Dagcoin and the future of currencies
We believe that cryptocurrencies are here to be a step up from regular money. This means improving the speed of transactions while reducing the cost, giving access to money to more people with lesser restrictions and limitations, giving more freedom to transact. And at the same time preventing fraud and illegal activities. Dagcoin was created to fulfil all of these criterias – to become a digital version of money that people can use all around the world.
Near-zero transaction fees
Fixed transparent transaction fee without any hidden fees or exchange rates. Does not matter whether sending 10 or 10 000 dags, the cost will always be around 0.0005 dagcoins.
Almost instant transactions
Regular transactions can take weeks or days, several cryptocurrencies can take hours or tens of minutes. Dagcoin transactions are fully completed within 30 seconds on average.
Freedom to transact
People around the world have the freedom to make fast and cost-effective transactions with their Dagcoin wallets. No limits, no restrictions. You have control over your money.
Dagcoin has been granted government licenses for cryptocurrency and is strictly following KYC and AML laws to reduce illegal or criminal transactions of the financial world.
Find merchants all around the world
Dagcoin is meant for using. Everything you do with regular currency, you will be able to do with dagcoins. This includes getting paid, going shopping, exchanging, taking loans, paying for services, travelling, and almost everything else that comes to your mind.
500 000+ members
The Dagcoin community is growing rapidly all around the world. Instead of creating a group of speculating traders who are chasing the price movement, we are building an educated community of cryptocurrency supporters who understand the long-term vision and are passionate about the true value of cryptos – the reasons they were created and how people worldwide can benefit.
Want to join our exclusive community?
Submit your best email and we’ll send you an invite.
Quick specs and the whitepaper
|Transaction fee:||Around 0.0005 DAG|
|Avg transaction time:||30 seconds on average|
|Total distribution:||9 000 000 000 dags|
|Coin distribution:||5% – team, founders, advisors 95% – community|
|Distributed coins:||~2,983B dags (0.48B + ~2.5B)|
|Market cap:||1 722 500 000 €|
|Available in (exchange)||SwipeX|
The 3-step strategy for growth
Create an ecosystem
The biggest innovators are flexible and can adapt to changes faster than the industry giants. It takes a while for the biggest companies to start accepting cryptocurrency. The best way to start is by creating an ecosystem and build the main products and services ourselves.
Build the community
Once the ecosystem has been developed, we will grow the community and integrate the products and services into our everyday lives. A currency becomes strong once people and businesses start trusting and using it. We can show the world how cryptocurrency is truly meant to be used.
Scale & co-operate
Scaling the community to millions of people assures that the ecosystem is working and gives insight for perfecting the products. This is required in order to begin cooperating with the biggest brands in the world, eventually leading to mass adoption.
Bank of Russia Directs Domestic Banks to Block Crypto-related Transactions
Last month, the Russian Central Bank issued a recommendation to all private domestic banks to block or restrict all customer transactions related to the purchase of cryptocurrencies. This directive also included a list of identifiers of “shadow economy” transactions for banks to utilise in order to more effectively stamp out crypto purchases, whilst still allowing customers to engage in ‘legitimate’ business transactions. In an official press release, the Bank of Russia stated: “The Bank of Russia assumes that transfers to illegal structures are associated with high risks of losing money and involving citizens in fraudulent schemes. The regulator recommends that credit institutions promptly identify suspicious cards and wallets and apply anti-legal measures against such instruments. Banks should also provide the necessary protection for P2P services so that they cannot be used to conduct suspicious transactions.”* *this quote is machine-translated This walling off of digital currency trading for citizens is a stark contrast to the widespread acceptance and embracement of cryptocurrencies throughout the world over the past year, with more and more countries developing legislation in order to bring DeFi in line with national financial regulations. This perceived resistance to cryptocurrencies aligns with previously enacted regulations by the Bank of Russia, including outright bans on the acceptance of crypto as payment. Despite this, private bodies, as well as citizens, have shown pushback, with Russia’s largest private bank, Sberbank, launching its own stablecoin, and crypto mining remaining rampant throughout the nation.
