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What is Basic Income Token?

Basic Income Token is an attempt at basic income. Each user who is signed up for the service receives 100 Basic Income Tokens each day. 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 I Get Basic Income Tokens?

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.

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

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

What is Basic Income Token ID?

Your Basic Income Token ID is the ID that you chose when you signed up for Basic Income Token. Other users can use it to send tokens to your account if they are trying to find you. Please note: You do not need to interact with your Basic Income Token ID to claim tokens.

When will Basic Income Tokens be on an exchange?

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

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

All of your tokens will be converted to the new cryptocurrency at a 1:1 ratio automatically. 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. Please read the white paper linked for a more detailed description.

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?

Basic Income Token is currently 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.

How Do I Send Basic Income Tokens?

Tokens can be sent by going to your account page and typing in the Basic Income Token ID of the person or business 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?

Each transaction has a 3% fee 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 us to provide protection for users 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?

Actively requiring users to claim tokens lets Basic Income Token ensure 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.

What Are Vendor Accounts?

Vendor accounts are business accounts which allow transactions to be more easily managed from a buisness point of view. Each vendor account must be associated with exactly one normal owner account. There is no requirement that vendor accounts must be associated with a registered business. If you wanted to set up a lemonade stand and create a vendor account to accept tokens, you may.

How Are Vendor Accounts Different From Normal Accounts?

Vendor accounts are not user accounts and thus do not generate any tokens by themselves. In the future a feature may be added to allow vendors to be rated to let users know whether or not a particular vendor is trustable.

How Will You Ensure Each Person Has Only 1 Account?

Additional personal information will be required for users to create accounts in the future to ensure the identity of an individual and to prevent them from creating additional accounts. Old accounts will also require you to update your information to continue claiming your tokens. Accounts found violating the terms of service will be promptly suspended and tokens will be deleted. Anyone found breaking the rules will receive a 1 year ban from being able to receive tokens. Be aware that in the early days of the site while Basic Income Token is focusing on growth there may be the possibility for more abuse until we have the means to verify identities.

Will The Transaction Fees Stay The Same?

Transaction fees may raise or fall depending on how much it costs to maintain Basic Income Token. All fee changes will be announced at least 1 month before they are implemented. Personal friend to friend transactions may eventually become free in the future as well.


How Are Chargebacks handled?

Warning, there is no current built in chargeback system in place. This will be added after Basic Income Token becomes more established. If you have a dispute you wish to address please use the contact form and include all details for your situation.

Chargebacks will be handled differently depending on the specific situation. When a user or vendor claims fraud has occurred the specific case will be looked to and solved on a case by case basis. Here are the following situations and process for each one:

The resolution is solved and the user is at fault: tokens will be returned from user to the vendor, if there are insufficient tokens then they will be drained from the basic income until the debt is resolved.

The resolution is solved and the vendor is at fault: tokens will be returned from the vendor to the user. If the vendor does not have enough tokens to fulfil the return then the vendor will be shut down and tokens will be drained from the vendor’s personal account if the vendor is not an official company. If the vendor is an official company and refuses to pay their account will be shut down and not be allowed to operate again unless they repay the debt. The tokens will be returned through the 3% transaction fees that were payed to Basic Income Token.

Vendors will have different levels of clearance. Vendors with low clearance will be required to hold a certain amount of funds in their account in the case of chargebacks. Fraud on a large large level (Several users sending money to a fake company, the face company transferring money to other users, and then all users doing simultaneous chargebacks) will be treated as fraud. An investigation will be conducted and all accounts found at fault will be shut down. Non-connected accounts will be charged by having the money taken out of their account immediately or if the money is not available it will be taken out of their daily money or new money they receive. Money that cannot be recovered will be taken out of our 3% fee. Vendors with high clearance will be identified with high levels of scrutiny and will not be required to hold the same amount of funds.

In the event that there is a conflict between two users an investigation will be started and we will attempt to resolve it. The same system for recovering money will be done as if it was a vendor and a user.


How Can I Link Basic Income Token Into My Site?

Currently there is no existing API to link Basic Income Token into your website. We are currently planning on developing an API so vendors can easily accept tokens as a payment for a product or service. Basic Income Token links will work in a similar way to how most vendors currently use Paypal / Stripe.


Are All Basic Income Tokens Equal?

Different countries will have their own tokens since the concept of Basic Income Token is basic income it unfortunately doesn’t work on a global scale. The average person in a third world country makes a vastly different amount of money than a person from a first world country. Making all tokens equal would devalue them for people in first and second world countries making them effectively worthless. We also do not want to leave out people in Second or Third world countries either since Basic Income Token should be able to be used anywhere. The solution to this is to have different categories of token. The GDP per Capita in your country will determine the token type that you receive. Separate countries that are close in GDP Per Capita will receive the same type of token. While Basic Income Token is in beta we will give everyone the highest quality token now to get the service started.

When Tokens Are Region Split Will My Tokens Become Worth Less?

No, during the initial transfer of tokens from generic to region based you will be able to select the region of tokens you wish to convert your tokens into even if you are not from that region. However, after the switch you will only receive tokens from your specific region.

Will I Be Able To Trade Tokens Across Regions?

After a region split occurs there will be a built in market to allow people to trade token between currencies. The prices of each type of tokens will be dictated by the free market.

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source: Basic income

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