"It feels strange to think of a world without cash, no more coins or notes for us to find down the back of the sofa, but it appears that’s the way things are."
Sir Richard Branson
This statement sounds like a prophecy for the future. And it turns out to be true.
In 2014 a new company in the area of cryptocurrency was established. A company which will very soon conquer the market and will become the second largest cryptocurrency with the ambition one day to be on the top of all digital currencies. So, two years later, in 2016, we can talk about a revolution in cryptocurrency, thanks to OneCoin.
Emerging of digital currencies in our everyday life has already changed the financial world introducing some significant facilitations to it – free transactions, money transfers without governmental regulations, multiplication of speed of transfers, transparency, peer-to-peer model.
One of the greatest minds of our times, Bill Gates, sees perspective in using digital money, a perspective for poor people in developing countries:
“Digital money has low transaction costs which is great for the poor because they need to do financial transactions with small amounts of money. Over the next 5 years I think digital money will catch on in India and parts of Africa and help the poorest a lot.”
A cryptocurrency for mass usage will no doubtfully change the world as it can be useful for common people everywhere and it can financially include people living in unbanked parts of the world. But do people know what cryptocurrency actually is and how they can use it? Well, they don't. That is why many people are afraid of it and accept it as a risky investment or fraud. Therefore one of the main objectives of the industry is to clarify the nature of cryptocurrencies and to allow knowledge to displace the fear of the unknown.
This is one of the causes of OneCoin. Their main concept is to make OneCoin a cryptocurrency for mass usage. Therefore, the team has developed education plans that teach people what a cryptocurrency is, how to mine it and where to use it – a good initiative that gained lots of followers for an impressively short time.
OneCoin has changed the conception of cryptocurrency by implementing some innovations. Unlike other altcoins, OneCoin has a centralized business model – people know who stands behind this cryptocurrency. Furthermore, the company uses the know-your-customer system that prevents from anonymous transactions. The KYC's documents are encrypted and stored into the blockchain - a key element of each cryptocurrency. The blockchain enables making and validation of transactions and stores information for every action (blocks) and each block gets connected to the previous one. So, frauds and misappropriations are 100% eliminated. The OneCoin-blockchain is a subject of a monthly audit that increases its safety-level.
OneCoin, and cryptocurrencies in general, could be the future of the payment systems, especially for the emerging markets like China, India, Philippines, etc. They can go beyond traditional financial system which puts the big players in the market in a more advantageous position. The banks provide them with free cards, benefits for loyalty, lower taxes, etc.
But what about mass customers who work hard to support their families?
Very often they are not able to send money to them because of the strict governmental regulation or because of the high bank costs. This is one huge niche, where cryptocurrencies, such as OneCoin, could help and could make the life of “small players” in the market much easier. If the cryptocurrency is properly understand by people in the emerging markets and if it is accessible enough, it would be the next big revolutionary technology in our world.
Many people think shallow of cryptocurrencies but if we think of them deeper and more open-mindedly we will realize the potential that cryptocurrencies have. Using digital money in poor countries or educating people are only a small part of the possibilities they provide. Moreover, if Bill Gates sees a perspective in digital money, we should see it, too.
More info: hazliseconomist.com
