Online magazine Vice runs an in-depth article about the potential of cryptocurrencies to provide basic income platforms through so-called group-currency initiatives. Cryptocurrency is diversifying so much you can even use it on online gambling sites now. Find out the answer to the question Does the FunFair protocol offer more value for all parties than Bitcoin? to see which is best to use.
Journalist Nathan Schneider’s article provides a run-down of new basic income initiatives using Bitcoin and other online currencies and discusses their inherent advantages such as voluntary participation, low transaction costs and the bypassing of the traditional political system. Bitcoin is the go to cryptocurrency, find out why at Bitcoin Australia.
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The author also offers thoughts on how to overcome pitfalls of the cryptocurrency approach, including the risks posed by so-called Sybil attacks and pump-and-dump schemes.
Nathan Schneider “The Cryptocurrency-Based Projects That Would Pay Everyone Just for Being Alive.” Vice, May 29, 2015