Can Cryptography Solve the Basic Income Challenge?

There has been much talk lately about Basic Income within the Pirate Party, which aims to empower individuals such as providing Basic Income which naturally fits the idea. However, it’s traditionally also been a movement that aims to stop government overreach into people’s personal lives, and as such, Basic Income could empower the government more than what may be desired. But what about if there’s another alternative to provide Basic Income, voluntary Basic Income so that only people who want to participate have to? With a little help from the Bitcoin blockchain ledger.

Arguments targeting tax increases and deficits of government are generally based on the assumption that projects such as hospitals, roads, schools, etc. are more important to improve national economies.

On the contrary, these government funding projects are coercively inadequate with all sorts of unpleasant consequences including widespread poverty.

It appears the reasons why people are sceptical towards a Universal Basic Income (UBI) is centred on our financial mess from post-economic crashes and also because interest on savings is so poor, but in the view of our economic endeavour, one of the reasons, interest on savings is so poor, especially in Africa is because people keep rates high to fuel credit bubbles better still, rise to self-justifying arguments against rate because of the inevitable foreclosures that follow.

If I was being cynical, I'd say the elemental minds of the government haven’t changed since civilization and it will stop at nothing to its attempted voyage, but while the quarry has fallacies and media deceptions as its ally to control the circulation of money, we have cryptocurrencies.

    “Imagine we were in a system where crypto was the network for UBI - equal distribution of bitcoins to everyone suitable for their basic needs to build homes and empower the unemployed tied down by a large computer system to do the jobs they are qualified to do, allowing people to have freedom in all aspects of living that are financed. A system where all merchants, shops, markets, hospitals, institutions, etc. accepted bitcoin as the medium of exchange”

When we understand the need for a Universal Basic Income to be available and mobile for the poor and unemployed to go a lot smoother with no strings attached, cryptocurrency could be the best network to reduce the measure of third party involvement the fact that it cannot be controlled by central banks where people could easily receive a basic income via their cell phones inconsiderate of going through a whole bunch of processes or queues.   

Equal distribution of cryptocurrency can replace credit and if everyone has bitcoins to satisfy their living expenses, everyone would be better off, eliminating credit and the poor social class.

“Let us expose the fraud and have all our income distributed from the subtle counter -punches of our coerced outcomes and contributions in bitcoins from welfare taking precautionary measures to remedy the situation of poverty amongst the unemployed.”

Many sophisticated critics on the basic income place emphasis that people will stop working when they are entitled to a basic income, but Yes, a lot of people will just screw around, but they are largely the kind of person that would not do anything else anyway. Human the creation will continue and probably increase.

People continue to do stuff even when they don't get paid for it; people will probably do more as they have free time to do it; I expect that a culture of competitive volunteerism and personal achievement will evolve out of a society in which basic requirements are met.

People spend ridiculous amounts of time making stuff of no monetary utility.

For example, most of the content on the internet including some of the best contents like Wikipedia is created entirely voluntarily.

People developed and coordinated Linux/Ubuntu on an entirely voluntary basis.

A great deal of classical science was done by the leisure class or in the spare time of the working class. Galileo, Newton, Leibnitz, Di Vinci, Mendel, and on making many of their greatest works completely outside of any monetary incentive.

An Oxford study projects that 47% of all American jobs will be automated within a decade, meaning tens of millions of people will be out of work. A Universal Basic Income will allow these people to not only keep their homes and put food on the table but enable them to actually, put time and effort into increasing their education, therefore allowing them to find better jobs and continuing to contribute to the economy.

A Universal Basic Income is just a stepping stone to get people from the burden of economic slavery and empowering them to make the most of their lives within the current system and giving them the change to make the system better themselves. Impending it in a first world country might not have the same impact, but in a place like Africa to start would in five years be one of the healthiest economies on earth continent-wide. The quality of life will drastically improve as a dramatic example and once the rest of the world sees it working, they'll demand it.

Approximating one's basic need with bitcoins comes with the advantage of being able to automatically distribute one's stipend as a direct deposit with minimal administrative overhead and corruption and once poverty is eliminated, people will be freer, more educated people will have time to pursue their interests and gradually more people will become less materialistic and more spiritually in tune, cutting down classism immensely.