Most civilized countries already have something very similar - social security. Everyone who works pays into the system that distributes that money among those who are unemployed.

It's a type of insurance if you will. If I participate in the system, I can be reasonably sure that were I to lose my job, I wouldn't end up on the streets.

A spectacular example of why this is a good thing is J.K Rowling who was able to write Harry Potter because the British welfare system kept her in reasonably good shape after she lost her job -> http://imgur.com/gallery/FIQYq

I've never understood the exact differences between basic income and social security, but it fundamentally feels like such a safety net should exist.