For those within the crypto world, it is clear that cryptocurrencies are a much better, faster and more convenient form of money. From the fact that you can send a payment to anyone, anywhere in the world, in just a matter of seconds or minutes regardless of the day or time.

This is compared to many minutes or hours at best for the banks, but perhaps as long as 5 working days or more for international transfers. To the added security benefits, such as greatly reduced identity theft. This is not only because all transactions are encrypted, but because personal details such as your wallet passwords or personal details are only visible to you. Unlike in the real world where personal as well as debit and credit card details are given away all the time.

And, these benefits are just the tip of the iceberg! Want to read more about the benefits of crypto over regular money, read our article “4 Advantages of Cryptocurrencies over Fiat Currencies”. So why then with such obvious benefits are the majority of society so suspicious and distrustful of cryptocurrencies?

The News and Rumours

You just have to open any major news site to find a negative recent story regarding cryptocurrencies. For example here is an article posted on the BBC just earlier this month. The news piece explains how 3 drug dealers who used the dark to sell drugs used Bitcoin as a way to avoid detection by the police. This is just one of many articles that any of us could find regarding the use of cryptocurrencies on the dark web. For those outside the cryptosphere, the currencies appear to have enabled criminals to trade further afield and internationally, where before they could only trade more locally because of the need to exchange cash.

But these stories are not the only negative ones that cryptocurrencies face. Go back to last year when the Bitcoin price crashed from almost $20,000 to a little over $3000. The media was awash with stories of the millions who had lost thousands or even their entire life savings as a result of the crash and false hype that had been created around the coin.

And it doesn’t stop there, for those of you investing or trading in crypto, reading news each morning or at least on a regular basis regarding the markets and prices seems absolutely normal and for some of you even a habit. However, for those on the outside, news regarding big jumps of 10% or more in the daily price of a coin are incredibly scary.

The Trading Paradox

These big jumps in the price are incredibly scary because they show the volatility of the coins. Nobody wants to be paid their monthly salary one day and a few days later find it worth 20% or more less, and be unable to pay the bills or put food on the table. They want a currency they can trust, one with a value that holds and they can predict.

It is this focus on prices in the news and the actions of traders which drives this volatility. For those trading in the markets whether the price goes up or down is almost irrelevant as money can be made both ways. It is the movement in prices – that volatility – that they need in order to make money. A stable currency would just not net them the same kind of profits.

However, in this lies the crypto trading paradox. These traders want the majority of people in society to adopt crypto currencies and use them each day. This is because the more users these currencies have, the more they will be worth. But their trading actions are preventing exactly this from happening. This is because potential users of the coins do not trust them enough to use as the prices are too volatile. But yet, the more people who adopt them, the more stable the prices will be…

The Solution

So just how do we change this and build trust in cryptocurrencies? For those of you that have invested in crypto or are trading them this is exactly the question, you want the answer to. The simple answer is a complete change of focus from prices to usability and transparency.

But just how do we switch the focus away from the prices of the coins to the usability of them? For some of you who are tech-savvy, producing systems – for example – that allow shops to accept various crypto payments simply and easily in person or online, or that combat criminal uses of the coins. For those of you that like to write or produce videos, instead of creating content on the current prices of crypto and where you predict it may go, create content about the new, interesting and novel ways the technology is being used, for example how Walmart are using blockchain technology in delivery robots.

Dagcoin is the first cryptocurrency that has been built to be used and not traded. To do this, the coin was created along with a suite of free software to enable businesses and sole traders to begin accepting payments using the coin. From a point of sale system used in shops, to an add-on that allows Dagcoin payments online and even software to create invoices for the coin. And it does not stop there, Dagchain technology has been created with transparent transaction histories. This not only means it is easier for criminals to be caught, but also to hold governments, politicians and businesses accountable for underspending on promised projects and embezzlement of public funds.

Conclusion

It is fair to say that cryptocurrencies are not seen in a positive light by the majority of society, despite their many benefits compared to fiat currencies.

However, this is currently justified and understandable because of negative stories in the media about criminals using crypto’s on the dark web to avoid detection and those who have invested in the coins and lost their life savings as a result of market crashes.

But just how do we change that mindset and build trust in the coins? We need to change the focus away from the prices of these coins and the trading of them, to their usability. Show those who do not currently use the coins the novel, exciting and interesting ways the technology is being used, or even creating that technology yourself.
Dagcoin has been created to be used, not traded. It has also been created to be more transparent to help prevent fraud, embezzlement and detect criminal activities.

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