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JPMorgan Experimenting With Blockchain Solutions For Taiwanese Banks

With rejected and returned payments being rife within the Taiwanese banking sector, banking giant JPMorgan Chase & Co. has taken the route of testing a blockchain solution known as ‘Confirm’ with a series of large Taiwan-based banks. Confirm, when used in tandem with JPMorgan’s own clearing solution, ‘PayDirect’, will allow these banks to confirm a recipients’ account information ahead of making payments with almost zero delay. This is a welcome change to many due to the reliance on blockchain authentication adding an extra layer of concrete security. This news comes hot off the heels of JPMorgan’s previously announced partnership with India’s largest bank, the State Bank of India (SBI). The SBI is to begin utilising JPMorgan’s blockchain platform to help accelerate cross-border payments and reduce costs. This process has been dubbed ‘Liink’. Much like Confirm, Liink utilises a fork of the Ethereum blockchain in order to greatly reduce the speed of certain transfers — in this case, cross-border transfers specifically. Deputy managing director of SBI, Venkat Nageswar, had this to say about the state-run bank’s new partnership: “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients(...)” These moves by the worldwide banking giant are another key indicator of wider-spread adoption of blockchain-analogue solutions across the financial sector, and would lead many to believe that competitors will seek to launch similar solutions throughout the globe.

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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. When Bitcoin hit the scene in the early 2010’s it revolutionised everything. It was now possible to make a transaction to anyone, anywhere in the world, within a maximum of 30-40 minutes and for a fee of around 1%. It changed everything, literally.  Over the past decade, our thirst for speed in every aspect of our lives has increased exponentially. Yet Bitcoin and other blockchain-based cryptocurrencies have gone the other way and are actually getting slower and more expensive. How has this happened, and are there any solutions? In this week’s article, we will go through some of the most pressing issues facing blockchain cryptocurrencies such as Bitcoin and Ethereum, and how Dagcoin solves these… Why are Blockchain-based Cryptocurrencies Getting Slower? It is fair to say that in the past year, the interest in cryptocurrencies has gone through the roof. With Bitcoin rising from its lows of around $4000 at the beginning of the pandemic,  to just under $60,000 (at the time of writing). But with this increasing popularity comes a big problem for blockchain-based cryptocurrencies. They are painfully slow at processing transactions. To put this into perspective, VISA process over 1700 transactions per second, whereas Bitcoin can handle just 4.5. Ethereum doesn’t fair much better at around 8.  All of this means that the more transactions that are placed on these blockchains, the slower they will become. This is why the average time for an Ethereum transaction has risen from 15-30 seconds on its release in 2015 to more than 5 minutes today. With the growing popularity of Tether, DApps, smart contracts and online gaming, and other processes on the Ethereum blockchain playing a big role in that slowdown. In Ethereum’s case, this is why there is growing pressure to make fundamental changes to the currency to make it quicker. With it possible that Ethereum may drop the mining form of payment confirmation altogether for something quicker.  It is this increasing slowdown that some fear may curb the rising price of Ethereum, although it is believed this will have less of an effect on the price of Bitcoin. However, where Bitcoin is encountering more serious issues is in the soaring fees attached to transactions, with the average transaction fee rising from around 50 US cents in April last year to more than $20 today.  The Banks are Catching Up Another big issue for blockchain-based cryptocurrencies such as Bitcoin and Ethereum is the fact that the banks haven’t just sat back and watched over the past decade, they have been working hard to cut transaction times and costs for their customers.  Within the European Union, for example, SEPA (the Single Euro Payments Area) was established in 2014, with the aim to lower costs and the time to complete a transaction within the block from three business days to less than one. Fast-forward to today, and not only are almost all SEPA payments received within 24 hours, but many are also being received as quickly as within 30 seconds. Making the traditional banking system in the EU often faster than a blockchain transaction. We spoke earlier about how the average fee of a Bitcoin transaction is on the rise (the same can be said for Ethereum, too) and now rests at more than $20. The opposite is true for the banks. In SEPA, an international transfer now costs the same as a domestic one (which is usually free). However, some banks may charge a small fee to make a transaction.  All of this means that the conventional banking system (at least in developed parts of the world) is fast catching up or has superseded blockchain cryptocurrencies in terms of both speed and cost. Another reason why there is growing pressure to reform Ethereum to cut the costs and time associated with mining.   Dagcoin - A Faster and Cheaper Solution What slows down blockchain-based cryptocurrencies the most and drives up fees is the payment confirmation process (mining). Not to mention the huge amounts of energy this process takes up. Recent estimates show that Bitcoin mining uses more electricity than the whole of Argentina – a country with nearly 50 million people.  This is why DAG-chain based currencies such as Dagcoin payments are processed through a centralised network, which removes the need for confirmation and mining entirely. This means that Dagcoin payments are processed within 10-30 seconds. Making it possible to make a payment in a store with Dagcoin as quickly and easily as using a debit or credit card, something not possible with a blockchain cryptocurrency. Without the need to pay miners for payment confirmations, this also makes Dagcoin a much cheaper alternative as well. In fact, it doesn’t matter if you are sending 20 or 20,000 dags, the transaction fee will still be around 0.0005 dags. To put that into perspective, based on Dagcoin’s current price of 73 euro cents, this is less than one cent per transaction.  Whereas blockchain-based currencies like Bitcoin and Ethereum are hardwired to continue getting slower over time. DAG-chain technology means that payments will only get faster and faster, the more people use them. And, with no miners, they use a fraction of the electricity – helping to combat climate change too.  Conclusion  Blockchain-based cryptocurrencies such as Bitcoin and Ethereum have a big problem, they are getting slower and more expensive over time. To put this into perspective, VISA process 1700 transaction per second. Bitcoin can handle 4.5 and Ethereum around 8 in the same timeframe. All of this means that the more people use these currencies, the slower they will become. This is why Ethereum transactions have gone from 15-30 second when it was released in 2015 to more than 5 minutes on average today. And with it only set to get slower over time, many in the Ethereum community are even pressuring for mining based payment confirmations to be dropped altogether.   This has been made worse by the banks, which have got much faster and cheaper in the past decade. In the EU’s SEPA region, for instance, international payments can be received as quickly as 30 seconds and for the same fees as a domestic payment (often free).  Dagcoin solves both of these issues because not only do transactions take just 10-30 seconds to be processed. The bigger the community gets, and the more people make transactions, the faster it will get. Add the fact that a Dagcoin transaction costs less than 1 euro cent no matter how much you spend, and you have a cryptocurrency that is a cheaper and quicker alternative to both blockchain-based cryptocurrencies and the traditional banking system.  Join a growing community of almost 600,000 people using Dagcoin. 

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Visa Makes Moves to Allow Fiat Settlements Via Blockchain

Credit card behemoth, Visa, has announced its partnership with Crypto.com in order to allow fiat payment settlements through the use of the Ethereum blockchain. In order to facilitate this, Visa’s treasury will be linked with federally-chartered crypto bank, Anchorage, eventually enabling individuals to exchange USD Coin (USDC) through Crypto.com’s payment network. This method allows Crypto.com to send USDC to Visa’s Ethereum address in order to settle some of the transactions that have been sent through the site’s Visa card program. The payment giant has plans to extend this offering to large Fintech companies and banks that deal in UDSC, BTC (Bitcoin), and ETH (Ethereum). Jack Forestell, Visa’s Chief Product Officer, stated the following during the company’s announcement “(...)crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors. The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency.” Although this move sheds some light on how credit card issuers and banks may continue to welcome cryptocurrency-related services and processes into their offerings, the usage of blockchain technology for such purposes may have some worrisome implications due to the blockchain’s unsustainability in regards to energy usage as well as the length of time taken for transactions.

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Verify Once – Preventing Fraud for Individuals and Businesses using Dagcoin

It is almost certain that you have been asked to verify your identity when signing up for or using services online (particularly financial products and services). The reason companies ask you to verify your identity by providing a copy of your passport, ID card or driver’s license is to meet Know Your Customer (KYC) and Anti Money Laundering (AML) laws put in place by countries all over the world. But why are governments introducing these laws, and why are some companies doing this, even when no such laws exist in their country? The answer is simple, fraud! In the US alone, 14.4 million people were victims of identity theft in 2019. That is a staggering one person in every 15. In total, more than 33% of Americans have experienced identity theft at some point in their lives.  Identity theft and fraud don’t just affect individuals. It is also costly for businesses too, with around 5% of all business revenue globally believed to be lost to fraud each year.  That is over $5 trillion dollars a year. To put that into perspective, this amount is higher than the GDP of every country in the world except the USA and China.  It is, therefore, no wonder that countries around the world have, are in the process of, or thinking about introducing KYC and AML laws. And why Dagcoin created Verify Once.  In this article, we will explain the costs of online fraud on both individuals and businesses and how using Verify Once can reduce that risk for all those using Dagcoin… For Businesses In 2020, the average number of fraud attempts on e-commerce merchants in the US was 344 per month. Of those, only around 34% were prevented. Meaning that almost two-thirds of all fraud attacks on online merchants were successful last year. And when you add that attacks were up almost 25% in 2019, online fraud is not just incredibly costly for businesses, it is also worryingly on the rise. It isn’t just eCommerce merchants who are at high risk in this way either, banks and other financial service providers, online gaming companies, and social media companies are too.  Businesses large and small are also at risk of criminals using them and/or their products or services as a way to launder money. In 2019, Danske Bank (one of the largest banks in Europe) closed all personal accounts for clients in Estonia as a result of a money-laundering investigation, which may have played a role in the suicide of the bank’s CEO in the country. Therefore, whatever kind of company you have, Know Your Customer (KYC) and Anti Money Laundering (AML) laws provide an excellent base for businesses to work from to combat these attacks. And, it isn’t just about employing a specialist or consultant to set up these new processes for your business and to sporadically update them according to changes in the law. This very often means employing specialised AML and fraud staff to constantly monitor and verify customer accounts.  For companies who do this well, there are big rewards. For example, if you are able to verify new customer accounts quickly, you are more likely to gain and keep new clients. Likewise, good monitoring will reduce the fraudulent use of your business greatly, saving you potentially a lot of money. The harder your processes are to break, the more likely criminals will target other companies who are less prepared than yourself. Giving extra impetus to put secure KYC and AML procedures in place at your business. Verify Once processes and verifies all of your Dagcoin customers, so you don’t have to. While at the same time, meeting all KYC and AML regulations. Saving you both time and money. It does this by using state-of-the-art technology, which is not only fast but also secure. Its integrated AI means that as the criminals adapt and improve, so will Verify Once.  To learn more about Verify Once or sign up, click here or email support@verfyonce.com.  For Individuals We know that it can be pretty annoying to verify your identity with each new company online that you wish to use. Taking a picture of your ID card, driving license or passport, submitting this and then waiting for a number of hours or even days until you are able to properly use the account, make a deposit or withdrawal. This can be especially frustrating if you desperately need to use the service and do not have time to wait.  With Verify Once, you only need to verify your identity once, you can then use any company in the Dagcoin ecosystem that accepts Verify Once without having to go through the verification process again. Pretty great, right? It gets even better, getting verified with Verify Once is much easier and quicker than any verification process you have probably ever used because it takes just a couple of minutes. All you have to do is enter your personal details, upload a copy of a valid identity document, such as an ID card, driving license or passport (we accept documents from 194 countries), and a proof of address - and you will receive an answer in just 60 seconds.  Once your documents have been verified, they will be linked to your password-protected account with Verify Once – making identity theft much harder. Within this account, you will not just be able to see your personal details and documents, but also all the companies/websites that you have verified accounts with, as well as the possibility to use others whose products or services you wish to buy.  Verify Once, and never have to do it again, click here. Conclusion Fraud isn’t just incredibly costly for individuals and businesses in terms of the money lost. It is also costly in terms of the time it takes to recover from being a victim of fraud and the mental stress that it causes. This is why countries around the world have or are working hard to introduce Anti Money Laundering and Know Your Customer regulations.  Despite the fact that businesses are asking their clients to verify their identity for all the right reasons (to protect you and them from being a victim of fraud, and to meet KYC and AML regulations). The verification process is costly in both time and money for businesses, and frustrating for clients having to go through the process again and again for each new company whose services they want to use.  Verify Once solves both of these issues. For companies, Verify Once handles the verification of clients and all of the KYC and AML regulations regarding this, saving both time and money. And for individuals, Verify Once provides exactly that, the opportunity to verify their identity just once in the Dagcoin ecosystem, and to do that in just a couple of minutes. Saving untold time in verifying their identity with each new company whose services they want to use.  To learn more about Verify Once or to sign up visit: https://verifyonce.com/ 

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German Bank Donner & Reuschel Expands Into Crypto Protection Services

— One of Germany’s largest banks is now offering ‘Crypto Protection Services — This comes in response to ‘high market demand’ within the country — Crypto protection services will be implemented within the body ‘as soon as possible’ With cryptocurrency becoming far more approachable to the layman, as well as the adoption of non-fiat currencies seeing fast-moving acceptance throughout German society, Hamburg-based bank, Donner & Reuschel, is now taking steps to integrate ‘crypto protection services’ into its service offerings. With the bank currently holding €9 billion assets under its management, this is a significant move for the German banking sector. Donner & Reuschel spokesman, Marcus Vitt, has the following to say about the decision: “We have been observing the digital assets market for quite some time and are convinced of the potential of blockchain technology also concerning classic securities transactions.” “Blockchain technology will result in the greatest structural change in the financial industry that I have been able to experience so far in my 20-year banking career.” Vitt went on to say, emphasising the importance of ensuring banks move fluidly with the ever-growing interest in cryptocurrencies amongst the broader population. However, this is just one step the centuries-old bank is taking in the midst of the changing digital currency landscape — Donner & Reuschel are intended to implement further crypto-related offerings to their services, although which form these will take is currently an unknown. On a broader level, last December the German government relaxed laws around issuers and holders of crypto-based securities requiring paper certificates as a means of documents transactions — another signifier of the nation heralding itself as one of western nations most ahead of the curve in this sphere.