What Makes Dagcoin Transparent?
In the crypto sphere, there are many people who see cryptocurrency as a place where they can hide their assets, avoid taxes and stay anonymous. At the same time, many of us lack trust in our governments because they have spent millions or even billions on expensive or needless projects. Even worse than that are the all too common news stories of politicians embezzling public money or taking bribes. What we all want is a system where criminals cannot avoid detection and where all public money can be checked to ensure it is being spent on what was promised and none is being lost unjustly. And more than that - give billions without access to a bank account, the ability to create a credit history for themselves. Dagcoin is a cryptocurrency that offers just this transparency — the transparency that builds trust between both users and governments. Let’s find out how… Transparency for Governments It is fair to say that most of us do not trust our governments. Right?! And that lack of trust is absolutely understandable. Not only do they not fulfil their election promises, but they also squander millions or even billions on pointless projects or projects that never even see the light of day. But, even worse than that, it is believed that corrupt politicians steal over $1 trillion each year from the world’s poorest countries. But it isn’t just in the developing world where this occurs. It happens much closer to home too. Public funds are also not just stolen by the politicians directly, but by the owners, family and friends of companies who receive this money. One example of this was when a local government gave Northampton Town Football Club a £10 million loan to expand their stadium. And then, the vast majority of this money mysteriously vanished, and the improvement works promised for the stadium, although started, were never completed. It was believed that the owner of the club transferred this sum to various subsidiary companies owned by himself and family members in exchange for bogus services. Eventually, the owner of the club was ordered to pay the local government £2.1 million as a result of this theft. Despite that, many millions are still believed to have been lost for good, despite the efforts of the police and banks to track down this money. But just how could Dagcoin prevent this from happening? And ensure that money promised for individuals and projects goes where it is intended and is not lost unjustly or illegally? Full transparency of transactions is possible with Dagcoin using the Chain Explorer. This means that it is possible to see if your local government has spent the $10 million they promised on the local roads project or $10,000 on the books they promised for your children’s school. Of course, we don't need to see exactly what a certain government department is doing with their money, but having access to this information ensures that public funds and those companies that receive them have an extra incentive to use them for the decided projects and services. Because if they don’t or money goes missing, there is a traceable sequence of transactions that can be followed by aware individuals, a chosen independent authority or the police. Transparency for You Although there are many who see cryptocurrencies as a way to avoid taxes. The vast majority of us pay them diligently because we know that without them we would not have doctors when we are sick, school places for our children or police to keep our streets safe. Because of the Chain Explorer, we are all, as individuals - and businesses - able to keep a full history of transactions - just like with your bank statement. This may not seem like a big thing for those of you with a bank account. But for the 2.5 billion people worldwide without a bank account, this creates a world of possibilities. For these people opening a bank account is not possible usually because they earn too little to open an account ($1-2 a day or less). For the banks, these people cost them more than they can earn from their deposits. This means that these people are restricted to cash and have no means of creating a credit history to borrow. By using Dagcoin, to receive a salary, buy food, pay bills, etc., these people can create a credit history. This can be used to show not just their income and expenditure, but also what they can afford to pay back a bank or other lender. The minute you can borrow, you can invest, whether that is in new equipment or stock for your business, your or your children’s education, etc., the possibilities and opportunities are only limited by your imagination. In Conclusion... Imagine a world where you can use crypto not just to receive your wages, pay for bills and buy goods. But one where you can also build a credit history and borrow money? It sounds amazing, right? Now imagine that your government uses this currency too and it is possible to see their transaction history. The police can also find criminals much more easily, gone are the days of criminals thinking they can use crypto to hide money. We all want a future where our governments are more transparent and open with us because we feel they have this information about us already. Dagcoin doesn’t just provide solutions to the usability of crypto and transparency for governments and individuals. But, it gives the poorest people in the world without bank accounts the chance to build a credit history, and potentially borrow money to grow as individuals.
