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.
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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:||~2,93B dags (0.45B + ~2.48B)|
|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.
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’s the True Value of Cryptocurrency?
Value is something marvellous we strive for in everything. Both in our personal and professional lives. When you think about it, everything is about value, efficiency, and optimization these days. So, now, more than ever, people (including you and me) are aware of the existence of cryptocurrencies. Plus ‒ we’re all becoming even more knowledgeable about the benefits crypto is able to bring in the future, i.e., on the government level, education-wise, all-around better quality of life, etc. But for the master plan to work, it’s absolutely vital that there be a simple solution to exchange fiat currencies into crypto, as well as the reverse. The price of this “digital money” should not, nor need be, based on supply and demand. Read about the subject of value in one of our previous blog posts about price vs valuation. Don’t dwell on the past. Look to the horizon. Back when it all kicked off, we witnessed massive fluctuations in the prices of all of the cryptocurrencies. This issue is precisely the reason that was keeping merchants away from accepting non-fiat currencies. What also happens is when crypto prices rise, folks become super active, engage in crazy promotions, and provide ridiculous promises. Then when the price falls they get scared and step on the safe side, and become extra cautious. Fluctuation, of course, slows down, firstly, the spread, and secondly, the mass adoption of cryptocurrencies. Therefore, the value should depend on real measurables, not on the currently agreed-upon ones. We believe that cryptocurrencies should be treated as money, not as financial instruments. We’re absolutely convinced that the value should be based on the users, merchants, and usability. So, if you want to be a winner, well, then start accepting dags. The more possibilities there are for using the coins, and the more people that have and use them, the more valuable it becomes. Value adds even more value. Simple. The magic word is usability (and time) A strong indicator for evaluating cryptocurrency is its usage – meaning the number of transactions performed using the coins. This doesn’t include transactions done on the exchanges, aka trading platforms, but ones completed in real life, for example., sending funds between people and buying items from the merchants. However, coin usage shouldn’t be taken into account just yet, as the world has only just started to see the whole picture, trusting it, and therefore moving closer to adopting it. Time-wise, it’ll take a few years for the coins (and using them most and foremost) to start making proper sense to the masses. - As a result, there will be, thanks to a large number of people who’ve adapted to cryptocurrencies, real stability on the market. How delightful would that be? - Moreover, even the majority of merchants are going to accept the coins and will be able to cover their full supply chain with cryptocurrencies. - There will be many possible financial services available for cryptos, and without the ridiculous costs which we’re all (still) experiencing today via fiat currencies. But, before all of the above will commence, we need to focus on spreading this info, and communicating to the masses the real benefits of using cryptocurrencies. We need to get people and merchants involved and continue building the ecosystem around the currency. With this strategy, we believe dagcoin will be one of the biggest cryptocurrencies in the future. The sky's the limit. So, what are you waiting for? Jump aboard, and let’s forge the future of currency, together.
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.
Jamaica Mints First Round of CBDCs
Following the announcement of an intended pilot program slated for May 2021, Jamaica’s Central Bank has now minted its first batch of the nation’s new official digital currency. The pilot program, set to run until December this year, will feature the issue of J$230,000,000 (equivalent to around 1,500,00 USD at the time of writing) for deposit-taking institutions and authorised payment service providers. Over a year in the making, the Jamaican government had been working closely with Ireland-based technology firm eCurrency Mint on the project since early 2020. The primary impetus behind this move was to transition Jamaica to a digital economy as swiftly as possible in wake of the damage caused by the ongoing COVID-19 pandemic. In a formal ceremony conducted in August, Jamaican Finance Minister, Dr. Nigel Clarke, emphasised the rapid pace at which the digital currency program had progressed, and promised that a legislative amendment to accompany it would be put in place before the end of the current fiscal year. Following the ceremony, Clarke stated on Twitter: “CBDC offers a more secure, more efficient form of currency that offers the potential of significantly broadening financial inclusion. Along with national identification, the CBDC will form the foundation of the digital transformation of our society(...)” Praise was also given by eCurrency CEO, Jonathan Dharmapalan, hailing Jamaica’s CBDC project as the fastest in the world due to the pace of the rollout.
How Does Crypto Keep Your Financial Info Safe?
