What is Universal Basic Income (UBI)?

Universal basic income is a system similar to Social Security, where all citizens of a country receive a fixed amount of money on a regular basis. This money is typically provided by the government or a similar public organization. This income, provided unconditionally, is given in addition to any income for which the person works. The goal of a basic income system is to enable each person to have a fair chance for an adequate quality of life. It is a way to combat income inequality and ensure that every citizen has enough money to live. There are countries that have tried to implement this system, namely Finland. The big problem is the opposition of many citizens who find this system unjust, and that will only contribute so that who receives it lives in the shadow of the banana tree.

The Critique of Universal Basic Income

As with any social system or government program, universal basic income generates controversy. On the one hand, no matter how much money you earn, each person is guaranteed a fixed amount of money at fixed intervals, which allows one to live independently. On the other hand, it is difficult to develop the organization and structures necessary for a basic income system to function optimally, which means that a truly universal basic income system is more of a utopian dream than an attainable reality. True basic income systems have been attempted in the past and judging from past performance, one is unlikely to succeed soon enough. However, as the world grows and advances technologically, new ideas and methods can affect the success of such a system in the future.

The Digital Revolution

Richard Branson, founder of the Virgin group, and one of the most admired entrepreneurs in the world is a Universal Basic Income enthusiast. In an interview with The New York Times, Branson says the best way to tackle problems like inequality and unemployment is with governments allocating basic amounts of money so that people have minimal living conditions.

"A minimum income should be introduced in Europe and America. It's great to see countries like Finland experimenting with the solution in some cities. It is a disgrace to see people sleeping in the streets, with all the wealth that is around them. With artificial intelligence arriving, there will be a need for this minimum income "

As the A.I evolution takes over more functions currently performed by humans, the alternatives to unemployment will certainly be scarce, and therefore the implementation of this income will be necessary. Here comes cryptographic technology. Currently, there are institutions providing a universal basic income in the form of digital currency, like MANNA | The people's currency or Swift Demand.

Will crypto-UBIs change the world?

"While these projects are still in development or at least the very early stages of adoption, there is tremendous promise in the ideas being circulated. It’s a new kind of DIY approach to economic equality, and no matter the political or philosophical reason behind each project, it is refreshing to see groups of people who believe in an alternative to the status quo actively coming together to make it happen.

Blockchain technology is already transforming the way charities manage identity and distribute funds, so crypto-UBIs may just be the most logical next step." (Source)

Let me know your opinion about UBIs. Let me hear your thoughts in the comments below!

Here are a few suggested things to read next:

• The Basics Of Basic Income by Daniel Larimer the founder of BitShares, Steem (STEEM), and EOS
• How To Stake POS Cryptocurrencies 
• Passive Income | 5 Cryptos That Pay You Dividends 
• Cryptocurrencies || A Tool To Break The Financial Enslavement System 
• Tron The Decentralized Entertainment Network That Rises Against The Content Industry Giants 
• Passive Income | What Is Cloud Mining? 
• Best Faucets In 2019

If you liked this post, then do share it please!