How Cryptocurrency Technology will help every US American get a Universal Basic Income Paycheck.
Hello Steemit world, lately I find myself spending at least half of my paycheck every month on basic things such as gas, groceries, water, food, car, phone. These basic necessities provide me with the ability be a reliable employee and productive member of society. Most people must pay other expenses every month too such as bills, rent, clothes, and utilities. We in the USA do not have the ability to save any cash in our savings accounts because of this. On average, 69% of US Americans have less than 1K saved in a savings account. If you’re like me, during the month when you are short on money you will purchase these basic necessities on a credit card. Usually with a 12% or more interest rate, and pay the low monthly payment every month. Its affordable for you and you get all your basic needs met. However, usually 1-2 years go by without you paying off the debt balance, your available credit to use gets low, now you have paid in interest close to what you spent to begin with, and you still have your large debt balance to pay off with the same interest being charged monthly. This can make anyone feel stressed, trapped, helpless, and unhappy.
Now obviously, there are two basic solutions to this. One is you can make more money, or two you could spend less money. Here are the two main problems with those solutions. With solution one, to make more money either you must work more hours or invest more money. Most people already work as many hours as possible and someone people cannot change jobs because of circumstances. With investing more money, most people are already low on funds and do not have spare cash to invest. With solution two, spending less money sometimes can be impossible depending on your situation. We must pay for these basic necessities every month to live, whether we pay in cash or credit. I believe US Americans need and deserve a Universal Basic Income program. The USA people would be less stressed, less trapped in debt, and happier. The only way this can be possible, used responsibility, and effectively is through the use of cryptocurrency technology.
How this UBI program can be done in detail.
Cryptocurrency technology must be used for this program. The 3 main reasons are:
Transparent and Trackable
• This is the biggest benefit of cryptocurrency. All transactions are shown in an open blockchain and can track who is doing it and for how much. Example, in a Bitcoin wallet the transaction is transparent and trackable, however no one’s names are attached to the wallet numbers it’s all anonymous while also being transparent, this is the reason this technology is truly amazing and revolutionary. Now with a potential UBI wallet, you would have to download directly and only from the US treasury. Each wallet number is attached to each US citizen’s social security number and birth certificate. These wallet numbers would not change and would be trackable to your name. This would make the US government feel comfortable and safe about using a UBI program. The government would also own and operate the only coin exchange that offers selling UBI coins for USD.Can back the Coin with USD and Bitcoin
• This will give the coin value. For example, in my opinion they should make 1 UBI coin worth $0.10 USD to start. In time 1 UBI might be worth $1 or it could be worth less than a penny 0.001 and the USD and BTC would get stronger.Can restrict the merchants and businesses approved to accept UBI coins as payment and to sell UBI coins for USD or BTC.
• Only approved industries and businesses such as gas stations, grocery stores, restaurants, phone companies, and car companies. These businesses would be given a payment system to quickly and easily accept the payment. Also, they would have access to platforms similar to a Coinbase or Bitpay made by the government which would allow them to quickly and easily sell the UBI coins for USD or BTC.
Now I will get into the finance numbers side of this potential program.
Right now, there is close to $326 million USA citizens. Just basic numbers if everyone was given $1,000 a month that would equal $3.912 trillion dollars needed. Now this number can be acquired in 3 ways. However, the full amount is not needed to start the program, you just will eventually need to get close to that number.
New money printed up. You wouldn’t want to print up too much but just enough to not cause inflation.
All businesses in the USA would have a chance to invest in the UBI coin. They would have to pay a large amount of USD or BTC, they receive a % share in the UBI coin. These shares would be a non-spendable fork of the UBI coin, the businesses would keep these and the value would grow and they could sell them back for cash after 1 year or keep them. Every year there would be shares available to purchase to add revenue to the UBI coin pool.
The USA could exchange part of our debt we owe to China in exchange give them free UBI fork coin shares, the same non-spendable shares the US businesses get. It would be a way to help pay off our national debt in the process of helping our citizens afford basic necessities. If agreed, some of our monthly USD debt payments that normally would to China would instead go to the UBI revenue pool, China gets the coins in exchange.
The possibility of artificial robots taking cashier, waiter, hotel, and basic jobs from US Americans. If this technology ever happens and businesses start using these instead of hiring humans. They would be charged a robot USD tax per robot hours worked. This tax can be forgiven when they sell the UBI coins for cash. Those trades would be at a 90% less value then the value of the merchandise they sold for the UBI coins anyway. This would help make up for that gap. If they do not have any AI robots they could receive USD, UBI fork coin shares, or tax benefits to make up for the gap in value between UBI coins and USD. Any Robot tax would be added to the UBI coin revenue pool.
