The Qbit Advantage

The Qbit has the following advantages when compared to the existing currencies.

  • The Qbit system is promoted and advanced by a nonprofit organization, called the Qbit Federation, that provides full transparency to all of its customers. It is therefore not subject to political expediency. 
  • The Qbit Federation has a vested interest in keeping the Qbit stable. It does not, it goes out of business.
  • There are specific checks and balances that inhibit the ability of individuals or cartels from destabilizing or taking control of the system.
  • Those participating in the Qbit economy do not experience significant inflation or deflation regardless of whether prices in all other currencies are stable, inflating, or deflating. The Qbit system monitors the buying power of the Qbit and takes action to stabilize it.
  • Because the Qbit system applies free market principles to money itself, it creates an economic ecosystem in which banks, non-profit organizations, and even individuals can start their own competing currencies. In the event that an individual or cartel was able to gain control of the Qbit system and corrupt it, customers would flee the currency immediately and thereby collapse the Qbit system. In other words, the free market picks the winning currency and therefore protects the economy from tampering and subversion.
  • The infrastructure put in place for the Qbit system can also be used by other systems to assist in the creation of competing or complementary digital cash systems. Other currencies that use the Qbit infrastructure are directly convertible to Qbits at all times.
  • The infrastructures used by the current monetary systems, such as banks, credit card companies, PayPal, and so forth, can readily participate in the Qbit system.
  • The Qbit system uses only hardware that is currently available, and in most cases the hardware is inexpensive.
  • Qbits are designed to have the “feel” of using cash, which people are familiar with.
  • Qbits are as private as physical cash. Qbits do not require that either the buyer or the seller disclose any personal information at all in order to complete the transaction because the seller receives the expected value from the transaction just as if physical cash was being used.
  • Qbits can be stored and transferred in or on a variety of media, including computerized storage of any kind (e.g. hard drives, USB flash drives, cloud storage, etc.), gift cards, credit cards, debit cards, email, and virtually any other format that can store printed or digital information. It is even possible to print Qbits to paper and spend them that way.
  • The Qbits cannot be spent multiple times. That is, a buyer cannot pay a seller with Qbits and then pay another seller with the same Qbits.
  • Qbits cannot be forged.
  • Qbits can be backed up so they are not lost when hardware failures occur.
  • Qbits are more efficient and significantly less costly than moving physical money around.
  • As with physical cash, possession is ownership. The Qbit system guarantees that the seller obtains valid Qbits if the transaction completes, so sellers never to need worry about receiving value for products and services.
  • Qbits enable microtransactions that are difficult or impossible for current digital money systems to process. Therefore, Qbits can be used as the currency in games, for ad-hoc network resource contributions, and so forth.
  • Qbits can be used by anyone with even rudimentary computer hardware. For instance, a person in a developing country with a so-called “dumb phone” can use the system just as well as anyone with the latest hardware in a developed nation.
  • The Qbit system requires downloads, but almost all of them are free.
  • Qbit software is largely open source, which means that anyone can download the source code and improve the system.
  • People who modify the open source Qbit software can contribute the modifications to the system, or they can use them to create their own digital monetary system.
  • Qbit software cannot be tampered with. Even the slightest change invalidates the digital coinage that the software produces. The only way to validate the changes is to contribute them to the Qbit system or start a competing system.
  • Qbits are based on rock-solid cryptographic technology that is currently in use and well proven to be reliable.
  • The Qbit system uses only techniques that have proven to work in other financial software systems. It does not use any unproven technologies. It is simply a new application of existing technologies and techniques.

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