Bitcoin and other major digital “currencies” begin on the supply side of the market. And they have big promise: to make market transactions fast, efficient, inexpensive, and free from the control of central bankers and big banks. But they have a big problem, too: how to gain broad acceptance by a critical mass of users.
Thus far, none of the major digital currencies have solved this problem. They haven’t gained acceptance beyond the “technology enthusiasts,” a small group in the “Rogers Curve” — a model marketers use to explain how new products reach the masses.
Initiative Q claims to have a solution to this problem, by beginning with the demand side of the market. It is attempting to create a critical mass of users first, and then come up with the digital currency to serve it.
Simply put, there’s no digital currency to speak of, a “new” Bitcoin that will solve the problems of the “old” Bitcoin.
“Initiative Q is not the new Bitcoin,” says Shidan Gouran, President and CEO of Global Blockchain. “Initiative Q is actually highly questionable in its very concept, because it seems as if it was purposely meant to be mysterious. “
Why compare it with Bitcoin? Apparently, for the buzz such comparison is expected to generate in the cryptocurrency community.
“I would compare it as a “new bitcoin” in the sense of creating wide scale awareness and potential adoption, but it will function very differently in reality, “ says Jeff Ramson, Founder & CEO PCG Advisory Group. “Initiative Q is growing based on a brilliant social marketing scheme. They are growing the network rapidly, and I can see this as a self-fulfilling prophecy of a new payment system as they will have an enormous number of global users.”