Now I would like to get into the technical aspects of this UBI program.
Every registered USA citizen who has a valid social security number and birth certificate would be eligible to receive $1,000 per month in Universal Basic Income in the form of a UBI cryptocurrency coin. Now the USA is a democracy so every citizen would have the right to not accept this free basic income. This would be considered a charitable donation and have a huge tax write off benefit. The US citizens receiving UBI coins and using them would not be required to claim there UBI income as income on income tax. Unless they sell UBI coins to the US treasury in exchange for USD or BTC. It would be at around a 90% less rate, example selling $1,000 in UBI would return you $100 USD depending on the value at that time. That $100 USD you would have to declare as income on your taxes and you would be taxed 10% on that income alone of any amount. You cannot cheat on this taxable income because it is tracked in the UBI blockchain from your UBI wallet. This would discourage people from selling their UBI coins for cash because they get nothing close back for them. Better to spend them on tangible basic necessities.
This in total is my current Universal Basic Income Idea and plan. I have tried to think of every possible detail with this program. I truly believe this program is needed in society and will eventually happen, whether it is as a need or necessity. I decided to share this story because I believe the more people exposed to this, talking about it, and sharing ideas, the more likely it will happen. Thank you for reading, I hope it expanded your mind and you enjoyed it. Please check out my YouTube channel for more. https://www.youtube.com/channel/UCkDzqga4zH_CcPhFQxqONNg I post videos to show you different Bitcoin investment programs, show you how to build an online Bitcoin Investment portfolio, how to compound your money over time, and with only a small one time investment needed. Please comment If you think I missed any crucial details or have a problem with my Universal Basic Income plan I posted here. I appreciate you taking time to read my story. Peace, Prosperity, and Happiness to all! Have a great day, Take care and Steemit!
great idea. credit card fees are SO high
Thank you appreciate the support!
I believe in a UBI scheme, but not in the restriction on trading for USD or BTC of your plan. Just like there are some businesses that refuse to take debit and credit cards to keep cards down, there will be businesses who won't want to jump on the cryptocurrency bandwagon. People need a way to get basics from these companies without penalty.
Anyway, good article and food for thought! Upped and followed!
Yes exactly I like your forward thinking. Some businesses would have the right to not accept UBI cyptocurrency for the products they sell. However, there would be great tax benefits tied to those companies that would accept them, and in return those certain stores would gain popularity with the public consumers because they could spend their crypto currencies there, which would cause them to spend their other currency there as well. This would force the other stores to follow suit. It would benefit the program for this to happen, USA is a democracy after all. Thank you for the support!
One of the beautiful things about using cryptocurrencies is that they are free from governmental regulation, and no public or private companies (like the Federal Reserve). How do you plan to keep track of the cryptocurrency and digital transactions if it's decentralized and encrypted? I'm just curious as that could be a pretty big issue trying to regulate it like you would a regular currency.
The transactions would be on the blockchain, they would be encrypted but they would have a different code allowing you if you knew the coding language to see exactly where that coin came from, where its been and where its going. I am not a coder or programmer so I don't have the knowledge to get that deep into system specifics but that is the basics of it. Maybe its not possible to make a code like that on the blockchain I am not sure.
It might be possible, but it sounds more like a built-in backdoor. Backdoors are bad, especially where finances lie. You can't have it in the system and not expect malicious forces to get in. This is why the current regular currencies have so much security these days, black hats be lurkin'.
I see what you mean. That is very true. I thought about it and all you would have to do with my UBI model is... The only numbers that would be tracked is your specific wallet number, with a connected store wallet number(wallet at retail/gas station/supermarket/etc), those would be logged in a simple excel style spread sheet as to who owns which wallet. Their Name, address, etc.. Now, the only people who could have access that information would be the same people in gov who have access to that info now, the irs and us treasury department. They have the info through your checking accounts and credit card accounts you have. You would always be able to log and keep track of your own transactions made with your UBI wallet, so there would never be a discrepancy. I personally would have no issue with allowing those gov sectors to see that info. Those funds would be tied to a free account that I am receiving free money in monthly forever. I would expect there to be some regulation like that attached to it. Everyone would still have their personal BTC wallets and other Crypto wallets, those do not have those types of restrictions attached to them. That would not changed or be influenced in any way by my UBI program model. They would in fact get more popular and stronger. I always appreciate the deep thinking questions! Thank you!
I don't agree with the specifics of this particular plan of yours, but I absolutely support basic income as well as cryptocurrency as a way of going about it. Cheers and thanks for sharing this here!
What specifics of my plan do not agree with?
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