El Salvador’s President Claims Crypto Wallets Used by Half a Million Citizens
According to a statement given by El Salvador’s President Nayib Bukele, over 500,000 El Salvador citizens are now using cryptocurrency wallets for day to day use. In order to achieve this, the Salvadoran government developed a government-issued cryptocurrency wallet known as ‘Chivo’. This rollout wasn’t devoid of hiccups, however, as many experienced technical issues at launch — a problem the President now states is “95% corrected.” This wide scale adoption of crypto wallets follows the approval of Bitcoin as legal tender within the nation, alongside the previously accepted US dollar. This has meant that any vendor or business must, by law, accept Bitcoin at the point of sale unless sufficient technology to carry out these transactions is unavailable to sellers. This proposal was voted in with a majority of 62 out of 84 parliamentarians in favour of the move. "It will bring financial inclusion, investment, tourism, innovation and economic development for our country," President Bukele tweeted before the official vote in early June this year. However, this move has had its share of critics, with many outlining the extreme volatility of Bitcoin being a prime issue when moving to utilise it as a state-approved tender. President Bukele maintains that this change will open up financial services to the staggering 70% of Salvadorans who lack access to traditional banking systems. With a population of just 6.5 million, the adoption rate over a single quarter indicates that this may indeed be a step in the right direction for those from lower economic backgrounds.
Why Cryptocurrency Access Matters
Many of us use cash, debit cards, and credit cards for everyday transactions. You may be wondering what could cryptocurrency really offer me that these options cannot? Maybe you or someone you know has been a victim of identity theft? Maybe you are fed up with how long bank transfers take to arrive or the high fees? Cryptocurrencies offer solutions to these and many other issues. But what about if you don’t have a bank account, debit card or credit card. This is much more common than you can imagine. In fact, over 2.5 billion people around the world do not have access to a bank account or simple banking services and are restricted to using only cash. For these people, cryptocurrencies provide their first step into banking and a world of possibilities that they have never had access to before, and it’s incredible! Let’s find out how using cryptocurrencies could improve your life… Benefits in the Developed World The biggest benefit for most people with cryptocurrencies compared to regular currencies is speed. It doesn’t matter where you are in the world, what the time of day it is, or the day of the week. A transfer will always take just seconds or minutes (depending on the currency and technology it is built on). For example, a Bitcoin transaction on average can take more than 10-20 minutes, while a Dagcoin transaction takes just 10-30 seconds. If you use a regular bank account to transfer money to another person who uses the same bank, in the same country, it will take minutes. But when you start to send this to someone using another bank or internationally, this timeframe becomes hours and days respectively. Not only do cryptocurrencies bring added speed, they also bring lower fees. Regular banks tend to charge you between 0.5% and 5% to transfer money to another account, along with a one-time transaction fee. With cryptocurrencies, these charges vary between 0.1% and 1% and with no added fees. These speed improvements and lower costs do not just make a big impact on us as individuals when sending money, but also on businesses. Imagine going from paying 5% in fees when buying your stock, to paying just 0.1%. This could be the difference between a profit and a loss, giving workers a raise, or even lowering the price of products for consumers. A little difference really goes a long way! Benefits in the Developing World For those living in the developing world access to regular banking is incredibly difficult. If people can get over the geographical barriers that may prevent them from getting to their nearest bank. They are often met with rejection. But why would a bank reject someone? Simply, the poorest 2.5 billion people on the planet are not seen as profitable customers. When their earnings are in the region of 1-2 dollars a day and their transfers are in the cents, banks are losing money from these people as the cost of providing services to them is more than the money they can earn from the accounts. Cryptocurrencies do not have any such restrictions. All you need is a smartphone and an internet