What if everyone is a guaranteed income earner regardless of their social status, whether they work for the money or not?
This idea is incredible to some people while it is a dangerous proposition for others. Those who support it believe that having restricted and regular income sources will preserve the dignity of the less privileged, it serves as a buffer for the existential threat of job loss as a result of massive automation and the use of artificial intelligence at an industrial scale.
They are convinced that regular income will boost the economy and encourage entrepreneurialism among the citizens; to be honest, when humans are faced with pangs of hunger, genuine creativity is killed, they can barely live to unleash the full potential in them.
On the other hand, the anti-UBI believe that the scheme is a means of incentivizing laziness and bolster the current welfare of participating countries.
Regardless of the side of the coin that you choose, it does not matter if you are for or against it, UBI is all about free USD (United States Dollars).
The big question is this; who pays for income that nobody needs to work for? For a country like Nigeria, price tag for highly decent monthly wage is $390. When this is matched with our adult population, it is whooping 318 billion dollars in a calendar year. This is more than five times our national budget and as a result of statistics, basic income is an illusion.
Do you think that there is a solution?
Yes, the answer is in cryptocurrency, but before you disagree please read on. There is no way that government can fund Universal Basic Income (UBI) and it would potentially cost a lesser amount of money than what is currently spent on welfare and social intervention programs.
Here is what the government and concerned organizations need to understand. Universal basic income is about protecting human dignity, it is about saving them from claws of hunger and providing an opportunity to witness another day. When you give hope to the poor, there is a second chance to harness their human capital. Remember, a man who does not know where his next meal will come from is incapable of having critical thinking- he will never be able to make a positive contribution to society.
Universal Basic Income (UBI)
Cryptocurrency may be the answer that everyone is waiting for, the government has no business in subsidizing crypto payment to the public, but it can ensure the private distribution of UBI to anyone in need of it over a particular duration, for free.
Recipient of the UBI tokens can trade it for real local currency or keep it for possible future profits. When UBI is distributed on a blockchain with an authentic database and identification of recipients, transparency and accountability are certain. Also, the cost of serving citizens is greatly reduced.
There are more than a dozen UBI-based cryptocurrency projects that are experimenting with this idea. Prominent ones are projects like MYUBI, GoodDollar, Manabase, Solidar, SwiftDemand, and Circles.
While UBI seems hypothetically impossible, Mannabase already has about 200,000 verified recipients, it is growing an average of 500 users are onboarded daily from different parts of the world.
I am not in any way associated with all these UBI projects, this article was written for educational purpose).
Other Universal Basic Income (UBI) Projects
Another example is GoodDollar. It was launched by one of the fastest-growing trading platforms, eToro. This decentralized UBI currently has over 15,000 verify users with a growing pool of money that is generated through cryptocurrency mining, users can claim it daily, and all tokenized UBI works similarly, except that each has a different pool, distinct approach to sustainability, and market value.
MYUBI is an Australian project that has low awareness as a result of a low marketing budget, the social experiment was built to support low-income earners and poor countries of the world using Ethereum blockchain. Users can claim a decent amount of the token ranging from 70 cents to 3.5 dollars a week. This will not pull users out of poverty, but it can save them from death due to starvation.
In conclusion, no fact says that recipients of all experimental UBI became lazy because of the scheme. Rather, it allows them to carry on and do more in life. The record is clear, more than 80% of experimental UBI on the blockchain are making positive impacts and supporting the SDG (Sustainable Development Goals) especially goal number 2.
If this is the case, universe basic income might be the solution to future job loss as a result of future massive automation where robots will theoretically take over 86% of jobs from humans. The government had better prepare for these inevitable events, it is time to wake up and make a strong case for UBI.
Ojeniyi Ayobami Abimbola is an expert cryptocurrrency trader, and an experienced blockchain content creator. He’s is the social media manager and community manager at Dalecoin.