Individual Humans: Sellers, Buyers, Crypto Investors, and UBI Recipients
June 9, 2019
The Procent system is built by users, for users. We have designed a circular economy the way we wanted it, the way we think all users would want to see it work.
Use a participating, tax-paying Crypto, and receive a daily UBI in return. That's how simple it is. You don't need to use it a lot, just a little bit is enough to start out. And then the more UBI you get, the more you will be incentivized to use it. If your store or proider doesn't accpept a Participating Crypto as payment, ask them to consider it.
Empower Yourself With Your Own Money
Money is trust. Trust is Money
A UBI currency is like no other currency you've known. You mint your own money. You accept money from people you trust, and they accept yours. A "transitive trust network" gives your money vaue to everyone else too.
Bank the unbanked.
Or at least give economic freedom to all, including the unbanked, the paperless. There are millions of people without access to banks nor credit cards. With only an internet connection, we can help get you UBI and economic freedom.
True freedom is freedom from banks.
UBI is not minted by central banks. There are no banks that can stop you from receiving or using UBI. You don't need any credit card to approve you. Only in a permissionless and decentralized economy are you fully free. We help "unbank the banked"
Fast and efficient money
No more need for merchants to pay 3% to credit card providers. No more need to wait for days when sending money abroad. High financial transaction fees are a thing of the past. UBI and many other Cryptos offer near-instant transactions with minimal fees, across all boundaries.
Benefits For Us All
End Users &
Consumers
Get to be part of finally systematically solving world hunger and reduce the wealth gap.
1% tax is cheaper than the 2-3% credit cards charge (yes, you pay that in the end)
Frequent buyers get priority as UBI recipients.
Get to help ensuring that we all pay tax, including Crypto users. It’s the right thing to do.
Retailers &
Service Providers
Gain more buyers (who prefer to shop with sellers that both accept Crypto and pay their Crypto taxes).
Can lower prices, since no longer have to mark up by 2-3% for credit card fees.
More buyers and lowered overhead costs = increased turnaround & profit.
Satisfaction of enabling their frequent buyers to get priority as UBI recipients.
Traders, HODLers, & Investors
Tax-paying Cryptos is the new hot thing, growing faster than old ones.
Fast growth = increased valuation
1% tax is a small price to pay for big gains.
Satisfaction of participating in an entirely new financial model that works to improve the world.
Too many reasons for UBI, can't list them all..
Ending poverty
Advocates for UBI say that it could help bring everyone’s income above the poverty line. We have just tons of experimental data from pilot projects all around the world that shows that if you give people money, it reduces poverty. It's just really straightforward.
A better version of minimum income
Minimum income, while largely a good thing, has some real drawbacks. For example it doesn't help the really poor. (Google the other drawbacks too.) A UBI-for-all would be a much better option, as it would both allow employers to create more jobs in the lower income brackets, and give people the option to not take them. Or to take them, which actually helps the really poor. And creates a freer economy.
The power to say no
With a minimum guaranteed income, people will be free to challenge unfair working practices. Such as zero hour contracts or not allowing workers to take washroom breaks.
Higher workplace standards, better working conditions
With the power to say no, workplaces would as a consequence be forced to reform with better conditions, including more meaningful work and better pay. This would strengthen the position of ordinary people in relation to corporations.
Redistributing wealth
The economic growth of high-income countries is making the rich richer, but has had very little effect on the working classes. A universal basic income could help to balance this inequality.
Fighting technological unemployment
With advanced technology taking over more and more blue and white collar jobs, proponents of UBI say it would act as a sort of security net for the millions of people who will be left jobless by the tech revolution.
Supporting unpaid care workers
Those with ill or differently abled relatives are often forced to quit their jobs to care for them full-time. UBI would allow care-workers to support themselves, encouraging care work within the home and relieving pressure on public services that provide care to the sick and elderly.
Helping victims of domestic violence
Those who suffer domestic abuse, mainly women, become trapped in violent situations because they don’t have the means to leave them, research by Women’s Aid shows. UBI would make leaving an abusive partner easier from a financial point of view, at least.
Eliminating the need for social welfare programs
UBI accomplishes the same thing as many social welfare programs, but in an infinitely more effective and efficient manner. From an individual perspective, this could mean an end to filling in forms, unnecessary administration, house visits, and any other form of proving that you actually need the money.
Elliminating wasteful bureacracy
UBI would save time, money and resources as well as make the benefits system simpler. There are countless needs-tested governmental organisations responsible for helping those in poverty, handing out unemployment benefits, food stamps, subsidised housing, disability benefits, etc, in all countries. They all require massive dminimstration and bureaucracy. These can all be significantly reduced or even entirely elliminated by replacing them with UBI.
Elliminating benefit fraud
A UBI would replace the majority of benefits and is one of the least bureaucratic tax/spend models. This would save time, money and resources as well as make the benefits system simpler. It would also eliminate benefit fraud as a UBI is granted automatically.
Contributes to the job market
Most people intuitively think that jobs lead to financial wealth, but the reality is that having money actually leads to jobs. Without the privilege of wealth, it is more difficult to build a life that makes landing a job easier. In order to get a job, you need to have a house with a shower, a set of appropriate interview clothes and the funds to cover the cost of transport and food during the working day. If you want to contribute to the economy on an even greater scale and start your own business, you’ll need even more money.
More kids in school / Reduced school dropout rate
When basic needs are porvisioned for, we see school attendance rise significantly in developing countries, and we also see a reducetion of school dropout rates in all countries.
Reduced crime rates / Fewer people in prison
With enough money to not go hungry, petty crime rates will drop significantly. And along with it, the same will happen for major crime and imprisonment rates.
Increased quality of life
UBI contributes to increased happiness and life satisfaction, and to reduced stress and depression.
Economic growth
Researchers from the Roosevelt Institute created three models for US implementation of UBI and found that under all scenarios, UBI would grow the economy by increasing output, employment, prices, and wages. Since implementation of the Alaska Permanent Fund, the increased purchasing power of UBI recipients has resulted in 10,000 additional jobs for the state.
Decreased inequality
UBI guarantees income for volunteers, non-working parents and unpaid family caregivers, thus empowering important traditionally unpaid roles. Such jobs are typically overrepresented by women, the elderly and young adults. So UBI reduces gender-based and age-based inequality, and probably other inequalities too.
Future-proofs the economy
Automation threatens to put all jobs at risk. A basic income would ensure that ordinary people are insulated from the worst effects of this. In fact this could be a positive – allowing people to retrain or set up their own businesses. A UBI would also support the economy during this transition, ensuring that people can still afford to buy things.
More time for yourself
People could reduce their working hours without sacrificing their income. They will therefore be able to spend more time on other pursuits they find more meaningful such as a hobby, greater family time or setting up a business. Fostering a greater entrepreneurial and creative spirit among citizens will improve society and the economy. This will also lead to a reduction in stress and improve general mental health.
Etc.
The list goes on and one.
There are certainly a few counterarguments as well. Some people genuinely dislike the idea of a UBI. For our perspective on the most common counterarguments, see our FAQ pages.