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What’s the Difference Between Dagcoin & Ethereum?

Many people assume that the different cryptocurrencies and the technology they’re backed by are all more or less the same, but this is far from the truth. In this article, we will look at the key differences between Ethereum and Dagchain, along with their pros and cons. What Is Ethereum? Ethereum was created in 2015. Like Bitcoin, Ethereum is based on blockchain technology. However, Ethereum uses this technology for different purposes. Bitcoin uses blockchain technology to facilitate person-to-person payments and to keep track of the ownership of its currency. As mentioned, Ethereum does host a cryptocurrency called Ether, but it is probably best known for hosting smart contracts. Smart contracts rely on blockchain technology to enforce agreement terms. For example, a smart contract could be set up to automatically transfer currency to one party once another party has received a specified good or service. Problems with Ethereum Like any computing network, Ethereum is potentially vulnerable to attacks. And, because of the anonymous nature of blockchain technology, Ethereum is also vulnerable to misuse by bad actors. The technology has been allegedly abused repeatedly in order to create Ponzi schemes. In 2018 a dapp called 333 Eth – one of the most popular dapps at the time – was accused of being a Ponzi scheme. It promised its users a lifelong return on their investment and took an 11% cut from its investors, which it said would be used for marketing. 333 Eth isn’t the only dapp to be accused of running a Ponzi scheme on the Ethereum network. PoWH3D, Fomo 3D, and FOMO Short were also described as Ponzi schemes loosely masquerading as games. What Is Dagcoin? Dagcoin is substantially different from Ether, Bitcoin, and other cryptocurrencies. We launched it with the goal of creating a decentralized cryptocurrency for use in developing countries. The idea was to help remedy the problems caused by falling currency power and take back power from big banks. We acknowledged that the public had come to see cryptocurrency as a dangerous get-rich-quick scheme. That’s why we launched Dagcoin; its aim is not to act as a commodity for trading but to serve as an actual currency. Its value is protected from speculative fluctuations because it is based solely on the size of the DAG-chain network. How Is DAG-chain Different from Ethereum? DAG-chain attempts to address some of the problems that have come up with blockchain technology: Lack of scalability High cost of proof of work The need for miners DAG-chain was created to be faster, more easily scalable, and more egalitarian than blockchain technology. A blockchain is a series of “blocks” of data that are formed by bundling together many transactions. Those blocks are then joined together into a “chain.” In a DAG-chain, each separate transaction forms its own block. The blocks are linked to multiple previous transactions to form what’s known as a directed acyclic graph, or DAG. DAG-chain technology does not have a need for miners tasked with confirming transactions. Instead, DAG-chain makes each new network member responsible for confirming at least one previous transaction. This means that DAG-chain lacks the kind of two-tier systems found in many cryptocurrencies, which generally privilege certain groups (usually miners). It also means that there’s an incentive to keep the DAG-chain operating quickly since each new user needs to confirm a previous transaction in order to add their own transaction. The Takeaway DAG-chain and Ethereum differ significantly in their uses and purposes. Ethereum is very useful for creating smart contracts and running corporate bureaucracy. DAG-chain, on the other hand, is intended to host a normal currency, Dagcoin, which is intended for everyday use. It differs from Ethereum in its use of Dagchain technology and its compliance with government regulations. Because of the system’s speed, it is also scalable and unlimited in scope.

#Dagblog
27 July, 2022
Reaction to US May CPI Summary wiped more than $200 billion off Crypto Market

On Thursday the 10th of June 2022, The US Bureau of labor and statistics released the Consumer Price Index (CPI) Summary that revealed that inflation in the US was 8.6% in the month of May 2022. In the simplest terms this means that the US dollar can buy 8.6% less than it did before. The announcement sent panic into the market almost immediately. The stock market started a downward spiral and subsequently the crypto market followed suit. Over the weekend of the 11th-12th of June over $200 billion was wiped off the crypto market. The downward spiral continued into the next week until Wednesday the 15th of June when the US Federal Reserve made their announcement of a 0.75 percentage point rate hike to curb inflation. The market reacted negatively for a brief moment then recovered slightly.  Though the crypto market had been on a 12 week downward spiral by the time the CPI summary was announced, the mass dump of assets put added pressure on several exchanges. Some exchanges announced layoffs while others even stopped withdrawals. Binance froze Bitcoin withdrawals due to a stuck-in-chain transaction and Celsius, a crypto lending platform, faced a liquidity crunch so severe that they halted all withdrawals on the evening of Sunday the 12th of June. Celsius posted a memo on Medium:  “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations…” Celsius was particularly affected because their DeFi business had been affected by the collapse of Terra and Luna. Over and above that they are  heavily reliant on staked Ethereum investments.  The price of Ethereum was already unstable and the market drop exacerbated an already present problem, and forced them to halt withdrawals.  To put the crypto crash into perspective, the closing price of Bitcoin on the 10th of June was around $29,200. By the 15th of June Bitcoin had lost about 30% of its value with the price fluctuating between $20,200 and $22,100, around 70% less than its all time high of over $68 900. The price of Ethereum on the 10th of June was $1,788. By the 15th of June it had lost about 40% of its value with prices fluctuating between $1,017 and $1,190, around 80% less than its all time high of over $4 800. Bitcoin and Ethereum accounted for a large percentage of market losses, but a plethora of other coins followed suit. The market value fell below $1 trillion for the first time in over a year.  No one factor can be blamed for the crash but the CPI report was definitely a trigger that activated an avalanche in what was already an unstable market. When the American markets panicked, the rest of the world caught on too and the market as a whole suffered a severe crash.

#Cryptonews
13 July, 2022
What is Verify Once and How Does It Work?

Fraud is a huge problem today. Each year, millions of people worldwide are thought to be a victim of identity theft each and every year, in addition to insurmountable amounts of profits lost by businesses for similar reasons. It is why many governments around the world have introduced various Know Your Customer (KYC) and Anti Money Laundering (AML) laws to counteract this. It is extremely likely that you have had to verify your identity - by providing a copy of your driving licence, passport or identity card – when applying for services or buying goods online (especially financial products and services). This process causes problems for both individuals and businesses. For individuals, it can take many hours or even days to become verified, by which time you may not need the product or service anymore or have found another quicker alternative. Likewise, for businesses to check the identity of all customers in such detail is very time consuming, costly and harms conversion rates.   Verify Once has been built to solve these issues. We know it can be frustrating to keep verifying your identity with each new company you wish to buy products from or whose services you wish to use. Especially when this process can take many hours or even days, leaving you without the product or service you need - perhaps desperately. The reason why we created Verify Once was to reduce the time and need to go through the verification process with multiple companies online and keep providing the same documentation again and again. This is why Verify Once does exactly as its name indicates. All you have to do is verify once, and you will never have to verify again in the Dagcoin ecosystem. But what do you need to do to verify yourself once and for all, and how long does it take? Getting verified with Verify Once is a quick and easy process that takes just a couple of minutes. All you have to do is enter your personal details, and upload a copy of a valid identity document as well as proof of address. Hit submit and you will receive an answer in just 60 seconds. Once your documents have been verified, they will be connected to the email address you registered on the Verify Once platform. To ensure that you and you alone have access, your account will be password protected. Meaning that only you have access to your verification data, all approved accounts with different companies/websites, and the possibility to apply for verified accounts with new businesses whose products you wish to buy or whose services you wish to use. Verify once - and never go through verification again in the Dagcoin ecosystem with any merchant that accepts VerifyOnce. But it isn’t just individuals that are at risk. Ecommerce, online gaming, and even social media companies are at high risk. Anyone with an e-commerce shop will be all too aware of chargebacks and fraudulently used card details. The new wave of Know Your Customer (KYC) and Anti Money Laundering (AML) laws are therefore widely welcomed. However, understanding and meeting these legislations can be difficult. Some larger companies and even smaller ones have taken specialist legal, AML or fraud staff on board in an effort to meet these new laws. But staff are often not just needed to set up and update these processes, but also to monitor and verify customer applications and accounts on a daily basis. This can lead to all kinds of outcomes, businesses that can verify customers quickly and efficiently, while at the same time greatly reducing fraud, can grow significantly. While companies with a slow, inefficient or weak process can see far lower customer conversion rates, and increased cases of fraud, criminals see them as a weak link in the industry. Verify Once processes and verifies customers, so you don’t have to. Saving you both time and money. At the same time meeting, all necessary Know Your Customer regulations. This is done by using state of the art technology which is fast, secure, automated, and integrated with artificial intelligence. Meaning that as criminals adapt and improve, so will the system. Conclusion Fraud costs both individuals and businesses around the world billions each and every year. This is why governments around the world have introduced various Know Your Customer and Anti Money Laundering Laws. This means as individuals you are often asked to confirm your identity by providing a copy of your ID, driving licence or passport when buying products or applying for services online. Businesses ask for this information not just to meet these regulations, but to keep you safe and prevent revenue losses to fraud. However, for individuals, the verification process can be time-consuming and repetitive (having to submit the same information again and again to different companies). And, for businesses, it is costly in terms of hiring the staff to check through your data and hiring experts to set up these processes. Verify Once gives you the chance to verify just once and then buy any products or apply for any service without needing to verify again in the Dagcoin ecosystem (with any Verify Once partner) and for businesses the safety and security of a system that meets KYC regulations, while at the same time cutting costs dramatically. Visit https://verifyonce.com to learn more.