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Why Dagcoin Sponsors Aspiring People and Organisations

If you ask any athlete, NGO or charity, they will tell you that sponsorship is crucial for them to be able to do what they do. For organisations, sponsorship can give them the public exposure, equipment and funds they need to get a project going. And for athletes, the ability to focus full-time on sport instead of having to juggle between work and training. For some, it might even be the difference between being able to get to an event to compete and not. Giving sponsorships is not just a way for companies to gain exposure and customers, but to give back to the people and projects they care passionately about. In this article, we will run through some of the sponsorships that Dagcoin offers to individuals and organisations and the differences these make… Alvar Johannes Alev Alvar Johannes Alev, 27, is a talented cross country skier from a tiny village in south Estonia, who missed out on qualification to the winter Olympics in 2018 by just 0.7 seconds to an athlete who would be suspended from competition due to doping the following year. Despite this devastating setback, Alvar still has big ambitions to go to the Winter Olympics in 2022 and bring back gold. As Alvar says himself, “skiing is a sport that requires everything out of your body”, and with his training taking up around 100 hours per month, financial support is crucial for him to focus on his training and be in his best possible condition for competition. As he puts it, “there are no athletes that can make it to the top without any financial support”. Having been a member of the Estonian cross country skiing team for the past ten years and a 2nd place in the US NCAA championships to his credits, we are fully behind Alvar’s quest to get to Beijing 2022. World Cleanup Day World Cleanup Day began in Estonia in 2008 with one simple aim, to clean up the small Baltic nation of Estonia. On that first day, more than 50,000 people removed more than 10,000 tonnes of waste in only 5 hours. The event quickly gained media attention worldwide, and by 2019, had snowballed into an event that attracted more than 20 million people from more than 180 different countries. The future of our planet is something we care deeply about at Dagcoin, and that is why we help World Cleanup Day to raise awareness and support community efforts. In 2021, due to the pandemic, this years event on March 20th will be a Digital Cleanup Day. To learn more and take part, click here. Max Vorovski It is fair to say that 2020 was a frustrating year for many sportspeople, with many scheduled events, tournaments and competitions, being cancelled, postponed or played behind closed doors. Like many other sportspeople this has also been a big problem for Estonian professional kickboxer Max Vorovski, who saw two events cancelled and was unable to fight in 2020. For fighters, like many other sportspeople, they need to compete to earn money to live. Therefore, having good sponsors that stick by athletes during this difficult time is important. With the help of sponsorship from Dagcoin, Max has been able to keep training throughout the pandemic and looks to get back to his quest for a middleweight world championship in 2021. And with six wins over former world titles holders on a record that included 32 wins in 38 fights, we continue to support Max as he fights for glory. Junior Chamber International Just like World Cleanup Day, when you are doing something good, it is amazing how quickly it spreads and how many people become involved. Today, Junior Chamber International (JCI) has more than 11 million members in over 120 countries around the world. This is a world away from its origins, with an 18-year-old young man named Henry Giessenbier beginning the Herculaneum Dance Club in his hometown of St Louis (USA) in 1915. The organisation’s (whose member are all aged between 18-40) main aim is to make the world a better place for future generation. They do this by working on community projects that aim to combat climate change, eliminate poverty, and fight inequality – a topic that has been at the forefront of peoples minds and action over the past year. Where Junior Chamber International excel and succeed is that they engage with entire communities from the old to the young, and the unemployed to the big business owners to understand issues and work together to find long-term sustainable solutions. Dagcoin support JCI wholeheartedly in its goals to fight inequality and injustice, end extreme poverty, and combat climate change by 2030. To learn more about what JCI is doing in your local area or to join, click here. Jüri Vips Just last May, we wrote how Juri Vips (then 19) was an up-and-coming Formula 3 race driver, who had had ambitions to test an F1 car, and, ultimately, go on to win the F1 Championship. After finishing 4th in the Formula 3 championship in both 2018 and 2019, one of his dreams came true in 2020. He became the reserve driver for the AlphaTauri and Red Bull F1 team at last year’s Turkish GrandPrix. Although these duties and the Covid-19 Pandemic curtailed his first season in Formula 2 (one tier below F1), he is looking forward to a full season in Formula 2 in 2021. And, as we reported in November last year, because he now has his FIA Super License (that allows a driver to compete in F1), he is just a few good results away from reaching his ultimate goal - to compete for the Formula 1 championship. At Dagcoin, we are so happy to see that our sponsorship is helping Juri edge ever closer to his dreams and are proud of his continued achievements. Conclusion We speak a lot in this blog about Dagcoins aim to provide billions of people in the developing world an alternative to cash for the first time and a way out of extreme poverty, and how Dagcoin is a greener alternative than both fiat and mined cryptocurrencies. These aims match those of both JCI and World Cleanup Day, and this is why we sponsor and work with these organisations. Buts it also worth noting here that without sponsorship Alvar Johannes Alev would not be able to focus solely on his training and goals to reach the Winter Olympics next year, Max Vorovski would have struggled to get through 2020 without any income, and Juri Vips would not be in touching distance of competing in Formula 1. At Dagcoin, we will continue to support organisations with similar goals, as well as talented individuals, to reach their goals. This is just the beginning!

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Japanese E-Commerce Platform Rakuten Now Accepts Crypto Payments

In a recent press release, Japanese online retail company Rakuten announced their plans to begin accepting various cryptocurrencies as payment for goods and services. These payments are converted from the buyer’s chosen currency to ‘Rakuten Cash’, the firm’s own currency, at the point of sale, thereby allowing Bitcoin, Ethereum, and Bitcoin Cash payments across the thousands of partnered merchants across Japan. “For the first time in Japan, there is no limit on the transaction amount and no fee is charged for charging crypto-assets” said the e-commerce giant on their breakthrough move on allowing limitless and fee-free crypto exchanges within the country. With Rakuten boasting almost 100 million registered users, this is far from a small move and is further evidence of the necessity for large scale companies to adapt to the burgeoning landscape of digital currencies.

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JPMorgan Experimenting With Blockchain Solutions For Taiwanese Banks

With rejected and returned payments being rife within the Taiwanese banking sector, banking giant JPMorgan Chase & Co. has taken the route of testing a blockchain solution known as ‘Confirm’ with a series of large Taiwan-based banks. Confirm, when used in tandem with JPMorgan’s own clearing solution, ‘PayDirect’, will allow these banks to confirm a recipients’ account information ahead of making payments with almost zero delay. This is a welcome change to many due to the reliance on blockchain authentication adding an extra layer of concrete security. This news comes hot off the heels of JPMorgan’s previously announced partnership with India’s largest bank, the State Bank of India (SBI). The SBI is to begin utilising JPMorgan’s blockchain platform to help accelerate cross-border payments and reduce costs. This process has been dubbed ‘Liink’. Much like Confirm, Liink utilises a fork of the Ethereum blockchain in order to greatly reduce the speed of certain transfers — in this case, cross-border transfers specifically. Deputy managing director of SBI, Venkat Nageswar, had this to say about the state-run bank’s new partnership: “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients(...)” These moves by the worldwide banking giant are another key indicator of wider-spread adoption of blockchain-analogue solutions across the financial sector, and would lead many to believe that competitors will seek to launch similar solutions throughout the globe.

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. When Bitcoin hit the scene in the early 2010’s it revolutionised everything. It was now possible to make a transaction to anyone, anywhere in the world, within a maximum of 30-40 minutes and for a fee of around 1%. It changed everything, literally.  Over the past decade, our thirst for speed in every aspect of our lives has increased exponentially. Yet Bitcoin and other blockchain-based cryptocurrencies have gone the other way and are actually getting slower and more expensive. How has this happened, and are there any solutions? In this week’s article, we will go through some of the most pressing issues facing blockchain cryptocurrencies such as Bitcoin and Ethereum, and how Dagcoin solves these… Why are Blockchain-based Cryptocurrencies Getting Slower? It is fair to say that in the past year, the interest in cryptocurrencies has gone through the roof. With Bitcoin rising from its lows of around $4000 at the beginning of the pandemic,  to just under $60,000 (at the time of writing). But with this increasing popularity comes a big problem for blockchain-based cryptocurrencies. They are painfully slow at processing transactions. To put this into perspective, VISA process over 1700 transactions per second, whereas Bitcoin can handle just 4.5. Ethereum doesn’t fair much better at around 8.  All of this means that the more transactions that are placed on these blockchains, the slower they will become. This is why the average time for an Ethereum transaction has risen from 15-30 seconds on its release in 2015 to more than 5 minutes today. With the growing popularity of Tether, DApps, smart contracts and online gaming, and other processes on the Ethereum blockchain playing a big role in that slowdown. In Ethereum’s case, this is why there is growing pressure to make fundamental changes to the currency to make it quicker. With it possible that Ethereum may drop the mining form of payment confirmation altogether for something quicker.  It is this increasing slowdown that some fear may curb the rising price of Ethereum, although it is believed this will have less of an effect on the price of Bitcoin. However, where Bitcoin is encountering more serious issues is in the soaring fees attached to transactions, with the average transaction fee rising from around 50 US cents in April last year to more than $20 today.  The Banks are Catching Up Another big issue for blockchain-based cryptocurrencies such as Bitcoin and Ethereum is the fact that the banks haven’t just sat back and watched over the past decade, they have been working hard to cut transaction times and costs for their customers.  Within the European Union, for example, SEPA (the Single Euro Payments Area) was established in 2014, with the aim to lower costs and the time to complete a transaction within the block from three business days to less than one. Fast-forward to today, and not only are almost all SEPA payments received within 24 hours, but many are also being received as quickly as within 30 seconds. Making the traditional banking system in the EU often faster than a blockchain transaction. We spoke earlier about how the average fee of a Bitcoin transaction is on the rise (the same can be said for Ethereum, too) and now rests at more than $20. The opposite is true for the banks. In SEPA, an international transfer now costs the same as a domestic one (which is usually free). However, some banks may charge a small fee to make a transaction.  All of this means that the conventional banking system (at least in developed parts of the world) is fast catching up or has superseded blockchain cryptocurrencies in terms of both speed and cost. Another reason why there is growing pressure to reform Ethereum to cut the costs and time associated with mining.   Dagcoin - A Faster and Cheaper Solution What slows down blockchain-based cryptocurrencies the most and drives up fees is the payment confirmation process (mining). Not to mention the huge amounts of energy this process takes up. Recent estimates show that Bitcoin mining uses more electricity than the whole of Argentina – a country with nearly 50 million people.  This is why DAG-chain based currencies such as Dagcoin payments are processed through a centralised network, which removes the need for confirmation and mining entirely. This means that Dagcoin payments are processed within 10-30 seconds. Making it possible to make a payment in a store with Dagcoin as quickly and easily as using a debit or credit card, something not possible with a blockchain cryptocurrency. Without the need to pay miners for payment confirmations, this also makes Dagcoin a much cheaper alternative as well. In fact, it doesn’t matter if you are sending 20 or 20,000 dags, the transaction fee will still be around 0.0005 dags. To put that into perspective, based on Dagcoin’s current price of 73 euro cents, this is less than one cent per transaction.  Whereas blockchain-based currencies like Bitcoin and Ethereum are hardwired to continue getting slower over time. DAG-chain technology means that payments will only get faster and faster, the more people use them. And, with no miners, they use a fraction of the electricity – helping to combat climate change too.  Conclusion  Blockchain-based cryptocurrencies such as Bitcoin and Ethereum have a big problem, they are getting slower and more expensive over time. To put this into perspective, VISA process 1700 transaction per second. Bitcoin can handle 4.5 and Ethereum around 8 in the same timeframe. All of this means that the more people use these currencies, the slower they will become. This is why Ethereum transactions have gone from 15-30 second when it was released in 2015 to more than 5 minutes on average today. And with it only set to get slower over time, many in the Ethereum community are even pressuring for mining based payment confirmations to be dropped altogether.   This has been made worse by the banks, which have got much faster and cheaper in the past decade. In the EU’s SEPA region, for instance, international payments can be received as quickly as 30 seconds and for the same fees as a domestic payment (often free).  Dagcoin solves both of these issues because not only do transactions take just 10-30 seconds to be processed. The bigger the community gets, and the more people make transactions, the faster it will get. Add the fact that a Dagcoin transaction costs less than 1 euro cent no matter how much you spend, and you have a cryptocurrency that is a cheaper and quicker alternative to both blockchain-based cryptocurrencies and the traditional banking system.  Join a growing community of almost 600,000 people using Dagcoin. 

Visa Makes Moves to Allow Fiat Settlements Via Blockchain

Credit card behemoth, Visa, has announced its partnership with Crypto.com in order to allow fiat payment settlements through the use of the Ethereum blockchain. In order to facilitate this, Visa’s treasury will be linked with federally-chartered crypto bank, Anchorage, eventually enabling individuals to exchange USD Coin (USDC) through Crypto.com’s payment network. This method allows Crypto.com to send USDC to Visa’s Ethereum address in order to settle some of the transactions that have been sent through the site’s Visa card program. The payment giant has plans to extend this offering to large Fintech companies and banks that deal in UDSC, BTC (Bitcoin), and ETH (Ethereum). Jack Forestell, Visa’s Chief Product Officer, stated the following during the company’s announcement “(...)crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors. The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency.” Although this move sheds some light on how credit card issuers and banks may continue to welcome cryptocurrency-related services and processes into their offerings, the usage of blockchain technology for such purposes may have some worrisome implications due to the blockchain’s unsustainability in regards to energy usage as well as the length of time taken for transactions.

