One of the beautiful things about using cryptocurrencies is that they are free from governmental regulation, and no public or private companies (like the Federal Reserve). How do you plan to keep track of the cryptocurrency and digital transactions if it's decentralized and encrypted? I'm just curious as that could be a pretty big issue trying to regulate it like you would a regular currency.
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The transactions would be on the blockchain, they would be encrypted but they would have a different code allowing you if you knew the coding language to see exactly where that coin came from, where its been and where its going. I am not a coder or programmer so I don't have the knowledge to get that deep into system specifics but that is the basics of it. Maybe its not possible to make a code like that on the blockchain I am not sure.
It might be possible, but it sounds more like a built-in backdoor. Backdoors are bad, especially where finances lie. You can't have it in the system and not expect malicious forces to get in. This is why the current regular currencies have so much security these days, black hats be lurkin'.
I see what you mean. That is very true. I thought about it and all you would have to do with my UBI model is... The only numbers that would be tracked is your specific wallet number, with a connected store wallet number(wallet at retail/gas station/supermarket/etc), those would be logged in a simple excel style spread sheet as to who owns which wallet. Their Name, address, etc.. Now, the only people who could have access that information would be the same people in gov who have access to that info now, the irs and us treasury department. They have the info through your checking accounts and credit card accounts you have. You would always be able to log and keep track of your own transactions made with your UBI wallet, so there would never be a discrepancy. I personally would have no issue with allowing those gov sectors to see that info. Those funds would be tied to a free account that I am receiving free money in monthly forever. I would expect there to be some regulation like that attached to it. Everyone would still have their personal BTC wallets and other Crypto wallets, those do not have those types of restrictions attached to them. That would not changed or be influenced in any way by my UBI program model. They would in fact get more popular and stronger. I always appreciate the deep thinking questions! Thank you!