The other side of the coin: disadvantages of cryptocurrencies

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

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

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