Verify Once – Preventing Fraud for Individuals and Businesses using Dagcoin

It is almost certain that you have been asked to verify your identity when signing up for or using services online (particularly financial products and services). The reason companies ask you to verify your identity by providing a copy of your passport, ID card or driver’s license is to meet Know Your Customer (KYC) and Anti Money Laundering (AML) laws put in place by countries all over the world. But why are governments introducing these laws, and why are some companies doing this, even when no such laws exist in their country? The answer is simple, fraud! In the US alone, 14.4 million people were victims of identity theft in 2019. That is a staggering one person in every 15. In total, more than 33% of Americans have experienced identity theft at some point in their lives.  Identity theft and fraud don’t just affect individuals. It is also costly for businesses too, with around 5% of all business revenue globally believed to be lost to fraud each year.  That is over $5 trillion dollars a year. To put that into perspective, this amount is higher than the GDP of every country in the world except the USA and China.  It is, therefore, no wonder that countries around the world have, are in the process of, or thinking about introducing KYC and AML laws. And why Dagcoin created Verify Once.  In this article, we will explain the costs of online fraud on both individuals and businesses and how using Verify Once can reduce that risk for all those using Dagcoin… For Businesses In 2020, the average number of fraud attempts on e-commerce merchants in the US was 344 per month. Of those, only around 34% were prevented. Meaning that almost two-thirds of all fraud attacks on online merchants were successful last year. And when you add that attacks were up almost 25% in 2019, online fraud is not just incredibly costly for businesses, it is also worryingly on the rise. It isn’t just eCommerce merchants who are at high risk in this way either, banks and other financial service providers, online gaming companies, and social media companies are too.  Businesses large and small are also at risk of criminals using them and/or their products or services as a way to launder money. In 2019, Danske Bank (one of the largest banks in Europe) closed all personal accounts for clients in Estonia as a result of a money-laundering investigation, which may have played a role in the suicide of the bank’s CEO in the country. Therefore, whatever kind of company you have, Know Your Customer (KYC) and Anti Money Laundering (AML) laws provide an excellent base for businesses to work from to combat these attacks. And, it isn’t just about employing a specialist or consultant to set up these new processes for your business and to sporadically update them according to changes in the law. This very often means employing specialised AML and fraud staff to constantly monitor and verify customer accounts.  For companies who do this well, there are big rewards. For example, if you are able to verify new customer accounts quickly, you are more likely to gain and keep new clients. Likewise, good monitoring will reduce the fraudulent use of your business greatly, saving you potentially a lot of money. The harder your processes are to break, the more likely criminals will target other companies who are less prepared than yourself. Giving extra impetus to put secure KYC and AML procedures in place at your business. Verify Once processes and verifies all of your Dagcoin customers, so you don’t have to. While at the same time, meeting all KYC and AML regulations. Saving you both time and money. It does this by using state-of-the-art technology, which is not only fast but also secure. Its integrated AI means that as the criminals adapt and improve, so will Verify Once.  To learn more about Verify Once or sign up, click here or email support@verfyonce.com.  For Individuals We know that it can be pretty annoying to verify your identity with each new company online that you wish to use. Taking a picture of your ID card, driving license or passport, submitting this and then waiting for a number of hours or even days until you are able to properly use the account, make a deposit or withdrawal. This can be especially frustrating if you desperately need to use the service and do not have time to wait.  With Verify Once, you only need to verify your identity once, you can then use any company in the Dagcoin ecosystem that accepts Verify Once without having to go through the verification process again. Pretty great, right? It gets even better, getting verified with Verify Once is much easier and quicker than any verification process you have probably ever used because it takes just a couple of minutes. All you have to do is enter your personal details, upload a copy of a valid identity document, such as an ID card, driving license or passport (we accept documents from 194 countries), and a proof of address - and you will receive an answer in just 60 seconds.  Once your documents have been verified, they will be linked to your password-protected account with Verify Once – making identity theft much harder. Within this account, you will not just be able to see your personal details and documents, but also all the companies/websites that you have verified accounts with, as well as the possibility to use others whose products or services you wish to buy.  Verify Once, and never have to do it again, click here. Conclusion Fraud isn’t just incredibly costly for individuals and businesses in terms of the money lost. It is also costly in terms of the time it takes to recover from being a victim of fraud and the mental stress that it causes. This is why countries around the world have or are working hard to introduce Anti Money Laundering and Know Your Customer regulations.  Despite the fact that businesses are asking their clients to verify their identity for all the right reasons (to protect you and them from being a victim of fraud, and to meet KYC and AML regulations). The verification process is costly in both time and money for businesses, and frustrating for clients having to go through the process again and again for each new company whose services they want to use.  Verify Once solves both of these issues. For companies, Verify Once handles the verification of clients and all of the KYC and AML regulations regarding this, saving both time and money. And for individuals, Verify Once provides exactly that, the opportunity to verify their identity just once in the Dagcoin ecosystem, and to do that in just a couple of minutes. Saving untold time in verifying their identity with each new company whose services they want to use.  To learn more about Verify Once or to sign up visit: https://verifyonce.com/ 

German Bank Donner & Reuschel Expands Into Crypto Protection Services

— One of Germany’s largest banks is now offering ‘Crypto Protection Services — This comes in response to ‘high market demand’ within the country — Crypto protection services will be implemented within the body ‘as soon as possible’ With cryptocurrency becoming far more approachable to the layman, as well as the adoption of non-fiat currencies seeing fast-moving acceptance throughout German society, Hamburg-based bank, Donner & Reuschel, is now taking steps to integrate ‘crypto protection services’ into its service offerings. With the bank currently holding €9 billion assets under its management, this is a significant move for the German banking sector. Donner & Reuschel spokesman, Marcus Vitt, has the following to say about the decision: “We have been observing the digital assets market for quite some time and are convinced of the potential of blockchain technology also concerning classic securities transactions.” “Blockchain technology will result in the greatest structural change in the financial industry that I have been able to experience so far in my 20-year banking career.” Vitt went on to say, emphasising the importance of ensuring banks move fluidly with the ever-growing interest in cryptocurrencies amongst the broader population. However, this is just one step the centuries-old bank is taking in the midst of the changing digital currency landscape — Donner & Reuschel are intended to implement further crypto-related offerings to their services, although which form these will take is currently an unknown. On a broader level, last December the German government relaxed laws around issuers and holders of crypto-based securities requiring paper certificates as a means of documents transactions — another signifier of the nation heralding itself as one of western nations most ahead of the curve in this sphere.

Why Dagcoin Sponsors Aspiring People and Organisations

If you ask any athlete, NGO or charity, they will tell you that sponsorship is crucial for them to be able to do what they do. For organisations, sponsorship can give them the public exposure, equipment and funds they need to get a project going. And for athletes, the ability to focus full-time on sport instead of having to juggle between work and training. For some, it might even be the difference between being able to get to an event to compete and not. Giving sponsorships is not just a way for companies to gain exposure and customers, but to give back to the people and projects they care passionately about. In this article, we will run through some of the sponsorships that Dagcoin offers to individuals and organisations and the differences these make… Alvar Johannes Alev Alvar Johannes Alev, 27, is a talented cross country skier from a tiny village in south Estonia, who missed out on qualification to the winter Olympics in 2018 by just 0.7 seconds to an athlete who would be suspended from competition due to doping the following year. Despite this devastating setback, Alvar still has big ambitions to go to the Winter Olympics in 2022 and bring back gold. As Alvar says himself, “skiing is a sport that requires everything out of your body”, and with his training taking up around 100 hours per month, financial support is crucial for him to focus on his training and be in his best possible condition for competition. As he puts it, “there are no athletes that can make it to the top without any financial support”. Having been a member of the Estonian cross country skiing team for the past ten years and a 2nd place in the US NCAA championships to his credits, we are fully behind Alvar’s quest to get to Beijing 2022. World Cleanup Day World Cleanup Day began in Estonia in 2008 with one simple aim, to clean up the small Baltic nation of Estonia. On that first day, more than 50,000 people removed more than 10,000 tonnes of waste in only 5 hours. The event quickly gained media attention worldwide, and by 2019, had snowballed into an event that attracted more than 20 million people from more than 180 different countries. The future of our planet is something we care deeply about at Dagcoin, and that is why we help World Cleanup Day to raise awareness and support community efforts. In 2021, due to the pandemic, this years event on March 20th will be a Digital Cleanup Day. To learn more and take part, click here. Max Vorovski It is fair to say that 2020 was a frustrating year for many sportspeople, with many scheduled events, tournaments and competitions, being cancelled, postponed or played behind closed doors. Like many other sportspeople this has also been a big problem for Estonian professional kickboxer Max Vorovski, who saw two events cancelled and was unable to fight in 2020. For fighters, like many other sportspeople, they need to compete to earn money to live. Therefore, having good sponsors that stick by athletes during this difficult time is important. With the help of sponsorship from Dagcoin, Max has been able to keep training throughout the pandemic and looks to get back to his quest for a middleweight world championship in 2021. And with six wins over former world titles holders on a record that included 32 wins in 38 fights, we continue to support Max as he fights for glory. Junior Chamber International Just like World Cleanup Day, when you are doing something good, it is amazing how quickly it spreads and how many people become involved. Today, Junior Chamber International (JCI) has more than 11 million members in over 120 countries around the world. This is a world away from its origins, with an 18-year-old young man named Henry Giessenbier beginning the Herculaneum Dance Club in his hometown of St Louis (USA) in 1915. The organisation’s (whose member are all aged between 18-40) main aim is to make the world a better place for future generation. They do this by working on community projects that aim to combat climate change, eliminate poverty, and fight inequality – a topic that has been at the forefront of peoples minds and action over the past year. Where Junior Chamber International excel and succeed is that they engage with entire communities from the old to the young, and the unemployed to the big business owners to understand issues and work together to find long-term sustainable solutions. Dagcoin support JCI wholeheartedly in its goals to fight inequality and injustice, end extreme poverty, and combat climate change by 2030. To learn more about what JCI is doing in your local area or to join, click here. Jüri Vips Just last May, we wrote how Juri Vips (then 19) was an up-and-coming Formula 3 race driver, who had had ambitions to test an F1 car, and, ultimately, go on to win the F1 Championship. After finishing 4th in the Formula 3 championship in both 2018 and 2019, one of his dreams came true in 2020. He became the reserve driver for the AlphaTauri and Red Bull F1 team at last year’s Turkish GrandPrix. Although these duties and the Covid-19 Pandemic curtailed his first season in Formula 2 (one tier below F1), he is looking forward to a full season in Formula 2 in 2021. And, as we reported in November last year, because he now has his FIA Super License (that allows a driver to compete in F1), he is just a few good results away from reaching his ultimate goal - to compete for the Formula 1 championship. At Dagcoin, we are so happy to see that our sponsorship is helping Juri edge ever closer to his dreams and are proud of his continued achievements. Conclusion We speak a lot in this blog about Dagcoins aim to provide billions of people in the developing world an alternative to cash for the first time and a way out of extreme poverty, and how Dagcoin is a greener alternative than both fiat and mined cryptocurrencies. These aims match those of both JCI and World Cleanup Day, and this is why we sponsor and work with these organisations. Buts it also worth noting here that without sponsorship Alvar Johannes Alev would not be able to focus solely on his training and goals to reach the Winter Olympics next year, Max Vorovski would have struggled to get through 2020 without any income, and Juri Vips would not be in touching distance of competing in Formula 1. At Dagcoin, we will continue to support organisations with similar goals, as well as talented individuals, to reach their goals. This is just the beginning!

Japanese E-Commerce Platform Rakuten Now Accepts Crypto Payments

In a recent press release, Japanese online retail company Rakuten announced their plans to begin accepting various cryptocurrencies as payment for goods and services. These payments are converted from the buyer’s chosen currency to ‘Rakuten Cash’, the firm’s own currency, at the point of sale, thereby allowing Bitcoin, Ethereum, and Bitcoin Cash payments across the thousands of partnered merchants across Japan. “For the first time in Japan, there is no limit on the transaction amount and no fee is charged for charging crypto-assets” said the e-commerce giant on their breakthrough move on allowing limitless and fee-free crypto exchanges within the country. With Rakuten boasting almost 100 million registered users, this is far from a small move and is further evidence of the necessity for large scale companies to adapt to the burgeoning landscape of digital currencies.

DagWallet or WebWallet, which is best for you?

For those of you that are new to Dagcoin or perhaps cryptocurrencies in general. Deciding which Dagcoin wallet to choose might seem a bit confusing. Thankfully, in this week’s post, we will talk about the two different Dagcoin wallets, their advantages and disadvantages, as well as (most importantly) help you to decide which is best for you. But let’s start by learning a little about crypto wallets in general… What is a Crypto Wallet? We all have wallets and purses, where we keep our cash and cards. Crypto wallets serve exactly the same purpose, providing a safe place to store and access our money. Allowing us to buy goods and services, as well as transfer money to family and friends quickly and easily.  Where they differ from a regular wallet, however, is that no money is actually stored in a crypto wallet. What they do store are unique keys that are used to communicate with the blockchain (or similar technologies such as Dagchain). It is from these that you can make transactions or check your balance.  Broadly speaking, there are three main types of cryptocurrency wallets: Online Wallets – These are wallets that store your unique keys in the cloud.  Mobile or Desktop Application – These apps store the keys solely on your PC or mobile device. Hardware Wallet – These store the unique keys completely offline in devices similar to USB sticks. Below we will discuss the two types of crypto wallets provided by Dagcoin. The DagWallet, which is a mobile/desktop application, and the Webwallet, which is an online wallet.  DagWallet The main aim of Dagcoin is to provide a digital currency that is as useable as possible and accessible to everyone – especially those on the lower end of the economic ladder. That is why the free DagWallet application can be downloaded on both Android and Apple mobile devices (via the Google Play and App Store, respectively), as well as on Windows, Apple, and Linux PCs.  The Android app works on devices from version 5.1 up, meaning that almost all smartphones developed after around 2014 or so, should support the app. As for Apple, any device from the iPhone 5 up will run the app. This means that it is possible to use DagWallet on cheap and old second-hand devices that can be bought for as little as $10.  It is great to say that DagWallet is available and accessible to so many people, but what does it actually do? As described above, it is an app that enables you to check your balance, transfer money, and even buy products from a shop or café in person (if they accept Dags), all from your mobile device. This makes DagWallet a digital wallet that you can carry in your pocket.  However, unlike a regular wallet, where if your cash is stolen, it is gone forever, if thieves steal your phone, they will not be able to access your DagWallet or use your money. This is because only you hold the passwords to access and use your Dags. This makes DagWallet even safer than credit and debit cards, which can often be used to buy things online or make small purchases in person without a pin code or other protections. You also don’t have to wait many days or weeks to get access to your DagWallet again if your device is stolen, all you have to do is download the app to a new device, log in, and you are good to go.  Because your unique keys are stored on your device, this makes it very safe. However, there is one small downside — you can only access your Dags from one device. But what if you want access to your money from multiple devices or you don’t have your own smartphone, tablet or PC, or your device is shared by everyone in the household? We have a better option for you… WebWallet Where the WebWallet differs from the DagWallet is that you can access your Dags from any internet-enabled device, at any time. This is because the WebWallet stores your unique keys in the cloud.  This is the perfect choice if you have multiple devices you want to use to access your money. For example, your smartphone, laptop, and work PC. Likewise, if you do not own a compatible device yourself, this can be shared by your entire family, or even by your whole community.  Because the WebWallet can be accessed from any internet-enabled device, this gives people in the poorest and most remote regions an alternative to cash for the very first time. And this is more people than you may think. In 2019, more than 2 billion people around the world still didn’t have access to a bank account, equating to a mindblowing 1 in 4 people. The WebWallet doesn’t just provide an alternative to cash, it is also a safe place to save money and earn interest. But best of all, both the DagWallet and WebWallet can be used to help people build a credit history.  The only small downside to the WebWallet is that because your unique keys are stored in the cloud, they are slightly less secure than if they were stored on an individual device, which is what the DagWallet provides.  Which Dagcoin wallet is best for you? To make this choice easier, let’s break it down into a few categories: Security – if you want your money to have an extra layer of security, choose the DagWallet.  Use on Multiple Devices – If you would like to have access to your Dags using multiple internet-enabled devices, choose WebWallet. You do not have your own smartphone, tablet or PC – choose WebWallet  You want to make in-store purchases – choose DagWallet Best of all, whichever Dagcoin wallet you choose, it is free to download and use. In turn, with each transaction taking just 10 seconds (wherever it is sent in the world) and costing just 0.0005 Dags, you have access to a much faster and cheaper alternative to the regular banking system. To download your Dagcoin wallet, click here. Alternatively, if you would like to learn more about getting starting with Dagcoin, read our how-to guide. Join a growing community of nearly 600,000 people using Dagcoin.

