14 reasons, why Bitcoin leads to an Unconditional Basic Income*

or: how Bitcoin can disestablish the asocial side of money

E.L. Tankred

Published in

Coinmonks

5 min readFeb 25, 2022

(Klicke hier für die deutsche Version.)

* Unconditional Basic Income is a financial transfer policy proposal in which all citizens regularly receive a legally stipulated and equal financial grant without a means test. [1]

Evolution or revolution? Many paths lead to the future. But all paths begin with a problem in the present. Evolution is characterized by many small solutions that improve on the current status. Revolution, on the other hand, comes with one single solution to many problems as well as a new beginning that draws its lessons from the past.

Bitcoin is the revolution‘s harbinger. At the same time, Bitcoin is also struggling with its own problems. FUD and Bitcoin‘s uneven distribution are just two of them. These and other problems, such as its volatility or lack of user experience, get in the way of Bitcoin’s acceptance by everyone in the world. Whether Bitcoin will take its place as the undisputed world currency is uncertain.

In addition, Bitcoin can only develop its full benefit as an undisputed world currency. As long as it remains a value of storage, it can only evolutionize — not revolutionize — our society.

This dilemma raises the question of how to convince everyone to use Bitcoin before it has shown what it can do? Since arguments do not change the world, but actions, and I only have some of the required competences, I would like to share my idea. I am convinced that an Unconditional Basic Income will lead to the worldwide use of Bitcoin. Other suggestions are nevertheless welcome.

My basic thought

1.) Nothing seduces people like free stuff.

2.) An Unconditional Basic Income implemented in Bitcoin (UBIB) can take advantage of this.

Technical reasons for an Unconditional Basic Income with Bitcoin

3.) Bitcoin’s lightning network allows the introduction of an UBIB without the need for policy decisions.

4.) Getting an UBIB is the incentive for people to overcome Bitcoin’s current usability problems.

5.) UBIB support will be a killer feature that no wallet can do without.

Monetary reasons for an Unconditional Basic Income with Bitcoin

6.) UBIB minimizes the discomfort caused by Bitcoin’s enormous volatility in the fiat system.

7.) UBIB promotes Bitcoin‘s distribution, which further reduces its volatility.

8.) UBIB balances the currently unequal distribution of money as well as the resulting social problems.

Game-theoretical reasons for an Unconditional Basic Income with Bitcoin

9.) Gifted Satoshis are advertisements for their own sake.

10.) Whether it’s FUD, inequality of distribution, or some other problem with Bitcoin no skeptic will want to forget gifted Satoshis - money without having to work for it.

11.) No merchant can avoid the UBIB because customers only receive it when they shop at merchants that can be shown to pay BBGE fees.

12.) This gives consumers the power to exclude merchants who do not want to pay BGE fees from their purchases.

13.) If Bitcoin does not implement an Unconditional Basic Income another crypto currency will do so.

14.) Any (fiat or crypto) currency that first introduces an Unconditional Basic Income will score in the competition of currencies.

Support and comrades-in-arms

What would you like? Down in details or Spoconism? Evolution or Revolution?

If you are enthusiastic about the unconditional basic income based on Bitcoin, support me in the implementation. I can think of three ways to do this:

a) We could work together. I am a UX professional with some experience in HTML/Javascript. But I cannot develop software for the Lightning Network. Any qualifications are welcome that meaningfully complement me or the team I am building: eltankred@gmail.com

Beside the idea, I have initial concepts for its implementation. Since I can neither estimate the technical limits and possibilities, nor see errors in my considerations, so I have a need to talk with lightning developers. Are you interested in a collaboration? Please contact me: eltankred@gmail.com

b) Of course you could just donate for the project. I (soon to be we) want to push Bitcoin’s Unconditional Basic Income without having to worry about making my/our living.

onchain wallet address: bc1q9athuda8zg00ttqdq5ps5n5afdt38hnnt90dzc

c) Last but not least, you can promote Unconditional Basic Income via Bitcoin. Just distribute the link to this article so that tomorrow we can all freely decide what meaning and purpose we want to devote our lives to.

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Did my 4,360 characters give you a new insight? Honor them with a donation via Lightning. You want to read more from me? Support my work with a few Satoshis. Understanding takes time. Your promotion gives me time to organize my thoughts and write them down.