#Dagblog
29 June, 2022
Most popular
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.

28 July, 2021
Dagcoin – Overcoming The Blockchain Speed Problems

Just over ten years ago. If you wanted to send money to someone on the other side of the world, you would have sent it via a traditional bank transfer. For those of you that made such transactions, you will remember all too well how they took five business days or more to be received. And to top it off, you were hit by a transaction fee of around 5%, which could become very costly if you were sending a lot of money.

07 April, 2021
Dag Tech Day II: the things you need to know about DeFi

The second Dag Tech Day was a DeFi special, taking a closer look at the pros and cons of one of the fastest-growing sectors in the crypto industry: decentralised finance. Often referred to as the future of finance, DeFi is seen as a shift from traditional centralised financial systems to peer-to-peer finance enabled by decentralised technologies built on decentralised solutions. 

21 April, 2021
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Iran completes its first $10 million cryptocurrency import.

The semi-official Tasnim agency in Iran said on Tuesday the 9th of August that Iran placed its first official import order using Cryptocurrency this week. This could allow the Islamic Republic to get around economic restrictions imposed by the United States. The $10 million import order was a first step toward enabling the nation to conduct business through digital assets that do not rely on the dollar with other nations similarly constrained by U.S. sanctions, such as Russia. The agency however did not clarify which cryptocurrency was utilized in the transaction. An official from the Ministry of Industry, Mine and Trade tweeted "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,". Iran is subject to an almost complete economic embargo by the United States, which includes a prohibition on all imports, including those from its banking, shipping, and oil industries. The use of cryptocurrency could free their economy from the crippling effects of the economic sanctions. According to a research conducted last year, Iran accounted for 4.5% of all bitcoin mining activity, in part due to the cost-effective electricity there. Hundreds of millions of dollars could be made by Iran through cryptocurrency mining, which could be used to pay for imports and lessen the effects of sanctions.

#Cryptonews
What’s the Difference Between Dagcoin & Ethereum?

Many people assume that the different cryptocurrencies and the technology they’re backed by are all more or less the same, but this is far from the truth. In this article, we will look at the key differences between Ethereum and Dagchain, along with their pros and cons. What Is Ethereum? Ethereum was created in 2015. Like Bitcoin, Ethereum is based on blockchain technology. However, Ethereum uses this technology for different purposes. Bitcoin uses blockchain technology to facilitate person-to-person payments and to keep track of the ownership of its currency. As mentioned, Ethereum does host a cryptocurrency called Ether, but it is probably best known for hosting smart contracts. Smart contracts rely on blockchain technology to enforce agreement terms. For example, a smart contract could be set up to automatically transfer currency to one party once another party has received a specified good or service. Problems with Ethereum Like any computing network, Ethereum is potentially vulnerable to attacks. And, because of the anonymous nature of blockchain technology, Ethereum is also vulnerable to misuse by bad actors. The technology has been allegedly abused repeatedly in order to create Ponzi schemes. In 2018 a dapp called 333 Eth – one of the most popular dapps at the time – was accused of being a Ponzi scheme. It promised its users a lifelong return on their investment and took an 11% cut from its investors, which it said would be used for marketing. 333 Eth isn’t the only dapp to be accused of running a Ponzi scheme on the Ethereum network. PoWH3D, Fomo 3D, and FOMO Short were also described as Ponzi schemes loosely masquerading as games. What Is Dagcoin? Dagcoin is substantially different from Ether, Bitcoin, and other cryptocurrencies. We launched it with the goal of creating a decentralized cryptocurrency for use in developing countries. The idea was to help remedy the problems caused by falling currency power and take back power from big banks. We acknowledged that the public had come to see cryptocurrency as a dangerous get-rich-quick scheme. That’s why we launched Dagcoin; its aim is not to act as a commodity for trading but to serve as an actual currency. Its value is protected from speculative fluctuations because it is based solely on the size of the DAG-chain network. How Is DAG-chain Different from Ethereum? DAG-chain attempts to address some of the problems that have come up with blockchain technology: Lack of scalability High cost of proof of work The need for miners DAG-chain was created to be faster, more easily scalable, and more egalitarian than blockchain technology. A blockchain is a series of “blocks” of data that are formed by bundling together many transactions. Those blocks are then joined together into a “chain.” In a DAG-chain, each separate transaction forms its own block. The blocks are linked to multiple previous transactions to form what’s known as a directed acyclic graph, or DAG. DAG-chain technology does not have a need for miners tasked with confirming transactions. Instead, DAG-chain makes each new network member responsible for confirming at least one previous transaction. This means that DAG-chain lacks the kind of two-tier systems found in many cryptocurrencies, which generally privilege certain groups (usually miners). It also means that there’s an incentive to keep the DAG-chain operating quickly since each new user needs to confirm a previous transaction in order to add their own transaction. The Takeaway DAG-chain and Ethereum differ significantly in their uses and purposes. Ethereum is very useful for creating smart contracts and running corporate bureaucracy. DAG-chain, on the other hand, is intended to host a normal currency, Dagcoin, which is intended for everyday use. It differs from Ethereum in its use of Dagchain technology and its compliance with government regulations. Because of the system’s speed, it is also scalable and unlimited in scope.

#Dagblog
27 July, 2022
Reaction to US May CPI Summary wiped more than $200 billion off Crypto Market

On Thursday the 10th of June 2022, The US Bureau of labor and statistics released the Consumer Price Index (CPI) Summary that revealed that inflation in the US was 8.6% in the month of May 2022. In the simplest terms this means that the US dollar can buy 8.6% less than it did before. The announcement sent panic into the market almost immediately. The stock market started a downward spiral and subsequently the crypto market followed suit. Over the weekend of the 11th-12th of June over $200 billion was wiped off the crypto market. The downward spiral continued into the next week until Wednesday the 15th of June when the US Federal Reserve made their announcement of a 0.75 percentage point rate hike to curb inflation. The market reacted negatively for a brief moment then recovered slightly.  Though the crypto market had been on a 12 week downward spiral by the time the CPI summary was announced, the mass dump of assets put added pressure on several exchanges. Some exchanges announced layoffs while others even stopped withdrawals. Binance froze Bitcoin withdrawals due to a stuck-in-chain transaction and Celsius, a crypto lending platform, faced a liquidity crunch so severe that they halted all withdrawals on the evening of Sunday the 12th of June. Celsius posted a memo on Medium:  “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations…” Celsius was particularly affected because their DeFi business had been affected by the collapse of Terra and Luna. Over and above that they are  heavily reliant on staked Ethereum investments.  The price of Ethereum was already unstable and the market drop exacerbated an already present problem, and forced them to halt withdrawals.  To put the crypto crash into perspective, the closing price of Bitcoin on the 10th of June was around $29,200. By the 15th of June Bitcoin had lost about 30% of its value with the price fluctuating between $20,200 and $22,100, around 70% less than its all time high of over $68 900. The price of Ethereum on the 10th of June was $1,788. By the 15th of June it had lost about 40% of its value with prices fluctuating between $1,017 and $1,190, around 80% less than its all time high of over $4 800. Bitcoin and Ethereum accounted for a large percentage of market losses, but a plethora of other coins followed suit. The market value fell below $1 trillion for the first time in over a year.  No one factor can be blamed for the crash but the CPI report was definitely a trigger that activated an avalanche in what was already an unstable market. When the American markets panicked, the rest of the world caught on too and the market as a whole suffered a severe crash.