Uber CEO States the App is Open to Crypto Payments

Uber’s CEO, Dara Khosrowshahi, said in a recent interview that the ride-sharing giant will consider accepting cryptocurrency payments through the platform in the future. "Just like we accept all kinds of local currency, we are going to look at cryptocurrency and/or Bitcoin in terms of currency to transact(...)" Khosrowshahi said in an interview with CNBC. “That's good for business, that's good for our riders and our eaters, so we'll certainly look at that. And if there's a benefit there, if there's a need there, we'll do it, we are just not going to do it as part of a promotion." he went on to say, highlighting the importance of this type of payment needing to be necessary if implemented. Uber’s consideration of cryptocurrency payment methods echoes the sentiment of many other merchants around the world that are very quickly moving towards similar models.

#cryptonews
JPMorgan Experimenting With Blockchain Solutions For Taiwanese Banks

With rejected and returned payments being rife within the Taiwanese banking sector, banking giant JPMorgan Chase & Co. has taken the route of testing a blockchain solution known as ‘Confirm’ with a series of large Taiwan-based banks. Confirm, when used in tandem with JPMorgan’s own clearing solution, ‘PayDirect’, will allow these banks to confirm a recipients’ account information ahead of making payments with almost zero delay. This is a welcome change to many due to the reliance on blockchain authentication adding an extra layer of concrete security. This news comes hot off the heels of JPMorgan’s previously announced partnership with India’s largest bank, the State Bank of India (SBI). The SBI is to begin utilising JPMorgan’s blockchain platform to help accelerate cross-border payments and reduce costs. This process has been dubbed ‘Liink’. Much like Confirm, Liink utilises a fork of the Ethereum blockchain in order to greatly reduce the speed of certain transfers — in this case, cross-border transfers specifically. Deputy managing director of SBI, Venkat Nageswar, had this to say about the state-run bank’s new partnership: “We are excited to be the first bank in India to go live on the network and look forward to closer partnership with JP Morgan on implementation and exploring application as part of the network to better serve our clients(...)” These moves by the worldwide banking giant are another key indicator of wider-spread adoption of blockchain-analogue solutions across the financial sector, and would lead many to believe that competitors will seek to launch similar solutions throughout the globe.

Visa Makes Moves to Allow Fiat Settlements Via Blockchain

Credit card behemoth, Visa, has announced its partnership with Crypto.com in order to allow fiat payment settlements through the use of the Ethereum blockchain. In order to facilitate this, Visa’s treasury will be linked with federally-chartered crypto bank, Anchorage, eventually enabling individuals to exchange USD Coin (USDC) through Crypto.com’s payment network. This method allows Crypto.com to send USDC to Visa’s Ethereum address in order to settle some of the transactions that have been sent through the site’s Visa card program. The payment giant has plans to extend this offering to large Fintech companies and banks that deal in UDSC, BTC (Bitcoin), and ETH (Ethereum). Jack Forestell, Visa’s Chief Product Officer, stated the following during the company’s announcement “(...)crypto-native fintechs want partners who understand their business and the complexities of digital currency form factors. The announcement today marks a major milestone in our ability to address the needs of fintechs managing their business in a stablecoin or cryptocurrency.” Although this move sheds some light on how credit card issuers and banks may continue to welcome cryptocurrency-related services and processes into their offerings, the usage of blockchain technology for such purposes may have some worrisome implications due to the blockchain’s unsustainability in regards to energy usage as well as the length of time taken for transactions.

German Bank Donner & Reuschel Expands Into Crypto Protection Services

— One of Germany’s largest banks is now offering ‘Crypto Protection Services — This comes in response to ‘high market demand’ within the country — Crypto protection services will be implemented within the body ‘as soon as possible’ With cryptocurrency becoming far more approachable to the layman, as well as the adoption of non-fiat currencies seeing fast-moving acceptance throughout German society, Hamburg-based bank, Donner & Reuschel, is now taking steps to integrate ‘crypto protection services’ into its service offerings. With the bank currently holding €9 billion assets under its management, this is a significant move for the German banking sector. Donner & Reuschel spokesman, Marcus Vitt, has the following to say about the decision: “We have been observing the digital assets market for quite some time and are convinced of the potential of blockchain technology also concerning classic securities transactions.” “Blockchain technology will result in the greatest structural change in the financial industry that I have been able to experience so far in my 20-year banking career.” Vitt went on to say, emphasising the importance of ensuring banks move fluidly with the ever-growing interest in cryptocurrencies amongst the broader population. However, this is just one step the centuries-old bank is taking in the midst of the changing digital currency landscape — Donner & Reuschel are intended to implement further crypto-related offerings to their services, although which form these will take is currently an unknown. On a broader level, last December the German government relaxed laws around issuers and holders of crypto-based securities requiring paper certificates as a means of documents transactions — another signifier of the nation heralding itself as one of western nations most ahead of the curve in this sphere.

Japanese E-Commerce Platform Rakuten Now Accepts Crypto Payments

In a recent press release, Japanese online retail company Rakuten announced their plans to begin accepting various cryptocurrencies as payment for goods and services. These payments are converted from the buyer’s chosen currency to ‘Rakuten Cash’, the firm’s own currency, at the point of sale, thereby allowing Bitcoin, Ethereum, and Bitcoin Cash payments across the thousands of partnered merchants across Japan. “For the first time in Japan, there is no limit on the transaction amount and no fee is charged for charging crypto-assets” said the e-commerce giant on their breakthrough move on allowing limitless and fee-free crypto exchanges within the country. With Rakuten boasting almost 100 million registered users, this is far from a small move and is further evidence of the necessity for large scale companies to adapt to the burgeoning landscape of digital currencies.

Uber CEO States the App is Open to Crypto Payments

Uber’s CEO, Dara Khosrowshahi, said in a recent interview that the ride-sharing giant will consider accepting cryptocurrency payments through the platform in the future. "Just like we accept all kinds of local currency, we are going to look at cryptocurrency and/or Bitcoin in terms of currency to transact(...)" Khosrowshahi said in an interview with CNBC. “That's good for business, that's good for our riders and our eaters, so we'll certainly look at that. And if there's a benefit there, if there's a need there, we'll do it, we are just not going to do it as part of a promotion." he went on to say, highlighting the importance of this type of payment needing to be necessary if implemented. Uber’s consideration of cryptocurrency payment methods echoes the sentiment of many other merchants around the world that are very quickly moving towards similar models.

SWIPEX — THE WORLD’S BEST CRYPTO EXCHANGE PLATFORM

If you’ve spent some time exploring the wider dagcoin ecosystem you may have come across the name ‘SwipeX’. But what exactly is SwipeX? In short, it’s a way to convert your fiat currency to Dagcoin quickly, cost-effectively, and most importantly, securely. The way it works is very straightforward: after creating an account, you can start trading various cryptocurrencies. Yes, that’s right: Bitcoins, Bitcoin Gold, Bitcoin Cash, Dagcoins etc. The more, the merrier we say.  SwipeX runs on all devices and has a dedicated customer support team ready and able to assist you at any time.  In addition, SwipeX has been granted two important licences by the Estonian Government: Licence number FRK000053 – Providing a virtual currency wallet service.   Licence number FVR000071 – Providing services of exchanging a virtual currency against a fiat currency. Great! How do I get started? For you to start using the platform and make the most of it, i.e., trading your crypto money and doing it successfully while you’re at it, there are two very simple things you need to do.  First ‒ create an account.  Second ‒ go through a quick verification process. For that you need to have your ID card and proof of address at hand. NB! This is mandatory for everyone who’d like to use SwipeX. After you’ve finished signing up, we also recommend activating the two-way authentication control, just to be on the safe side ‒ better safe than sorry!  Check out other great projects we have, like the Merchant Finder, WebWallet and DAG-chain.  If you have questions or you would like to know more about cryptocurrency or SwipeX get in contact ASAP! We’d love to hear from you.

PRIVATE CRYPTOCURRENCIES TO FACE A POTENTIAL BAN IN INDIA

A bill seeking to outlaw the sale and purchase of private cryptocurrencies within India is soon to be considered by the nation’s parliament. The bill, known as the Cryptocurrency and Regulation of Official Digital Currency Bill, doesn’t just seek to regulate private cryptocurrencies, but instead enact an outright ban of them, teeing India up to be the only major nation in the continent of Asia to do so. Although private cryptocurrencies would be banned under this bill, the underlying technology would not. This is in part due to the bill being enacted in order to pave the way for the Reserve Bank of India (RBI)’s planned digital currency rollout. Despite the bill outwardly seeming likely to pass due to the BJP’s majority control in Indian parliament, the specifics of the bill still remain largely unknown to the public. We will provide updates on the situation as it progresses.

Bitcoin Sees Largest Daily Price Loss in Almost 1 Year

It seems there’s no end in sight for Bitcoin valuation turbulence, with the world’s best-known cryptocurrency seeing its most dramatic drop in value over the past 10 months in just one day. On Thursday 21st Bitcoin ended 13% down by EOP. Many experts are claiming this is an anomalous dip, and that the currency will regain its value swiftly. This drop in value has nullified almost all year-to-date gains, bringing the Bitcoin 2021 total increase in value to just +6%. This is a devastating blow considering the cryptocurrency’s tremendous boost in value to around 42,000 USD earlier this month.

EU Parliament to Assess Petition for Crypto Fraud Victim Superfund

Last Wednesday a petition was formally sent to the European Union parliament to have the body consider the option of establishing a ‘Crypto Assets Fund’ for those who have fallen victim to a cryptocurrency-related crimes and/or theft. Jonathan Levy, lawyer and creator of the petition, is representing clients who together have lost a total over €50 million, and is supported by class representatives of the individuals adversely affected by the high-profile Bitsane exit scam. “Every day $100 billion in unregulated cryptocurrency transactions take place. Much of that activity involves organized crime and represents the largest transfer of wealth to criminals since the Second World War. Billions of dollars have been siphoned from victims of criminals schemes. Our goal is nothing less than the establishment of a Cryptocurrency Security Fund to compensate victims.” - Jonathan Levy According to Levy’s petition, he and his clients wish for the EU to implement a .0001 cent per euro fee on all cryptocurrency transactions within the union in order to generate a pool of funds to aid victims of related crimes. To date, the petition has generated 46 supporters. The EU Parliament has yet to discuss the matter, or provide an official response.

#dagnews
Why Dagcoin Sponsors Aspiring People and Organisations

If you ask any athlete, NGO or charity, they will tell you that sponsorship is crucial for them to be able to do what they do. For organisations, sponsorship can give them the public exposure, equipment and funds they need to get a project going. And for athletes, the ability to focus full-time on sport instead of having to juggle between work and training. For some, it might even be the difference between being able to get to an event to compete and not. Giving sponsorships is not just a way for companies to gain exposure and customers, but to give back to the people and projects they care passionately about. In this article, we will run through some of the sponsorships that Dagcoin offers to individuals and organisations and the differences these make… Alvar Johannes Alev Alvar Johannes Alev, 27, is a talented cross country skier from a tiny village in south Estonia, who missed out on qualification to the winter Olympics in 2018 by just 0.7 seconds to an athlete who would be suspended from competition due to doping the following year. Despite this devastating setback, Alvar still has big ambitions to go to the Winter Olympics in 2022 and bring back gold. As Alvar says himself, “skiing is a sport that requires everything out of your body”, and with his training taking up around 100 hours per month, financial support is crucial for him to focus on his training and be in his best possible condition for competition. As he puts it, “there are no athletes that can make it to the top without any financial support”. Having been a member of the Estonian cross country skiing team for the past ten years and a 2nd place in the US NCAA championships to his credits, we are fully behind Alvar’s quest to get to Beijing 2022. World Cleanup Day World Cleanup Day began in Estonia in 2008 with one simple aim, to clean up the small Baltic nation of Estonia. On that first day, more than 50,000 people removed more than 10,000 tonnes of waste in only 5 hours. The event quickly gained media attention worldwide, and by 2019, had snowballed into an event that attracted more than 20 million people from more than 180 different countries. The future of our planet is something we care deeply about at Dagcoin, and that is why we help World Cleanup Day to raise awareness and support community efforts. In 2021, due to the pandemic, this years event on March 20th will be a Digital Cleanup Day. To learn more and take part, click here. Max Vorovski It is fair to say that 2020 was a frustrating year for many sportspeople, with many scheduled events, tournaments and competitions, being cancelled, postponed or played behind closed doors. Like many other sportspeople this has also been a big problem for Estonian professional kickboxer Max Vorovski, who saw two events cancelled and was unable to fight in 2020. For fighters, like many other sportspeople, they need to compete to earn money to live. Therefore, having good sponsors that stick by athletes during this difficult time is important. With the help of sponsorship from Dagcoin, Max has been able to keep training throughout the pandemic and looks to get back to his quest for a middleweight world championship in 2021. And with six wins over former world titles holders on a record that included 32 wins in 38 fights, we continue to support Max as he fights for glory. Junior Chamber International Just like World Cleanup Day, when you are doing something good, it is amazing how quickly it spreads and how many people become involved. Today, Junior Chamber International (JCI) has more than 11 million members in over 120 countries around the world. This is a world away from its origins, with an 18-year-old young man named Henry Giessenbier beginning the Herculaneum Dance Club in his hometown of St Louis (USA) in 1915. The organisation’s (whose member are all aged between 18-40) main aim is to make the world a better place for future generation. They do this by working on community projects that aim to combat climate change, eliminate poverty, and fight inequality – a topic that has been at the forefront of peoples minds and action over the past year. Where Junior Chamber International excel and succeed is that they engage with entire communities from the old to the young, and the unemployed to the big business owners to understand issues and work together to find long-term sustainable solutions. Dagcoin support JCI wholeheartedly in its goals to fight inequality and injustice, end extreme poverty, and combat climate change by 2030. To learn more about what JCI is doing in your local area or to join, click here. Jüri Vips Just last May, we wrote how Juri Vips (then 19) was an up-and-coming Formula 3 race driver, who had had ambitions to test an F1 car, and, ultimately, go on to win the F1 Championship. After finishing 4th in the Formula 3 championship in both 2018 and 2019, one of his dreams came true in 2020. He became the reserve driver for the AlphaTauri and Red Bull F1 team at last year’s Turkish GrandPrix. Although these duties and the Covid-19 Pandemic curtailed his first season in Formula 2 (one tier below F1), he is looking forward to a full season in Formula 2 in 2021. And, as we reported in November last year, because he now has his FIA Super License (that allows a driver to compete in F1), he is just a few good results away from reaching his ultimate goal - to compete for the Formula 1 championship. At Dagcoin, we are so happy to see that our sponsorship is helping Juri edge ever closer to his dreams and are proud of his continued achievements. Conclusion We speak a lot in this blog about Dagcoins aim to provide billions of people in the developing world an alternative to cash for the first time and a way out of extreme poverty, and how Dagcoin is a greener alternative than both fiat and mined cryptocurrencies. These aims match those of both JCI and World Cleanup Day, and this is why we sponsor and work with these organisations. Buts it also worth noting here that without sponsorship Alvar Johannes Alev would not be able to focus solely on his training and goals to reach the Winter Olympics next year, Max Vorovski would have struggled to get through 2020 without any income, and Juri Vips would not be in touching distance of competing in Formula 1. At Dagcoin, we will continue to support organisations with similar goals, as well as talented individuals, to reach their goals. This is just the beginning!

