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The practical consequence of solving this problem is that Bitcoin gives us, for the first time, a way for one Internet user to transfer a unique piece of digital property to another Internet user, such that the transfer is guaranteed to be safe and secure, everyone knows that the transfer has taken place, and nobody can challenge the legitimacy of the transfer. The consequences of this breakthrough are hard to overstate. What kinds of digital property might be transferred in this way? Think about digital signatures, digital contracts, digital keys (to physical locks, or to online lockers), digital ownership of physical assets such as cars and houses, digital stocks and bonds … and digital money. All these are exchanged through a distributed network of trust that does not require or rely upon a central intermediary like a bank or broker. And all in a way where only the owner of an asset can send it, only the intended recipient can receive it, the asset can only exist in one place at a time, and everyone can validate transactions and ownership of all assets anytime they want.

A basic income (also called basic income guarantee, Citizen's Income, unconditional basic income, universal basic income, or universal demogrant[2]) is a form of social security[3] in which all citizens or residents of a country regularly receive an unconditional sum of money, either from a government or some other public institution, in addition to any income received from elsewhere. An unconditional income transfer of less than the poverty line is sometimes referred to as a partial basic income. Basic income systems that are financed by the profits of publicly owned enterprises (often called social dividend, also known as citizen's dividend) are major components in many proposed models of market socialism.[4] Basic income schemes have also been promoted within the context of capitalist systems, where they would be financed through various forms of taxation.[5] Similar proposals for "capital grants provided at the age of majority" date to Thomas Paine's Agrarian Justice of 1795, there paired with asset-based egalitarianism. The phrase "social dividend" was commonly used as a synonym for basic income in the English-speaking world before 1986, after which the phrase "basic income" gained widespread currency.[6

Contents  [hide]  1 Policy aspects 1.1 Transparency 1.2 Administrative efficiency 1.3 Poverty reduction 1.4 Basic income and growth 1.5 Freedom 1.6 Work incentives 1.7 Affordability 1.7.1 Key principles 1.7.2 Case studies 2 Pilot programs 3 Basic income and ideology 3.1 Economic perspectives 3.2 Georgist views 3.3 Right-wing views 3.4 Feminist views 3.5 Technological unemployment 4 Criticism 4.1 Economics research 4.2 Political debate 5 Worldwide 6 Advocates 6.1 Europe 6.2 The United States and Canada 6.3 Asia, Africa, Latin America, Oceania 7 Petitions and referendums 8 Public opinions 9 See also 10 References 11 Further reading 12 External links

Technological unemployment[edit] Concerns about automation and other causes of technological unemployment have caused many in the high-tech industry to turn to basic income proposals as a necessary implication of their business models. Journalist Nathan Schneider first highlighted the turn of the "tech elite" to these ideas with an article in Vice magazine, which cited figures such as Marc Andreessen, Sam Altman, Peter Diamandis, and others.[47] The White House, in a report to Congress, has put the probability at 83% that a worker making less than $20 an hour in 2010 will eventually lose their job to a machine. Even workers making as much as $40 an hour face odds of 31 percent.[48] To better address both the funding concerns and concerns about government control, one alternative model is that the cost and control would be distributed across the private sector instead of the public sector. Companies across the economy would be required to employ humans, but the job descriptions would be left to private innovation, and individuals would have to compete to be hired and retained. This would be a for-profit sector analog of basic income, that is, a market-based form of basic income. It differs from a job guarantee in that the government is not the employer (rather, companies are) and there is no aspect of having employees who "cannot be fired", a problem that interferes with economic dynamism. The economic salvation in this model is not that every individual is guaranteed a job, but rather just that enough jobs exist that massive unemployment is avoided and employment is no longer solely the privilege of only the very smartest or highly trained 20% of the population. Another option for a market-based form of basic income has been proposed by the Center for Economic and Social Justice (CESJ) as part of "a Just Third Way" (a Third Way with greater justice) through widely distributed power and liberty. Called the Capital Homestead Act,[49] it is reminiscent of James S. Albus's Peoples' Capitalism[50][51] in that money creation and securities ownership are widely and directly distributed to individuals rather than flowing through, or being concentrated in, centralized or elite mechanisms.