#Cryptonews
13 July, 2022
What is Verify Once and How Does It Work?

Fraud is a huge problem today. Each year, millions of people worldwide are thought to be a victim of identity theft each and every year, in addition to insurmountable amounts of profits lost by businesses for similar reasons. It is why many governments around the world have introduced various Know Your Customer (KYC) and Anti Money Laundering (AML) laws to counteract this. It is extremely likely that you have had to verify your identity - by providing a copy of your driving licence, passport or identity card – when applying for services or buying goods online (especially financial products and services). This process causes problems for both individuals and businesses. For individuals, it can take many hours or even days to become verified, by which time you may not need the product or service anymore or have found another quicker alternative. Likewise, for businesses to check the identity of all customers in such detail is very time consuming, costly and harms conversion rates.   Verify Once has been built to solve these issues. We know it can be frustrating to keep verifying your identity with each new company you wish to buy products from or whose services you wish to use. Especially when this process can take many hours or even days, leaving you without the product or service you need - perhaps desperately. The reason why we created Verify Once was to reduce the time and need to go through the verification process with multiple companies online and keep providing the same documentation again and again. This is why Verify Once does exactly as its name indicates. All you have to do is verify once, and you will never have to verify again in the Dagcoin ecosystem. But what do you need to do to verify yourself once and for all, and how long does it take? Getting verified with Verify Once is a quick and easy process that takes just a couple of minutes. All you have to do is enter your personal details, and upload a copy of a valid identity document as well as proof of address. Hit submit and you will receive an answer in just 60 seconds. Once your documents have been verified, they will be connected to the email address you registered on the Verify Once platform. To ensure that you and you alone have access, your account will be password protected. Meaning that only you have access to your verification data, all approved accounts with different companies/websites, and the possibility to apply for verified accounts with new businesses whose products you wish to buy or whose services you wish to use. Verify once - and never go through verification again in the Dagcoin ecosystem with any merchant that accepts VerifyOnce. But it isn’t just individuals that are at risk. Ecommerce, online gaming, and even social media companies are at high risk. Anyone with an e-commerce shop will be all too aware of chargebacks and fraudulently used card details. The new wave of Know Your Customer (KYC) and Anti Money Laundering (AML) laws are therefore widely welcomed. However, understanding and meeting these legislations can be difficult. Some larger companies and even smaller ones have taken specialist legal, AML or fraud staff on board in an effort to meet these new laws. But staff are often not just needed to set up and update these processes, but also to monitor and verify customer applications and accounts on a daily basis. This can lead to all kinds of outcomes, businesses that can verify customers quickly and efficiently, while at the same time greatly reducing fraud, can grow significantly. While companies with a slow, inefficient or weak process can see far lower customer conversion rates, and increased cases of fraud, criminals see them as a weak link in the industry. Verify Once processes and verifies customers, so you don’t have to. Saving you both time and money. At the same time meeting, all necessary Know Your Customer regulations. This is done by using state of the art technology which is fast, secure, automated, and integrated with artificial intelligence. Meaning that as criminals adapt and improve, so will the system. Conclusion Fraud costs both individuals and businesses around the world billions each and every year. This is why governments around the world have introduced various Know Your Customer and Anti Money Laundering Laws. This means as individuals you are often asked to confirm your identity by providing a copy of your ID, driving licence or passport when buying products or applying for services online. Businesses ask for this information not just to meet these regulations, but to keep you safe and prevent revenue losses to fraud. However, for individuals, the verification process can be time-consuming and repetitive (having to submit the same information again and again to different companies). And, for businesses, it is costly in terms of hiring the staff to check through your data and hiring experts to set up these processes. Verify Once gives you the chance to verify just once and then buy any products or apply for any service without needing to verify again in the Dagcoin ecosystem (with any Verify Once partner) and for businesses the safety and security of a system that meets KYC regulations, while at the same time cutting costs dramatically. Visit https://verifyonce.com to learn more.

#Dagblog
29 June, 2022
Samson Mow to Advise El Salvador Crypto Adoption

Samson Mow, a Chinese-Canadian cryptocurrency entrepreneur, said on Thursday that he has launched a new firm named Jan3 to promote bitcoin adoption. He stated that the company has inked a memorandum of understanding (MOU) with El Salvador to create digital infrastructure. Mow, who lives in Shanghai, advised Salvadoran President Nayib Bukele on a $1 billion bitcoin-backed bond offering that was postponed last month due to the invasion of Ukraine and cryptocurrency market turbulence. “It’s a general MOU that says we’ll work together to build digital infrastructure for the country and for Bitcoin City(...)” Bukele suggested a ‘Bitcoin City’ in November, which would offer tax benefits to investors and utilise geothermal energy supplied by a neighbouring volcano. According to Mow, it's too early to place a monetary figure on the arrangement. The name is a tribute to the birth of the bitcoin network on January 3, 2009. Last year, El Salvador made bitcoin legal tender. Following a significant drop in the token's price since hitting a high in November, the move has been met with widespread scepticism. Mow was formerly the chief operating officer of BTC China and the creator of Pixelmatic, a video game production studio.

#Cryptonews
15 June, 2022
What’s DAG-chain and How Does It Work?

Every day more and more people are switching to opportunities created by cryptocurrencies. While blockchain is currently the focus of many technology companies, DAG technology presents a viable alternative for different technological verticals: reducing transaction costs, improving transparency and increasing efficiency - all whilst providing a sustainable platform for companies to maintain the integrity of digital assets and transactions. In a highly competitive marketplace, DAG could really be the future of cryptocurrency. What is DAG-chain? Directed Acyclic Graph (DAG) technology provides a new and unique way of imbuing all the benefits of blockchain within a more succinct system. Like blockchain, users on a network can secure each other’s information by referencing the previous unit transactions they created. However, unlike blockchain, DAG-chain transactions are confirmed between users in topological ordering. This means that information with any given value can only go from earlier to later in the sequence and does not have to loop back on itself to gain verification. This cuts out a lot of time making transactions and requires far less power to activate. Data is therefore sent from one node to another without having to loop back or follow a particular route. Think of it like a river that continues its course forwards in a sequential stream. Over time, tributaries join this river without slowing it down but instead creating a more powerful and faster flow. This river is always directed in a certain direction and does not have to go backwards to reach its final destination. This technological advancement allows DAG-chain to be used by larger communities as it's more scalable. What's more, the bigger the user base, the faster the transactions become without affecting the cost.

#Dagblog
01 June, 2022
President Biden Issues Sweeping Crypto Executive Order

In a first-of-its-kind executive order, US President Joe Biden instructed federal agencies to coordinate their efforts in creating cryptocurrency rules. The executive order, which is the first of its kind to focus only on the rapidly rising digital asset sector, orders federal agencies to better explain their work in the industry, but it does not specify any specific stances the administration wants agencies to take. “We remain committed to working with allies in the broader digital asset community to shape the future of digital assets systems in a manner that's inclusive, consistent with our democratic values and safeguard the integrity of the global financial system(...)” stated an official According to a fact sheet provided to reporters, the executive order would set six key priorities for the administration: defending U.S. interests, protecting global financial stability, avoiding illegal uses, fostering "responsible innovation," financial inclusion, and U.S. leadership. The executive order's focus has long been speculated to be on national security. National security is mentioned a few times in the fact sheet describing the order, and an administration source said the government has already started working on resolving these issues.

#Cryptonews
18 May, 2022
How Should Currencies Like Dagcoin Be Valued?

