Thoughts on community funded projects vrs private funded? I will not promote

I’m building a digital platform and currently have 4,297 people who’ve voluntarily signed up to support the project. No money has been exchanged. It’s simply a free commitment to follow the journey and be part of the early community. I have hosted mingle events in the past and this is where I’ve received these sign-ups. Which it got me thinking about a different path to funding. Instead of raising $1M from a traditional investors, what if the goal was to build a community of 10,000 committed supporters, and at some point offer them the opportunity to contribute $100 each? One idea I’ve been exploring is rewarding early supporters with (2.5× platform credit) after launch and after the company reaches predefined milestones. The intent isn’t to give away equity, but to reward people who believed in the product early and encourage long-term engagement. From a founder’s perspective, would you rather have: Private investors writing a combined $1M check, or 10,000 community members backing the vision? I think an added pressure is that the investors are direct family, friends, and previous investors I’ve worked with. Ignoring legal and regulatory considerations for the sake of discussion, which model do you think creates the stronger company over the long run? What am I missing that only experienced founders tend to see?