Can Cryptocurrency Be Used To Create Universal Basic Income?

[Amug123]

Cryptocurrency has all the potential to be used in creating a universal basic income system, because it has all the capabilities of providing a safety net for individuals and also promoting economic empowerment. By leveraging blockchain technology and cryptocurrency a UBI system can be created that is transparent, secured and accessible to all.

[Stompix]

Cryptocurrency has all the potential to be used in creating a universal basic income system, because it has all the capabilities of providing a safety net for individuals and also promoting economic empowerment. By leveraging blockchain technology and cryptocurrency a UBI system can be created that is transparent, secured and accessible to all.

Do you think crypto is something magical that produces value out of nowhere?
Crypto is rising in price because people put money into it in order to have a chance to get more money when somebody else buys their coins, who will put money in an UBI scheme where there is no gain? Nobody!

[Zed0X]

Cryptocurrency has all the potential to be used in creating a universal basic income system, because it has all the capabilities of providing a safety net for individuals and also promoting economic empowerment. By leveraging blockchain technology and cryptocurrency a UBI system can be created that is transparent, secured and accessible to all.

What potential? What capabilities? Name or enumerate them please.

Economic empowerment? It will most likely turn most of the beneficiaries into lazy citizens. I'm seeing that happen in our country now. Politicians taking taxes paid by middle class and businesses to hand it out to 'the poor'.

Maybe blockchain tech could help with the transparency but not if it turns out to be a private one.

[Bobcrypto]

Cryptocurrency has all the potential to be used in creating a universal basic income system, because it has all the capabilities of providing a safety net for individuals and also promoting economic empowerment. By leveraging blockchain technology and cryptocurrency a UBI system can be created that is transparent, secured and accessible to all.

First, I'm yet to understand what you meant to have a UBI system, and it is better you explain the purpose of UBI for better ideas on how it may alliened with Bitcoin potentials.
Moreover, any funds kept in a form of Bitcoin for a long time purposes sand like the proposed bitcoin strategic reserve planned by the US president that is currently on discussion on the forum and other places.
I think the UBI system look like the Bitcoin strategic reserve, but you can explain better if it is a different ideas from your "universal basic income system" idea.

[TomPluz]

Yes, of course, this is one area that cryptocurrency and the blockchain technology got some potential to explore on but the problem is that this idea is not something new and so far nothing has come out of it. Seems to me that giving all people some type of a pension plan is not really viable...as if creating something out of nothing can result actually into nothing. However, I am very much open to any proposition along this line...who knows we can come up with something that really works so people will all have an income coming from somewhere. Or maybe this is just another socialist kind of an idea that will never work in the real world...and would just better be implemented in a fantasy world or maybe even in a movie script.

[JISAN]

Cryptocurrency has all the potential to be used in creating a universal basic income system, because it has all the capabilities of providing a safety net for individuals and also promoting economic empowerment. By leveraging blockchain technology and cryptocurrency a UBI system can be created that is transparent, secured and accessible to all.

Crypto is magical, Sometimes you feel like you own a lot of money and sometimes that money is reduced to many parts in 1 day.  But for those who can hold tight, crypto brings many benefits.  But crypto is not for everyone.  Crypto is only for those who can always keep themselves in control.  People who fear losing and sell their cryptos at a loss eventually lose their entire investment.

[bitterguy28]

Cryptocurrency has all the potential to be used in creating a universal basic income system, because it has all the capabilities of providing a safety net for individuals and also promoting economic empowerment. By leveraging blockchain technology and cryptocurrency a UBI system can be created that is transparent, secured and accessible to all.

what are you thinking about? would there be any differences to the usual system? because as far as i know countries already have universal basic income systems but with fiat so if bitcoin were to be used what would be the difference? what would be unique about it? i think the only difference is how the money will be distributed but the amount should still remain the same as if it were in fiat i wanna hear more details about your idea

[robelneo]

Cryptocurrency has all the potential to be used in creating a universal basic income system, because it has all the capabilities of providing a safety net for individuals and also promoting economic empowerment. By leveraging blockchain technology and cryptocurrency a UBI system can be created that is transparent, secured and accessible to all.

This universal basic income system is complex and offers a lot of challenges. Do we have one set up already for us to see how it works or a working model?
You are just speculating on the possible usage of crypto on the universal basic income system; there are already working models, but not on crypto. For it to see its potential, there should first be an attempt and check all the challenges.

[Stompix]

Crypto is magical,

No it's not.
Crypto is math and economics.
It works because of math and it's price is determined by the laws of demand and supply, nothing else.
There is no magic, there is no unknown, it's just another asset and it's value works like any other asset, real estate or stocks.

[Faisal2202]

Cryptocurrency has all the potential to be used in creating a universal basic income system, because it has all the capabilities of providing a safety net for individuals and also promoting economic empowerment. By leveraging blockchain technology and cryptocurrency a UBI system can be created that is transparent, secured and accessible to all.

This UBI (universal basic Income) concept is pretty new to me as I never heard of this term before and upon researching, I find that it's just a way to earn money that would fulfill our basic needs even when we don't have a job, so the idea is pretty good but is it really working or reliable I mean I find a project GoodDollar, will spend some time to learn more about it.

The point is can we make money from these UBI based crypto projects for free or we have to add liquidity or stake our stable currencies, as if we have to stake then it is no different then earning interest.

Blockchain technology if implemented here everything becomes transparent and that's for sure.

[albon]

Cryptocurrency and universal basic income may seem like bold experiments, but their union has the potential to transform the way we think about money income distribution and the financial inclusion.
It is important that as we explore these possibilities we do so with the goal of creating a world where economic empowerment is not a privilege, but a right for all. But in the coming years, cryptocurrency and universal basic income will be two dynamic forces that could redefine economic empowerment and social well being in the world.