What is the true value of something? Items we purchase can also lose value over time as a result of wear and tear or new and better technologies. Computers and phones are great examples of this. Buy a $1000 smartphone today, and in just 5 short years it will be practically worthless. But what exactly creates the value behind the money in our pockets or the cryptocurrencies in our digital wallets? And, should this change? How Were Regular Currencies Valued? Classic metal coins – what we would call money today – began to enter circulation thousands of years ago. This money gained its value from the material it was made of, a gold coin obviously being more valuable than a silver, bronze, or even copper coin. This system was in place until the advent of paper money which worked on the premise that paper or non-precious metal coins provided by a bank or government could be exchanged for a certain amount of a precious metal if the holder of the money wished. For example, one British Pound used to be exchangeable for approximately 450g of silver. How They’re Valued Today However, today, no major currency in the world bases its value on an exchangeable weight of gold, silver or any other metal. The problem with this was that no country could increase how much money was in circulation without also increasing the amount of gold, silver, etc., that it held in its reserves. A fiat currency creates its value based on how much of the currency is in circulation, the number of people who are using it, as well as the health of the national economy it is from. This kind of currency gives governments more options. For example, when we look back at the financial crisis 10 years ago, governments were able to print more money. This meant that there was more money in the system that could be lent out to both individuals and businesses who could use this to buy goods or services, hire more workers or expand operations, the aim being to stimulate growth. What Should The Value of Cryptocurrencies Be Based On? We must understand that with cryptos, there is no bank or government in control of them and that almost all of them have a fixed number of coins in circulation or that can be mined. For this reason, no additional coins can be created to stimulate an economy during a downturn or even be taken away when inflation is too high. Cryptocurrency can only realistically be based on the size of the community using it, the number of businesses who accept and the number of transactions that take place each day using it. This is why Dagcoin has been created with a focus on usability. This has been done by creating a free suite of software to make it easy for businesses to start accepting Dagcoin. This software attracts merchants, which attracts users, which in turn attracts more merchants, and so on. So far Dagcoin has grown to over 300,000 users and 700 merchants worldwide. This focus on usability also means that Dagcoin cannot be traded and is found on no such exchange for that reason. Once the community is huge, Dagcoin will be valued by the laws of supply and demand. This will happen when the usability has reached levels that the price of Dagcoin is not influenced by trading. Conclusion Today, money gains its value from the government of the nation that controls it, the number of people using the currency and the state of the national economy. People have trust in the currency and trading does not influence the everyday price of it. Cryptocurrencies cannot gain their value in the same way in the beginning, therefore the value must be first based on: The number of people using the coin The number of businesses that accept the coin The number of daily transactions using the coin …and that’s exactly how and why Dagcoin is valued in this way.

#Dagblog
04 May, 2022
EU Taking Steps Towards Crypto Regulation

Last month, the Economic and Monetary Affairs Committee of the European Parliament voted 31-4 in support of a revised draft of the Markets in Crypto Assets (MiCA) framework, with 23 abstentions. The framework generally encompasses cryptocurrency issuance and trading, and it promises to make it simpler for crypto businesses to develop throughout the EU's 27 member states by supporting a passport-type license that would be valid across borders. "Finally, the agreed text includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities(...)" Previously, the committee agreed to repeal a measure that intended to restrict the usage of cryptocurrencies that relied on the energy-intensive consensus method known as proof-of-work. The law may have effectively prohibited the use of the popular cryptocurrency Bitcoin (BTC) throughout the EU. Instead, the committee voted in favour of an alternative provision that would require the European Commission, to submit a legislative proposal by 2025 to include any crypto-asset mining activities that contribute significantly to climate change in the EU. Members of the European Parliament also mentioned that other sectors, such as video games, entertainment, as well as data centres, use energy resources that are not environmentally benign. They want the Commission to work on legislation that addresses these challenges in a variety of areas.

#Cryptonews
20 April, 2022
#cryptonews
Iran completes its first $10 million cryptocurrency import.

The semi-official Tasnim agency in Iran said on Tuesday the 9th of August that Iran placed its first official import order using Cryptocurrency this week. This could allow the Islamic Republic to get around economic restrictions imposed by the United States. The $10 million import order was a first step toward enabling the nation to conduct business through digital assets that do not rely on the dollar with other nations similarly constrained by U.S. sanctions, such as Russia. The agency however did not clarify which cryptocurrency was utilized in the transaction. An official from the Ministry of Industry, Mine and Trade tweeted "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,". Iran is subject to an almost complete economic embargo by the United States, which includes a prohibition on all imports, including those from its banking, shipping, and oil industries. The use of cryptocurrency could free their economy from the crippling effects of the economic sanctions. According to a research conducted last year, Iran accounted for 4.5% of all bitcoin mining activity, in part due to the cost-effective electricity there. Hundreds of millions of dollars could be made by Iran through cryptocurrency mining, which could be used to pay for imports and lessen the effects of sanctions.

#Cryptonews
Reaction to US May CPI Summary wiped more than $200 billion off Crypto Market

On Thursday the 10th of June 2022, The US Bureau of labor and statistics released the Consumer Price Index (CPI) Summary that revealed that inflation in the US was 8.6% in the month of May 2022. In the simplest terms this means that the US dollar can buy 8.6% less than it did before. The announcement sent panic into the market almost immediately. The stock market started a downward spiral and subsequently the crypto market followed suit. Over the weekend of the 11th-12th of June over $200 billion was wiped off the crypto market. The downward spiral continued into the next week until Wednesday the 15th of June when the US Federal Reserve made their announcement of a 0.75 percentage point rate hike to curb inflation. The market reacted negatively for a brief moment then recovered slightly.  Though the crypto market had been on a 12 week downward spiral by the time the CPI summary was announced, the mass dump of assets put added pressure on several exchanges. Some exchanges announced layoffs while others even stopped withdrawals. Binance froze Bitcoin withdrawals due to a stuck-in-chain transaction and Celsius, a crypto lending platform, faced a liquidity crunch so severe that they halted all withdrawals on the evening of Sunday the 12th of June. Celsius posted a memo on Medium:  “Due to extreme market conditions, today we are announcing that Celsius is pausing all withdrawals, Swap, and transfers between accounts. We are taking this action today to put Celsius in a better position to honor, over time, its withdrawal obligations…” Celsius was particularly affected because their DeFi business had been affected by the collapse of Terra and Luna. Over and above that they are  heavily reliant on staked Ethereum investments.  The price of Ethereum was already unstable and the market drop exacerbated an already present problem, and forced them to halt withdrawals.  To put the crypto crash into perspective, the closing price of Bitcoin on the 10th of June was around $29,200. By the 15th of June Bitcoin had lost about 30% of its value with the price fluctuating between $20,200 and $22,100, around 70% less than its all time high of over $68 900. The price of Ethereum on the 10th of June was $1,788. By the 15th of June it had lost about 40% of its value with prices fluctuating between $1,017 and $1,190, around 80% less than its all time high of over $4 800. Bitcoin and Ethereum accounted for a large percentage of market losses, but a plethora of other coins followed suit. The market value fell below $1 trillion for the first time in over a year.  No one factor can be blamed for the crash but the CPI report was definitely a trigger that activated an avalanche in what was already an unstable market. When the American markets panicked, the rest of the world caught on too and the market as a whole suffered a severe crash.

#Cryptonews
13 July, 2022
Samson Mow to Advise El Salvador Crypto Adoption

Samson Mow, a Chinese-Canadian cryptocurrency entrepreneur, said on Thursday that he has launched a new firm named Jan3 to promote bitcoin adoption. He stated that the company has inked a memorandum of understanding (MOU) with El Salvador to create digital infrastructure. Mow, who lives in Shanghai, advised Salvadoran President Nayib Bukele on a $1 billion bitcoin-backed bond offering that was postponed last month due to the invasion of Ukraine and cryptocurrency market turbulence. “It’s a general MOU that says we’ll work together to build digital infrastructure for the country and for Bitcoin City(...)” Bukele suggested a ‘Bitcoin City’ in November, which would offer tax benefits to investors and utilise geothermal energy supplied by a neighbouring volcano. According to Mow, it's too early to place a monetary figure on the arrangement. The name is a tribute to the birth of the bitcoin network on January 3, 2009. Last year, El Salvador made bitcoin legal tender. Following a significant drop in the token's price since hitting a high in November, the move has been met with widespread scepticism. Mow was formerly the chief operating officer of BTC China and the creator of Pixelmatic, a video game production studio.

