Why Cryptocurrency Access Matters
Many of us use cash, debit cards, and credit cards for everyday transactions. You may be wondering what could cryptocurrency really offer me that these options cannot? Maybe you or someone you know has been a victim of identity theft? Maybe you are fed up with how long bank transfers take to arrive or the high fees? Cryptocurrencies offer solutions to these and many other issues. But what about if you don’t have a bank account, debit card or credit card. This is much more common than you can imagine. In fact, over 2.5 billion people around the world do not have access to a bank account or simple banking services and are restricted to using only cash. For these people, cryptocurrencies provide their first step into banking and a world of possibilities that they have never had access to before, and it’s incredible! Let’s find out how using cryptocurrencies could improve your life… Benefits in the Developed World The biggest benefit for most people with cryptocurrencies compared to regular currencies is speed. It doesn’t matter where you are in the world, what the time of day it is, or the day of the week. A transfer will always take just seconds or minutes (depending on the currency and technology it is built on). For example, a Bitcoin transaction on average can take more than 10-20 minutes, while a Dagcoin transaction takes just 10-30 seconds. If you use a regular bank account to transfer money to another person who uses the same bank, in the same country, it will take minutes. But when you start to send this to someone using another bank or internationally, this timeframe becomes hours and days respectively. Not only do cryptocurrencies bring added speed, they also bring lower fees. Regular banks tend to charge you between 0.5% and 5% to transfer money to another account, along with a one-time transaction fee. With cryptocurrencies, these charges vary between 0.1% and 1% and with no added fees. These speed improvements and lower costs do not just make a big impact on us as individuals when sending money, but also on businesses. Imagine going from paying 5% in fees when buying your stock, to paying just 0.1%. This could be the difference between a profit and a loss, giving workers a raise, or even lowering the price of products for consumers. A little difference really goes a long way! Benefits in the Developing World For those living in the developing world access to regular banking is incredibly difficult. If people can get over the geographical barriers that may prevent them from getting to their nearest bank. They are often met with rejection. But why would a bank reject someone? Simply, the poorest 2.5 billion people on the planet are not seen as profitable customers. When their earnings are in the region of 1-2 dollars a day and their transfers are in the cents, banks are losing money from these people as the cost of providing services to them is more than the money they can earn from the accounts. Cryptocurrencies do not have any such restrictions. All you need is a smartphone and an internet connection - and you are good to go. Imagine finally having a safe and secure place to store your money. You no longer have to hide your savings in cash at home or worry about theft. Saving cash is also not a good idea as cash depreciates in value over time. Cryptocurrencies offer not just a safe place to store money, but a great investment to earn more. Only being able to use cash is also very limiting because it means you can only buy or sell products or services in your local area. Using cryptocurrencies changes everything. Suddenly you have access to anything, anywhere in the world. And it is not just what you can buy, it is what you can sell. Imagine being a maker of ceramic pots who only sell these for cash at the local market. Accepting cryptocurrencies gives people the chance to sell their products nationally and internationally online, expanding their business and improving their lives. The Dagcoin Solution Dagcoin has been made to be used and not traded like other cryptocurrencies. This is why it is not available on any trading platform. This focus on usability means that it is one of the fastest cryptocurrencies around, with transactions taking just 10 seconds. It is also one of the cheapest too. Blockchain currencies like Bitcoin ask users to confirm each-others transactions. For confirming these transactions users are rewarded with a small amount of the currency in return. This process is commonly known as mining. Dagcoin is based on Dagchain technology which does not require mining and is therefore much cheaper. Not only has Dagcoin been made to be both faster and cheaper, it has also been made to be used. As well as creating the coin, the developers of the currency have also created a free suite of software that makes it easy for businesses to start accepting Dagcoin payments, whether that is online, in a shop or via invoice. And it doesn’t stop there. All businesses who accept Dagcoin have the chance to be on the Dagcoin merchant portal, where all users (currently over 600,000 people) of the currency have a chance to find them and buy their products. The last and probably best possibility for those in the developing world is a transaction history. This is just like a bank statement. Having a record of incomings and outgoings finally gives people a chance to apply for credit, something impossible when all you use is cash. In conclusion... Cryptocurrencies offer people all around the world access to a faster, cheaper and simpler form of money. Current banking services are slow and expensive. In today’s world, no individual or business wants to wait up to 5 business days to receive an international transfer or pay 5% or more in fees. Cryptocurrencies cut this waiting time to seconds or minutes at most and, on top of that, for just a fraction of the cost – less than 1%. The cost of current banking services makes it impossible for the poorest 2.5 billion people in the world to open a bank account, as they are not seen as profitable. Cryptocurrencies do not have the same aim to make a profit. For this reason, anyone with a smartphone and internet access can use them. Cryptocurrencies provide these people with a safe place to store their money and the opportunity to buy and sell goods internationally. Something that is just not possible when all you have is cash.#Dagblog
