Lately, we are hearing of this new digital currency in the relative market that goes by the name Dagcoin. Word is out that Dagcoin is much better than other digital currencies as it doesn’t depends on blockchain; but on directed-acyclic-graph-chain or, in short, the Dagchain. Honestly, our team displayed significant interest in Dagcoin and this post here will tell you about the experience that our team had with the new digital currency that, according to popular opinion, is threatening the very existence of blockchain.
Why Dagcoin is better than blockchain based cryptocurrencies?
Well! The answer to this question lies in the two burning issues that blockchain based cryptocurrencies are facing. First is the rising transaction cost which is burning a deep hole into the pockets of the cryptocurrency users and second is the escalating transaction confirmation time. If we take the case of bitcoin, a user, sometimes, have to wait for hours for the transaction to confirm. As far as the transaction cost goes, the external miners have to put in more processing power to confirm a transaction as the number of cryptocurrency users are growing exponentially and the blockchain, being not scalable enough, is unable to handle the load.
Dagcoin is, indeed, fascinating to use. The Dagcoin transaction confirmed itself within a few minutes. Moreover, the cost of a single transaction on Dagcoin is merely 0.0005 USD. For those who are wondering, in the time when a majority of the cryptocurrencies is struggling to maintain a decent transaction confirmation time and keep transaction cost low, how come performance of Dagcoin is so good, keep reading ahead to get your answers.
Well! It turns out to be that Dagchain refers to the transaction done prior to the current transaction in order to confirm the current transaction and the chain continues. Hence, there is no role of external miners at all in the case of Dagchain. This reduces processing power by a significant amount and ultimately reduces the transaction costs as well.
Moreover, this decreases the transaction confirmation time as well for Dagcoin. If you are thinking that with the rising number of users, the statistics will start varying, then think again. Dagchain, on which Dagcoin relies, is pretty amazing. It is completely scalable in nature. This means that with the increase in the number of users, the performance of Dagcoin will become even better. Hence, you can see that Dagcoin completely eliminates and solves the primary problems that blockchain based cryptocurrencies are facing.
Dagcoin is a perfect cryptocurrency for becoming the sole owner of your funds
We all know that the current practice is of depositing your funds in bank accounts with traditional banking partners and later on using their portals for conducting transactions. However, as you can understand, we are not an independent owner of our funds in this scenario. The bank acts as a second owner and is fully capable to levy charges on your funds for extending various kinds of services. Moreover, a bank levies charges in such scenarios as well where you happen to violate any terms and conditions of the banking agreement. If the bank dissolves, it is likely that your funds will go away as well. Even the security of your funds is not in your own hands as a knowledgeable and an experienced hacker can hack a bank system and commit a theft. Hence, there is very little control of your own on your funds.
However, this is not the case with cryptocurrency. Cryptocurrencies don’t involve a middle-man and you enjoy total control over your funds. You are a single owner of your digital funds. Since you own the private and public encryption keys for conducting transactions in cryptocurrency, there are extremely low chances for a hacker to break in and steal your funds unless you don’t keep your keys safe. Hence, the transaction environment is much more secure as compared to traditional banks. Moreover, a major part of the security lies in your own hand.
As of now, none of the cryptocurrencies is able to achieve this feat as none of the digital currency developers have given thought to the concept that along with being a major investment product, the success of cryptocurrency also depends on its usability. For the worldwide acceptance of a particular cryptocurrency, it is necessary that people should be able to use the digital coin for carrying out their daily financial transactions.
However, developers of Dagcoin have taken this concept pretty seriously and this is the thing that our team really appreciates of Dagcoin. Dagcoin stands pretty high on the factor of usability. None of the cryptocurrency so far is high on usability. A good majority of them are acknowledged as investment products rather than an alternate payment method. People buy cryptocurrency, hold it for some time and when the price rises, they sell it and make profits. However, this is not the case with Dagcoin. Apart from being a good investment option, Dagcoin is high on usability as well. The developers of Dagcoin have built an entire financial ecosystem around Dagcoin including DagPay, DagWallet, and Merchant Finder etc. Major e-commerce and other online businesses have registered themselves on the Merchant Finder portal of Dagcoin. Good thing is that the number of merchants is increasing each day. The other thing which makes Dagcoin highly usable is the convenience which comes with it. Even a person who doesn’t know the complex functionality of cryptocurrency can utilize Dagcoin without any problem as the developers have made it really easy and simple to use. This makes Dagcoin extremely good for the areas where there are no centrally administered banking services. People, in these areas, can gain the financial independence they require through Dagcoin. It is worth mentioning over here that due to the usability factor that comes with Dagcoin, online businesses can cover a lot more population under their hoods making a good deal of profits and acquiring new customers as well.
The Bottom Line
The final word is that Dagcoin is, indeed, the cryptocurrency of the future and has the required potential to render blockchain based cryptocurrencies obsolete. This review indicates Dagcoin to be a superior digital currency. Each day the Merchant Portal of Dagcoin is acquiring new businesses and if this continues to go on, the day is not far when Dagcoin might become the king of all cryptocurrencies.
Please note that this post expresses a personal opinion on the provided topic and the ideas and the facts mentioned in the post shouldn’t be used as an investment advice without conducting proper research on your own side.
Ruchi Gupta is an avid blogger with a keen interest in the digital market forum. She believes that the digital media platforms are the best place to showcase your skills. She has penned down many different articles that have created a resonating presence in the field. She loves to read.