The extreme volatility of the price of Bitcoin again came into the picture when the Bitcoin price slumped and billions of dollars were wiped out from the cryptocurrency sector. Even though the investors know that the price of Bitcoin is exceedingly volatile; Bitcoin, still, enjoys the tag of being the most popular cryptocurrency out there. The most credit of Bitcoin’s popularity goes to the rapid price rise of the same that made innumerable people millionaires in a very short time. Bitcoin buyers are still hoping for the same miracle and as an upshot of this hope; Bitcoin is being bought and traded by millions globally.
However, Bitcoin is, indeed, facing a genuine threat now from Dagcoin. Nils Grossberg who founded the Dagcoin, the software company responsible for the development of Dagcoin and the entire ecosystem around it including Dagpay, Merchant Finder, DagWallet, and SwipeX, had the vision to develop a cryptocurrency that is not only high on value, but more importantly usability as well. His vision came true in the form of Dagcoin, which not only solves the problems being faced by blockchain based cryptocurrencies but is high on the usability factor as well.
Problem Number 1 with Bitcoin & How Dagcoin solves it?
With Bitcoin, as it is based on the blockchain, as the number of users is growing the transaction confirmation time is also increasing as the external miners are finding it difficult to confirm an entire lot of Bitcoin transactions as the processing power is limited. Hence, users have to wait, sometimes, for hours to receive the confirmation for their transaction. However, Dagcoin, which is based on DAG-chain, eliminates the role of an external miner altogether. A transaction done in Dagcoin gets confirmed through the transaction done prior to it and the chain continues. Hence, even if a number of users are added to the Dagcoin ecosystem, instead of an increase in transaction confirmation time, it will reduce further and the performance will keep on becoming better as the number of users grows. Moreover, with external miners being removed from the equation, much less energy is required by the Dagcoin processes.
Problem Number 2 with Bitcoin & How Dagcoin solves it?
Also, as it is understandable from Problem Number 1 mentioned above, the cost of doing a Bitcoin transaction is increasing as well. With more processing power required for a Bitcoin transaction to get confirmed it becomes mandatory for the transaction cost to go up as well. However, this is not the case with Dagcoin. A Dagcoin transaction simply costs around 0.0005 USD. Moreover, there is no scope of the transaction cost to increase in the future to exorbitant prices as the performance of Dagcoin, with more number of users, will only become better.
Bitcoin vs Dagcoin | Final Words
Dagcoin falls perfectly in line with Nils Grossberg’s mission. Dagcoin is extremely user-friendly and due to the fact that it solves the two primary problems associated with blockchain based cryptocurrencies, it has got very good chances to become the globally renowned cryptocurrency, and with the user base of Dagcoin increasing on a daily basis it may render blockchain as an obsolete technology in near future.