Hackers Turn In $260m in Stolen Crypto Back to Platform
The hackers behind one of the largest crypto-heists ever carried out have returned over one-third of the stolen assets to the original platform, in an unprecedented move. On Twitter, Poly Network, the peer-to-peer trading platform at the centre of the incident, announced that the criminals had bizarrely returned $260m of the total amount procured back to the company, but that a whopping $353m in digital coins still has yet to see its way back into rightful hands. Poly Network, which allows the trading of various different blockchain-based digital currencies had threatened the hacking group with strict legal action if the sum in its totality was not sent back, however, many viewed this as an exercise in futility due to the black hat collective’s relative anonymity, as well as the difficulty, if not impossibility, of tracing blockchain-based currency transfers to specific individuals. According to some sources, the vulnerability that the hackers took advantage of may have been based around Poly Network’s digital contracts. Elliptic co-founder, Tom Robinson, chimed in on why the criminals may have decided to return these assets, claiming it was likely due to the extreme difficulty of converting the assets to fiat while maintaining anonymity. "Even if you can steal crypto assets, laundering them and cashing out is extremely difficult, due to the transparency of the blockchain and the broad use of blockchain analytics by financial institutions(...)"#Cryptonews
How Dagmarket Escrow Deal Makes Transactions More Secure
Whether you’re a buyer or seller, it’s natural to be concerned with your money being safely transferred when it comes to online transactions. This is why we’ve introduced a brand new system to the Dagmarket platform — Escrow Deals. If you haven’t hopped onto Dagmarket yet, think of it as your traditional online marketplace, but for any item you can imagine. That means physical electronics, clothing, software, artwork, or even a vehicle! However, as you may have figured out by now, Dagmarket differs from any other marketplace due to every transaction being carried out with dagcoins. If you’ve been sitting on your dagcoins for a while, and are itching to spend them, it’s the ideal place to splurge! What on earth is ‘escrow’? Just in case you haven’t used an escrow system before, it essentially functions as an intermediary safe-box for your currency. Once a product has successfully been delivered to the satisfaction of both parties involved, the payment is released from escrow to the seller. Pretty simple! But how does this work on Dagmarket? If an Escrow Deal is initiated, upon payment, the dagcoins are securely held for a period that both parties agree on. After this is confirmed, the process continues completely as normal with the seller delivering the product. If the buyer is happy with the product and has received it as advertised, they’re given the ability to release the dagcoins from escrow to the seller. If the escrow window passes with no confirmation from the buyer, the purchase will be assumed to be successful, and the coins will be released to the seller. If however, the buyer identifies an issue with the purchase before the escrow window is closed, they may open a dispute at which point the Dagmarket team comes to the rescue to resolve the issue. We’re sure that our new Escrow Deal is going to give you peace of mind when using Dagmarket — it couldn’t be easier, or safer. Happy shopping!#Dagblog
Coinbase Generates $1.9B in Transaction Revenue
The largest crypto trading platform in the United States, Coinbase, has raked in almost 2 billion USD in Q2, shattering estimates. Previously, the platform was expected to turnover 1.57 billion in transaction revenue, however, following growth to 8.8 million monthly transacting users (MTUs), the exchange’s earnings shot up dramatically. This upward momentum was also due in part to the fact that over 9,000 financial institutions are now utilising Coinbase for the purposes of creating their own crypto products. The exchange also named several of its new partners in the most recent report, including (but not limited to) PNC Bank, WisdomTree Investments, SpaceX, Elon Musk, and Tesla. However, it wasn’t all good news, with July’s MTUs seeing a small drop-off, and the platform warning that Q3 is projected to show further contraction. The report went on to state: “However, the crypto industry continues to evolve rapidly and we anticipate volatility in our industry will persist in the near term resulting in unpredictable quarterly financial results. We are no stranger to a fast pace of innovation and volatility, and we remain focused on long-term execution throughout crypto price cycles.” As to be expected, in the wake of this, Coinbase shares immediately followed suit, and also shot up in the hours following the report’s release, now sitting at around 7% above their reference price of $250, but still 30% down from their opening trade price. Considering the massive volatility that some larger cryptocurrencies have seen in the past few months, and the fear instilled in many newbie traders as result, what Q3 truly holds in store for the platform is anyone’s guess#Cryptonews
Your Burning Dagcoin Questions Answered
The truth is, a lot of what we do here in Dagcoin may be slightly unclear to some of you. Therefore, we’ve put together some of the most frequently asked questions about Dagcoin in one article in order to provide some clarity.
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.
Dag Tech Day II: the things you need to know about DeFi
The second Dag Tech Day was a DeFi special, taking a closer look at the pros and cons of one of the fastest-growing sectors in the crypto industry: decentralised finance. Often referred to as the future of finance, DeFi is seen as a shift from traditional centralised financial systems to peer-to-peer finance enabled by decentralised technologies built on decentralised solutions.