#Cryptonews
15 June, 2022
President Biden Issues Sweeping Crypto Executive Order

In a first-of-its-kind executive order, US President Joe Biden instructed federal agencies to coordinate their efforts in creating cryptocurrency rules. The executive order, which is the first of its kind to focus only on the rapidly rising digital asset sector, orders federal agencies to better explain their work in the industry, but it does not specify any specific stances the administration wants agencies to take. “We remain committed to working with allies in the broader digital asset community to shape the future of digital assets systems in a manner that's inclusive, consistent with our democratic values and safeguard the integrity of the global financial system(...)” stated an official According to a fact sheet provided to reporters, the executive order would set six key priorities for the administration: defending U.S. interests, protecting global financial stability, avoiding illegal uses, fostering "responsible innovation," financial inclusion, and U.S. leadership. The executive order's focus has long been speculated to be on national security. National security is mentioned a few times in the fact sheet describing the order, and an administration source said the government has already started working on resolving these issues.

#Cryptonews
18 May, 2022
EU Taking Steps Towards Crypto Regulation

Last month, the Economic and Monetary Affairs Committee of the European Parliament voted 31-4 in support of a revised draft of the Markets in Crypto Assets (MiCA) framework, with 23 abstentions. The framework generally encompasses cryptocurrency issuance and trading, and it promises to make it simpler for crypto businesses to develop throughout the EU's 27 member states by supporting a passport-type license that would be valid across borders. "Finally, the agreed text includes measures against market manipulation and to prevent money laundering, terrorist financing and other criminal activities(...)" Previously, the committee agreed to repeal a measure that intended to restrict the usage of cryptocurrencies that relied on the energy-intensive consensus method known as proof-of-work. The law may have effectively prohibited the use of the popular cryptocurrency Bitcoin (BTC) throughout the EU. Instead, the committee voted in favour of an alternative provision that would require the European Commission, to submit a legislative proposal by 2025 to include any crypto-asset mining activities that contribute significantly to climate change in the EU. Members of the European Parliament also mentioned that other sectors, such as video games, entertainment, as well as data centres, use energy resources that are not environmentally benign. They want the Commission to work on legislation that addresses these challenges in a variety of areas.

#Cryptonews
20 April, 2022
Crypto Markets Maintain Resilience Despite Impact of Ukraine Conflict

Despite the gigantic impact on the global financial market as a whole, cryptocurrency markets have remained somewhat stable despite the ongoing invasion of Ukraine by the Russian state.  According to David Duong, Coinbase's head of institutional research, the key performance drivers for the crypto markets became "more entangled" in February, as the escalation of geopolitical tensions created more uncertainty about the possible normalization path to be taken by the US Federal Reserve. De-risking in the months leading up to the incident, as well as the quick escalation of the Ukraine crisis, resulted in enormous liquidations, forcing crypto markets to find a bottom sooner than predicted. According to the report, this, together with the assumption that the beginnings of such large-scale conflicts tend to be purchasing opportunities, and the conviction that the war would be relatively short-lived, have all contributed to the resilience. Crypto markets have received a brief respite, but this was likely due to technical factors, with the report adding that "positioning has assisted crypto markets in retracing, but we believe they remain in an unstable equilibrium." The medium-term forecast for the exchange is that the larger market will need more time to settle before it can begin to perform, which might come around the end of the second quarter. Prior to the invasion, a faster recovery was anticipated, but investors will likely want more certainty about the date of peak inflation and the Fed's rate rise cycle before they are prepared to deploy additional capital.

#Cryptonews
23 March, 2022
Chinese Crypto Crackdown Begins Focus on Private Miners

After doing its best to effectively eliminate its industrial crypto mining sector, China is now targeting smaller players: internet cafés, PC gaming room operators, and even those mining on rigs and cards from their bedrooms. Like many nations throughout Asia, China has a thriving PC gaming culture. The bulk of these players can be found in PC gaming rooms, which essentially function as pay-per-hour gaming lobbies. These are typically outfitted with high-spec computers equipped with powerful GPUs and fast processors. According to a report: “authorities in the city of Lau’an stated that they would step up “enforcement” of crypto-related decrees and engage in the “supervision of PC rooms,” as well as “promptly stop virtual currency mining activities in Internet cafes and further promote energy conservation and emission reduction.” The government has given provinces and cities the authority to enforce the policy, and police officers have appeared on WeChat groups of PC room owners to warn them of the dangers of non-compliance. According to the media report, broadband access was "monitored" in the case of individuals suspected of mining tokens from home by internet providers. Internet service providers have been told they can (or should) "directly disconnect" crypto miners from networks. Web hosting companies have also been instructed to block mining pool domain names. Regardless, some appear willing to defy Beijing, with the media outlet noting that "some PC room businesses" are still involved in mining, and "some businesses" are still "engaged in the business of" trading mining hardware.

#Cryptonews
02 February, 2022
Bitcoin and Ethereum Tumble After an All-Time High Valuation

Bitcoin dropped 5% last month after reaching an all-time high of around $68,950 in early November. Bitcoin's all-time high was reached shortly after the October Consumer Price Index (CPI) report revealed higher-than-expected inflation in the United States. According to the report, the CPI rose 6.2 percent in October compared to the previous year, resulting in the fastest rate in three decades. According to IntoTheBlock's Juan Pellicer, the shakeout appeared to coincide with a decline in US stock markets as analysts parsed the CPI report. According to Pellicer, “The S&P 500 and Nasdaq reacted badly to the announcement (...) this then influenced the crypto market.” Lennard Neo of Stack Funds wrote in a report that the delayed market reaction in stocks and bitcoin could have resulted from an end-of-day assessment that faster inflation would prompt the Federal Reserve to tighten monetary policy sooner. Ether also took an unexpected tumble after a record high of $4,851, seeing a 2% drop the same day as its peak. However, despite all this doom and gloom, Daniel Kukan, senior crypto trader at Crypto Finance AG, stated that ETH was set to soon outperform BTC in terms of growth.

#Cryptonews
29 December, 2021
Thai Crypto Investors to be Subject to 15% Capital Gains Tax

According to the Thai Finance Ministry, crypto traders within the nation are soon to be subject to a 15% capital gains tax on any and all returns. To avoid legal ramifications, the ministry has advised all to declare their cryptocurrency income when filing taxes from this year onwards. ​​ Many questions remain around how exactly profits are calculated, according to Akalarp Yimwilai, CEO of digital assets brokerage firm, Zipmex, including whether a gain from a price increase as the US dollar strengthens is considered a profit. “Tax methods and calculations should be more concise, clear and easy to understand. Many people I know want to pay taxes, but don't know how to calculate them(...)” In an article, Anon Thadium, a Thai Central Tax Court judge, stated that any traders who profit from the sale of cryptocurrencies are considered beneficiaries of crypto transactions. This gain is taxable under Thai law, and thus must be calculated for personal income tax purposes. According to sources, the Revenue Department intends to strengthen its overall surveillance of cryptocurrency trading this year, following significant growth in market size and value of the digital asset market in 2021.

#Cryptonews
01 December, 2021
#dagblog
What’s the Difference Between Dagcoin & Ethereum?