DagWallet or WebWallet, which is best for you?

For those of you that are new to Dagcoin or perhaps cryptocurrencies in general. Deciding which Dagcoin wallet to choose might seem a bit confusing. Thankfully, in this week’s post, we will talk about the two different Dagcoin wallets, their advantages and disadvantages, as well as (most importantly) help you to decide which is best for you. But let’s start by learning a little about crypto wallets in general… What is a Crypto Wallet? We all have wallets and purses, where we keep our cash and cards. Crypto wallets serve exactly the same purpose, providing a safe place to store and access our money. Allowing us to buy goods and services, as well as transfer money to family and friends quickly and easily.  Where they differ from a regular wallet, however, is that no money is actually stored in a crypto wallet. What they do store are unique keys that are used to communicate with the blockchain (or similar technologies such as Dagchain). It is from these that you can make transactions or check your balance.  Broadly speaking, there are three main types of cryptocurrency wallets: Online Wallets – These are wallets that store your unique keys in the cloud.  Mobile or Desktop Application – These apps store the keys solely on your PC or mobile device. Hardware Wallet – These store the unique keys completely offline in devices similar to USB sticks. Below we will discuss the two types of crypto wallets provided by Dagcoin. The DagWallet, which is a mobile/desktop application, and the Webwallet, which is an online wallet.  DagWallet The main aim of Dagcoin is to provide a digital currency that is as useable as possible and accessible to everyone – especially those on the lower end of the economic ladder. That is why the free DagWallet application can be downloaded on both Android and Apple mobile devices (via the Google Play and App Store, respectively), as well as on Windows, Apple, and Linux PCs.  The Android app works on devices from version 5.1 up, meaning that almost all smartphones developed after around 2014 or so, should support the app. As for Apple, any device from the iPhone 5 up will run the app. This means that it is possible to use DagWallet on cheap and old second-hand devices that can be bought for as little as $10.  It is great to say that DagWallet is available and accessible to so many people, but what does it actually do? As described above, it is an app that enables you to check your balance, transfer money, and even buy products from a shop or café in person (if they accept Dags), all from your mobile device. This makes DagWallet a digital wallet that you can carry in your pocket.  However, unlike a regular wallet, where if your cash is stolen, it is gone forever, if thieves steal your phone, they will not be able to access your DagWallet or use your money. This is because only you hold the passwords to access and use your Dags. This makes DagWallet even safer than credit and debit cards, which can often be used to buy things online or make small purchases in person without a pin code or other protections. You also don’t have to wait many days or weeks to get access to your DagWallet again if your device is stolen, all you have to do is download the app to a new device, log in, and you are good to go.  Because your unique keys are stored on your device, this makes it very safe. However, there is one small downside — you can only access your Dags from one device. But what if you want access to your money from multiple devices or you don’t have your own smartphone, tablet or PC, or your device is shared by everyone in the household? We have a better option for you… WebWallet Where the WebWallet differs from the DagWallet is that you can access your Dags from any internet-enabled device, at any time. This is because the WebWallet stores your unique keys in the cloud.  This is the perfect choice if you have multiple devices you want to use to access your money. For example, your smartphone, laptop, and work PC. Likewise, if you do not own a compatible device yourself, this can be shared by your entire family, or even by your whole community.  Because the WebWallet can be accessed from any internet-enabled device, this gives people in the poorest and most remote regions an alternative to cash for the very first time. And this is more people than you may think. In 2019, more than 2 billion people around the world still didn’t have access to a bank account, equating to a mindblowing 1 in 4 people. The WebWallet doesn’t just provide an alternative to cash, it is also a safe place to save money and earn interest. But best of all, both the DagWallet and WebWallet can be used to help people build a credit history.  The only small downside to the WebWallet is that because your unique keys are stored in the cloud, they are slightly less secure than if they were stored on an individual device, which is what the DagWallet provides.  Which Dagcoin wallet is best for you? To make this choice easier, let’s break it down into a few categories: Security – if you want your money to have an extra layer of security, choose the DagWallet.  Use on Multiple Devices – If you would like to have access to your Dags using multiple internet-enabled devices, choose WebWallet. You do not have your own smartphone, tablet or PC – choose WebWallet  You want to make in-store purchases – choose DagWallet Best of all, whichever Dagcoin wallet you choose, it is free to download and use. In turn, with each transaction taking just 10 seconds (wherever it is sent in the world) and costing just 0.0005 Dags, you have access to a much faster and cheaper alternative to the regular banking system. To download your Dagcoin wallet, click here. Alternatively, if you would like to learn more about getting starting with Dagcoin, read our how-to guide. Join a growing community of nearly 600,000 people using Dagcoin.

Dagcoin 2020 Year in Review

2020 saw many changes for the wider Dagcoin ecosystem. From exciting updates on existing platforms to the launch of brand new ones, it's been a bumper year for the Dag-family. This year alone has seen a staggering number of dagcoins distributed to both new and existing users, resulting in almost three billion coins (~2.7B) in circulation. We're also thrilled to announce that over 130,000 new dagcoin users have jumped aboard since the start of 2020, as well as around 800 new merchants now officially accepting the currency in-store. Beyond this, we've launched a variety of new platforms that all accept dagcoin. Some of the highlights include Dagmarket Jobs, a new job listing platform allowing skilled workers to provide services to anyone that needs it in exchange for dagcoins, as well as TwiceDice, a new online casino and betting platform which utilises Dagchip — a digital chip that exists alongside Dagcoin! That's not all though! For the full lowdown, including all the exciting developments for merchants, check out the video above, and don't forget to keep your eyes peeled for all of the exciting things to come this year — 2021 is going to be even bigger!

How does Dagcoin and V-ATM Benefit Merchants?

2020 was a turbulent year to say the least. However, as 2021 dawns, so does the hope of a slow return to normality. The beginning of the year is always important for businesses, with January sales a big part of that. Did you know that on average consumer spending in January is higher than in December? In this blog, we have talked about the many benefits of accepting Dagcoin as a payment method and how it can help improve sales, including: The free Merchant Finder tool that provides free advertising for your business to a growing community of more than 500,000 Dagcoin users worldwide. The free Point of Sale (POS) app that makes it possible to accept Dagcoin payments in your shop just as quickly as card payments. The free Webshop Plugins that make it possible for you to accept Dagcoin payments quickly and easily at your online store. The free email Invoicing tool that enables you to create and send invoices in seconds, and get paid in the same timeframe too. In this article, we will talk about yet another benefit of accepting Dagcoin, V-ATM! But what is V- ATM and how can it help you improve sales in 2021? Let’s find out… What is V-ATM? Put simply, V-ATM is a Virtual ATM that allows you to sell Dagcoins to your customers so that they can buy products from you at a discounted rate using Dagcoin. Where this gets good is the fact that we will reward you in Dags and Euros for selling the coin. This means you will get paid twice, once from the customer and once from us. Giving you the opportunity to offer your customers discounts that your rivals won’t be able to compete with, even the big boys. This is a real win-win for everyone involved. You will attract more customers by offering bigger discounts and earn twice (from us and them). Your customers will get a fantastic deal too, which will make them want to use you again, and Dagcoin will get more users. Moreover, your customers will be buying Dags from you at the current exchange rate. Making your V-ATM a fair place to buy Dags, adding further to your trustworthiness as a retailer. Interested? Keep reading… How it Works – For Merchants Signing up to V-ATM and offering discounts to your customers is a simple 3-step process: Step 1 – Signing up As with almost anything these days, the first thing you will need to do is sign-up online. To do this you will need to go to the Dagpay page and login to your account (if you don’t have Dagpay yet, don’t worry, you can also sign-up here too). Once you are in your account, all you have to do is click on the V-ATM section and follow the on-screen instructions. Step 2 - Print and present the QR code We will review your application, and if all is good, we will send you approval along with everything you will need to get started. In this acceptance pack, you will receive QR banners that you can print out and display in your shop or business location alongside your discount offer. Step 3 - Sell your products using the V-ATM QR code and double your profits This is the easiest part, and what you do best – selling! Encourage your customers to take advantage of the discount they will get by using the V-ATM QR code to buy Dagcoins and pay for the product they want. Because you will be paid by both the customer and us for each sale, you don’t just have the chance to double your profits, but to offer discounts that your competition won’t be able to match. Attracting more customers, reducing churn, and maybe even getting back some old customers that you lost to rivals in recent months or years. How it Works – For Customers In this section, we will cover the process from the customers perspective so that you can guide them if they need any help. Step 1 - Scanning the QR Code The very first thing your customers will need to do is scan your V-ATM QR code using their smartphone. If they do not have an app on their phone to scan QR codes, there are many such apps available for free on both the Google Play and App Stores. Step 2 - Downloading DagWallet The next thing your customers will need to do is download DagWallet. This is the virtual wallet where they can store their Dagcoins and make/receive payments using the coin. They can download DagWallet (and learn more about it) here. Step 3 – Buying Dagcoins Now that your customers have a DagWallet and have been verified, they can now buy Dags from you using the V-ATM at the current exchange rate. This is the same process as a regular Dagcoin transaction, and they will receive Dags to their wallet within 10 seconds of making the purchase. Step 4 – Paying for their Products They are now at the final (and best) part of the process – the purchase of the discounted products. This discount will make your customers happy and more likely to return in the future. In addition, you will receive double the profit too because we will also pay you. It truly is a Win-Win! Conclusion V-ATM is a Virtual ATM that allows you to sell Dagcoins directly to your customers so that they can buy discounted products from you using Dagcoin. We will then reward you in Dags and Euros for selling the coin. Meaning you will get paid twice, from the customer and from us. Because you are getting paid double, this means that you can offer discounts that will make you cheaper than your rivals, maybe even the big boys like Amazon. With such discounts, not only will you be able to make more sales, you will also attract new customers, reduce churn, and even get back those clients that you lost in previous months and years.  Setting up V-ATM is simple and easy. All you have to do is: Go to the Dagpay page and log in to your account (or sign up if you don’t have an account) click on V-ATM and follow the online instructions. Print your individual QR code and display it with your discount promotion in your store or business Sell the discount your clients will get from using Dagcoin V-ATM to buy products from you. Start 2021 the way you want to continue, with more sales and higher profits. Click here to get started. Join a community of more than 1300 merchants and 500,000 clients using Dagcoin.

4 Ways Dagcoin Is Protecting The Environment

As I write this, an iceberg the size of Jamaica is on a collision course with the South Atlantic Island of South Georgia. This is the largest iceberg ever recorded and is another worrying sign that global warming is speeding up. It is becoming clear that when we get in our cars to hop around the corner, turn the heating up one or two extra degrees or jet off on our summer holidays, we are playing our part. Even if we recycle, conserve energy, walk, or ride our bikes, we are still consuming goods and services that are causing global warming and sea-level change. It is only when we all work together and play our part that we can save our planet. Not only for future generations, but also for the diverse flora and fauna that we share this wonderful planet with. One of the biggest driving forces behind creating Dagcoin was to play a part in securing this better future. In this week’s post, we will explain how Dagcoin is helping to save the planet. Dagcoin reduces the need for paper Fiat currencies, such as the dollar, pound, and euro all use paper money. This means that many millions of trees are needed each year just to make money. This is made worse because paper money doesn’t last very long. The average one-dollar bill is in circulation for just 18 months. Compared to 25 years for a 1 cent coin. And it gets worse. If you visit your bank, you will probably be asked to fill in forms or sign documents. In addition, you might also receive bank statements and offers in the post - using yet more paper. On top of this, the chemicals that are used in the money-making process pollute local water sources, poisoning natural habitats and farmland. Dagcoin’s cashless system removes the need for paper money and documents.  Meaning fewer trees are cut down, and less poisonous chemicals enter our water sources. Reducing CO2 levels and protecting vulnerable habitats Dagcoin reduces the need for plastic Countries do not just use paper to make money, they also use plastic. In fact, some countries, like Australia, use money that is entirely made out of plastic. Although it lasts longer than paper money because it doesn’t rip or tear. Its consequences for the environment are very clear. Plastic takes around 1000 years to decompose in a normal landfill site. Not only does it take a long time to decompose, it also releases dangerous chemicals when it does. In a landfill, these chemicals can be contained, but when you see the countless news reports about the amount of plastic in our oceans, the future consequences seem very bad indeed. Credit and debit cards have made it quick and easy for us to make payments both in person and online, and reduced the need to carry cash. However, because they are made almost entirely out of plastic, they are having a negative effect on our planet.  Because Dagcoin is a virtual currency and all payments are made online, there is no need not just for paper money, but also debit and credit cards. Reducing plastic waste and the hazardous chemicals released when it degrades. Dagcoin promotes nature conservation Earlier this year, Dagcoin teamed up with the Clean World Conference to help plan the cleaning of our planet. In 2018, over 17 million people from 157 countries simultaneously came together on World Cleanup Day to clean waste from beaches, streets, rivers, and forests. People and businesses can take part in the event as volunteers, sponsors or partners. Because this is a cause that Dagcoin is passionate about there was only one choice. To partner with the conference and event, not just helping to organise the event, but to spread the word and get more people involved. The next World Cleanup Day is on the 18th of September 2021. Click here to find out more and get involved. Dagcoin creating awareness Just 50,000 people took part in the first World Cleanup Day ten years ago, and look where it is today. It has grown into a massive worldwide event purely by one person bringing a friend and one business attracting another. Dagcoin was created from the ground up, not just as a groundbreaking digital currency that anyone can use anywhere. But as a currency that champions the protection and preservation of our planet. Partnering with the Clean World Conference didn’t just help people to become aware of the event, but also encourages more businesses to join the cause. The more people and businesses that are working together to save our planet. The cleaner our oceans will be, the less waste we will create, and the more habitats we will preserve. Conclusion We have reached a critical point in the story of our planet. No other species in history has changed the earth so much. Human-induced climate change and the destruction of habitats has killed of countless species, and many more are on the brink of extinction. By creating a virtual currency, Dagcoin has reduced the need for paper money. Preserving forests so that they can absorb CO2 and reduce the effects of climate change. In the process, saving the homes of many threatened species. On top of that, the virtual nature of the currency reduces the need for plastics in the form of debit and credit cards. Our landfills and seas are full of plastic that will not just take thousands of years to degrade, but when it does, it will release hazardous chemicals. Reducing the use of plastics will reduce the effects of these chemicals on our planet. Dagcoin has partnered with the Clean World Conference to help plan and promote World Cleanup Day. This partnership has encouraged more people and businesses to join the cause. And this is just the beginning. Join us in preserving our beautiful planet! Have we missed something? Do you have any questions? Get in touch…

