All You Need To Know About Basic Income Protocol

What Is Basic Income?

Basic income is a concept where all people in a specific group are given a fixed amount of unconditional income. Ideally basic income should reduce poverty and help decrease the wage gap between the rich and the poor improving the quality of society.

Is This A Cryptocurrency?

At the moment Basic Income Token is a digital currency and will soon become a full cryptocurrency. In mid-2019 all tokens on Basic Income Token will be transferred at a 1:1 ratio onto the new Basic Income Token blockchain.

What is Basic Income Token?

Basic Income Token is an attempt at Basic Income Platform whereby each user who is signed up for the service receives 100 Basic Income Tokens each day until the tokens alloted for that purpose is exhausted. No additional tokens can be created with time or resources. No user can gain any other 'advantage' when it comes to acquiring tokens.

How Else Can One Get Basic Income Tokens?

For now that the airdrop is still on, additional tokens can temporarily be generated through referrals at the rate of 500 Basic Income Tokens per referral. After 5,000,000 users have been reached these bonuses will disappear and income generation will be the sole source of new tokens.

How can one withdraw Basic Income Tokens to an external wallet?

For now The Basic Income Token blockchain is in progress. For this reason tokens cannot be removed from Basic Income Token at this time. Once the blockchain has been completed, withdrawals to external wallets will be made possible.

What is Basic Income Token ID?

Your Basic Income Token ID is the ID that any registered member chose when creating an account for Basic Income Token. With this ID Other users can send tokens to your account if they are trying to find you. Note however that you do not need to interact with your Basic Income Token ID to claim tokens.

When will Basic Income Tokens be on an exchange?

The team behind the tokens are currently working on building the technology required to make the Basic Income Token Protocol possible. Once the technology has been completed, they will begin the process of talking with various exchanges. At this moment they unfortunately cannot make any promises as to exactly when this will be finalized.

What will happen to the Basic Income Tokens when it becomes a cryptocurrency?

All of your tokens received by registered members will be converted to the new cryptocurrency at a 1:1 ratio automatically. As a member you don't need to worry about anything.

What is the total supply of Basic Income Tokens?

There are different supplies set aside for the development of the platform, funding proposals, and the basic income that is distributed. You can get details of this from the white paper.

How Do One Send Basic Income Tokens?

You do this by going to your account page and typing in the Basic Income Token ID of the recipient  you wish to send tokens to as well as the amount of tokens you wish to send. Simple click 'Send' and the transaction will be complete.

Are There Any Costs Associated With Sending Tokens?

There is 3% fee for each transaction as well as a 2 token fee. The fee is used to support the development of Basic Income Token, pay for the costs associated with hosting and supporting the service, and allow them to provide protection for members of the platform or businesses that were deceived during a transaction.

Will Everyone Always Get 100 Basic Income Tokens?

The amount of Basic Income Tokens generated will slowly reduce over time until the cap of 100 billion tokens have been reached. The rate of increase will eventually be set to a healthy inflation rate that is in line with the concept of basic income.

Why Do I Need To Actively Claim My Basic Income Tokens?

Registered users are required to claim tokens to let Basic Income Token ensure that the user is both alive and wishes to obtain their daily allowance. It also requires users to be actively engaged with Basic Income and encourages them to use their income regularly.

Is There A Limit To How Many Unclaimed Tokens I Can Have?

Yes, the current limit to unclaimed tokens is 7x the daily allowance of 100 tokens. This means that if you can't go over 700 unclaimed tokens and will be unable to gain more unclaimed tokens until those are claimed.

Are Basic Income Tokens Tied To Real World Currency?

No, tokens are not tied to real world currency in any way and do not represent a specific amount of currency or value of any form. Tokens are only worth as much as someone else is willing to pay for them.

How to Join Basic Income Network and Claim 100 tokens ($100 equivalent) Daily

If you haven't joined the Basic Income Platform yet then you are missing greatly. As a registered member of Basic Income each member is given 100 tokens daily for just being a registered member. At the time of writing this post, each token is equivalent to $1, mean the 100 tokens is equivalent to $100.

So, if you have registered yet what are you still waiting for? This is an opportunity you shouldn't afford to miss. Sign right away and start accumulating your $100 daily. Remember the amount of tokens giving out will decrease gradually as more and more people join the program. So, the best time to join is now. Register Here.