Free money has been a trending topic over the past years among economists, government and public officials, wealthy individuals and the general population at large. Should free money be given to less wealthy individuals to cover their basic necessities? Should Universal Basic Income (U.B.I) be implemented?
Capitalists will probably like the idea and affirm in the positive because the pandemic has shown us that money-when fairly distributed among the general population-will always flow upwards to the producers, creators and innovators. However, studies in implementing U.B.I on certain niche communities have also shown some positive effects like reduced crime rates and a boost in productivity of the said communities.
Many predict that U.B.I will be a reality all over the globe at the turn of the next decade. I wonder how they will pull that off considering that will require-on the monetary aspect-stretching the supply of a currency. An over supply of a currency tends to plummet its value. I’m just speculating here but could cryptocurrency be the missing piece on implementing U.B.I?
Economists will argue that there’s no free money because there will be a hidden cost somewhere (either to the giver or the receiver). That is true but not in all cases. I don’t think there is a tangible hidden cost in giving out free money in the crypto world. If there is then it must be near insignificant. That’s one of the differences between the physical world and digital world. Due to its ‘fluid nature’ and flexibility, mind twisting things can be performed in the digital world that will seem near impossible to do in the physical world. The physical world is just rigid.
A crypto airdrop is a new and better way of giving out free money. It doesn’t carry most of the negative financial aspects associated with dishing out free money in the real world. This doesn’t mean crypto isn’t real! It just means that it is intangible and physical laws don’t normally apply to it.
Whatever it may be, it is left with the general public (which consist of different kinds of people) to harness and utilize this technology in building a bright and better world, a world where no one will feel left out (at least, not financially). The best part is that power can return back to where it should be; to the people.
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