In today’s world, based on the way things are, keeping your personal and financial information safe when roaming the Internet is crucially important. You know that, and we know that. But the thing is, despite this being a relative no-brainer, it’s still a major stumbling block for a lot of people. The reason is likely that it doesn’t really feel that dangerous. Not everyone’s info gets compromised, and we might not even know anyone from our close social circle whose data has ever been under attack. But then it happens. Then it turns out that it’s more frequent than it is rare. There’s a lot of data about us, and everyone else, that’s stored on this ‘imaginary’ cloud. At the end of the day, we all want to feel secure in this bizarre new reality that’s offering so much yet keeping us on our toes at the same time. Down below is a vivid example of the level of security cryptocurrency provides in contrast to credit card payments. Let’s dive in. A true story of safety Let’s say you’re out shopping. You’re purchasing something extraordinary and hand over your credit card to the merchant. At that moment they (the businesses) are provided with access to the full credit line (even when the amounts are small) of your card. As a process, it means that the store “pulls” the designated amount from your account, into their account. The point is that by using this method, the merchant has access to your credit card information, which also means others have access to your private information. Enter the hero. Cryptocurrency works in a completely different way: you as an owner of digital money “push” a certain amount of coins to the merchant or recipient. No extra information whatsoever is used or needed. Therefore, no access to the credit line is needed, and no information can be stolen. It guarantees complete privacy of your sensitive data. Your online identity is protected. Your funds are safe. To break it down: when you use a credit or debit card to make a purchase (especially online), you provide the vendor information that third parties could theoretically steal. It happens all the time. More and more so, sadly, as technology keeps advancing. This means if your financial information gets stolen from the vendor, your money is at risk. Be ahead of the curve. Be safe Cryptocurrency transactions are unique each time. This applies even when the parties involved are the same (let’s say you buy stuff from the same merchants over and over again). But how, you may be asking? The exchange of information means use of a “push basis” method. It means you decide upon the information you want to send to the other recipients. The traditional exchange system uses the “pull basis” method mentioned above. If you’ve been reading our blog for a while now, you know that cryptocurrencies provide a lot of benefits: small transaction fees, fast international payments, etc. We’re delighted to say that there are more pros than cons that come with the use of cryptocurrency. Do the maths. Want to know more? Reach out!
eToro CEO Predicts Broader Crypto Regulation
Following the UK’s recent crackdown on the exchange platform, Binance, eToro chief executive officer, Yoni Assia, predicts that this is just the beginning, with further regulation and consumer protection around crypto on the horizon. In an interview with the Financial Times, Assia stated “We are seeing a significant increase in the interest of retail investors and traders in the crypto market. As a part of that growth, we should also expect regulators to carefully look at this growing business of retail investors in the crypto markets.” As various nations have begun to heavily police cryptocurrencies and related trading, many experts within the digital currency sphere have met this shift with relative disdain due to the historical lack of intervention or protection offered by government bodies — a sentiment echoed by Assia’s comments. “The most important thing for regulators is to understand crypto, and understand that it is here to stay,” Assia went on to say, stressing the importance of regulators learning more about non-fiat currencies before enacting new rules and legislations. Despite initially launching as a stock exchange platform back in 2007, eToro’s shift to allowing crypto trading as of 2013 resulted in a whopping 16% of their revenue over the past year coming from crypto assets. This means that restrictive legislation around trading would almost certainly cause a huge dent in their operations.
Vietnam’s Prime Minister Pushes Central Bank Crypto Implementation
According to local reports, Vietnam will be soon joining the ever-growing list of Asian countries seeking to integrate cryptocurrencies into their state-run banks. The Viêt Nam News reported that Prime Minister Phạm Minh Chính recently requested that the Vietnamese State Bank begin looking into and piloting implementation for cryptocurrencies based on blockchain technology. The directive, known as “Decision No.942/QD-TTg”, is a major move in the nation’s e-development strategy, factoring artificial intelligence, big data, augmented reality, and virtual reality, all in parallel with the adoption of digital currencies. Until now, digital currencies have not been recognised in any official capacity, with no local licenses granted to any digital currency exchange platforms, and the State Bank stressing that citizens should avoid using any non-fiat currency due to its volatility and lack of legal recognition and purchase-protection. The proposed pilot initiative seeks to allow the government to shift laterally on their approach and generate a robust list of pros and cons for a wider rollout and official recognition of digital currencies by 2023. Huỳnh Phước Nghĩa, deputy director of the Institute of Innovation, stated that “Digital money is an inevitable trend.” This is likely in wake of the rapid uptick of cashless payments throughout Vietnam in recent years, which has undoubtedly led government officials to explore avenues around non-fiat currencies.