North Korea Trying to Show a Twist in Politics with Own National Crypto

The recent surge in cryptocurrency has touched many parts of Asia and some countries are showing interest in creating national digital currencies. The People's Bank of China is close to issuing its own cryptocurrency. North Korea has followed the lead by declaring its readiness to launch national crypto.  Suffocated by countless political and financial embargos, the nation is trying to adopt various policies to boost its economy. Issuing a North Korean digital coin might be an attempt to circumvent such sanctions and even manufacture deadly weapons. Alejandro Cao de Benos, a high-level official of the Democratic People's Republic of Korea, has revealed that the country is now really interested in creating its own cryptocurrency and has adequate manpower and expertise to proceed with the plan. Their currency experts are studying various digital coins in order to decide which of those the value of the proposed cryptocurrency should be linked to. He also said that the new currency will be like traditional ones and there is no plan to back it by North Korean won. North Korea has already opened its door for crypto traders. On Sept 10, Cao de Benos tweeted that citizens are allowed to own digital coins and local developers “are designing crypto wallets and apps at this moment.” Several countries have come forward to help North Korea in the technical aspects of the crypto plan. Some offshore companies have signed contracts with the DPRK authorities for the development of the system for healthcare, education and finance sectors. Although the announcement regarding the introduction of crypto came from a personal level, there is no official statement yet. Is there any real need to launch national cryptocurrency? According to Kayla Izenman, a financial crime and security expert, North Korea has required expertise and resources to issue a cryptocurrency. However, critics are digging out ill motives from the country’s digital coin project. Most of those are related to speculation, counter international sanctions, and financing weapons of mass destruction. Cao de Benos confessed himself that Pyongyang needs digital assets to bypass US sanctions. Without an alternative currency, DPRK will not be able to escape from the international financial system dependency. To make the ground of crypto plan more solid in front of the international community, Benos noted the advantages of cryptocurrencies- transaction speed and cost-effectiveness. Finance experts believe that Pyongyang is going for digital money because crypto transactions are difficult to trace and free from most government regulations. Also, it is very easy to launder such currencies. These features will likely allow DPRK to trade with many countries around the globe. Although evading international sanctions is the main factor behind the country’s crypto initiative, some cryptocurrency experts think that the benefits of such a plan extend far beyond bypassing conventional payment systems. In addition, North Korea may find several countries including Iran, Russia, and Venezuela watching its back who are also exploring national crypto to evade US embargos. Raising foreign capital Being a low GDP country ($28 billion compared to $1.54 billion of South Korea), North Korea has been exploring various ways to raise foreign capital. Cryptocurrencies will surely bring momentum to their endeavour. According to different media, DPRK uses several techniques to collect crypto. Mining farms, masternodes, cryptojacking and participation in new, promising projects are a few among those. The country allowed mining in 2017, which coincided with the rise of the currency. Steven Kim, a researcher from South Korea claimed that the DPRK will figure out if there are any means to exploit cryptocurrencies for financial gain and move aggressively to make the most out of it. North Korean hackers are showing desperate attitudes in hacking into the mining of Bitcoins and steal that money because the price has been rising steeply. Bitcoin is also easy to cash out on the market because of its liquidity. Ambitious for deadly weapons? Another sensitive question is North Korea’s suspected activity for nuclear weapon financing. The country spends a considerable portion of its national budget on military programs. The new structure established after 1970 aimed at collecting foreign money for DPRK authorities. According to a report prepared in 2007 for the U.S. Congress, such initiatives made North Korea $5 billion. Another report of the United Nations Security Council indicated that the country stole about $2 billion by hacking bank accounts and crypto exchanges of 17 countries. Although DPRK leasers repeatedly denied any illegal activities, it is strongly claimed by the US and South Korea that there are around 5000 cyber specialists appointed by the government for conducting cyber-attack, cryptojacking, and other fund-raising programs aimed at acquiring nuclear power and weapons of mass destruction.

Russia may Use a Gold-Backed Crypto for Future Settlements

Elvira Nabiullina, governor of the central bank of Russia, came up with that information while speaking to the parliament, the Duma, regarding current plans with cross-border finance. In response to a question from a parliament member who also represents Duma’s financial markets committee, Nabiullina said that the Bank of Russia is not against the development of a gold-pegged cryptocurrency. However, she confirmed that the use of cryptocurrency would be within the scope of cross-border settlements and crypto would not take the upper hand in relation to fiat currency. She added - “As far as settlements are concerned, we will consider your suggestion regarding what a cryptocurrency backed by gold would look like,” Nabiullina stressed the importance of using national currencies for international settlements. At a meeting of the State Duma, she referred to successful use of national currencies in settlements under the framework of the Eurasian Economic Union (EAEU), where significant development was achieved with the strategy. The bank of Russia recently released a policy brief pointing at the benefits and pitfalls of central bank digital currencies (CBDCs). The bank believes that CBDCs could boost the national economy by reducing transaction costs and being a safer and more liquid type of asset. The only drawback of CBDCs is the lack of anonymity as compared to fiat currencies. What is going on inside An advisor to the president of Russia expressed similar opinion and suggested that introducing a CBDC in Crimea might get more investors in the region while bypassing sanctions. Cointelegraph recently published positive news that Russia and Venezuela are trying to reach an agreement on closing trade settlements using both Ruble and the Venezuelan state-owned digital currency, petro (PTR). In reality, although the governor’s statement carries great importance as she represents one of the world’s largest central banks, most of the high-ranked staffs of the bank are still sceptical towards cryptos, and therefore Duma’s digital currency plan is unlikely to see the faces of light any time soon. An administrator was quite straightforward regarding this matter - “We are generally opposed to cryptocurrencies being launched into our monetary system. We do not see the possibility that cryptocurrencies could act as monetary surrogates.” To put it simply, the Bank of Russia is just carrying out its constitutional duties in studying the Duma’s token plan. But it is almost impossible to deny that the latest crypto related events in the lower house of Russia mark a milestone as those involved a central bank officially going through the motions of the development of a national cryptocurrency - one of the very few instances in the crypto economy's emerging history till date. Possibility of crypto for a bloc A recent buzz of developing standard crypto for the Eurasian Economic Union bloc also sounded in Russia. The deputy finance minister of Russia, Alexey Moiseyev, revealed in December 2018 that the country, along with the EEU’s four other member states -Armenia, Belarus, Kazakhstan, and Kyrgyzstan, had agreed to discuss the development of crypto for the economic zone. The minister’s attitude was firm, and he called the project ‘inevitable’. If everything works as planned, the crypto could be launched in 2020 or 2021. The initiative is being thought as part of Russia’s response to the economic sanctions imposed by America in recent years. The main objective of crypto development in the EEU is to achieve further financial independence and bypass dollar in their trade activities. For the time being, there has been no clear information on how the crypto will be developed like on what blockchain wand with what attributes.

Institutional Interest in Cryptoassets is on the Rise

A lot of financial institutions are sensing a bright future of crypto assets and shifting their focus on those gradually. A high ranked official from TD Ameritrade stated in the Consensus 2019 conference that institutional interest in crypto assets has increased significantly. TD Ameritrade, a brokerage firm that operates one of the biggest online tradings views the unaltered trading mindset of the investors despite recent fluctuations in the cryptocurrency price as a positive sign for the digital asset market. The firm also believes that anyone who wants to start a crypto business can get a lot of clients. The belief is established on the fact that the firm received numerous calls, emails, and more than 60,000 clients traded something in their platform. In contrast to the previous concept that crypto business mainly attracts millennials, nowadays older and established retail investors are seeking business opportunities in digital tokens. This is clear evidence that institutions are progressively entering the cryptocurrency market. In addition, the number of participants in cryptocurrency-related events hosted by TD Ameritrade in the recent past was beyond the expectation. If a company with over $37 billion assets reveals that the investment advisors are showing more interest in crypto related contracts, what can be more assuring for crypto investors? Effects of growing institutional interest in crypto Actions taken by mainstream crypto related firms due to the growing institutional interest in digital assets are quite apparent. The largest crypto exchange firm of the USA, Coinbase, is switching its focus to serve the needs of an increasing number of institutional investors. The company stated this intention after some changes in the recent past. It has been circulated that Coinbase has filed to terminate its Political Action Committee (PAC) with the American Federal Election Commission (FEC). The filing was probably pre-planned because there is no transaction history in the balance sheet of PAC in 2019. FEC regulations require a PAC to file a termination report to close it down and the report must show that the PAC did not receive any funding or make any payments. Soon after the filing, Coinbase confirmed that it had closed its Chicago office in an attempt to reduce its high-frequency trade matching engine. In an interview with a crypto magazine, Coinbase revealed that the company is planning to bring some changes to its business focus. So what is the new business focus? Trimming down high-frequency trading might indicate the introduction of new product offerings. Coinbase official confessed that the company is putting an effort to meet the needs of the institutions that are potential candidates for crypto business. Coinbase director of communications Elliott Suthers stated that institutional customers are imparting a lot of growth for them. The wide range of institutions that they serve includes asset issuers, pension funds, and university endowments, to name a few. Suthers added that the company is trying to build features and services that are high in demand and able to serve all types of customers. The flourishing business of Coinbase is reflected by the colossal amount of customer assets in custody business which is currently worth more than $700 million. The recent negative trend in crypto market could not discourage institutions NewsBTC reported that although the crypto market experienced some negative trends in the recent past, the real scenario is that more and more institutions are making their bets on cryptocurrency technology. One such event that confused some investors was the announcement of the Chicago Board Options Exchange (CBOE) that it might terminate crypto futures contracts due to lack of interest. However, the market saw a totally opposite picture, as evidenced by the new investment of $850 million into this sphere since the beginning of 2019. Another good example includes the Liquid exchange, which noticed its value increased to $1 billion after the completion of a Series C funding round. Bakkt also recently collected $182 million from 12 investors. Although there are some barriers to crypto business including regulatory uncertainty, lack of trust among users etc; firms involved in crypto development are putting constant effort to resolve those. 

The Chinese government is planning absolutely crypto-based tourist city

Cryptocurrencies are making an ever-increasing presence in e-commerce and the global economy. There are several developed cities in the world that have crypto-friendly business environment. San Francisco, for instance, can be considered the topmost city in crypto turn over. It has about 60 crypto ATMs and more than 100 retailers that accept crypto. Several cryptocurrency and blockchain companies including Coinbase are based in San Francisco. New York City also has a favorable condition for cryptocurrency transactions. It has over 100 retailers that accept Bitcoin and there are around 150 crypto ATMs in the city. Zug, Toronto, Jacksonville, Buenos Aires, Singapore, Amsterdam, and Hong Kong are among other cities in the world that crypto lovers will find a great taste. But what about a city where the economy is absolutely crypto-based? Although sounds insane; Chine government is planning this kind of creation. Governments are giving emphasis on blockchain to boost tourism in cities. Malacca city, the capital of the Malaysian state Malacca, has already gained popularity for crypto businesses. Now the Chinese government is planning to turn 835 acres off the shores of Malacca into a city built with crypto technology- the Melaka Straits City. If the plan works out properly, it would be the world’s first ever cryptocurrency-based city. What to expect in the crypto city Blockchain technology will be used to build the city’s infrastructure and a new coin reportedly known as DMI coin will be created to make transactions on the DMI platform. There will also be an exchange where people can convert their fiat into DMI tokens. The project will be implemented jointly by SWT International Sdn Bhd, an investment network, and China Wuyi, a construction and engineering firm. According to Lim Keng Kai, the project’s CEO, the company has already got the government approval to remediate the land and is planning to use leading-edge blockchain technologies to make the city a tourist hotspot. In the initial phase, around $120 million will be spent and subsequent expenditure will depend on the business demand. The main construction area will be about 365 acres of reclaimed and an additional 200 acres will be reserved for water recreation systems and chalets. A reputed financial portal FX Empire reported in a post that the developers want to make the city a leading tourist attraction in Malaysia. Melaka Straits City is expected to attract 3 million tourists every year that will be accommodated by 100 villas and 5 boutique hotels. A conference centre that can handle 20,000 visitors will meet the need of corporate firms for annual events. Also, tourists who are fond of aquatic recreations will find a water theme park that the project CEO claims to be the largest in Southeast Asia. A variety of other recreational facilities including tennis courts, golf courses, concert halls, and cycling will be available for people of different ages and mindsets. Educational institutions are also proposed for local settlers. Above all, making the city cryptocurrency-based is the ultimate priority. The technological innovations will be integrated with existing infrastructure to make the city a smart one. Safety and security management will also remain in the focus of the developers. To buy products or services, visitors will have to turn their fiat money into crypto. Retailers and service points will have a special QR code that the tourists can scan for payments. Keng Kai claimed that this kind of mobile banking will add speed to the economy because each transaction can occur in a matter of seconds. The transaction data will be stored in the DMI blockchain from where any issues that might arise can be solved. More cities are experimenting with crypto-based economy Malacca city is not the only city to bet on crypto to boost its economy. Liberstad, a Norwegian city, is experimenting with its own virtual currency known as “City Coin”. It is now usable only within the city for the purchase of daily needs. Dubai, the most luxurious city in the world is also planning to adopt crypto widely. The government of the UAE is aiming to make more than 50% transactions blockchain based by 2021. A technological modernization project, known as “Smart Dubai” has prompted this extensive adoption of blockchain technology.