connection - and you are good to go. Imagine finally having a safe and secure place to store your money. You no longer have to hide your savings in cash at home or worry about theft. Saving cash is also not a good idea as cash depreciates in value over time. Cryptocurrencies offer not just a safe place to store money, but a great investment to earn more. Only being able to use cash is also very limiting because it means you can only buy or sell products or services in your local area. Using cryptocurrencies changes everything. Suddenly you have access to anything, anywhere in the world. And it is not just what you can buy, it is what you can sell. Imagine being a maker of ceramic pots who only sell these for cash at the local market. Accepting cryptocurrencies gives people the chance to sell their products nationally and internationally online, expanding their business and improving their lives. The Dagcoin Solution Dagcoin has been made to be used and not traded like other cryptocurrencies. This is why it is not available on any trading platform. This focus on usability means that it is one of the fastest cryptocurrencies around, with transactions taking just 10 seconds. It is also one of the cheapest too. Blockchain currencies like Bitcoin ask users to confirm each-others transactions. For confirming these transactions users are rewarded with a small amount of the currency in return. This process is commonly known as mining. Dagcoin is based on Dagchain technology which does not require mining and is therefore much cheaper. Not only has Dagcoin been made to be both faster and cheaper, it has also been made to be used. As well as creating the coin, the developers of the currency have also created a free suite of software that makes it easy for businesses to start accepting Dagcoin payments, whether that is online, in a shop or via invoice. And it doesn’t stop there. All businesses who accept Dagcoin have the chance to be on the Dagcoin merchant portal, where all users (currently over 600,000 people) of the currency have a chance to find them and buy their products. The last and probably best possibility for those in the developing world is a transaction history. This is just like a bank statement. Having a record of incomings and outgoings finally gives people a chance to apply for credit, something impossible when all you use is cash. In conclusion... Cryptocurrencies offer people all around the world access to a faster, cheaper and simpler form of money. Current banking services are slow and expensive. In today’s world, no individual or business wants to wait up to 5 business days to receive an international transfer or pay 5% or more in fees. Cryptocurrencies cut this waiting time to seconds or minutes at most and, on top of that, for just a fraction of the cost – less than 1%. The cost of current banking services makes it impossible for the poorest 2.5 billion people in the world to open a bank account, as they are not seen as profitable. Cryptocurrencies do not have the same aim to make a profit. For this reason, anyone with a smartphone and internet access can use them. Cryptocurrencies provide these people with a safe place to store their money and the opportunity to buy and sell goods internationally. Something that is just not possible when all you have is cash.
Hackers Turn In $260m in Stolen Crypto Back to Platform
The hackers behind one of the largest crypto-heists ever carried out have returned over one-third of the stolen assets to the original platform, in an unprecedented move. On Twitter, Poly Network, the peer-to-peer trading platform at the centre of the incident, announced that the criminals had bizarrely returned $260m of the total amount procured back to the company, but that a whopping $353m in digital coins still has yet to see its way back into rightful hands. Poly Network, which allows the trading of various different blockchain-based digital currencies had threatened the hacking group with strict legal action if the sum in its totality was not sent back, however, many viewed this as an exercise in futility due to the black hat collective’s relative anonymity, as well as the difficulty, if not impossibility, of tracing blockchain-based currency transfers to specific individuals. According to some sources, the vulnerability that the hackers took advantage of may have been based around Poly Network’s digital contracts. Elliptic co-founder, Tom Robinson, chimed in on why the criminals may have decided to return these assets, claiming it was likely due to the extreme difficulty of converting the assets to fiat while maintaining anonymity. "Even if you can steal crypto assets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions(...)"
