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Is Initiative Q a Safe and Reliable Alternative to Cryptocurrencies? Is Initiative Q a Safe and Reliable Alternative to Cryptocurrencies?
News    09/04/2019

Is Initiative Q a Safe and Reliable Alternative to Cryptocurrencies?

What is Initial Q? How does it work? Can it become an alternate to cryptocurrencies? Read how it is aiming towards creating a new payment network and a digital currency.

Ever since bitcoin was conceived in 2009, there has been a scramble to create digital currencies. Many believe that e-currencies will one day negate the need for fiat currency and everyone across the globe will be using the same coin. As it stands, the struggle to get a coin mainstream can be compared to other battles to create the best product throughout history.

These include things like road building, the width of train lines and videotapes - many people had great ideas, but only one thing could be the winner. Initiative Q is looking to enter the e-currency fray and could offer users a more trustworthy solution to the likes of bitcoin.

Initiative Q is an attempt to create a payment network which will introduce a new currency called the Q. Similarly to cryptocurrency, it wants to eliminate the need for traditional forms of money, and develop a streamlined system which can be used by people all over the world. At present, it is still in its infancy. The company is simply trying to drum up supporters and investors through social media initiatives.

There have been rumours circulating that the people behind Initiative Q are the same as those who began PayPal. This isn’t exactly true. The creator of Initiative Q is Israeli entrepreneur Saar Wilf, founder of Fraud Sciences. PayPal acquired this company, and that is where the link originates. Still, the payment scheme likes to tout its connection to PayPal as a way to attract investment.

Also Read: Security Employed by the Best Online Casinos

It’s easy to see why the developers would want to emphasise their link with PayPal. The payment system began as a subsidiary of eBay in 2003 and is now one of the most trusted platforms on the planet. In fact, a lot of businesses advertise the fact that they accept PayPal as a way to show that they are reliable.

For example, on the page for the Rainbow Riches slot at Aspers.com, PayPal is listed as a payment method in a predominant location at the bottom. It is visible before even MasterCard and VISA. Other gaming networks such as the PlayStation store and Steam also pride themselves on their partnership with PayPal.

If the PayPal founders were fully behind Initiative Q, it would more than likely blow up faster than any internet currency seen to date. But even without the huge name behind it, the idea has the potential to be a success. A lot of people feel insecure about the fact that bitcoin and other cryptocurrencies are decentralised and there is no bank overseeing everything.

The blockchain technology supposedly nullifies the need for a bank, but it will take time for people to get used to this concept. Initiative Q is not decentralised and will be overseen by an independent monetary committee similar to a bank.

With an administrative organisation behind everything, Initiative Q has the potential to be safer and less volatile than cryptocurrencies like bitcoin. But as it stands, the concept is simply an idea and has yet to be released. Any theories on whether it will succeed or not are pure speculation.


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