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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. When Bitcoin hit the scene in the early 2010’s it revolutionised everything. It was now possible to make a transaction to anyone, anywhere in the world, within a maximum of 30-40 minutes and for a fee of around 1%. It changed everything, literally.  Over the past decade, our thirst for speed in every aspect of our lives has increased exponentially. Yet Bitcoin and other blockchain-based cryptocurrencies have gone the other way and are actually getting slower and more expensive. How has this happened, and are there any solutions? In this week’s article, we will go through some of the most pressing issues facing blockchain cryptocurrencies such as Bitcoin and Ethereum, and how Dagcoin solves these… Why are Blockchain-based Cryptocurrencies Getting Slower? It is fair to say that in the past year, the interest in cryptocurrencies has gone through the roof. With Bitcoin rising from its lows of around $4000 at the beginning of the pandemic,  to just under $60,000 (at the time of writing). But with this increasing popularity comes a big problem for blockchain-based cryptocurrencies. They are painfully slow at processing transactions. To put this into perspective, VISA process over 1700 transactions per second, whereas Bitcoin can handle just 4.5. Ethereum doesn’t fair much better at around 8.  All of this means that the more transactions that are placed on these blockchains, the slower they will become. This is why the average time for an Ethereum transaction has risen from 15-30 seconds on its release in 2015 to more than 5 minutes today. With the growing popularity of Tether, DApps, smart contracts and online gaming, and other processes on the Ethereum blockchain playing a big role in that slowdown. In Ethereum’s case, this is why there is growing pressure to make fundamental changes to the currency to make it quicker. With it possible that Ethereum may drop the mining form of payment confirmation altogether for something quicker.  It is this increasing slowdown that some fear may curb the rising price of Ethereum, although it is believed this will have less of an effect on the price of Bitcoin. However, where Bitcoin is encountering more serious issues is in the soaring fees attached to transactions, with the average transaction fee rising from around 50 US cents in April last year to more than $20 today.  The Banks are Catching Up Another big issue for blockchain-based cryptocurrencies such as Bitcoin and Ethereum is the fact that the banks haven’t just sat back and watched over the past decade, they have been working hard to cut transaction times and costs for their customers.  Within the European Union, for example, SEPA (the Single Euro Payments Area) was established in 2014, with the aim to lower costs and the time to complete a transaction within the block from three business days to less than one. Fast-forward to today, and not only are almost all SEPA payments received within 24 hours, but many are also being received as quickly as within 30 seconds. Making the traditional banking system in the EU often faster than a blockchain transaction. We spoke earlier about how the average fee of a Bitcoin transaction is on the rise (the same can be said for Ethereum, too) and now rests at more than $20. The opposite is true for the banks. In SEPA, an international transfer now costs the same as a domestic one (which is usually free). However, some banks may charge a small fee to make a transaction.  All of this means that the conventional banking system (at least in developed parts of the world) is fast catching up or has superseded blockchain cryptocurrencies in terms of both speed and cost. Another reason why there is growing pressure to reform Ethereum to cut the costs and time associated with mining.   Dagcoin - A Faster and Cheaper Solution What slows down blockchain-based cryptocurrencies the most and drives up fees is the payment confirmation process (mining). Not to mention the huge amounts of energy this process takes up. Recent estimates show that Bitcoin mining uses more electricity than the whole of Argentina – a country with nearly 50 million people.  This is why DAG-chain based currencies such as Dagcoin payments are processed through a centralised network, which removes the need for confirmation and mining entirely. This means that Dagcoin payments are processed within 10-30 seconds. Making it possible to make a payment in a store with Dagcoin as quickly and easily as using a debit or credit card, something not possible with a blockchain cryptocurrency. Without the need to pay miners for payment confirmations, this also makes Dagcoin a much cheaper alternative as well. In fact, it doesn’t matter if you are sending 20 or 20,000 dags, the transaction fee will still be around 0.0005 dags. To put that into perspective, based on Dagcoin’s current price of 73 euro cents, this is less than one cent per transaction.  Whereas blockchain-based currencies like Bitcoin and Ethereum are hardwired to continue getting slower over time. DAG-chain technology means that payments will only get faster and faster, the more people use them. And, with no miners, they use a fraction of the electricity – helping to combat climate change too.  Conclusion  Blockchain-based cryptocurrencies such as Bitcoin and Ethereum have a big problem, they are getting slower and more expensive over time. To put this into perspective, VISA process 1700 transaction per second. Bitcoin can handle 4.5 and Ethereum around 8 in the same timeframe. All of this means that the more people use these currencies, the slower they will become. This is why Ethereum transactions have gone from 15-30 second when it was released in 2015 to more than 5 minutes on average today. And with it only set to get slower over time, many in the Ethereum community are even pressuring for mining based payment confirmations to be dropped altogether.   This has been made worse by the banks, which have got much faster and cheaper in the past decade. In the EU’s SEPA region, for instance, international payments can be received as quickly as 30 seconds and for the same fees as a domestic payment (often free).  Dagcoin solves both of these issues because not only do transactions take just 10-30 seconds to be processed. The bigger the community gets, and the more people make transactions, the faster it will get. Add the fact that a Dagcoin transaction costs less than 1 euro cent no matter how much you spend, and you have a cryptocurrency that is a cheaper and quicker alternative to both blockchain-based cryptocurrencies and the traditional banking system.  Join a growing community of almost 600,000 people using Dagcoin. 

Verify Once – Preventing Fraud for Individuals and Businesses using Dagcoin

It is almost certain that you have been asked to verify your identity when signing up for or using services online (particularly financial products and services). The reason companies ask you to verify your identity by providing a copy of your passport, ID card or driver’s license is to meet Know Your Customer (KYC) and Anti Money Laundering (AML) laws put in place by countries all over the world. But why are governments introducing these laws, and why are some companies doing this, even when no such laws exist in their country? The answer is simple, fraud! In the US alone, 14.4 million people were victims of identity theft in 2019. That is a staggering one person in every 15. In total, more than 33% of Americans have experienced identity theft at some point in their lives.  Identity theft and fraud don’t just affect individuals. It is also costly for businesses too, with around 5% of all business revenue globally believed to be lost to fraud each year.  That is over $5 trillion dollars a year. To put that into perspective, this amount is higher than the GDP of every country in the world except the USA and China.  It is, therefore, no wonder that countries around the world have, are in the process of, or thinking about introducing KYC and AML laws. And why Dagcoin created Verify Once.  In this article, we will explain the costs of online fraud on both individuals and businesses and how using Verify Once can reduce that risk for all those using Dagcoin… For Businesses In 2020, the average number of fraud attempts on e-commerce merchants in the US was 344 per month. Of those, only around 34% were prevented. Meaning that almost two-thirds of all fraud attacks on online merchants were successful last year. And when you add that attacks were up almost 25% in 2019, online fraud is not just incredibly costly for businesses, it is also worryingly on the rise. It isn’t just eCommerce merchants who are at high risk in this way either, banks and other financial service providers, online gaming companies, and social media companies are too.  Businesses large and small are also at risk of criminals using them and/or their products or services as a way to launder money. In 2019, Danske Bank (one of the largest banks in Europe) closed all personal accounts for clients in Estonia as a result of a money-laundering investigation, which may have played a role in the suicide of the bank’s CEO in the country. Therefore, whatever kind of company you have, Know Your Customer (KYC) and Anti Money Laundering (AML) laws provide an excellent base for businesses to work from to combat these attacks. And, it isn’t just about employing a specialist or consultant to set up these new processes for your business and to sporadically update them according to changes in the law. This very often means employing specialised AML and fraud staff to constantly monitor and verify customer accounts.  For companies who do this well, there are big rewards. For example, if you are able to verify new customer accounts quickly, you are more likely to gain and keep new clients. Likewise, good monitoring will reduce the fraudulent use of your business greatly, saving you potentially a lot of money. The harder your processes are to break, the more likely criminals will target other companies who are less prepared than yourself. Giving extra impetus to put secure KYC and AML procedures in place at your business. Verify Once processes and verifies all of your Dagcoin customers, so you don’t have to. While at the same time, meeting all KYC and AML regulations. Saving you both time and money. It does this by using state-of-the-art technology, which is not only fast but also secure. Its integrated AI means that as the criminals adapt and improve, so will Verify Once.  To learn more about Verify Once or sign up, click here or email support@verfyonce.com.  For Individuals We know that it can be pretty annoying to verify your identity with each new company online that you wish to use. Taking a picture of your ID card, driving license or passport, submitting this and then waiting for a number of hours or even days until you are able to properly use the account, make a deposit or withdrawal. This can be especially frustrating if you desperately need to use the service and do not have time to wait.  With Verify Once, you only need to verify your identity once, you can then use any company in the Dagcoin ecosystem that accepts Verify Once without having to go through the verification process again. Pretty great, right? It gets even better, getting verified with Verify Once is much easier and quicker than any verification process you have probably ever used because it takes just a couple of minutes. All you have to do is enter your personal details, upload a copy of a valid identity document, such as an ID card, driving license or passport (we accept documents from 194 countries), and a proof of address - and you will receive an answer in just 60 seconds.  Once your documents have been verified, they will be linked to your password-protected account with Verify Once – making identity theft much harder. Within this account, you will not just be able to see your personal details and documents, but also all the companies/websites that you have verified accounts with, as well as the possibility to use others whose products or services you wish to buy.  Verify Once, and never have to do it again, click here. Conclusion Fraud isn’t just incredibly costly for individuals and businesses in terms of the money lost. It is also costly in terms of the time it takes to recover from being a victim of fraud and the mental stress that it causes. This is why countries around the world have or are working hard to introduce Anti Money Laundering and Know Your Customer regulations.  Despite the fact that businesses are asking their clients to verify their identity for all the right reasons (to protect you and them from being a victim of fraud, and to meet KYC and AML regulations). The verification process is costly in both time and money for businesses, and frustrating for clients having to go through the process again and again for each new company whose services they want to use.  Verify Once solves both of these issues. For companies, Verify Once handles the verification of clients and all of the KYC and AML regulations regarding this, saving both time and money. And for individuals, Verify Once provides exactly that, the opportunity to verify their identity just once in the Dagcoin ecosystem, and to do that in just a couple of minutes. Saving untold time in verifying their identity with each new company whose services they want to use.  To learn more about Verify Once or to sign up visit: https://verifyonce.com/ 

WITH CRYPTOCURRENCY YOUR MONEY IS YOURS ALONE

Doing stuff together is great — a necessity even (albeit a slightly difficult one given the current global situation). Cooperation allows us to understand each other better and takes us forward. But there’s one thing that should only be for ourselves. Money. It should always be a party for one. It should always be you who’s the sole owner of your finances. Not banks, and certainly not other institutions. And guess what? Cryptocurrency makes that a reality. Unfortunately, it’s rather common that money has many “owners.” What does it mean? When your funds are stored in a bank (chances are yours is), the bank is a tertiary owner of that money — your money. Some people even go as far as saying that once your money is in the traditional banking or credit card system, you turn over your stewardship of the funds to a third party. As we all know, three’s a crowd. The issue here lies in the fact that the third party, or bank in this case, will have power over your assets. Ouch. But cryptocurrency is different Do you know what makes cryptocurrency better than anything else out there? It’s just so easy. Unless you’ve willingly given access to your crypto wallet over to a third party, it’s you who’s the sole owner of anything within it, including the public encryption keys! If it wasn’t enough that only you, and you alone, can move your cryptocurrency around, it’s also ultra-safe. The future is now It almost sounds silly to say outright, but this finally means that you can own your own money.  The era is cryptocurrency is finally upon us, and very soon we’ll be doing away with the financial institutions that have forced us to relinquish control of our own assets to them for far too long. If you feel like taking control of your own capital, then be sure to grab a Dagwallet of your very own. We can’t wait to have you aboard!

3 Things to Look Out For When Choosing Your Cryptocurrency

So, you’ve decided that it’s time to start utlising an alternative currency, whether it be for investment, or simply for day-to-day payments. It may seem daunting at first. After all, cryptocurrencies are in constant flux —  some might fail, and some might prevail. So, what you should be looking out for when choosing one to invest in? Longevity is key ‘Decentralize Today’ is a blog that brings together experts on tech and digital currency, and although their focus lies in blockchain-type currencies like Bitcoin, it can be a handy insight into the industry as a whole. An article published at the height of Bitcoin’s popularity, titled ‘An Investor’s Guide To Cryptocurrencies: Picking The Winners & Avoiding The Losers’, states that the rule of longevity, which is crucial in more common types of investments, is significant when investing in cryptocurrency as well.  Longevity means taking a long perspective in your investments, and as the article notes, not only in the product itself but those producing it as well. Your investment should be something which will be used long into the future. You should also take care to note any competitors and whether they have the potential to outperform your investment. Finally, there has to be a commitment from the developers that constantly improve on the product or service you’ve invested in. To put it in short, as the article suggests, your cryptocurrency of choice should: Have a current or growing need for it Have few or insignificant threats or competition Have a team that puts great effort into developing it The article thereon outlines several options of cryptocurrency to choose from, which are all based on the blockchain technology. Our suggestion is to take a look at Dag-chain instead. Why choose a Dag-chain cryptocurrency? ‘Dag-chain vs blockchain cryptocurrencies’ is a debate that is only now getting momentum and with good reason – the former aims to improve on the latter, after all. If you take a look at the three characteristics outlined beforehand, the Dag-chain technology can easily be submitted to the rule of longevity. There is a need for it – fast and easy transactions are always in demand and Dag-chain is built with exactly these qualities in mind. Threats are low – DagCoin is currently the primary cryptocurrency based on the new technology and unique among its direct competitors. Development is ongoing – behind the Dag-chain technology is a team of committed developers and source code is open to outside talent as well. In summary, when choosing your cryptocurrency, it can help to see it as picking a worthy investment – longevity means a certain kind of stability and can lead to great profit in the end.

Investors now increasingly preferring crypto to hedge against inflation

According to top-level analysts at Germany’s largest investment bank, Deutschebank, investors are now increasingly choosing to hedge against inflation with Bitcoin rather than gold. This news was broken via Deutsche’s bank own Jim Reid via ZeroHedge, who stated the following - “There seems to be an increasing demand to use bitcoin where gold used to be used to hedge dollar risk, inflation, and other things(...)” This is in part due to bitcoin increasing in value by a whopping 144% this year, whereas gold has seen just a 22% spike over the same period. While not insignificant, when compared with BTC, the winner is clear. According to Reid, another contributing factor has been the breakthrough development of COVID-19 vaccines by pharmaceutical companies Pfizer and Moderna. This sudden development led to the redistribution of money from haven assets such as gold into higher-risk ones. With precious metals slowly becoming less reliable as value assets, it’s fair to assume that cryptocurrencies such as Bitcoin and Dagcoin will see forward momentum in this area, and continue to leak into mainstream usage as a result.

