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OneLife Network News

Digital money for all – Is it possible?

OneCoin, the first and only cryptocurrency in the world to store KYC documents on its blockchain, has set a challenging goal - to become the global virtual currency preferred by mainstream users.

Today there are over 700 cryptocurrencies (or virtual currencies) worldwide, yet very few people have ever heard about them or have any idea how they work.

This can be attributed mostly to the controversial reputation of cryptocurrencies, which in most cases is related to the unregulated status of virtual currencies in general. But what brings such scrutiny from regulators?

With the end of paper currency already planned in Scandinavian countries another question arises - what does the future of money hold if not virtual currencies? OneCoin has set out to become the first global mass cryptocurrency. But is this possible at all?

The cryptocurrency phenomenon
Cryptocurrencies have the potential to bring substantial changes to the economy and society in general. Certain characteristics of virtual currencies put traditional currencies and subsequently the current economy at a disadvantage, but also benefit the mainstream user.

Unlike traditional money, cryptocurrencies are independent from central banks and governments, meaning that their value cannot be affected by financial markets volatility or inflation. The finite number of coins combined with the fact that they are based on blockchain cryptography makes virtual currencies very difficult to counterfeit.

The value of each cryptocurrency depends on its usability, supply and demand. The more widely a cryptocurrency is used, the more the demand for it increases, thus raising its value. With over 2,7 million users OneCoin has one of the biggest user bases.

One of the most common uses of cryptocurrencies is international money transfers. While companies that provide this service charge a hefty sum for it, cryptocurrency users are able to make transfers directly, faster and cheaper. Thus they can be regarded as competition not only for banks but also companies such as Western Union, MoneyGram, Currencies Direct and many more.

The controversial reputation of virtual currencies
Virtual currencies have been part of our lives since the early 1990s. However, it was in the beginning of the new millennium that they gained their controversial reputation and became a target for regulators in the US.

The first open-source digital currency in the world was launched in 2008. It became fertile soil for innovation and the era of altcoins began. It soon became clear however that the anonymity of transactions and decentralized financial dealings brought a negative effect, as they became a primary means of dubious or criminal activity.

However, the period of innovation and boom of this new payment alternative is also linked to challenges related to the highly unregulated field in which cryptocurrencies were trying out different business models. This resulted in а series of warnings from central banks and various financial institutions, which still continue to this day.

In December 2013 the European Banking Authority issued a warning over the trading of virtual currencies, based on the enormous fluctuations in the value of the first cryptocurrency and the risks related to it, such as money laundering and the lack of regulation. Similar announcements from other banks followed - among which the People’s Bank of China, the New Zealand Central Bank and the Bank of France.

Since 2008, different cryptocurrencies, including OneCoin, have been mentioned in various warning aiming to inform consumers of the risks related to unregulated payment alternatives. Today regulators face a challenge - how to foster innovation in the FinTech industry, while at the same time maintaining control over it.

OneCoin & the future of crypotocurrencies
Over the course of just two years OneCoin has become one of the biggest most important digital currencies on the market, aiming to become the first global mainstream cryptocurrency. Beside creating a stable coin, compliant with all regulations, OneCoin has created an ecosystem around its cryptocurrency aiming to increase its usability. Thus OneCoin spearheads the path toward making its virtual currency safer and more user friendly.

In 2016 OneCoin introduced its new blockchain - a big step toward achieving the company’s strategic plans. This step will allow OneCoin to expand its user base and create a strong merchant network. The secure source code guarantees a higher level of security, substantially reducing the vulnerability that has plagued other cryptocurrencies.

The blockchain is at the core of the digital payment revolution. As reported by Reuters, in a major move to explore the use of digital currency in Singapore, the city state's central bank plans to launch a pilot project with the country's stock exchange and eight local and foreign banks to use blockchain technology for interbank payments. The consortium includes the Bank of America Merrill Lynch, The Bank of Tokyo-Mitsubishi UFJ Ltd., Credit Suisse, DBS Bank Ltd., The Hong Kong and Shanghai Banking Corp. Ltd., JP Morgan, OCBC Bank, Singapore Exchange and the United Overseas Bank.


Our Exchange platform is moving to XCOINX.COM!

OUR EXCHANGE PLATFORM IS MOVING TO XCOINX.COM!As a company always striving to improve our products and services, we would like to announce that we are in the process of MIGRATING THE ONELIFE EXCHANGE PLATFORM, which is currently unavailable, to an entirely new home – www.xcoinx.com

This is the first step the OneCoin cryptocurrency is taking toward becoming PUBLICLY TRADED!

This will allow all OneLife Members to buy, sell and exchange OneCoins in a faster and greatly enhanced system. The migration process will be complete and the new exchange platform will be launched by Wednesday, so you will be able to get back to trading soon.

We would like to inform all Members that they can login to the xcoinx website using their current OneLife credentials. Upon activation, you will have access to all your current assets (OneCoin and Euro) as soon as you submit a request to fully or partially, as per your preference, transfer your assets (OneCoins or Euro) to your brand new xcoinx account from your current OLN account. The Mining process and Token submission will still be located in the OLN Back office.

If you have any questions regarding the new exchange platform, please contact support@onelife.eu, or if you require any information regarding the payments – contact accounting@onelife.eu.


Important changes to payment procedure

IMPORTANT CHANGES TO PAYMENT PROCEDUREPlease note that we have implemented a new payment procedure, which will improve the quality of our services. Now when you choose to purchase or upgrade a package from your back-end by using the “Bank Wire” method, you will receive a Proforma Invoice.

At the bottom of the Invoice you will see a Payment Description. Please copy the exact text in the description in your payment. Do not include any other information or comments, as this will result in delays with your payment's processing.

Please follow these steps:

1. Choose your Package or Upgrade from the backed “Shop” or “Upgrade Package” sections

2. Click “Buy” or “Upgrade Package”

3. Choose “Bank Wire” as a payment method

4. Select relevant bank

5. An automatic Invoice is generated

6. When submitting your payment, please use only the payment description. Do not include any other information or comments, as this will result in delays with your payment's processing.

If you have any questions, please contact accounting@onelife.eu for more information.

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