Cryptoeconomics of an International Basic Income Cryptocurrency

In order for one or more basic income cryptocurrencies to be implemented internationally, a variety of cryptoeconomic factors must be taken into account. Since average costs of living differ from country to country, how should a basic income cryptocurrency take into account variable costs of living? In some countries, renting a single bedroom apartment can cost about 1,200 fiat United States Dollars per month. In some other countries, a comparable apartment can cost about 400 fiat United States Dollars per month. Food prices, fuel prices, and prices of many other sorts of goods and services will vary from country to country, and even city to city.

In order to avoid negative cryptoeconomic consequences, it seems that costs of living between countries should be taken into account when implementing a basic income cryptocurrency. Should a basic income cryptocurrency take into account costs of living between different cities in a single country? Probably not since that could introduce too much complexity Right now, it makes most sense to distribute different amounts of basic income cryptocurrency to residents of differing countries. More often than not, it is easier for individuals to move to different a city in their home country than it is to move to a different city in another country.

If United States is used as the baseline for distributing a basic income cryptocurrency, then the amount distributed to individuals in other countries will be more or less than is distributed to individuals in USA. For example, if the cost of living in India is on average one third of that in USA, then people living in India would be provided a third as much basic income cryptocurrency as those in USA. If the cost of living in Bermuda is on average twice as much as living in USA, then those in Bermuda will receive twice as much basic income cryptocurrency each hour than those living in USA.

If what is aforementioned is implemented, then the universal basic income cryptocurrency will not be implementing the distribution of universal amounts, but if enough individuals sign up for the service, then it can still be considered to be a universal basic income cryptocurrency potentially. Can a basic income cryptocurrency be distributed to truly all adult humans on Earth?

There are some identify verification services that exist. Some of these services have the ability to verify the uniqueness of hundreds of millions to billions of humans on Earth. Currently, there is probably no identity verification service that has the ability to verify the unique identities of all seven billion plus humans on Earth. Some people on Earth are undocumented, in the sense that they may have no official government identity card or documents. In order for a basic income cryptocurrency to be truly universal, this may be a problem that must be overcome so that uniqueness of basic income recipients can be verified for all humans on Earth. This will be explored more at another time.

Perhaps more than one nonprofit organization will implement basic income cryptocurrencies. If there is more than one nonprofit doing this, then perhaps at least one organization may implement a truly universal and equal amount to all recipients, and perhaps another might distribute an amount which is based on cost of living in the country of recipients residence. It will be interesting to see how basic income cryptocurrencies develop.