After the transition to the new blockchain (since October 1, 2016) and doubling of coins and tokens on the partners’ accounts, ONECOIN IS THE ABSOLUTE WORLD’S LEADER by the number of participants and the current capitalization! And, given that the speed of mining on the new blockchain increased by 50 times, the difference in capitalization between OneCoin and BitCoin will be rapidly increasing in the future.
So why is OneCoin so good and what are the faults of BitCoin?
Prior to presenting the detailed comparative analysis of two major cryptocurrencies, we should underline the following: BitCoin is a pioneer on the cryptocurrency’s market. It was developing this market from scratch by trials and errors holding the role of newcomer. This role was very tough, therefore, causing the whole bunch of mistakes. This is neither good nor bad, this is the fact which should be taken for granted.
Prior to the launch of OneCoin its creators had a unique opportunity to thoroughly analyze almost 5-year experience of BitCoin development and give a careful consideration of all the problems and difficulties which it faced in the course of its development. This helped to initially exclude the probability of such mistakes and get started on the solid base.
We should give a credit to BitCoin – it has done an extremely important thing: it has made a shift in the people’s minds to the new payment paradigm! It has brought the element of limitless freedom in this sphere and has launched the process that can not be stopped!
The creators of OneCoin have the serious ambitions to build the new global payment system where everything will be legal, predictable, open and transparent. So, let’s start!
Low investment attractiveness
The coin price is relatively stable, some small profit can be earned on rate fluctuations which are very hard to predict and calculate.
Small pool of coins
The total number of coins that can be mined is 21 mln.
High net cost of mining
Up till now there is over 65 percent (over 15.8 mln) of all the coins mined; difficulty (and, therefore, the net cost) of mining of new coins is very high and keeps rising.
Full decentralization of new coins mining
The coins mining is completely decentralized and chaotic. The speed of mining depends on the overall capacity of all the computers involved in mining which can not be forecasted and previously calculated.
Absence of a single company-emitter
BitCoin does not have a single company-emitter; the coin can be mined by any miner who has a special (and very expensive) equipment.
Small pool of participants
There are 270,000 owners of BitCoin coins throughout the world.
Absence of procedure “Know Your Customer”
All the transactions with BitCoins are anonymous. This causes to numerous conflicts with the supervisory agencies of many countries. For this reason, BitCoin is prohibited in some countries on legislative level.
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 you do not use protection tools. According to different estimates, about 30 percent of all the mined BitCoins are lost forever! Many of them were lost because of the distruction of hard drives where the coins were stored. Many of the early miners were not very careful to make their coin storage reasonably safe, as the price of coins at that time was very low.
Processing capacity of blockchain is relatively small
The processing capacity of BitCoin blockchain has already come close to its upper limit and faces problems in rapid processing of all current transactions. At present the system can not process more than 7 transactions per second! The problem is clear – the block size limit. The developers are very well aware of the problem, but they can do nothing to resolve it as long as no firm agreement on the new uniform standard is yet made. This agreement is very hard to achieve as the system is open and has a lot of concerned players with diverse interests. As a result, the system tries to adjust itself by means of commission increasing and imposing the administration fee for payment prioritization. If nothing is undertaken in the nearest future in this regard, even such solution will stop being helpful and real problems may arise causing the system to stop. This will undoubtedly bring huge reputation losses.
Update frequency of blockchain is 10 minutes
This causes serious discomfort to make transactions in this cryptocurrency but the increase of this update speed is not expected.
High investment attractiveness
The coin price constantly grows, there is huge obvious potential for its further growth – by several times for 2016-2017.
Huge pool of coins
The total number of coins that can be mined on new blockchain is 120 bln (5,700 times more than BitCoin coins).
Low net cost of mining
Up till now there is slightly over 3 percent (over 3.5 bln) of all the coins mined; difficulty (and, therefore, the net cost) of mining of new coins is still kept relatively low.
Full centralization of new coins mining
The coins mining is centralized and streamlined; it is being done on the supercomputers of company-emitter (the current capacity allows to mine 72 mln of coins daily). The actuality of mining is confirmed by the independent audit company. Payment and withdrawal possibilities using Chinese payment system UnionPay are already in effect.
Presence of a single company-emitter
Cryptocurrency OneCoin is managed by the strong company-emitter with its clearly shaped marketing strategy and experienced management. This company has initially taken charge of all the organizational and technical nuances related to the mining of new coins.
Huge pool of participants
In OneCoin system is already more than 2.7 mln of participants from 194 countries; according to company’s forecast this number will increase to 10 mln by the end of 2017.
Presence of procedure “Know Your Customer”
Every OneCoin account should be mandatory verified (the account owner provides to company-emitter scan-copy of his/her ID card and confirms its residence address). This excludes the possibility of anonymous transactions and will finally lead to predictable legalization of OneCoin cryptocurrency in all countries of the world (including USA, where there are the most strict laws in this sphere).
Theft or loss of coins is impossible
The circulation of OneCoins is arranged in the closed system, where nobody from outside can interfere. The system has a support team that will assist promptly in case of appearance of any problems with transactions.
Processing capacity of blockchain is enormous
Blockchain of Onecoin is initially designed for rapid processing of a huge number of transactions – the achievement of a ceiling in the processing capacity is impossible in the foreseeable future.
Update frequency of blockchain is 1 minute
Such update rate will allow to comfortably use this cryptocurrency in traders’ environment.