While it is true that technology has provided cutting-edge innovations in our daily life, it also paved the way for stealthy scammers to migrate from physical to cyber theft. So in this review, we’re going to dissect Dagcoin and see whether it’s a great crypto project you should take advantage of or just a scam glittered with gold.
I’d like to tell you right off the bat that I AM NOT A DAGCOIN USER. I’m not trying to sales talk you into trying this crypto out. I’m just trying to tell you what you should know before you take some cash out of the wallet.
So in this review we’ll go over:
- What Dagcoin Is
- Who’s Behind It
- How It Works
- Its Pros and Cons
- And Lots More
So read on until the end because I’ll drop some bombs for you.
Dagcoin In A Nutshell
Product Name: Dagcoin
Product Description: Decentralized Cryptocurrency
Dagcoin is a cryptocurrency based on a blockchain started by Nils Grossberg. It dubs itself as the “first cryptocurrency that is targeting developing markets with the capability of being an everyday currency”.
Basically, Dagcoin portrays itself as a revolutionary way of using money minus the hassle of the current monetary system blunders. It claims that there will be no need to exchange Dagcoins for other currencies.
Dagcoins “will be accepted all over the world”. We’ll see about that.
Credibility - 0%
Value For Money - 0%
Success Rate - 0%
- Idealistic mission not realized
- Sketch owner
- Crypto risks
- Unregulated by financial authorities of various countries
User Review( votes)
Can You Trust Nils Grossberg?
I looked him up at LinkedIn and saw that he’s also connected to Visioncraft– a financial software, SwipeX- currency exchange platform of Dagcoin, and Levercode- a system builder. This tells me he keeps himself busy in the financial technology industry.
But here’s the kicker:
Nils Grossberg is also connected to OneCoin being part of its “One Dream Team Leaders” and one of its top investors. OneCoin had been reported on seizing billions of dollars from its investors which led to FBI investigations and arrest of its front figures.
This connection with OneCoin is not a good sign.
How Does Dagcoin Work?
Like any other cryptocurrency, you buy Dagcoins and store it in a personal Dag wallet and use it to pay for transactions and make investments.
It aims to grow is community to strengthen the currency and make institutions and organizations trust it. When it has established its value, Dagcoin projects that it can be a worthy alternative to physical money and credit cards.
It claims to have more than 450,000 members worldwide. But they’re virtually non-existent. There’s not much information on where you can find and connect to these members.
In my opinion, to make this claim more solid, there should have been at least a 3rd party verifying this claim, but there’s none. I’ve seen other reviews saying that Dagcoin uses an MLM structure. So far, when I dug around their website, there was no more mention of MLMs and affiliate ranks.
But here’s what I learned about what Dagcoin takes pride in:
Have they heard of Paypal, TransferWise, and Payoneer? These payment gateways among others also offer fast transactions. So there’s nothing cutting-edge about this.
They claim that Dagcoin transactions have no limits and restrictions. But remember why restrictions are made in the first place: to prevent illegal transactions like money-laundering. This feature will only be appealing to those getting into shady transactions.
I’d give them credit though because their claim to be a licensed cryptocurrency is backed-up by license codes supposedly provided by the Estonian Government.
But here’s the catch:
They claim to be an easy transaction gateway worldwide, that means securing financial regulator’s licenses on countries they are operating in. There’s no indication that they have these licenses.
I saw a portion on the Dagcoin website labeled as “Ecosystem”. This got me curious so I decided to take a peek on what this means.
Here’s what I found out:
1. Dagcoin Grow
This is a “risk-free” investment offer where you can choose from a 12, 24, or 36 month period. It claims to store the invested Dagcoins in cold storage so it is “highly-protected’ and can’t be hacked.
Initially, they offered this for an 8-month period where you can’t touch your Dagcoins until the 8th month is over so that it can grow.
My problem with this is you only get to bank on the assurance they give. And I’ve read several crypto scams that offer this too which ended up with the founder running away with their money.
Imagine being unable to access your money for 3 years? You better start convincing yourself that you won’t be able to access that investment forever!
2. Dagcoin ATM (Automated Teller Machine)
This would have been great if this was realized. It makes cash withdrawals convenient. And will make them more visible and credible to the community.
It’s still on the works.
3. Cyrpto Loans
This allows using Dagcoins as collateral for a loan. It also says that Dagcoins will be sufficient collateral so there will be no need for guarantors and extra background checks.
It would have been great solution for those having a hard time taking a loan because of collateral issues.
It’s still in the development phase.
4. Health and Life Insurance
Financial security and relief are what these insurance services offer. This is great because it can help when something unexpected happens.
But then again:
Making this available is still in progress. What a bummer.
Honestly, this is a complete letdown for me. I mean you can’t draw that kind of attention to services if it’s still unavailable yet. People will bank on this and when they invest on Dagcoins looking forward to these perks, they will end up totally disappointed if these were just phony promises.
Out goes your credibility.
To me this is just smoke and mirrors to hide their real motive.
Are we getting closer to knowing that Dagcoin is an utterly despicable scam?
What I Don’t Like About Dagcoin
1. Crypto Risks
Its crypto nature to be hard-to-trace, that’s why cybercriminals love them so much. Once compromised and socially engineered, crypto coins will be stolen and these cyber thefts can get away easily. This gives the cybercriminals reason to be more creative on how they can lure you into their traps.
Are they really immutable? I don’t think so. It will only take a matter of time until some crypto technology expert breaches the system and take away all your money. In reality, security holes and bugs are among the great dangers that crypto comes with.
2. Bad Crypto Wallets
You have to have somewhere to store your Dagcoins. You can download this as an app and then put in your coins. The danger with this is if you didn’t take a careful look or if you have no idea which wallet is legit and which one is fake, once you transfer your coins, that will be the last time you will see them.
And mind you, the bad wallets look pretty similar to the real ones.
3. Scam Report
It won’t be a good sign if a reputable site like Forbes tells you to beware of this crypto because it’s very vulnerable to scammers that run away with your money.
Is Dagcoin A Scam?
I will lose no sleep in telling you that it is.
Its owner is linked with a crypto project that flopped and is chased by the FBI, it has a scam report, it makes claims without giving substantial evidence, it has no financial regulatory license on countries where they are operating in and crypto, in general, is risky and linked to various cybercrimes.
You don’t want to get associated with something like that for sure!
Dagcoin Review: Closing Thoughts
To be honest, I didn’t find any real value with Dagcoin. It keeps on making people buy their cryptocurrency with the promise of front-line technology, services, and immense efforts on a worldwide scale.
By the time the currency’s value builds up (if it ever does), only a few investors who know their ways around crypto can make real money.
The reality is this:
Those people who get in early and sell out fast are the only ones who can possibly earn from this.
The scheme is pretty believable because they make you feel that the currency’s value is going up encouraging you to invest more and when they sense that they’ve reached the peak, they run off with all your money!
Currently, there’s not much public value to Dagcoins because there’s very little activity going on where you can use the coins. Plus the members are virtually non-existent.
This is not a new scheme, it happened to a lot of crypto before.
So my advice to you:
STAY AWAY FROM DAGCOIN!
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Let Me Hear Your Thoughts!
This is my personal take on Dagcoin based on what I’ve researched. What’s yours? Let me know by putting your comment down below.
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