Many people assume that the different cryptocurrencies and the technology they’re backed by are all more or less the same, but this is far from the truth. In this article, we will look at the key differences between Ethereum and Dagchain, along with their pros and cons. What Is Ethereum? Ethereum was created in 2015. Like Bitcoin, Ethereum is based on blockchain technology. However, Ethereum uses this technology for different purposes. Bitcoin uses blockchain technology to facilitate person-to-person payments and to keep track of the ownership of its currency. As mentioned, Ethereum does host a cryptocurrency called Ether, but it is probably best known for hosting smart contracts. Smart contracts rely on blockchain technology to enforce agreement terms. For example, a smart contract could be set up to automatically transfer currency to one party once another party has received a specified good or service. Problems with Ethereum Like any computing network, Ethereum is potentially vulnerable to attacks. And, because of the anonymous nature of blockchain technology, Ethereum is also vulnerable to misuse by bad actors. The technology has been allegedly abused repeatedly in order to create Ponzi schemes. In 2018 a dapp called 333 Eth – one of the most popular dapps at the time – was accused of being a Ponzi scheme. It promised its users a lifelong return on their investment and took an 11% cut from its investors, which it said would be used for marketing. 333 Eth isn’t the only dapp to be accused of running a Ponzi scheme on the Ethereum network. PoWH3D, Fomo 3D, and FOMO Short were also described as Ponzi schemes loosely masquerading as games. What Is Dagcoin? Dagcoin is substantially different from Ether, Bitcoin, and other cryptocurrencies. We launched it with the goal of creating a decentralized cryptocurrency for use in developing countries. The idea was to help remedy the problems caused by falling currency power and take back power from big banks. We acknowledged that the public had come to see cryptocurrency as a dangerous get-rich-quick scheme. That’s why we launched Dagcoin; its aim is not to act as a commodity for trading but to serve as an actual currency. Its value is protected from speculative fluctuations because it is based solely on the size of the DAG-chain network. How Is DAG-chain Different from Ethereum? DAG-chain attempts to address some of the problems that have come up with blockchain technology: Lack of scalability High cost of proof of work The need for miners DAG-chain was created to be faster, more easily scalable, and more egalitarian than blockchain technology. A blockchain is a series of “blocks” of data that are formed by bundling together many transactions. Those blocks are then joined together into a “chain.” In a DAG-chain, each separate transaction forms its own block. The blocks are linked to multiple previous transactions to form what’s known as a directed acyclic graph, or DAG. DAG-chain technology does not have a need for miners tasked with confirming transactions. Instead, DAG-chain makes each new network member responsible for confirming at least one previous transaction. This means that DAG-chain lacks the kind of two-tier systems found in many cryptocurrencies, which generally privilege certain groups (usually miners). It also means that there’s an incentive to keep the DAG-chain operating quickly since each new user needs to confirm a previous transaction in order to add their own transaction. The Takeaway DAG-chain and Ethereum differ significantly in their uses and purposes. Ethereum is very useful for creating smart contracts and running corporate bureaucracy. DAG-chain, on the other hand, is intended to host a normal currency, Dagcoin, which is intended for everyday use. It differs from Ethereum in its use of Dagchain technology and its compliance with government regulations. Because of the system’s speed, it is also scalable and unlimited in scope.

#Dagblog
27 July, 2022
What is Verify Once and How Does It Work?

Fraud is a huge problem today. Each year, millions of people worldwide are thought to be a victim of identity theft each and every year, in addition to insurmountable amounts of profits lost by businesses for similar reasons. It is why many governments around the world have introduced various Know Your Customer (KYC) and Anti Money Laundering (AML) laws to counteract this. It is extremely likely that you have had to verify your identity - by providing a copy of your driving licence, passport or identity card – when applying for services or buying goods online (especially financial products and services). This process causes problems for both individuals and businesses. For individuals, it can take many hours or even days to become verified, by which time you may not need the product or service anymore or have found another quicker alternative. Likewise, for businesses to check the identity of all customers in such detail is very time consuming, costly and harms conversion rates.   Verify Once has been built to solve these issues. We know it can be frustrating to keep verifying your identity with each new company you wish to buy products from or whose services you wish to use. Especially when this process can take many hours or even days, leaving you without the product or service you need - perhaps desperately. The reason why we created Verify Once was to reduce the time and need to go through the verification process with multiple companies online and keep providing the same documentation again and again. This is why Verify Once does exactly as its name indicates. All you have to do is verify once, and you will never have to verify again in the Dagcoin ecosystem. But what do you need to do to verify yourself once and for all, and how long does it take? Getting verified with Verify Once is a quick and easy process that takes just a couple of minutes. All you have to do is enter your personal details, and upload a copy of a valid identity document as well as proof of address. Hit submit and you will receive an answer in just 60 seconds. Once your documents have been verified, they will be connected to the email address you registered on the Verify Once platform. To ensure that you and you alone have access, your account will be password protected. Meaning that only you have access to your verification data, all approved accounts with different companies/websites, and the possibility to apply for verified accounts with new businesses whose products you wish to buy or whose services you wish to use. Verify once - and never go through verification again in the Dagcoin ecosystem with any merchant that accepts VerifyOnce. But it isn’t just individuals that are at risk. Ecommerce, online gaming, and even social media companies are at high risk. Anyone with an e-commerce shop will be all too aware of chargebacks and fraudulently used card details. The new wave of Know Your Customer (KYC) and Anti Money Laundering (AML) laws are therefore widely welcomed. However, understanding and meeting these legislations can be difficult. Some larger companies and even smaller ones have taken specialist legal, AML or fraud staff on board in an effort to meet these new laws. But staff are often not just needed to set up and update these processes, but also to monitor and verify customer applications and accounts on a daily basis. This can lead to all kinds of outcomes, businesses that can verify customers quickly and efficiently, while at the same time greatly reducing fraud, can grow significantly. While companies with a slow, inefficient or weak process can see far lower customer conversion rates, and increased cases of fraud, criminals see them as a weak link in the industry. Verify Once processes and verifies customers, so you don’t have to. Saving you both time and money. At the same time meeting, all necessary Know Your Customer regulations. This is done by using state of the art technology which is fast, secure, automated, and integrated with artificial intelligence. Meaning that as criminals adapt and improve, so will the system. Conclusion Fraud costs both individuals and businesses around the world billions each and every year. This is why governments around the world have introduced various Know Your Customer and Anti Money Laundering Laws. This means as individuals you are often asked to confirm your identity by providing a copy of your ID, driving licence or passport when buying products or applying for services online. Businesses ask for this information not just to meet these regulations, but to keep you safe and prevent revenue losses to fraud. However, for individuals, the verification process can be time-consuming and repetitive (having to submit the same information again and again to different companies). And, for businesses, it is costly in terms of hiring the staff to check through your data and hiring experts to set up these processes. Verify Once gives you the chance to verify just once and then buy any products or apply for any service without needing to verify again in the Dagcoin ecosystem (with any Verify Once partner) and for businesses the safety and security of a system that meets KYC regulations, while at the same time cutting costs dramatically. Visit https://verifyonce.com to learn more.

#Dagblog
29 June, 2022
What’s DAG-chain and How Does It Work?

Every day more and more people are switching to opportunities created by cryptocurrencies. While blockchain is currently the focus of many technology companies, DAG technology presents a viable alternative for different technological verticals: reducing transaction costs, improving transparency and increasing efficiency - all whilst providing a sustainable platform for companies to maintain the integrity of digital assets and transactions. In a highly competitive marketplace, DAG could really be the future of cryptocurrency. What is DAG-chain? Directed Acyclic Graph (DAG) technology provides a new and unique way of imbuing all the benefits of blockchain within a more succinct system. Like blockchain, users on a network can secure each other’s information by referencing the previous unit transactions they created. However, unlike blockchain, DAG-chain transactions are confirmed between users in topological ordering. This means that information with any given value can only go from earlier to later in the sequence and does not have to loop back on itself to gain verification. This cuts out a lot of time making transactions and requires far less power to activate. Data is therefore sent from one node to another without having to loop back or follow a particular route. Think of it like a river that continues its course forwards in a sequential stream. Over time, tributaries join this river without slowing it down but instead creating a more powerful and faster flow. This river is always directed in a certain direction and does not have to go backwards to reach its final destination. This technological advancement allows DAG-chain to be used by larger communities as it's more scalable. What's more, the bigger the user base, the faster the transactions become without affecting the cost.

#Dagblog
01 June, 2022
How Should Currencies Like Dagcoin Be Valued?

