With Dagcoin, transaction delays are a thing of the past
One of the things the information age has taught us is that everything can always be done faster. We all expect bank transactions to be immediate, however with current banking systems, that is not the case. There are often long confirmation times even for local transactions but with Dagcoin, you can enjoy the DAG advantage. Here are 5 common reasons why your bank transactions could be delayed: Bank holidays and weekends As banks require a large number of manual processing for transactions, when bankers rest, the transactions stop. This means transfers can only be processed during specific timeframes. For instance, when doing business with the MENA region, weeks are from Sunday to Thursday, and the rest of the world works from Monday to Friday. This means there are only four common working days, from Monday to Thursday. In countries like UAE during Eid, or China during the Golden Week, banks are closed for a little more than one week, and transactions can take up to two weeks or longer to be approved. Time differences The length of time it takes for an international bank transfer to be fully processed might greatly depend on the time zones involved. Your bank transfer will take considerably longer if you send money to a location with a big time difference. The transaction can start being processed up to 24 hours after you send it and it will take a few working days to receive confirmation. However, even for a local bank transfer, timing is crucial. Payments processed at the close of business are usually sent the following business day. DAG advantage: Our DAG-chain technology enables our users to make transactions within 30 seconds on average. No matter the time, date, or season, you can enjoy fast transactions with Dagcoin. Currency exchange When making international transfers in different currencies, there are more transaction touchpoints. The transfer is often processed by multiple banks before it reaches the final destination. With the backlog of other transactions, international transfers can be anything from a few days to weeks. DAG advantage: When it comes to international transfers, there is no need for currency exchange, you can purchase the goods and services in dags so there is no need for extra touchpoints in the transaction. The dags will be transferred in less than a minute. Incorrect payment details One of the most common delays in money transfers originates from human error in entering transaction details. The bank will not approve a transaction with even one wrong letter or number. This leads to the rejection of the transaction and the money being sent back to the sender’s account, and they will have to start the transaction all over again. This is an expensive and time-consuming exercise. Missing paperwork When making international transfers there are different monetary laws for each country and there should be paperwork that needs to be processed for the transfer. Failure to submit one document could lead to severe delays. DAG advantage: With Dagcoin, there is also no need to worry about paperwork, countless documents, monetary laws, human errors in entering details, and so much more because Dagcoin uses Know Your Customer (KYC) to verify users on the Verify Once platform. KYC validates the identity of the user who is associated with a certain wallet. You can transfer dags to the verified user by clicking a link they send to you or scanning their wallet barcode. Once you approve the transfer, they will receive your funds in under a minute. To learn more about Dagcoin, visit https://dagcoin.org/#Dagblog
Ethereum successfully completes their final test run before the highly anticipated “Merge”
Since approximately ten years ago, when it was first created, Ethereum has been mined via a model known as proof-of-work (PoW). It involves challenging math equations that several machines compete to solve and was heavily criticized for its high consumption of energy, and subsequent environmental impact. Ethereum has been working on the “Merge” which will join the existing layer of the Ethereum Mainnet to a consensus proof-of-stake (PoS) layer, the Beacon Chain. The new PoS method will use staked ETH to authenticate transactions and mint tokens. PoS uses a lot less energy and is expected to speed up transactions. On the 11th of August, Ethereum successfully completed its third and final test environmental network (testnet) before the long awaited “Merge” with the Beacon Chain. The “Merge”, which is expected to happen sometime in this month, is being hailed as one of the most significant developments in the history of cryptocurrencies. Although the “Merge” has been praised by many for its advantages, there have been some community members that have been advocating for a fork in the Ethereum block-chain that will keep some of the transactions on the PoW system because abandoning it altogether will heavily impact people who make their living as crypto miners. The success of the final testnet boosted the value of ETH, the token native of the Ethereum blockchain, by more than 12.5% to around $1,900 on the 11th of August.#Cryptonews
Beginners Crypto Abbreviation Lexicon
The crypto world is not easy for beginners to navigate. The moment one decides to dive into the world of cryptocurrencies, they are often bombarded with terms and abbreviations that are both unrecognisable and difficult to understand out of context. It is advisable to create a lexicon or a glossary/vocabulary list that can help you navigate through blogs, chats, articles, and social media posts. If you don’t know where to start, don’t worry, we’ve got you covered. In a previous blog we featured crypto terms you should know, today we cover 15 crypto abbreviations that are important for every crypto beginner. DAG and DLT - The DAG or Directed Acyclic Graph is an alternative to the better-known blockchain. It is also a type of Distributed Ledger Technology (DLT). DAG structures are considered faster and more scalable alternatives to blockchains. ATH - All Time High. This is in reference to the highest market value of a cryptocurrency. ATL - All Time Low. This refers to the lowest market value of a cryptocurrency. FUD - Fear, Uncertainty, Doubt. It is a tactic used to sway public opinion about certain cryptocurrencies or the cryptocurrency market in general by disseminating unfactual, inaccurate, or biased information. HODL - Hold On for Dear Life. This refers to purchasing and holding cryptocurrencies like Bitcoin and other cryptocurrencies. BTD - Buy the Dip. It means that the optimum moment to purchase more coins is whenever the price of your preferred coin declines. CBDC - Central bank digital currencies (CBDCs) are digital forms of fiat currencies that are issued by central banks. DApps - Decentralized Applications. They are enabled by Blockchain platforms that support smart contracts. DeFi - Decentralized Finance. PoS and PoW - Proof-of-Stake (PoS) mechanisms have been developed over recent years to mitigate the perceived problems and limitations associated with Proof-of-Work (PoW) — in particular, the resource-intensive nature of crypto mining at scale. DYOR - Do Your Own Research FOMO - Fear of Missing Out. This term is used in reference to the feeling of anxiety associated with a delay in making trading decisions. ICO - Initial Coin Offering. It is widely regarded as the crypto world’s version of initial public offering (IPOs) — and they were particularly popular during the 2017 crypto bubble. NFT - Non Fungible Token TX - Transaction. The act of exchanging cryptocurrencies on the blockchain Dagcoin is changing the cryptocurrency field into something more open and freely accessible to all, meaning less fuss about abbreviations as well. If you want to find out more, check out how to get dagcoins.#Dagblog
Iran completes its first $10 million cryptocurrency import.
The semi-official Tasnim agency in Iran said on Tuesday the 9th of August that Iran placed its first official import order using Cryptocurrency this week. This could allow the Islamic Republic to get around economic restrictions imposed by the United States. The $10 million import order was a first step toward enabling the nation to conduct business through digital assets that do not rely on the dollar with other nations similarly constrained by U.S. sanctions, such as Russia. The agency however did not clarify which cryptocurrency was utilized in the transaction. An official from the Ministry of Industry, Mine and Trade tweeted "By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries,". Iran is subject to an almost complete economic embargo by the United States, which includes a prohibition on all imports, including those from its banking, shipping, and oil industries. The use of cryptocurrency could free their economy from the crippling effects of the economic sanctions. According to a research conducted last year, Iran accounted for 4.5% of all bitcoin mining activity, in part due to the cost-effective electricity there. Hundreds of millions of dollars could be made by Iran through cryptocurrency mining, which could be used to pay for imports and lessen the effects of sanctions.#Cryptonews
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.