the Algorithm of OneCoin TODAY – everyone also outside the Network will be able to mine the coins. This would be unfair for the network and people who paid for packages. Everyone outside the BV system could join the mining. The algorithm will be open source once all coins are mined.
I am not an IT person. I do not understand the blockchain. How do I know it is real and not some numbers?
We will have in the next 4-6 weeks an auditor who will (with IT experts) audit the blockchain monthly. No other cryptocurrency does this. So the members can know, that the blockchain is real and there are no coins mined outside and no transactions outside.
Why do we measure the difficulty in Tokens and not in Hashes?
We show the mining difficulty in Tokens – not in Hashes. As we all know “Tokens” is an internal currency in the OneCoin world, which gives the opportunity to split and to treat members the same way. E.g. if a member has 100 tokens in the mining – he will mine exactly the same as a person who also gives 100 tokens in the mining. Of course we have mathematical models, assigning to tokens monetary value. The algorithm does not calculate in Tokens but in hashes – and we translate this in costs and the costs in tokens. The value of the tokens is calculated based on market value, number of splits and the promotions on the market (10% extra tokens or mining at preferential rate).
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 scrypt and x11.
When will the next difficulty come?
The next difficulty will come after 43.2 million mined coins. Then the mining difficulty will be 5.25/4.25 Tokens.
What is OneCoins Market Capitalization?
The market capitalization is calculated: Number of mined coins x market price. The current market price is 0.50 EUR. How many Tokens min/max can I commit into mining? As many you wish!
I submitted 6 Tokens – how many Coins will I receive?
Onecoin has up to 8 digits after the decimal. You will receive 1.25 OneCoins.
Should I mine now or wait?
The only reason for you to wait would have been to wait for your tokens to split. Now that you will get the splits (Promotion until end of May). You can mine now. It is more beneficial for you to mine the coin at an early stage – and to participate in the value creation of the coin. If you have 12 Tokens today – you can mine in the preferential mining 3 OneCoins. This can lead to a value of 7.50 EUR–15 EUR in one year. If you sell the tokens–you can make up to 2,64–2.75 EUR (value of Tokens will also grow with time, but not as much as of the Coin). Our estimate is that in 4 weeks the coin will go up in value – as the difficulty will grow.
Will we have any wallet to wallet transfer in OneCoin?
When you receive OneCoins in your back office – this is a wallet to wallet transfer. As we have not completed KYC procedures in the network – we plan to use the exchange for transactions. So you transfer the coins to the wallet of the exchange. And it transfers to the other user. When OneCoin goes open source, of course direct wallet to wallet transfers are possible.
Why does our blockchain look different than bitcoin?
Bitcoin currently does many, many transactions. Our network mines and the transactions made are the distributions to the wallets. One day our blockchain will be as “busy” as bitcoin.
I submitted to mining – and did not push “mine automatically”. Now I mined for 5 Tokens, but wanted to mine for four? What do I do?
Of course in the beginning mistakes like this can happen. You can notify support@onecoin.eu. But only until the 05.02.2015, we will make a change for you. All requests afterwards we cannot handle!
How long does the blockchain need? 10 Minutes?
Normally the blockchain needs approximately 10 minutes. As long as not 100% of the possible pools are subscribed (1,440,000 Coins per day) we will let the blockchain run a bit slower. Every block currently mines – and if people have not subscribed for all coins, we cannot mine 1,440,000 Coins per day.