Company Name: OneCoin
Costs: 100 Euro upwards
What Is It?
An online company promoting a new form of digital currency, while also hosting a MLM opportunity for that currency.
The OneCoin aspect of this company is what bothers me the most. The company clearly took inspiration from BitCoin and cites facts about BitCoin constantly. Yet, the success of BitCoin doesn’t prove that this company will be successful. In fact, there is little to suggest that the company will get anywhere at all.
The basic idea is that OneCoin is a form of digital currency, much like BitCoin is.
But, that’s not what customers buy. Instead, they basically buy online education programs that teach people to use OneCoin and teach them to make money from them (in theory, anyway). The packages get expensive quickly.
For example, the starter package costs 100 euros (around $111 USD). The next package up is 500 euros (around $556 USD) then 1000 euros (around $1,113 USD). In fact, the most expensive package is 18,800 euros (around $209,00 USD). Those are absurd prices, especially when it isn’t even clear whether there is any money making potential in the coins.
OneCoin and BitCoin
OneCoin majorly relies on all of the hype that surrounded BitCoin. Many people do feel like they missed out on an opportunity to make money with BitCoin, so OneCoin uses that idea to manipulate people into getting involved early.
Now, BitCoin was revolutionary in many ways.
It was created in 2009 and is basically an alternative, digital form of currency. There has been a lot of interest in BitCoin, especially by people who are unhappy with the current currency system.
The digital nature of BitCoin does offer some advantages, including no banks, no need to provide real details and no transaction fees. At the same time, an increasing number of people are beginning to accept BitCoins.
No one really knows where BitCoins is going in the future. The idea could end up being an overwhelming success, or it could just fade into the background. After all, the amount of discussion surrounding BitCoin is already decreasing, which could be a sign of things to come.
The people behind OneCoin want you to think that their new currency is going to have the same success.
I doubt that very much.
For one thing, the success of BitCoin largely came from its revolutionary nature. A lot of people loved the idea of a currency that wasn’t controlled by the government and by banks. Because of that, a lot of people got on board, and the interest in BitCoins is one of the reasons that the currency has seen the success it does. But there are a lot of less successful cryptocurrencies that, while they are in use, are not on the same level of popularity.
The other thing is that the people behind OneCoin really don’t know whether it will be successful or not. Until the currency has been out for a while, no one has any way of knowing. But, you can’t tell that from their marketing.
Focusing on BitCoin like this is clever and extremely manipulative. Realistically, a lot of people have heard about BitCoin and the hype around it, but relatively few people understand how BitCoin actually works.
For example, both BitCoins and OneCoins are mined. In the case of BitCoin, individuals use software that solves math problems and receive BitCoins for doing so. This process provides a way of issuing BitCoins and is one of the key processes involved in BitCoins.
For people on the outside, that process can seem complicated and confusing. OneCoin doesn’t offer much information to explain the process, which is a bit concerning. Shouldn't you fully understand an opportunity before you jump in?
The monetary aspect of OneCoin alone is seriously concerning… but it gets worse because OneCoin is an MLM company. The company isn’t particularly open about this, although it does have a link to its compensation plan at the bottom of the main page.
One interesting thing is that the page actually contains a broken link.
If you try to go to that link, it redirects you back to the home page for the site. That means that you can’t even see the full compensation plan before you sign up. I don’t know about you, but personally, I would want to know as much as I could before I gave the company any money at all.
But, there is some information on that compensation plan elsewhere. Too bad such a “successful” company can't even keep their website up to date.
As with most MLMs, OneCoin has a focus on selling products and recruiting other members. When it comes to selling products, people get a 10% bonus for making sales. Members also get income from their network of recruits. This bonus is also 10%, but members only get a bonus from the weaker side of the team under them.
That structure is simpler than some other MLMs, but the basic premise is similar. Essentially, the only way to get ahead in the company is to recruit people and to help them recruit others. Recruiting people into a conventional MLM is hard enough, but recruiting people into promoting a digital currency would be even harder.
Nevertheless, OneCoin does still use a bonus structure. Members are eligible for various bonuses as their rank and sales increase.
However, there is one important difference.
Typically, ranks in a MLM are tied into the success of a person and the success of their team. This isn’t the case here. Instead, the ranks are directly tied into which packages people buy. So, if you pay more to join, you get more potential to earn money.
It’s a sneaky trick, especially when you consider how expensive some of those packages were.
There are various other bonuses too, and these ones are tied to the success of your team. For example, one is a matching bonus, which is connected to how the sides of your team perform compared to one another.
I’m not going to go into the bonuses in detail, but the general concept is that more success in your team means more bonuses and more profit. This is a structure that forces people to rely heavily on their team.
One final thing… members don’t get all of their commissions directly. Instead, they get 60%, while the remaining 40% goes to a mandatory account (the company isn’t clear about what this is, but it’s probably connected to buying more packages or buying something else through the company).
At face value, OneCoin looks different and even exciting. The repeated references to BitCoin make it seem like you really could make money with the company if you get on on the ground floor (a common slogan for MLM and other scams). Realistically, if the coins were a legitimate way of making money, then the company wouldn’t be trying to run a MLM model at the same time.
Everything about this company just screams scam and I would suggest staying well clear of it.
MLM VS Affiliate Marketing
In general, MLMs are a complex and difficult way to make money. Their structure forces you to rely on a team of people below you, who may or may not be any good at recruiting others. To me, it always feels like you are fighting against the model the entire time. If you have to fight and struggle like that to make money, then it isn’t really an “opportunity” at all.
Affiliate marketing is a more effective model for making money because your income is connected to what YOU do, not what your entire team does. There are lots of ways to learn affiliate marketing, but one of the most powerful is a training site called Wealthy Affiliate, which also taught me how to make my way online.
You get to pick real products to promote, and can focus on delivering what's best for the consumer, instead of what's best for you. Helping people is the best way to start a business, not just pushing a product because you get paid.
What do you think? Is OneCoin the next major cryptocurrency to look out for?
Whatever type of product you decide to promote, it's important to own your own website to grow your business.
Parties only work if you have a network of friends with money in their pockets. Network marketing only works if your friends are interested in joining business opportunities.
With a website you can reach the entire world, and only promote great products to people interested in what you have to say. Plus, you open up doors to multiple streams of revenue like affiliate sales, ad click revenue, paid advertising, and even selling your own digital products.