FREQUENTLY ASKED
QUESTIONS

BITNATION OFFERS A LOT OF DIFFERENT SERVICES - WHY IS THAT?

For three reasons:
1. Service aggregation is one of the core value added of a government – it offers simplicity through package services. Additionally, identity, contract and resolution services are much more valuable together than as individual applications.
2. Scale enables lower cost, it allows us to share talent and marketing resources for increased efficiency; negotiate bulk prices from on-the-ground consultants, contractors and service providers, and cost-effectively automate the interweaving system.
3. To promote the concept that full scale governance service providers can be geographically unbound, decentralized, and voluntary.

IS XBN A CURRENCY?

No, XBN is not a currency. XBN represent BITNATION’s corporate equity – just like if you owned equity shares in a LLC – which pay dividends on the corporate profit. However, BITNATION uses the Blockchain technology to create and distribute equity in a similar way to Bitcoin and other crypto currencies It’s called cryptoequity, you can read more about it here.

IS BITNATION A COMPANY?

Bitnation is a Distributed Organisation incorporated on the Bitcoin blockchain. Read more about DOs and DAOs here http://en.wikipedia.org/wiki/Decentralized_Autonomous_Organization and here

IS THE BITCOIN BLOCKCHAIN SECURE?

Nothing is 100% secure, and some have made credible cases about future risks in securing the Bitcoin blockchain. To mitigate the risk of Blockchain related problems we will use different blockchains for different projects – as new competitors with compelling and useful features arrive to market – and we will have several blockchain agnostic projects.

WILL CONTRACTS DONE THROUGH THE BITNATION PLATFORM BE RECOGNISED BY GOVERNMENTS?

Recognition will grow organically over time, in tandem with mainstream adoption. When Bitcoin was first invented it wasn’t recognised as a currency, until a significant amount of people started using it as a currency – the same is likely to apply in the case of BITNATION – although the recognition may be quicker since there are already a significant percentage of contracts and disputes being arbitrated by private courts around the world.

WHAT’S BITNATION’S CONNECTION TO CRYPTOCURRENCIES?

BITNATION is incorporated with the same technology cryptocurrencies use – the Blockchain technology. BITNATION also accepts cryptocurrencies for its services, and pays expenses such as salaries and dividends in cryptocurrencies.

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