How Dagmarket Escrow Deal Makes Transactions More Secure
Whether you’re a buyer or seller, it’s natural to be concerned with your money being safely transferred when it comes to online transactions. This is why we’ve introduced a brand new system to the Dagmarket platform — Escrow Deals. If you haven’t hopped onto Dagmarket yet, think of it as your traditional online marketplace, but for any item you can imagine. That means physical electronics, clothing, software, artwork, or even a vehicle! However, as you may have figured out by now, Dagmarket differs from any other marketplace due to every transaction being carried out with dagcoins. If you’ve been sitting on your dagcoins for a while, and are itching to spend them, it’s the ideal place to splurge! What on earth is ‘escrow’? Just in case you haven’t used an escrow system before, it essentially functions as an intermediary safe-box for your currency. Once a product has successfully been delivered to the satisfaction of both parties involved, the payment is released from escrow to the seller. Pretty simple! But how does this work on Dagmarket? If an Escrow Deal is initiated, upon payment, the dagcoins are securely held for a period that both parties agree on. After this is confirmed, the process continues completely as normal with the seller delivering the product. If the buyer is happy with the product and has received it as advertised, they’re given the ability to release the dagcoins from escrow to the seller. If the escrow window passes with no confirmation from the buyer, the purchase will be assumed to be successful, and the coins will be released to the seller. If however, the buyer identifies an issue with the purchase before the escrow window is closed, they may open a dispute at which point the Dagmarket team comes to the rescue to resolve the issue. We’re sure that our new Escrow Deal is going to give you peace of mind when using Dagmarket — it couldn’t be easier, or safer. Happy shopping!
Coinbase Generates $1.9B in Transaction Revenue
The largest crypto trading platform in the United States, Coinbase, has raked in almost 2 billion USD in Q2, shattering estimates. Previously, the platform was expected to turnover 1.57 billion in transaction revenue, however, following growth to 8.8 million monthly transacting users (MTUs), the exchange’s earnings shot up dramatically. This upward momentum was also due in part to the fact that over 9,000 financial institutions are now utilising Coinbase for the purposes of creating their own crypto products. The exchange also named several of its new partners in the most recent report, including (but not limited to) PNC Bank, WisdomTree Investments, SpaceX, Elon Musk, and Tesla. However, it wasn’t all good news, with July’s MTUs seeing a small drop-off, and the platform warning that Q3 is projected to show further contraction. The report went on to state: “However, the crypto industry continues to evolve rapidly and we anticipate volatility in our industry will persist in the near term resulting in unpredictable quarterly financial results. We are no stranger to a fast pace of innovation and volatility, and we remain focused on long-term execution throughout crypto price cycles.” As to be expected, in the wake of this, Coinbase shares immediately followed suit, and also shot up in the hours following the report’s release, now sitting at around 7% above their reference price of $250, but still 30% down from their opening trade price. Considering the massive volatility that some larger cryptocurrencies have seen in the past few months, and the fear instilled in many newbie traders as result, what Q3 truly holds in store for the platform is anyone’s guess
What People Get Wrong About Cryptocurrencies
Cryptocurrencies have yielded countless technological advancements, with fraud and identity theft prevention being just one — something that abounds when it comes to traditional banks and fiat currencies. Fraud is so prevalent in these sectors, that it’s estimated that businesses lose somewhere in the region of 5% of their total revenue to fraudsters each year, and over 16 million people annually fall victim to identity theft in the United States alone. However, these problems are almost totally eradicated by blockchain and DAG-chain technologies. With a regular bank account, the bank will hold all your personal and banking information and provides you with a card to spend and withdraw cash. So what’s the solution here? Fortunately, blockchain, DAG-chain, and other analogues almost eradicate these problems entirely. If you’re unsure as to how, consider your standard brick-and-mortar bank. The bank holds all your personal and banking data, then provides you with a method of spending your capital. All of this can be compromised through hacking, mail interception etc. With cryptocurrencies, only you, the user, has access to owned currency and personal information, none of which is disclosed when making a transaction. With external bodies cut out of the equation, the issue of fraud is almost eliminated. While this is one of the reasons many champion cryptocurrencies, a great amount of trepidation is felt by those who may have fallen prey to some commonly shared misconceptions around them. Let’s dive in. Where Perception Currently Lies It is very fair to say that over the last 10 years