Grantcoin: currency with a conscience (Universal Basic Income)

[qnr]

Grantcoin is the first currency to be primarily distributed as a Universal Basic Income. The Grantcoin Foundation believes that access to the money supply whenever money is created should be a universal human right, not a privilege.

Each year, we plan to add 3.5% to the Grantcoin already in circulation. This will be given as Basic Income grants to everyone in the world who chooses to participate, growing the money supply in a way that provides equal access to all.

Basic Income grants are distributed quarterly (March, June, September, and December). The first distribution will occur on June 30, 2016. Sign up today!

I've been following this for a while. The "Universal Basic Income" isn't huge at the moment, but will expand as more people get involved with this cryptocurrency. If you're interested in checking it out, visit.

Grantcoin: Basic Income Grants

Incidentally, if you use this referral code, we'll both get extra Grantcoin for the first year: d9dazz7x7x

[cliffordu]

1. Is this one of grantcart's shady deals?

[qnr]

2. Nah, check out their Governance and Disclosures page.

Grantcoin Foundation Governance & Disclosures

Among which you'll find their IRS letter of determination of 501(c)(3) status as a tax-exempt public charity in the United States — November 3, 2015 PDF.

[ohnoyoudidnt]

3. After bitcoin, there were many other electronic currency copycats.

This appears to be one of those. They do have a unique approach, but I suspect this it nothing more than a scam like the others.

They create this 'currency', make it popular enough until people will pay real money for it and then the creators sell their grantcoins on the exchanges for real money or for other electronic currencies for which people will pay real money.

I will have to look into this more, but I doubt the creators' intentions are sincere. There are already several of these electronic currencies that give away free coin to anyone who signs up. I'm not sure how this is any different.

It's probably more like a ponzi scheme.

[qnr]

4. Yeah, I can understand your concern,

However, the fact remains that this is a registered charity.
Edit: You'll also see that they (the owners) are only allowed to own a limited percentage of Grantcoin, and are required to give 30 days notice if they plan on selling a significant amount. They did get a one-time payment last year, but that was to compensate for them having spent thousands of their own dollars to establish the foundation.

[ohnoyoudidnt]

6. It is an interesting idea.

Last edited Sun Jun 26, 2016, 06:44 PM - Edit history (1)

And I would like to see it work, but I am still skeptical as there are several ways that the creators' can take advantage. It is fairly easy to secretly accumulate cryptocurrency and there could be misuse of the foundation's funds. I do think there could be a future in it but right now I just see it as a high-risk investment. A lot of people don't understand it and there are security issues. Mainstream adoption could happen, but we are a ways away from that possibility. I did get some Bitcoin a while back and have seen some nice gains and I use it to pay my vpn. I do see the potential.

It can be fun to trade. I might get a small amount just for the hell of it and keep an eye on what they are doing. Time will tell.

[qnr]

5. If you wanted to get more info on it, there is a lot of information available at

Grantcoin area of the Bitcoin Forum

[qnr]

7. For info, I did receive my June 30th UBI.

It was about 75,400 GRT (in the range of $18.50 at today's rates).