In the last few years, cryptocurrencies have been proliferating with people searching for the best crypto to invest in as well as how they can add to their portfolio. Some have even been created specifically for Basic Income.
According to Dom Galeon and Abby Norman, who are the authors of an article called Universal Basic Income Could Become a Reality Thanks to this Technology in the emagazine Futurism, cryptocurrencies are mined from a decentralized system of ledgers and transactions known as blockchain. In a blockchain, transactions from various sources get recorded and are kept by a network of specialized computers. Usually, these blockchain keepers are “compensated” for their efforts in maintaining a block with cryptocurrency. This process is called mining. For every digital transaction recorded and stored, a miner is paid in Bitcoin, Ether, or Zcash, depending on which blockchain they are using. Wondering where Bitcoin can be spent? Visit https://coinsspent.com/ to find out.
Grantcoin is a nonprofit based in the US that re-distributes funds worldwide. In their mission statement they express the belief that their system is for the people, not for corporate or government gain.
Cicadia is an open-source distributed application cryptocurrency created by Daniel Jeffries. His system makes it possible for recipients to use their phones to receive funds, bypassing the need for any government intervention.
The authors also state that there are additional cryptocurrency-based UBI programs like uCoin and Swarm, as well as Circles, which uses Ethereum. There are also UBI-like programs by Kiwicoin in New Zealand, Cubecoin, Strangecoin, the Worldwide Globals Organization, and the Basic Income Project, LLC.
The DWP are on to new currencies. They count money earned in new currencies and convert it to pounds. Then they deduct pounds from the benefit claimant leaving only a small disregard. Thus the claimant has pounds taken and new currency gained. He or she loses money that will pay rent and utility bills and may end up worse off. Not just technology but rule changes are needed.