Paying taxes

It’s fair to say that no-one really enjoys paying taxes. However, almost all of us pay our taxes dutifully because of the wider societal benefits, as well as for us as individuals.

For those of you that pay your taxes, it is a bitter pill to swallow seeing billionaire owners of large corporations like Google and Amazon get away with paying almost no tax. It is made worse by poor government decisions. Like billions squandered on worthless projects or services that are promised, but never actually materialise. In some cases, fraud and embezzlement by politicians and their associates also see much of your hard-earned money lost forever.

Is Cryptocurrency a solution to tax fraud?

In total, it is believed that companies lose on average around 5% per year as a direct result of fraud. But just how could cryptocurrencies solve this problem? That is very simple: transparent transactions! For example, all tax money paid by large companies and rich individuals to the government will be clearly visible. Likewise, at the same time, government funds that are set aside to pay for certain services, such as education can be seen and tracked. For this reason, any under or overspending can be easily seen, along with who is receiving the payment and for what services. This makes it much harder for politicians to take some of this money for themselves or to provide preferential or overpaid contracts to friends, relatives or business associates.

With cryptocurrencies such as Dagcoin, it is much harder or impossible to commit such crimes similar in nature to credit card fraud. Because no physical card or card details are provided. With a regular card, it can be swiped and cloned in a store or restaurant very easily, details can also be stolen from an online store database, or even provided to criminals directly, but unknowingly. With a cryptocurrency, you and you alone have access to your cryptocurrency wallet. Even if someone were to steal your phone, they would not have access without knowing your passwords.

For businesses too, there would be a huge advantage of no fraudulent chargebacks. Chargebacks cost businesses around the world over $40 billion each year. A chargeback happens when a person pays for goods or services using their credit/debit card and then asks their bank to take this money back from the business. However, in the case of fraud, the client has likely already received the services or goods, or these goods are already on route. By the time a business is aware of the fraudulent chargeback, the client is often long gone with the money and the goods. As cryptocurrencies like Dagcoin do not have chargebacks, businesses can relax without the worry of chargeback fraud.

Why Dagcoin is the most transparent currency

Dagcoin was not just built to be a currency that could be used every day, by everybody, everywhere, it was also made to be the most transparent cryptocurrency. Currencies such as Bitcoin have hit serious legal problems in many countries around the world as a result of the anonymity of transactions, and their use to pay for illegal goods secretly in places such as the dark web. This has led to Bitcoin and other cryptocurrencies being banned in some countries around the world. It is these problems that have hindered their expansion into the mainstream, as the wider global population and governments simply do not trust them as they are not transparent enough.

Unlike other cryptocurrencies, Dagcoin keeps a full transaction history, just like you have with your bank statement. This doesn’t just mean that it can be used in the same way, to track income and expenditure or as a record when applying for a loan or mortgage. Knowing the senders, receivers and values of these transactions makes Dagcoin as transparent as a regular bank account, but with added security.


Large corporations and very wealthy individuals are getting away with paying very little or no tax. Governments and politicians are wasting and even embezzling public money for themselves. At the same time, benefit frauds are also costing the system billions. All these things mean that regular dutiful taxpayers like you and me are left to foot the bill by paying even higher taxes.

However, cryptocurrencies such as Dagcoin offer a solution. That solution is transparency.