Calling theone $var splits on every word in $var: the first argument is First, the second is Argument, the third is A, and so on. You will lose your embedded newlines with this approach, and as with any unquoted variable any word in the string that contains a shell wildcard (*, [, ], ?) will be subject to globbing and matched against names in the current directory. A string such as "Are you sure??" could be expanded to "Are you surety" if you had a file called surety in the current directory. Generally, not a good idea.
Based on your previous question I would suggest that's supposed to be written theone "$var", where word splitting does not take place and you have a single multi-line argument to theone.
If you want to process each line of $var separately I can suggest a number of different constructs. In each, the printf line is written to show clearly what is being processed in the inner loop. Call each as theone "$var":
POSIX
theone()
{
printf '%s\n' "$@" |
while IFS= read -r vl
do
printf '## vl: %s ##\n' "$vl"
done
}
Shells such as bash
theone()
(
for arg in "$@"
do
while IFS= read -r vl
do
printf '## vl: %s ##\n' "$vl"
done <<< "$arg"
done
)
Also shells such as bash
theone()
(
for arg in "$@"
do
readarray -t vls <<<"$arg"
for vl in "${vls[@]}"
do
printf '## vl: %s ##\n' "$vl"
done
done
)
All of these can be simplified by removing the outermost loop if you really only want to pass a single (multi-line) argument. For example, the last one could be written like this:
Shells such as bash
theone()
{
local vls vl
readarray -t vls <<<"$1"
for vl in "${vls[@]}"
do
printf '## vl: %s ##\n' "$vl"
done
}
$@in the internal loop, otherwise printf '%s\n' "$vl" will split by word. This introduces some confusion. – Vera Feb 19 '23 at 08:40