Bitcoin Cash

Accelerating Bitcoin Cash Adoption with a BCH Based Basic Income Cryptocurrency

Accelerating Bitcoin Cash adoption with a basic income cryptocurrency might be quite possible and fruitful. A universal basic income is an idea which includes distributing someone amount of currency/money/cash to every individual regardless of their income. A national or state government could implement this theoretical. Some states sort of have, like with their Alaska Permanent Fund oil dividend.

What KYC exchange may help to implement a cryptocurrency universal basic income (crypto UBI) using a nonprofit (Trust of securities and equities) and Bitcoin Cash as the basic income means of distribution? CoinFlex chose to help enable SmartBCH. An established cryptocurrency exchange (that utilizes KYC or something effectively like KYC) teaming up with a nonprofit that helps to implement this, could be great marketing for such an exchange, and also help to accelerate Bitcoin Cash adoption.

A nonprofit organization could team up with one or more KYC exchanges. Each validated unique KYC account receives one token of the Bitcoin Basic Income Token ($BBIT or $BCHUBI perhaps). This token would be nontransferable and non-resalable. If more than one KYC exchange is involved, they would have to ensure only one KYC cryptocurrency exchange is giving a Bitcoin Basic Income Token to each unique human. Each unique token holder is sent an equal portion of Bitcoin Cash from a nonprofit this is administering the securities/equities trust/endowment. It might be simplest for a nonprofit to team up with just one KYC cryptocurrency exchange at first.

If this legitimately happens with a reputable KYC exchange; or if this is enabled through another legitimate method, then I will happily donate 1 to 3 shares a monthly dividend producing ETF or equity. For example, suppose I donate a two shares of a monthly dividend producing ETF that reliable produce $0.15 (fifteen fiat US dollar cents) per month. Suppose 1000 individuals do this. Then every month, the nonprofit will obtain $150 in dividends, plus any gains in equity price. With that $150, suppose the nonprofit somehow reinvests $50 towards purchasing more dividend producing equities, and then remain $100 is distributed as Bitcoin Cash to holders of the unique non-transferable token that signifies they have been verified as unique by a reputable cryptocurrency exchange that already utilizes KYC. This can then just be scaled up over time.

There are projects like Bright ID and Hedge For Humanity that might implement a basic income cryptocurrency in a rather distributed way. The problem that distributed basic income cryptocurrencies encounter is Sybil issues (a user creating many accounts and collecting a crypto UBI in an unfair proportion compared to everyone else). Bright ID is a project which is attempting to solve Sybil problems for cryptocurrency projects and so forth. It is unclear how efficiently and how soon Bright ID can serve to frictionless solve Sybil problems for projects that might have millions of participants.

Perhaps a nonprofit would not even have to team up with a cryptocurrency exchange. For example, suppose a nonprofit implementing a crypto UBI has a large endowment (relatively), perhaps $150,000 or more. What if $50,000 was used to acquire 35,000 KYC requests from a service like Jumio and setup the integrated into a system that could somehow send Bitcoin Cash to individuals verified as being unique real humans. The rest of the money or what’s left after the former could be put into a trust (or endowment?) that would invest in various assets like bond ETFs, equities (like $VOO and clean energy ETFs), and cryptocurrencies. The fund could grow and a percentage of net profits/gains could be distributed to all verified participants as a weekly or monthly cryptocurrency payment (Bitcoin Cash since the transaction fees are so low). Until free KYC is fiscally sustainable, participants could pay or volunteer to pay for their own KYC and also someone else (get one, give one). This could be done in parallel and complimentary to Bright ID (maybe, if Bright ID can be shown to be scalable and reliable to tens or hundreds of millions of human). Distributed solutions seem preferable, at least in theory. Those solutions may emerge eventually; however, distributed solutions to crypto UBI are already being worked on by Mannabase, Hedge For Humanity, and Bright ID.

It might be best for such a nonprofit to team up with a cryptocurrency exchange, since crypto exchanges can already have a Bitcoin Cash Wallet and already have verified a humans uniqueness/identity. KYC providers like Jumio claim to have verified 400 million unique individuals it appears. Trulioo seems to claim to be able to uniquely verify up to 5 billion humans on Earth. So a nonprofit teaming up with a cryptocurrency exchange to implement a universal basic income cryptocurrency that utilizes Bitcoin Cash distributions to unique humans may be an efficient way to drive adoption of Bitcoin Cash and universal basic income.

However, diverting legacy stock market/economic wealth to many humans in a humanitarian way (crypto UBI) seems good, and also accelerating Bitcoin Cash adoption is good. Driving Bitcoin Cash and cryptocurrency adoption can be good, since it can help move humanity away from fiat currencies that can be affected by economic manipulation (like printing 19.5 trillion dollars out of thin air by a central bank). Unfortunately,  I probably do not have time to lead the efforts on this. I could be on the board, or act as an advisor or consultant to a nonprofit implementing this. If my direct participation is not needed, and this is implemented without me, that is OK too.

What is described here can serve a dual purpose of helping to eliminate poverty through a universal basic income cryptocurrency and also help to accelerate Bitcoin Cash usage and adoption all over Earth.