Is Cryptocurrency The Way To Achieve A Basic Income?

in #cryptocurrency3 years ago

Basic income is the idea that everyone should have a base salary to cover their basic needs such as rent and food. This way no one has to worry about work and could strive towards a passion instead of a job. There are arguments against it, that people will turn lazy, but I feel people will always find something to do, it is in our nature. And a world where people do not have to do a 9-5 will free up a lot of room for creatives, academics and inventors to grow in their field. It is a nice idea but a very difficult one to obtain. But can cryptocurrency get us there?

The first goal is some kind of way of guaranteeing that no one is double dipping. This can be done with biometrics and other methods that lock on account to one person. You need to make sure that this person is only getting one share of the income and can not setup another account. But this also leads to the idea of people's identity being on a blockchain which is a scary dystopian future where anyone can be scanned and marked. So we need to find a middle ground here.

Then you need to decide how much people get and where this coin is accepted. Since the money is supposed to be used for basic needs having only clothing stores, the government and grocers taking it would stop people from buying luxury items. You can even make only specific items that quality and this will cut down on abuse.

But if we can work out the kinks it could work with crypto. The government would dispense x amount per month to your account and you could use it day-to-day. And since you can only buy so much with it, the economy could still thrive.

Just an idea, would need to do a lot more research before writing something more concrete, but I do think it is doable.

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I'm sure a government will start a crypto with a basic income soon, but it would be ultra-centralized

I hope that with crypto we are able to achieve true universal basic income, here on steem we already have 2 such initiatives with manna and steem basic income, these guys are probably the cutting edge of crypto basic income :-D

i am currently applying at jobs that is paying out in crypto. most of these are freelance currently but i could see crypto becoming the main way of receiving your salary in the future.

That's good news. Hoping for good.

Since cryptocurrency has evolved, many people depend on it for their needs, because as the population of employment increases it is very difficult to get it, so many people use cryptocurrency as a source of income and most of them are successful

I really respect this breakdown of cryptocurrencies, I have done a similar breakdown but from a slightly more humour based point of view, please feel free to read it, and laugh :-)

https://steemit.com/funny/@georgemason/the-number-1-reason-you-aren-t-getting-rich-from-bitcoin

Upvoted :-)

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Quite good looking, don't you think?

Have a look. I hope this information is helpful.

Universal basic income, though sounds great it extemely difficult to achieve. Finland recently decided to scrap it after two years -

https://news.sky.com/story/finland-to-scrap-universal-basic-income-scheme-after-two-year-trial-11344735

Problem is not really related to accounting of money or how to release it - other demographic factors such as population, account surplus, immigration, growing or declining population and age.. and many other factors have a bigger role to play. Cryptocurrency cannot affect these factors.

It's a tough goal to accomplish , but it's definitely possible according to me.Finding middle ground in the first goal that you mentioned seems quite a bit challenging .

One of them topics that just sets your mind running and it’s hard to express all ideas but if we all chip into the notion of a Cryptocurrency universe then it is very doable.

Its already being done by mannabase.com and even @steembasicincome. Blockchain is perfect for all forms of microfinance especially in places where they rely on those robbing bastards Western Union :-)
check out mannabasenon steemit, they have people here :-)

I think it is. Just think about staking 1000 SmartCash or signing up for Manna/SwiftDemand!

I think in the future we will be using multiple different cryptos for various different reasons. And if we made this basic income then there would be one specific coin that would be that basic income. Which would instantly destroy the problem of people spending it on wrongful items because those luxury stores just wouldn't accept that type of crypto. This is a great idea I haven't delved into how crypto would be involved but you really got me thinking about it now. Cheers have a great day!

Isn't dictacting when and how people spend money antithetical to a free market? How are you defining 'wrongful' items?

If society decides to go towards a universal basic income system, why would we put limits on it at all? Is there a benefit to society to dictate to people what they can or cannot purchase with their income?

Also, to go that route, you'd have plenty of illicit markets spun up immediately to take 'UBI-coin' and exchange it to 'luxury-store-coin', thus defeating any controls and making the coin worth less than it should be.

Just playing devils advocate and if you read his article I'm just playing on his idea that people shouldn't be able to spend all their basic income on something like a brand new xbox if they haven't even fed themselves in the first place. And that wouldn't be a possibility if everyone could see each others wallets and where their UBI-coin would be spent. And if you don't want people seeing where you spend your money do something more to make money and have a different coin than just the UBI.

Probably. Minimal overhead with smart contracts, built in security, we would just need to make it fool-proof.

I wonder if there are poor countries where people already have free internet? Or at least internet for a fixed amount per month? If that would be the case, then people in Ethiopia for example have a nice chance to earn their basic income their selves. Because they probably only need $3 per day. And such an amount seems to be quite doable if you spend several hours in internet.

This is just another approach. Could work, but also some issues (free internet) to tackle....

This way no one has to worry about work and could strive towards a passion instead of a job. There are arguments against it, that people will turn lazy, but I feel people will always find something to do, it is in our nature. And a world where people do not have to do a 9-5 will free up a lot of room for creatives, academics and inventors to grow in their field

I love the idea of a UBI but one big question comes to mind - what about the jobs that need to be done? Like emergency services, waste collection or jobs that help the country/world run.

If earning an income was no longer a real necessity, and people had the choice if to work or not, I can imagine there would be major problems with the global infrastructure.

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Very good post @whatageek, your words can be a very good motivation for all of us in living this life. In this life, sometimes it happens not like what we want, like about our work and basic salary. To live in today's world, we must be smart to create an opportunity for us to earn money, as now there are so many successful people in steemit. In my view, many people who already have a lot of wealth through steemit. But all that, must have capital first. So, Cryptocurrency can be a basic income, only for those who have a lot of capital. Thanks for sharing... :)

my country is too wealthy and large for UBI, but I think its a good thing for smaller and lower GDP growth based countries. Cryptographs like the FEDcoin might be issued as UBI in the future but that guarantees cyber traffic surveillance on the chain, straight to the powers that be. I like Steemit projects that issue UBI, and wish them the best outcome in the end. The purchasing power of steem to underbanked populations is incredible.

i think it still comes back to value. The value you take and receive. Maybe staking coins will be a big thing, ie. your investment in something that pays back. If you're not invested or part of something then , well... life is harder.

9-5 job is boring sometimes. The same job every day and the only thing trying to make bosses happy. If one can be self dependent by crypto and run his family needs, is not a bad idea. Thanks for sharing the thoughts.

To the question in your title, my Magic 8-Ball says:

My sources say no

Hi! I'm a bot, and this answer was posted automatically. Check this post out for more information.

If basic income turns people lazy there is one unstoppable power that will inevitably turn it around - boredom. Boredom is a terrible state of mind that at one point will serve as the main motivator instead of fear of poverty and homelesness. I'd also like to think that being bored harms no one while hunger and poverty definitely destroy lives. For the sake of humanity, it will be a blessing to seek for work out of boredom than to seek it for survival and not to find it.

We want a better place