Dagcoin Gift Card - A Perfect Christmas Gift

With the holiday season fast approaching, and many brick and mortar stores closed due to the effects of the COVID-19, we’re sure that many of you are struggling to find the perfect gift for your friends, family, and loved ones. Even without the pandemic bearing over us this winter, attempting to find the perfect, personalised gift for certain people can often prove to be a gargantuan task. It’s for these reasons that gift cards prove to be so popular. They enable the receiver to get whatever it is they’d like, and relieve a lot of unnecessary stress on the buyer.  You’re probably wondering what on earth gift cards have to do with cryptocurrencies. For those of you in the crypto sphere, the advantages of cryptocurrencies are clear, but it’s fair to say that the majority of the population is still very cautious about using them. The Dagcoin gift card gives your chosen person/people that helpful little nudge to give crypto a try and see it for themselves, but it doesn’t stop there… Getting Started Is Easy A quick google search of “how to buy cryptocurrency” will result in a long list of crypto exchanges, many new and confusing terms and worst of all conflicting information on how to get started. This is made worse by the most popular YouTube how-to videos on the topic being well over 30 minutes long. One of the main obstacles to getting started and mass adoption of cryptocurrency, in general, is the complicated process to acquire it. You need to choose which cryptocurrency you want to use, the exchange you wish to buy from, sign up and set up an account with them, choose the wallet you wish to use (and there are many), verify your identity and configure your security settings, to name but a few. And it’s very fair to say that it is a daunting process and amount of information for any newcomer, no matter how keen they are. The Dagcoin gift card is the perfect entry point for those who are completely new to cryptocurrencies because it removes almost all of these complicated steps. When your chosen person receives their gift card all they have to do is redeem it, download the DagWallet and they are ready to start spending, saving or earning (Dagcoin Grow) their newly acquired dags. Suitable for Any Occasion There are so many occasions to give a gift. A birthday, Christmas, wedding, graduation, valentine’s day, to name but a few. And finding a suitable present can always be a bit of a minefield. The Dagcoin gift card is a suitable present for any occasion for a number of reasons. You may have a friend, family member or work colleague who is interested in cryptocurrency but hasn’t got started yet. The gift card is, therefore, a little nudge in the right direction and a risk-free way for them to give it a try. We all have friends and family who live far away, and who we may be unable to see in person this festive season. Sending gifts internationally is very expensive, as is transferring them money. Because the Dagcoin gift card is virtual – the physical card is coming soon – this means that you can send the gift to anyone, anywhere in the world, and at any time – even at the last minute! A regular gift card locks you to a certain store, it could be a clothes store, tech store, grocery store, etc. There are nearly 1,000 businesses around the world who accept Dagcoin as a payment method. This means that the receiver of a Dagcoin gift card has an incredible amount of places to spend these on whatever it is they may like. And last, but not least, they can exchange these dags back to the currency of the nation they live in if they wish, but of course, we would not recommend that! A Gift that Grows in Value In the UK, of the £6 billion worth of gift cards bought each year, around £300 million are never redeemed. The biggest reason for this is that the expiry date or period is often not well advertised and different companies offer different periods – some as short as six months, but most not exceeding one year. I am sure I am not alone in having had a number of gift cards expire before spending them. This is why with the Dagcoin Gift Card we have made the unprecedented step of creating a 50-year expiry date. This means if it accidentally ends up at the bottom of a drawer, falls down behind something, or life is just too busy to redeem your dags, you can still do this many months or even years later. With the value of dagcoin steadily increasing in value, this is a gift that could easily change someone’s life in a dramatic way down the line. The Dagcoin Gift Card is available in both physical and digital forms, and can be purchased with most standard credit or debit cards. If you’d like to purchase your first Dagcoin Gift Card in time for the holidays, simply head to https://giftcard.dagcoin.org/ to get started! 

Dag Tech Day: Step on the future train, we’ve got some news!

Were you with us on this week’s Dag Tech Day? Yes? Then you already know what we are about to dive into. No? Then buckle up, as we have some surprises in store for you! If you’ve been following the journey of Dagcoin, you know that an important part of our mission is to secure financial services for those who need it the most. There are about 2 billion people in the world who do not have access to traditional banking. Therefore we find ourselves in a situation where a critical mass of the world’s population cannot deposit or purposefully use their finances. There are too many countries that suffer from inflation or even hyperinflation. In some cases, economies are going back to barter trading due to lack of faith or lack of value in traditional currency. There are too many people and businesses, potential unicorns suffering because of these issues. And yes, we know we are in the long run here, but it’s our mission to solve these problems and provide a better standard of living for everyone, no matter where they live in the world. In 2017 we began with Dagcoin with the aim of giving the world what we believe it needs: a reliable, everyday cryptocurrency. An easy to use cryptocurrency which would give billions of people the possibility to store and use their money in an accessible and affordable way. Just like money, just like banking - but faster, smarter and without any middlemen.  During this challenging year of 2020, a lot has shifted. The wish for a change in the financial world has emerged into a need for transformation in the industry. We as well have come to a point in our journey where we see that adaption to this new world is necessary. Over the last six months, we have been in contact with countless external parties, such as governmental entities, financial institutions, exchange platforms and different business establishments, all of them interested not only in our digital currency and the ecosystem concept, but also in our proprietary technological developments, with e-governance perspectives, and legal experience. What we have come to understand through these exchanges, is in order to secure  these joint projects and collaborations and grow as a community, we need to bring about some changes. Dagcoin is currently in the phase of distributing its coins — 9 billion  in total. The community as well as the value of the coin have been growing steadily. By now, around 2.65 billion coins have been distributed, including those reserved for the company. So what do these numbers tell us? They tell us there’s still a long way to go before all are distributed and we’re ready for the usability phase. Yet, the changes and challenges people have seen this year worldwide demand an accessible and easy to use digital currency like Dagcoin to be out there and usable as soon as possible. So that’s what we’re intending to do! We’ve decided to establish a new limit on the coins that will be distributed through our referral program. This will now be fixed at 3 billion in total which means only 350 million coins are left to distribute, and then, we can finally go to the next phase. The remaining 6 billion coins, which are not going to be distributed, will be used in what we call the Usability Partnerships. Meaning they’ll be available for the next 2 years for a limited number of activities by the company as previously mentioned: partnerships with governments, exchanges, e-commerce platforms, global businesses, charities, green initiatives, token projects, etc. The aim of all of this is to bring wider usability to Dagcoin. It also means that these coins will not be added to circulation unless they come through added usability for the community. After the 2-year period, all unused coins will be burned — something that will be visible to all. It’s important to keep in mind that this is especially beneficial for the community who already owns dagcoins! On one hand, successful completion of international projects, for which the frozen coins will be used, will have a positive effect on the credibility and the usability of the coins. On the other hand, once the leftover coins are burned, the value of the coins in circulation will grow. So taking all of this into account, we truly do believe that bringing the usability phase closer is definitely the right thing to do. After distributing the last 350 million coins, there will be no more coins going out without usability. The preparations for this are almost over, with less than 12% to distribute. Once that happens, we’ll be entering the next phase of the Dagcoin (r)evolution. It’s always been our dream to bring Dagcoin to wider communities and have the world benefit from the usability that comes with it. The ongoing year has increased the need and the desire to reach this destination sooner rather than later. The ongoing distribution would hold us back from achieving this. By limiting the inflow of new coins and partnering up with third parties, the situation will change rapidly, and this is something the whole community will benefit from.  With outside help and a push from our side, that dream is now a little closer to reality. So let’s go and spread the news together. Welcome to the future! If you’d like to hear and see the news being brought to you by our founders Kris and Nils - click on the video below. Other important topics being discussed are Dag cards, identity verification systems, Dag Grow and Decentralised Finance aka DeFi. Tune in and see you next Saturday, 21st of November at 6 PM (GMT +2).

One step closer! Estonian formula driver Jüri Vips heads to the Turkish GrandPrix

What wonderful news for all Estonian formula fans! Our own Jüri Vips, aged 20, has gotten ahold of his FIA Super Licence and will be taking part in the Turkish GrandPrix this upcoming weekend as the reserve driver for AlphaTauri and Red Bull. This goes just to show that the young Red Bull Junior Team driver Vips is on the right path in fulfilling his dream of becoming a fully-fledged F1 driver. The reserve driver position by the AlphaTauri and Red Bull team means that Jüri now has a chance to really race on the F1 track. This includes taking part in the free practice, however, if any racers are affected by COVID-19, Jüri will have the opportunity to get behind the steering wheel himself. Due to the circumstances in 2020, FIA decided to change the Super Licence points scoring system. Now drivers can acquire points for the licence from the last four seasons rather than the earlier three. 40 Super Licence points would make a driver eligible for Formula 1 and three best out of four seasons, that include 2020, will be considered. Also, drivers who have not gathered 40 points due to circumstances out of their control will still have the opportunity for their case to be considered by the FIA. This means that those who’ve scored a minimum of 30 points and have consistently demonstrated outstanding driving ability in single-seater cars are able to apply under this new regulation. In addition to the points requirement, the driver also has to have at least 300 km of driving history in an F1 machine. Thanks to the immense support of Red Bull, Jüri just broke through the 300 km mark on the legendary Silverstone track in the UK, and has 32 driving points in total, so the road to the FIA Super Licence was well paved. Marko Asmer, a former formula driver himself and now responsible for the wellbeing of Jüri, said getting the Super Licence seems easier than it really is: ”It is not just a simple application. It is foremost a good driver, financial support, a lot of paperwork with different institutions and connections, even just to get your driver in a F1 car”.  But nonetheless, Jüri’s proven his mettle,  and the Austrian lifestyle brand has shown just as much as faith in him as we have over here in Estonia! We couldn’t be happier for Jüri and his whole team, and we’ll definitely be anticipating everything that’s about to unfold from this weekend onwards. Stay tuned, as there’ll be a lot to hear from Vips and Co!

Dagitally — Digital Products Made For You

10 years ago we used our phones for just 1.5 hours per day, today this figure is well over 3 hours. What are we doing with all that extra time? Facebook, Instagram, Twitter, YouTube, Spotify and Netflix to name but a few.  If you take just the last two examples, Spotify has over 100 million users worldwide and Netflix over 150 million – all of these paying for content each and every month. For this reason, it is very likely that you are paying for digital content from one or perhaps multiple providers. Digital content goes far beyond video and music too, to news, art and design. But what if you want to buy digital content with your dagcoins? Or you’re an artist who wants to share your work with more people, and get paid in the process? That’s exactly why we built Dagitally… What is Dagitally? Dagitally is a platform where can you buy and download digital content from your favourite musicians, writers and artists, and where artists can upload, share, and be paid fairly for their work. The platform includes songs, audiobooks, designs, virtual services, and many other great digital products. Best of all? You can buy all these with your dags! It sounds great, right? But what else does it offer users and artists? Let’s find out… For Artists For musicians, artists, writers and designers one of the biggest issues is getting paid fairly for your work, and, in some cases, even getting paid at all. One high profile example of this was Taylor Swift’s dispute with Spotify. For some, she was seen as a moaning millionaire, but the reality was a much deeper issue for all artists on the platform.  This is because Spotify pays less than 1 US Cent per play, and of that tiny sum, all or almost all of it goes to record labels. Even though she was unable to get the streaming platform to pay more per play this was seen as a big step in the right direction. This is because Swift’s subsequent new record deal saw all artists on her label receive a fair share of this albeit small payment.  But despite this, small artists on other labels continue to suffer most as they may get many hundreds of thousands or a few million plays and receive nothing or next to nothing in return. But, it isn’t just an issue in the music industry, talk to any writer, designer, photographer and they will all tell you very similar stories.  Another big issue artist’s face is the high fees they have to pay after they have sold a product. Take the example of Upwork, where individuals can sell their artistic services to others – where the commission is 20%. Some may say that is not so much, but when you factor in the incredibly low fees paid for work (ca. $5 to write 1000 words – clearly many hours work) it just becomes untenable. This is why all artists on the Dagitally platform will not have to pay any fees or commission to use the platform. Meaning more money in your pocket to do the work you love!  And, it doesn’t stop there! As artists and creators, you want to share your work with as many people as possible. So what would you say if you could share your work with the population of Iceland, instantly? Well, Dagcoin has more users than the whole of Iceland and that number is growing every day…  Dagitally is your chance to share your work with a wider audience and receive the payment you deserve.  For Dagcoin Users For all those who currently use Dagcoin, and for those thinking about using it, one of the biggest questions is ‘where can I spend my dags and what kind of things can I buy?’ In recent months, the number of businesses accepting the coin has risen to well over 1,000. In turn, a number of great new services have also been introduced and are on the horizon that give you even more possibilities and options to spend (and even earn) dagcoins such as Dagmarket, Dagcoin Games and the Dagcoin Card. Today, we’re introducing yet another new service — a service that will allow you to buy music from your favourite artists, audiobooks from your favourite writers and much, much more. This means that no longer will you need to buy these in fiat currencies from the likes of Amazon and Apple, or pay monthly subscriptions for these services. This is another big step forward in the journey of Dagcoin — to be a currency that people can use every day, and for anything.  Maybe there are some creators already in our community who can’t wait to share their work or perhaps you know someone artsy who would jump at the chance? It is up to all of us to spread the word about Dagitally as it truly is a win-win for everybody. Users get the chance to buy great digital content from the musicians, writers and artists they love. And creators get access to a big community who will pay them fairly for their work. Conclusion Most of you pay subscriptions each month to access digital content. That content could be music from sites like Spotify or Apple, videos from providers like Netflix and Amazon, or online news from sites like The Guardian or New York Times. However, to access these services you have to pay subscriptions with fiat currencies.  With Dagitally you will be able to buy music from your favourite artists, audiobooks from your favourite authors and much more – all with your dags. And, it doesn’t stop there. For artists, you will be paid fairly for your work because you won’t have to pay any fees to upload your work or pay commission from sales. Giving you more money in your pocket to do what you love. If you are a musician, writer, designer, or photographer, this is your chance to sell your work to a growing community of more than 400,000 people. And, for those of you who have artistic friends or family, a chance for them to take their career to the next level.  Dagitally is a win-win for everyone, users will get great digital content they can buy with their dags and artists a fair price for their work. Dagitally is live now, so hit the button below to join a growing community of buyers and sellers! https://dagitally.com/