This is not a new concept in the crypto world. Even in the FIAT world people are continuously talking about this but it has not yet been brought to reality because of so many challenges it has. The real-world implementation challenges make it difficult to implement. In order to give UBI to all the citizens or people who live in a society, a big wealth flow is required. But before even this concept comes into existence, there is another important thing that needs to be done which is balancing the wealth.
People also feel that this is a 500-year-old idea from the olden days and now it is gaining its popularity more. The main idea of UBI is to make sure every individual is getting all their basic needs in the form of a basic income but the money flow that would be required and the resources to these needs will get higher. Automation is also everywhere and in most places, automation is taking the job of individuals. That's one of the primary reasons why every individual should be valued and should get their basic income. With the help of cryptocurrencies and blockchain technology, it is a possibility and reality.
In order to pay everyone, it is not mandatory that a tax has to be collected from individuals and balance the wealth among the individuals. With cryptocurrencies and blockchain, a supply can be created accordingly and with that supply, a UBI can be planned. All that would be required is to make sure the supply should be in balance with the demand. There should also be streams where people can increase the demand by making use of the supply. It should be a proper cycle functioning without any loopholes. These loopholes can be easily handled with the help of smart contracts with blockchain technology.
The biggest challenge so far in implementing such a concept is not to create an income stream but to balance the price of the coin. Say for example a blockchain is created or a token is created to act as a Universal Basic Income for individuals who opt for it, a supply will be created accordingly increasing the circulation. The coin will start losing its value if the circulation is more and the demand or use case for the token outside is less. That is the reason why we need more and more use cases if we create such a coin.
The true fact is that it is hard for individuals to come up with such a UBI token but it is important to have one because in the future more automations will happen and if there is no such basic income for people, they will suffer. Additionally, not all companies offer pension schemes in all the countries after retirement. The old people will also need a source of income to manage their expenses. If governments plan it well, they will be able to create a Universal Basic Income scheme for their citizens. Maybe it can start with a small value and gradually be increased. This is also the best way for crypto adoption. The problem is that we don't have enough experts who would be able to talk about this to the government officials as their knowledge of these technological concepts is limited.
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universal basic income is everyone's right. Thanks for sharing !1UP
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Society still needs people to produce the goods so unless machines are working to produce everything for us, I don't really see it working out. After all we don't want people to just opt out of society and do nothing.
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