What is the true value of something? Items we purchase can also lose value over time as a result of wear and tear or new and better technologies. Computers and phones are great examples of this. Buy a $1000 smartphone today, and in just 5 short years it will be practically worthless. But what exactly creates the value behind the money in our pockets or the cryptocurrencies in our digital wallets? And, should this change? How Were Regular Currencies Valued? Classic metal coins – what we would call money today – began to enter circulation thousands of years ago. This money gained its value from the material it was made of, a gold coin obviously being more valuable than a silver, bronze, or even copper coin. This system was in place until the advent of paper money which worked on the premise that paper or non-precious metal coins provided by a bank or government could be exchanged for a certain amount of a precious metal if the holder of the money wished. For example, one British Pound used to be exchangeable for approximately 450g of silver. How They’re Valued Today However, today, no major currency in the world bases its value on an exchangeable weight of gold, silver or any other metal. The problem with this was that no country could increase how much money was in circulation without also increasing the amount of gold, silver, etc., that it held in its reserves. A fiat currency creates its value based on how much of the currency is in circulation, the number of people who are using it, as well as the health of the national economy it is from. This kind of currency gives governments more options. For example, when we look back at the financial crisis 10 years ago, governments were able to print more money. This meant that there was more money in the system that could be lent out to both individuals and businesses who could use this to buy goods or services, hire more workers or expand operations, the aim being to stimulate growth. What Should The Value of Cryptocurrencies Be Based On? We must understand that with cryptos, there is no bank or government in control of them and that almost all of them have a fixed number of coins in circulation or that can be mined. For this reason, no additional coins can be created to stimulate an economy during a downturn or even be taken away when inflation is too high. Cryptocurrency can only realistically be based on the size of the community using it, the number of businesses who accept and the number of transactions that take place each day using it. This is why Dagcoin has been created with a focus on usability. This has been done by creating a free suite of software to make it easy for businesses to start accepting Dagcoin. This software attracts merchants, which attracts users, which in turn attracts more merchants, and so on. So far Dagcoin has grown to over 300,000 users and 700 merchants worldwide. This focus on usability also means that Dagcoin cannot be traded and is found on no such exchange for that reason. Once the community is huge, Dagcoin will be valued by the laws of supply and demand. This will happen when the usability has reached levels that the price of Dagcoin is not influenced by trading. Conclusion Today, money gains its value from the government of the nation that controls it, the number of people using the currency and the state of the national economy. People have trust in the currency and trading does not influence the everyday price of it. Cryptocurrencies cannot gain their value in the same way in the beginning, therefore the value must be first based on: The number of people using the coin The number of businesses that accept the coin The number of daily transactions using the coin …and that’s exactly how and why Dagcoin is valued in this way.

#Dagblog
04 May, 2022
How Dagcoin Eliminates Tax Evasion and Fraud

Paying taxes It’s fair to say that no-one really enjoys paying taxes. However, almost all of us pay our taxes dutifully because of the wider societal benefits, as well as for us as individuals. For those of you that pay your taxes, it is a bitter pill to swallow seeing billionaire owners of large corporations like Google and Amazon get away with paying almost no tax. It is made worse by poor government decisions. Like billions squandered on worthless projects or services that are promised, but never actually materialise. In some cases, fraud and embezzlement by politicians and their associates also see much of your hard-earned money lost forever. Is Cryptocurrency a solution to tax fraud? In total, it is believed that companies lose on average around 5% per year as a direct result of fraud. But just how could cryptocurrencies solve this problem? That is very simple: transparent transactions! For example, all tax money paid by large companies and rich individuals to the government will be clearly visible. Likewise, at the same time, government funds that are set aside to pay for certain services, such as education can be seen and tracked. For this reason, any under or overspending can be easily seen, along with who is receiving the payment and for what services. This makes it much harder for politicians to take some of this money for themselves or to provide preferential or overpaid contracts to friends, relatives or business associates. With cryptocurrencies such as Dagcoin, it is much harder or impossible to commit such crimes similar in nature to credit card fraud. Because no physical card or card details are provided. With a regular card, it can be swiped and cloned in a store or restaurant very easily, details can also be stolen from an online store database, or even provided to criminals directly, but unknowingly. With a cryptocurrency, you and you alone have access to your cryptocurrency wallet. Even if someone were to steal your phone, they would not have access without knowing your passwords. For businesses too, there would be a huge advantage of no fraudulent chargebacks. Chargebacks cost businesses around the world over $40 billion each year. A chargeback happens when a person pays for goods or services using their credit/debit card and then asks their bank to take this money back from the business. However, in the case of fraud, the client has likely already received the services or goods, or these goods are already on route. By the time a business is aware of the fraudulent chargeback, the client is often long gone with the money and the goods. As cryptocurrencies like Dagcoin do not have chargebacks, businesses can relax without the worry of chargeback fraud. Why Dagcoin is the most transparent currency Dagcoin was not just built to be a currency that could be used every day, by everybody, everywhere, it was also made to be the most transparent cryptocurrency. Currencies such as Bitcoin have hit serious legal problems in many countries around the world as a result of the anonymity of transactions, and their use to pay for illegal goods secretly in places such as the dark web. This has led to Bitcoin and other cryptocurrencies being banned in some countries around the world. It is these problems that have hindered their expansion into the mainstream, as the wider global population and governments simply do not trust them as they are not transparent enough. Unlike other cryptocurrencies, Dagcoin keeps a full transaction history, just like you have with your bank statement. This doesn’t just mean that it can be used in the same way, to track income and expenditure or as a record when applying for a loan or mortgage. Knowing the senders, receivers and values of these transactions makes Dagcoin as transparent as a regular bank account, but with added security. Conclusion Large corporations and very wealthy individuals are getting away with paying very little or no tax. Governments and politicians are wasting and even embezzling public money for themselves. At the same time, benefit frauds are also costing the system billions. All these things mean that regular dutiful taxpayers like you and me are left to foot the bill by paying even higher taxes. However, cryptocurrencies such as Dagcoin offer a solution. That solution is transparency. 

#Dagblog
06 April, 2022
How is Dagcoin Leading the Charge on Sustainability?

In order to reach the heights it has today, the crypto sector has experienced a series of significant changes over time. In the beginning, crypto mining was carried out with modest computers and little-to-no complicated or high-powered tech. Bitcoin was generated (mined) using only general-purpose central processing units, or CPUs. The appeal of easy money drove an inflow of new participants, resulting in the quick development of the Bitcoin network – so much so that these first-generation miners were unable to keep pace with demand, leaving them outdated in less than a year. Once outpaced, more powerful graphics processing units, or GPUs, were used to carry out mining endeavours. Chances are that you’ve seen images of gigantic, slightly dystopian, warehouses loaded from floor to ceiling with thousands of these devices, all linked together — a crypto mine. As you can imagine, the amount of energy and resources required to carry out these operations increases year on year. In fact, the amount of energy used to mine and trade Bitcoin alone now averages at over 200 TWh per year — a figure comparable to the energy usage of the entirety of the nation of Thailand. Is this just down to increased usage, interest, and desire to mine? Not quite. Why Most Cryptos are Unsustainable In order to understand why most cryptocurrencies require more energy to trade and mine, we need to understand how they work. By now, you’ll have almost certainly heard the term ‘blockchain’ — and herein lies part of the problem. One of the hailing graces of cryptocurrencies is their perceived security. The world’s two biggest cryptos, Bitcoin and Ethereum, utilise a ‘Proof of Work’ or ‘Pow’ system, which essentially requires users to solve difficult digital equations in order to mine coins and add a new block to the blockchain in the process. While this was designed in order to prevent the security of these currencies from becoming compromised by unscrupulous individuals, an unfortunate side-effect is the massive amount of computing power required to beat other users to the punch on solving these equations, thereby earning a mined coin. The biggest, best, and most powerful stand to ‘win’, and with the blockchain increasing in size and complexity with every transaction, the computing power required to be successful in these cases also increases exponentially. As you can imagine, this is an ever-growing problem and is far from sustainable. Dagcoin is Different — Here’s How Unlike blockchain-reliant cryptocurrencies, the architects behind Dagcoin have taken a different approach to confirming transactions on the ‘DAG-chain’. Dagcoin uses a proprietary system that is based on a small, static number of witnesses who confirm transactions. This means that no matter how many transactions are carried out over time, and how large the volume of information stored within the DAG-chain grows to be, executing energy-thirsty mining operations isn’t necessary, and never will be. To find out more about how Dagcoin is working towards building a cleaner world with decentralised finance at the forefront, head to the sustainability page.

