In Search of the Next Bitcoin
“If you missed Bitcoin seven years ago, you wouldn’t want to miss this.”
Who wouldn’t want to miss a golden opportunity like Bitcoin? However, Initiative Q is not, in any way, a cryptocurrency. Yet it could just be the next Bitcoin.
As Initiative Q’s founder Saar Wilf puts it, it wants to create a new payment system by using its own currency, the Q, and get people to start using that system once they have allocated Q’s for free upon sign up. It’s a great strategy and is working well for them as they are gearing up for mass adoption first before they roll out that system.
In the last four months alone, their referral system has built a network of around 3 million early adopters and is still growing with at least 100,000 new members signing up every day. We all know that the secret for a successful currency (or payment network) has always been adoption). These bright ex-PayPal guys behind Initiative Q fully understand that it can only succeed if very many people join in. And the more people invite & refer their friends, the higher the likelihood of reaching the goal - of each Q being worth around one US dollar.
Saar Wilf is not new to payment systems. He has successfully built the integrated systems for online transaction verification and fraud prevention that were later acquired by PayPal. As Wilf further explains, “The world needs a better payment system. We are glued to existing infrastructures, and the only other option is cryptocurrency, which I don’t believe answers the real problems… We want Q to become mainstream, and that’s why we give it away for free to those willing to promote it…”
And that ranks Q therefore as a possibility, but still not inevitable.
But what is the Q?
Let’s make this clear, Q is not a cryptocurrency. It is a private currency that the developers hope will be the global standard in payments and the go-to global currency. So instead of using dollars, euros, yen or pounds, there is the Q. According to its website, Initiative Q will even have a professional monetary policy like governments do.
The guys behind Initiative Q believe that its value is through its adoption. As Wilf further expounds, “There is no value in anything until people adopt it, so our strategy was incredibly clear. Building trust was and will always be our biggest challenge, but we will never abuse it. Our plan is to comply with regulations but make everything far more efficient than it is now”.
"We want to make all financial processes both easier and faster. We want people to be able to pay for a meal like they would an Uber. To use artificial intelligence to allow families and businesses to share accounts. To have an international currency that can be traded and shared without the ill-equipped processes that are currently in place and cost so much time and money. We want to use technology to trade smarter and more secure.”
Some financial experts and central bankers are yet to be convinced. “Mike Rymanov, CEO of Digital Securities Exchange (DSX), said: “The lure of fortune and the perceived lack of risk will undoubtedly attract many, but as it is a technology play rather than a payment network, they will ultimately be disappointed as their spam box fills up and their accounts remain empty.
"While the company behind the scheme tries to justify its existence and marketing approach by making grand overtures it's missing two key elements – an actual product and regulatory control. Before it can become a viable option for investors, Initiative Q will need to ensure it meets all governing requirements across all jurisdictions it operates in – which can, and will take years. At the moment, it’s simply too early to commit."
It is a strong point to ponder. Initiative Q only has eight existing team members and no actual currency in circulation.
But every great promise, like every tremendous technological innovation, is often met by even greater scepticism. Bitcoin for one had the great Warren Buffet likening it to rat poison three years before it went to an all-time high of nearly US$20,000 per coin. So, we are thinking; Initiative Q is worth signing up for and hitting that refer button, especially when it is free and up for grabs?
What do you have to lose?
*For those looking for an invite, you can click the refer button here: https://initiativeq.com/invite/HWtuECYhm
Disclaimer. We do not endorse or recommend this invitation. The link is provided for reference purposes only.