Miamis Mayor says residents will receive a Bitcoin dividend in a Miamicoin wallet. Miamicoin is a project of Citycoin that was announced in August 2021 to help municipalities to find a new way to fund their city projects.
How city used to get projects funded
Majory founding resources are coming from taxes and bonds that municipalities sell. The idea is that tax revenue is cities’ incomes and bonds are the investment for investors to join the potential gains.
The old way is not working
Because of the high inflation that the central bank created, investment returns are eaten up by inflation. Citizens will refuse on raising taxes because the municipalities will not improve their services but continue wasting their resources on other projects.
Crypto project such as Citycoin is to turn municipalities to become a tokenomy zone to help cities fund their projects while helping their citizens to gain their profits from such projects.
When a city runs on top of crypto, it promotes more transparency through blockchain, and citizens can more trust local governments and contribute more to help the city become a better living place.
Win-win solution of the future
When municipalities gain profits, they should distribute to their citizens rather than provide benefits for a few. Since every citizen has the right to vote in the system, they have a right to earn what cities gain from. It creates a trade-off between the big player and small players. It makes both sides close to an equal position.
It makes the community more democratic
Distributing earnings to every citizen as a universal income helps out citizens to gain their wealth and keep them continue investing in the city and its projects. Opposite to tax income which enforces citizens to payout without any explanation on where specifically the tax money goes, the universal income runs on the blockchain gives a fair share to each residence, and makes each residence equal.
I cheered that Miamicoin has reached a milestone so quickly and it can already distribute its residents in Bitcoin dividends. The future with crypto is brighter.
Photo by dan lewis on Unsplash
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Disclosure: The article was written by a delusional author who is possibly a nut job without any questions whatsoever about expertise in the subject matters. You should not believe any words this author wrote or you may experience similar symptoms or even possibly become a nut job.