#Dagblog
09 March, 2022
Getting Started with Dagcoin for Business

There isn’t one business in the world that doesn’t want to grow its customer base and increase its revenue. Companies are always looking at different ways to attract new customers, focusing on strategies such as marketing campaigns, their online presence, special offers and even the age-old “word of mouth”. Accepting another currency is very rarely on the list of ways to attract new customers. However, cryptocurrencies are growing in popularity around the world and their users are increasingly looking for places to spend them. With Dagcoin boasting more users than the nation of Iceland in its entirety, it’s safe to say that the 670,000+ potential customers are ones you cannot afford to skip out on. You are here because you see the potential for your business in accepting Dagcoin as a payment method. If you don’t have a Dagcoin wallet or dags yet, go read our quick how-to guide here and come back. Now let’s get started… Sign up for Dagpay Signing up is simple and easy. All you have to do is visit the Dagpay website, fill in the online application and go through a quick verification process – just like you did with SwipeX – and you are done. Now you have access to the full suite of free Dagpay software that helps you to accept Dagcoin payments at your business location (shop, café, gym, etc.), online, and via invoice. As well as helping you to receive and send payments, the bundle also includes software that helps you to check payments, and monitor your finances. How to Accept Payments and Send Invoices There are three main pieces of software that we will go over in this section, some of which will be more appropriate for your business than others: 1. POS System If you run a shop, café, restaurant, gym or any other location in which customers visit you in person to buy from you, this software is perfect for you. All you need to do is download the Dagpay POS app from Google Play onto the smartphone or tablet you wish to use to accept payments and you are ready to go. When a client wishes to pay with Dagcoin all you have to do is: Enter the amount the client needs to pay The app will then create a unique QR Code The customer then scans this with their DagWallet or Webwallet on their phone You receive the payment This entire process takes less than 30 seconds. It is as quick and easy as accepting a card payment, but with some extra benefits. Firstly, Dagpay currently has no fees, unlike credit and debit cards, and secondly, customers are unable to make chargebacks preventing fraud. 2. Webshop Plugins If you run an online business the most important thing for you is that as many potential customers as possible leave your website having made a purchase. One of the major reasons people abandon their carts is that there is not a suitable payment method for them. If your online shop is on WooCommerce, Magento, OpenCart, Prestashop, or Easy Digital Downloads platform, all you have to do is download the free plugin and you are ready to start accepting dagcoins. It really couldn’t be easier! We are adding free plugins for other eCommerce platforms all the time, so don’t worry if yours was not named here because it may be available. If it is not, or your site was custom-built, a web developer can quickly and easily add this payment method to your site, because all the documentation and instructions they need are freely available on the Dagpay website. Saving you a lot of money and time on a custom-built solution. 3. Email Invoicing Whether you are a freelancer or multinational you will need to be able to send and pay invoices. The intuitive email invoicing app helps you to create invoices with a unique QR in seconds. Not only can you create invoices more quickly, but also receive payments quicker too. This is because all your client needs to do is simply scan the QR code with their smartphone and the money will be in your wallet within 10 seconds. No longer will you have to wait hours, days or even weeks for a payment! Join Merchant Finder If someone said to you there is a place where you can advertise your business to almost 700,000 people for free. You would be there and signing up in an instant. This is not a fantasy, it exists — and it’s called Merchant Finder. Just like signing up for Daypay, signing up for Merchant Finder is also free and simple. However, unlike the other steps, it is important to spend more time here to make your business profile as appealing as possible to potential customers. The businesses with the most appealing pictures and best descriptions will gain the most traction and with it new clients. If you are a local business such as a café, it is important to make your location your key selling point. This is because Dagcoin users can search the site by location and most like to support businesses in their area that accept the currency. If you sell your services, for example, if you are a graphic designer, then it is much more important to focus on what you offer. In this case, your company description and pictures are key to your success. Conclusion Accepting Dagcoin as a payment option couldn’t be simpler. All you need to do is sign up to Dagpay to gain access to a suite of free software that includes the 3 following applications: A POS System that makes it possible for you to accept Dagcoin payments in your shop, café, bar or gym. To accept payment all you need to do is enter the amount the customer needs to pay into the app, a QR code is created, the customer scans this with their DagWallet on their phone and the payment is complete. Simple! Web Plugins make it possible to accept Dagcoin payments in your online store. If you use Woocommerce, Magento or one of the other major eCommerce platforms, simply download the corresponding free plugin and you are ready to start accepting Dagcoin payments. Email Invoicing, create and send invoices to your clients in seconds with the invoicing app. Each invoice includes a unique QR code. All your client needs to do is scan this with their DagWallet and you will receive the money in less than 10 seconds. Lastly, by signing up for Merchant Finder and creating your free profile. Your business is now visible to a growing community of over 670,000 potential customers. Join over 1,500 businesses who are already accepting Dagcoin, and start growing your business, today.

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09 February, 2022
Cryptocurrency Types Made Easy

After effortlessly moving beyond the musings of finance experts and investors, and breaching popular culture, it’s become clear — Cryptocurrency is here to stay. In case you feel a little left behind, here’s a crash course on Crypto’s turbulent journey, impact, and the different types you’re likely to hear about. Where did it all begin? Although Crypto as a whole is still in its late adolescence, it was as far back as 1998 when ‘b-money’ emerged — an electronic finance system that offered full anonymity, and laid the groundwork for what we all know as cryptocurrency today. Following the global financial crises of the 00s, trust in banks and the stock market was at a record low. The public required an alternative financial system, and in 2009 Bitcoin answered the call. While initially considered to be just for tech nerds and shady black market transactions, Bitcoin and many others have since broken through into the mainstream as a viable alternative to common currencies.  So what’s the blockchain? Freeing itself of restrictive rules and fees levied by traditional banks, Bitcoin owes much of its success to the technology it utilises – the blockchain. Blockchain removes the figurative middleman and puts the control of all transactions in the hands of its users. Beyond this, all transactions are fully encrypted, ensuring complete privacy and security, and locking out any methods of gaming the system. It’s not just Bitcoin, though. There’s a good chance you’ve heard of Ethereum, Ripple, Litecoin, Monero et al. With over 5,000 cryptocurrencies part of an ever-growing list, the majority use the blockchain. DAG-chain cryptocurrencies Despite efforts to improve on it, few effective moves have been made to introduce an improved version of blockchain technology. Fortunately, there’s DAG-chain — the technology utilised by Dagcoin. While the blockchain system is vast, its initial speed and low cost have been stifled by the ever-increasing number of logged transactions. DAG-chain, however, does the opposite – as the amount of users increases so does the speed and cost of transactions.  The system is evolving, as should you. 

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12 January, 2022
Put Some Extra Funds Away with Dagmarket Jobs

The pandemic has had an astronomical impact on the way we conduct our professional lives. Whether it be navigating how to subsist through remote work, or losing jobs entirely, the impact has been huge and demanded adaptation.  With people less able to socialise or move around, many businesses – especially in the hospitality and tourism sectors – have closed, and countless others have gone bankrupt. This led to untold millions of people around the world being made unemployed, with some still in that position. That’s why we created… Dagmarket Jobs In order to help people who have been made unemployed because of the virus, as well as those on reduced hours and salaries - we developed Dagmarket Jobs. Very simply, it connects those who need something done with people who are willing to do the work, with all jobs completed on the platform paid for with dagcoins. Dagmarket Jobs is perfect for individuals who are looking for someone to help them complete a small project or a simple task. Whatever task you need completing, the platform is a great way to connect with job seekers around the world and find the most suitable person for the task.  Last year, more than 30 million people lost their livelihoods in the United States alone. This is a level of unemployment that has not been seen since the great depression in the 1930s. And, the US is not alone. Hundreds of countries around the world are also reporting record unemployment figures, despite unprecedented stimulus packages designed to keep people in the working world. For those of you that are looking for a job right now, or are looking for extra money to cover your reduced wages, it might seem like an impossible task.  Dagmarket Jobs is a great way for you to find work and earn more dags at this difficult time. This could be the time that you gain a new passion or skill, or obtain the work experience you need to take your career to the next level. Because you choose when and where you work, you have complete control.  Are you looking for a helping hand? Try Dagmarket Jobs!

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15 December, 2021