Universal Basic Income

A View from MyBit

This week, we thought we’d explore an idea that’s near and dear to our hearts: universal basic income. In its simplest form basic income is a pure, unconditional income with no means test. That means it’s paid to you regardless of your salary, wealth and employment status.

It’s been hailed as a way to streamline social security all over the world, especially as technological advances reduce the need for human labor. There are some pilots already underway, most​ ​recently in Finland​. And it’s found support among high profile business leaders such as​ ​Elon Musk​ and​ ​Mark Zuckerberg​.

The idea isn’t new however. Back in the time of the American Revolution, one of the Founding Fathers — Thomas Paine​ — argued in favour of the idea. The 18th Century was, of course, a time of great poverty and inequality — but with both increasing today, perhaps it’s time to reconsider the idea for the (post)capitalist age.

A basic income doesn’t just free people from poverty and inequality though. What really attracted us to the idea was that it frees people from “wage slavery” — that is, being ​forced​ to work. At MyBit we believe that everyone should be able to follow their passions instead of having to work to simply survive. After all, if you are going to dedicate many hours to something at the very least it should be a passion, right?

While we can never promise that MyBit will eradicate inequality, what we can do is offer equality of opportunity. By redefining the way people generate income, MyBit offers a new way of making money. Through harnessing the power of machines and owning a share of these assets, people can open up alternate revenue streams to selling their labor alone. This extra income can give everyone the freedom to do whatever they want — and, hopefully, live a happier, freer life.

For us, this makes complete sense. Every person is empowered to develop themselves on their own terms in their own time. The effects aren’t just personal though.

Happier, healthier people can also have a huge impact on the economy. With a streamlined benefits system, the costs of social welfare will plummet. Crime will decline as people no longer have to struggle to survive. Both would be a massive boost to the economy — and that’s just the start. The full effects of a universal basic income have yet to be imagined, ​let alone​ studied.

It’s just another reason why we’re excited about the potential of this idea — and we’re keen to play a part in our own way. While a true basic income may be a long way off, all of the MyBit team are working — step by step — towards our own unique solution.

Until next time!

The MyBit Team.