Your Burning Dagcoin Questions Answered
The truth is, a lot of what we do here in Dagcoin may be slightly unclear to some of you. Therefore, we’ve put together some of the most frequently asked questions about Dagcoin in one article in order to provide some clarity. We also suggest you regularly keep an eye on our News & Blog section where we tackle the most exciting topics emerging from the global crypto scene as well as from the bustling Dagcoin hub. But now on to answering some of those burning questions you may have been wondering about. 1. Some of you have expressed confusion regarding the fact that changing your dagcoins to fiat currency isn’t as smooth a process you’d imagine it to be. Let us explain why! Today, Success Factory has become one of the most popular methods of purchasing dagcoins. As a result, the supply on the official dagcoin exchange platform SwipeX is currently higher than the demand. However, once all three billion dagcoins have found an owner, SwipeX will become the primary exchange platform and dagcoins can no longer be purchased through Success Factory. For the moment, however, depending on the total number of dagcoins purchased, they must initially (and can also later) be deposited for 12, 24 or 36 months. According to the months deposited, buyers will then be rewarded with a certain percentage of coins. The additional coins will be distributed as a token of gratitude for the fact that the purchaser of the product is ready to contribute to the development of the ecosystem and thus initially freeze their coins. So we urge you to explore the numerous possibilities the Dagcoin ecosystem has to offer in using your coins. You can have a look at the ecosystem here and find merchants from your region here. Also, consider placing your dagcoins in Dagcoin Grow to increase their value, passively. The processes involved in building Dagcoin are indeed taking longer today than would have been expected. The reason for that is that in parallel with the development of dagcoin as a cryptocurrency, the construction of the Dagcoin ecosystem is being executed which is time-consuming and costly. But we are committed to creating an environment for all dagcoin users where everything they need can be purchased with dagcoins. The companies that joined us in the early years share this vision, and we can continue to operate with their trust and support. Dagcoin has taken on the mission to prove that the hype of ‘getting rich fast’ is not the real potential a cryptographic currency holds. Another important pillar of Dagcoin’s foundation is to provide billions of people around the globe, who still do not have access to traditional banking, the possibility to store and use their money in an accessible and affordable way. 2. You want to know how exactly Dagcoin is distinct from Bitcoin? Let us try putting it this way... Bitcoin is widely used as a speculative trading tool, its value fluctuates constantly. Therefore, it cannot be used as a real means of payment as its value can fluctuate from month to month in which case both, the merchant and the customer can end up losing their money. In fact, around 80% of individual traders lose money when trading with Bitcoin. Dagcoin however aims to become a daily used, regulated and stable cryptocurrency. To achieve this, Dagcoin uses fundamental pricing, where the price of the coin is based on the number of merchants and coin holders who use it. This ensures a fixed and predictable coin value, which makes Dagcoin a common currency for everyday use. Unlike Bitcoin, Dagcoin also uses user authentication to comply with international regulations. That is also the biggest technological difference between Dagcoin and Bitcoin. Dagcoin is a centralized cryptocurrency, Bitcoin on the other hand not. This means that dagcoin users store their coins on their personal devices and the transactions are confirmed by a network of witnesses managed by Dagcoin, not the community. This approach will also significantly save natural resources, as there is no need for mining as is the case with Bitcoin. Last year alone the maintenance of Bitcoins technology used as much electricity as the whole of Iceland. Dagcoins witness network however consumes about the same amount of energy per year as five average households. 3. Why is dagcoin centralised? Alright, we gotcha! A centralized cryptocurrency like Dagcoin works in accordance with financial regulations which allow it to one day become a widely used currency on a daily basis. In the case of decentralized cryptocurrencies, it is possible to make illegal transactions and there is no overview of who is behind these. However, in the case of centralized cryptocurrency, it is possible to identify users and thus prevent and deter money laundering and other illegal activities. A centralized infrastructure also helps to save the energy needed to maintain the network of "witnesses". 4. And now the exciting part: how is dagcoins price calculated? Today, the price of dagcoin depends on the balance of the community: the number of individual users and merchants of dagcoin which together determine its value as follows: - 10,000 new dagcoin users = € 0.01 added to the price - 100 new companies that accept dagcoin = € 0.01 to the price Example: today's price of € 0.76 comes from the equation of € 0.62 (620,000 users) + € 0.14 (1,400 companies) = € 0.76. The price of Dagcoin is today still related to the size of the community. If the number of individual users and traders of dagcoin is large enough to keep its price stable, dagcoin will be released and the price will be determined by supply and demand. The same principles apply when the number of businesses and/or users in the ecosystem decrease. As a result, the price of dagcoin would fall. At first sight, this might seem in contradiction to the principles of the free market, which requires the price to be determined on the basis of supply and demand. However, after the market analysis in 2017, we realized that in order to change the cryptographic market, we need to take a different approach. As most cryptocurrencies are seen as a financial instrument and their price is manipulated, we decided to initially price dagcoin on the basis of fundamental parameters (the number of companies that accept dagcoin and the number of people who use dagcoin). As a result, dagcoin has no daily fluctuations, which makes its use even safer for both users and companies. Our vision is to build a community large enough around the Dagcoin ecosystem that the price of dagcoin would remain stable and could not be manipulated. Once we are convinced that through the daily use of dagcoin the community remains stable, price and demand will determine the price. National currencies (euro, dollar, pound) are built on the same principles: the price remains stable through the trust of the community and the possibilities of usage. National currencies are constantly being traded but in the big picture, their prices do not fluctuate because the user community is large enough to keep the average price stable. The authors of Dagcoin do not claim that such an approach is the only way to increase the reliability of a cryptocurrency and realizing its true potential, but the first step in changing the world of cryptography has nonetheless been now made.
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.