What Will Dagcoin Do Better Than What We Have Now?

Blog by Dagcoin

Cryptocurrencies were first invented as a response to the major issues faced by the financial system at the time. Nowadays, there is work done not only to improve on what banks do wrong, but also to fix the problems faced by cryptocurrencies. Read more below.

Your assets, not your bank’s assets

Even a regular bank account means giving away some power over your finances. This may not be a big problem in places with a better virtual infrastructure, which means being able to always pay with a debit or credit card, or do online business.

But in places that have fewer means to keep everything up to date, only the interest of the banks themselves can enable users access to these benefits. In our own Estonia, we face a bit of a crisis in how the population keeps moving to the major centers. How people can pay or check their accounts are among the first things that will suffer.

First, they started closing bank offices, depriving people of having direct access to their assets. Then, they started closing the ATM machines, meaning even less accessibility. An indirect but still detrimental effect was the dying out of shops or at least the costliness of having card payments available to customers, which means cash-only shopping, if any at all.

Of course, people still have online banking and it is a valid replacement for several old methods, but there’s still a few problems with that:

  • Transaction costs – they may be miniscule or even non-existent with small transactions, but reach a certain limit and the bank will want its share.
  • Weekends and holidays – for a manually managed system, there must be a buffer zone for maintenance and literal rest. But for you it means you can only transfer currency within a time frame.
  • Long confirmation times – transactions within your own country might be fast, but international transactions can take longer to confirm than you actually need.

Nowadays, cryptocurrencies of different sorts exist that can be a solution to all of these issues. Dagcoin’s aim is to directly take these issues on.

What cryptocurrencies haven’t fixed yet

Banks are slow, costly and primarily looking after their own interest. If you ask a regular person about cryptocurrencies, they might mention the third quality. If you ask users, they might be noticing an increase in both transaction costs and confirmation times. Doesn’t seem like much of an improvement there.

Dagcoin is by function already without two of these problems (see here and here). What is next is proving to the user base that our interest is our users’ interest. We are doing it through constant improvements to user-friendliness and are working on making it available for using as widely as possible.    

Read more: Here’s Why We Started Our Own Cryptocurrency