people have become increasingly aware of cryptocurrencies, especially Bitcoin. However, often for all the wrong reasons. Hardly a day goes by without a news story or criminal conviction regarding the use of cryptocurrencies to buy or sell illegal items on the dark web, such as the story regarding 2 businessmen who were using their own online cryptocurrency exchange business to launder the proceeds of marijuana sold on the dark web. However, these are not the only negative stories seen by the public. Go back just two years to the euphoria that was being placed around Bitcoin and its ever-increasing price and the huge amounts of money that could be made by investing. Sadly, we all know how this ended. Despite reaching a high of almost $20,000 on the 17th of December 2017, just 5 days later, the price of Bitcoin had fallen to a little over $13,000. This tumbling price generated mass panic and sales of the coin, sending the price tumbling yet further, all the way to $6000 by the start of February – just 5 weeks later. Leading ultimately to many of those new investors losing money, some, their entire life savings. And in that comes the majority of people’s views about cryptocurrencies in general - their instability. It is this instability that draws in traders - people trying to profit from the fluctuations in the prices of these coins. Large coins like Bitcoin can go up or down many hundreds of dollars each day, and smaller altcoins potentially 100’s of percent. So, what we have is a mass public who see cryptocurrencies as being used by those trying to avoid the law and by traders to make a fast buck. All leading people a long way from the original intention of these coins, to be… Money of the Future We mentioned above the increased security benefits that cryptocurrencies bring for their users, but that is not all. In one of our last posts (Helping you get a Credit History), we wrote how the poorest 2 billion people in the world are unable to open a bank account because the banks simply do not see them as profitable. Cryptocurrencies give anyone with a smartphone the chance to use them. Giving people their first alternative to cash, and a safe place to store, save and spend their money. And, in the process, create a credit history that they can use to borrow if they wish. Providing billions of people with an opportunity to improve their lives without restrictions. Because banks ultimately seek profits, this also makes them expensive to use. The cost of making a bank transfer can be anywhere from 1-5% along with a separate transaction fee. Cryptocurrency transactions cost anywhere from 0.1-1.5%, with no added fee. This means that people could save almost 5% per transaction. No small chunk of change! We mentioned earlier how fraud costs businesses 5% of their total revenues, when you add the cost savings of using crypto (another 5%), a business in a loss (perhaps on the verge of bankruptcy or layoffs) could suddenly break even or make a profit. And, for those companies already in profit, could result in better wages for employees and/or cheaper products for us – the end consumers. These reasons for using cryptos are fantastic, and there are a whole host more. To read more about the benefits of using cryptocurrencies click here. Dagcoin takes this aim of a better form of currency and makes it a reality by removing the current fears held by the public. The volatility in prices caused by trading is removed simply by not making Dagcoin available on any trading platform - making it impossible to trade the coin. In turn, by making all transactions visible on its ledger it is much harder for criminals to hide their illegal activities and profits than any other cryptocurrency. Conclusion Cryptocurrencies bring with them many great technological advancements. However, these are all too often lost due to the misconceptions created by the media. For the general public, their knowledge of cryptocurrencies revolves largely around the instability of prices, the huge gains or losses that could be made by trading or investing, and the convictions of those who are using them illegally to avoid detection when conducting criminal activities. However, cryptocurrencies: — Provide a safer and more secure place to store and spend your money than traditional methods, freeing you from the stresses and worry of fraud and theft — Cut the costs of transfers dramatically, and slice down transfer times from days (at worst) to mere seconds (when it comes to Dagchain currencies). — Allows those blockaded from building a credit history by banks the opportunity to take control of their financial lives and do just that. The list goes on, and while we could sit here all day discussing it, one thing is amply clear — cryptocurrencies are the future, and thankfully, they’re here to stay.
Discover the fastest growing Explore the ecosystem
1. Download wallet
Download the free DagWallet application to your phone or computer, or set up a Dagcoin webwallet account.
2. Get dags
There are many ways to get dagcoins – purchase from SwipeX, receive a Dagcoin Gift Card, or start accepting dags with your business. Find out all the options!
3. Discover the ecosystem
We are building the widest ecosystem for a crypotucrrency ever. This will fuel Dagcoin on the road of becoming the biggest and most usable cryptocurrency in the world.