Comparison with Bitcoin

After switching to a new blockchain (from October 01, 2016) and doubling coins and tokens on partner accounts, ONECOIN is an UNCONDITIONAL WORLD LEADER both in terms of the number of participants and current capitalization! And, given that the speed of mining on the new blockchain has increased 50 times, the difference in capitalization between OneCoin and BitCoin will increase at a tremendous pace.

Why is OneCoin so good and what are the disadvantages of BitCoin?

Before making a comparative analysis of the two largest cryptocurrencies, the following should be noted: BitCoin is a pioneer in the cryptocurrency market. He built this market from scratch through trial and error, acting as a pioneer. This is a very difficult role, therefore there were many mistakes. This is neither good nor bad, it is just a fact.

The creators of OneCoin, before the launch of their cryptocurrency, had a unique opportunity to thoroughly analyze almost 5 years of experience in the development and formation of BitCoin and all the problems and difficulties that it faced in the process of its development. This made it possible to initially eliminate the likelihood of repetition of such mistakes and start on a solid foundation.

We have to give BitCoin its due – it did a very important thing: it made a shift in the minds of people towards a new payment paradigm. He brought an element of unlimited freedom to this sphere and launched a process that cannot be stopped!

The creators of OneCoin have serious ambitions to build a new global payment system, where everything will be legal, predictable, open and transparent. So let’s get started!

HOW IS ONECOIN DIFFERENT FROM BITCOIN?

 

ONECOIN BITCOIN

High investment attractiveness:


The price of the coin is constantly increasing, there is a huge potential for its further growth – several times in 2016-2017.

Low investment attractiveness:


The price of the coin is quite stable, a small income can be obtained from exchange rate fluctuations that are difficult to calculate.

Huge pool of coins:


A total of 120 billion coins can be mined on the new blockchain (5,700 times more than BitCoin coins).

Small pool of coins:


A total of 21 million coins can be mined.

Low production cost:


To date, a little more than 25% of the coins have been mined (over 30 billion); the complexity (and, consequently, the cost) of mining new coins is still quite low.

High production cost:


To date, more than 65% of the coins have been mined (over 15.8 million); the complexity (and, consequently, the cost) of mining new coins is very high and continues to grow.

Complete centralization of the production of new coins:


The mining of new coins is centralized and streamlined; it is carried out on the super-computers of the issuing company (current capacities allow to mine 72 million coins daily).

Complete decentralization of the mining of new coins:


The mining of new coins is decentralized and chaotic. The mining speed depends on the total power of all computers involved in the mining of coins, which cannot be calculated and predicted.

The presence of a single issuing company:


Behind the OneCoin cryptocurrency is a powerful issuing company with its well-defined marketing strategy and experienced management. This company initially took over all the organizational and technical issues related to the mining of new coins.

Lack of a single issuing company:


BitCoin has no issuing company; the coin can be mined by any miners who have the appropriate (and very expensive) equipment.

Large pool of participants:


The OneCoin system already has over 3.3 million participants from 194 countries; according to the company’s forecasts, this number may increase to 10 million by the end of 2018.

Small pool of participants:


BitCoin coins are owned by only about 270 thousand people around the world.

Linking your OneCoin account to your UnionPay card:


The company has integrated with the Chinese payment system UnionPay – the deposit and withdrawal of funds to the cards of this system is working.

Account is not linked to payment systems.

Availability of an independent audit of the blockchain:


The reality of mining is confirmed by an independent auditing company.

Lack of independent audit of the blockchain.

The presence of the “Know Your Client” procedure:


Each OneCoin account undergoes a mandatory verification procedure (the account owner provides the issuing company with a scanned copy of his passport and confirmation of his place of residence). This excludes the possibility of conducting anonymous transactions, which, ultimately, will allow predictably legalizing the OneCoin cryptocurrency in all countries of the world (including the United States, where the strictest laws in this area are).

Lack of “Know Your Client” procedure:


All BitCoin transactions are anonymous. This leads to numerous conflicts with the supervisory authorities of many countries. For this reason, in some countries, BitCoin is prohibited by law.

Theft or loss of coins is excluded:


OneCoin coins circulate in a closed system where no outsider can do anything. The system has a support service that will promptly provide assistance in case of any problems with transactions.

Theft or loss of coins is possible:


The system is completely open and not controlled by anyone. Coins can be easily lost or stolen if security tools are not used. According to various estimates, about 30% of all created BitCoins are lost forever! Many of them were lost due to damage to the hard drives on which they were stored. Many early adopters of cryptocurrency had little concern with secure storage of their bitcoins, which at that time were worth mere pennies.

The processing power of the blockchain is enormous:


The OneCoin blockchain was originally created to quickly process a huge number of transactions – reaching the processing power ceiling is excluded for the foreseeable future.

The processing power of the blockchain is low:


The BitCoin blockchain has already come close to the limit of its ability to quickly process all transactions. Processing speed ceiling – 7 operations per second! The problem is clear – the block size limitation. The developers are very well aware of this issue, but there is nothing they can do until there is firm agreement on a new uniform standard. And its achievement is extremely problematic due to the openness of the system and the presence of a large number of interested players with differently directed interests. As a result, the system tries to regulate itself by increasing fees and introducing prioritization for a fee. If you drag on for some more time, then even such a solution will stop working, and, then, real problems will begin, and the system will stand up. This is fraught with colossal reputational losses.

Blockchain update rate – 1 minute:


Such a high update rate of the blockchain will make it comfortable for merchants to use this cryptocurrency.

Blockchain update frequency – 10 minutes:


This frequency of blockchain updates creates serious inconveniences for transactions with coins, but an increase in the update rate is not expected.