BBD Coin Prices Break $1.19/ Win 100k Btcmyk Referral Contest!

Welcome back to the channel. I hope you're having a great day. And today the Bitcoin NYK Back Dollar has surged past $1.19 from its start, uh, this month started at around $1, up now 19%. Not bad, not bad for only being in existence about 3 weeks. And so a question we get quite frequently is what is driving the value? Of the Bitcoin NYK-backed dollar. And there are many theories about it, and we would encourage you to subscribe to the channel. Uh, there is a large amount of, um, content about the Bitcoin NYK-backed dollar, how it works. It sounds like a stablecoin. Uh, it partly is, it's partly something else. It's something unique to the cryptocurrency space that I think many people will like. But we discussed that in the video, so join. Uh, today we're more discussing the price and the referral program contest, so we won't, uh, go into the— a lot of the economic theories about the Bitcoin and YKBackDollar in this video. But we will just give you some, some basic guidelines to, uh, try to really help you to, to get the basics of it. So what's driving the value of the Bitcoin NYK-backed dollar? Let's make a few comparisons to a few things that happen in our standard economy. First, let's take a look at the US dollar as the Bitcoin NYK-backed dollar is very important to understand. It is not pegged to the US. It is not, I'm sorry, it is pegged to the US dollar, but it is not backed by the US dollar. It's actually backed by something called the Bitcoin NYK Native token, and, uh, um, we'll speak a little bit about that. But if you look at something like the US dollar, the— what you can purchase with a US dollar has varied and has changed over time, right? We could use comparable information to suggest that the US dollar has at some times been less valuable or more valuable. To the user of the dollar, in some cases, the amount or the value of the dollar doesn't matter as much as the utility of it to exchange goods and services, right? As a medium of trade. You know, in other words, you're not looking at the value of your dollar every day and going, hey, you know, I wish, I wish, you know, I'm worried about if the dollar's gonna fall today or rise today. That's just generally not the concern of most citizens. And there's many reasons for that. Although it does rise and fall, but it's not significant enough for that to really be a worry of most citizens at this stage. In addition to that, the US dollar does seem to gain value as well. If you're in a foreign country, You're some— you have dollars, you exchange them to the foreign country's dollar. What generally happens, you in some cases can purchase more items than you were able to purchase back in the United States. And it's vice versa for the people who are obtaining your dollars. Now they can purchase more goods and services in their country against the strength of the dollar. So how does this play into the Bitcoin MYK back dollar? Let's look at another example. Let's look at a project like Facebook, the social network, estimated to be worth about $700 billion. What gives Facebook value really? Right now, a lot of people can say many things like, oh, well, they sell your data, they do this or that. But let's look at this from a very, very simple point of view. Facebook has 2.5 billion users. That's a lot of attention value, and that creates value in many ways, right? Facebook has 2.5 billion users and a value of about $700 billion. Now let's hold that $700 billion figure. What would happen if Facebook had a value of $700 billion and it had no users? It wouldn't work. It wouldn't apply because there is some correlational value between the people on the network and the value of Facebook. Let's say Facebook had one person. There would be some value there, but it would be of little significance, but that person on that network could possibly bring some value that they create or produce on it. Let's say that 1 became 10 people and that 10 became 100 or 1,000 or 1 million. Now, as we're going up the scale, what is happening to the value of Facebook and what is happening to the value of the stocks in Facebook? Wouldn't it be logical to deduce that the value of Facebook is going up in relation to the user and the attention value? Facebook is working on a project called Libra coin, right? And this includes a dollar cryptocurrency, perhaps a stable coin that is able to move value from value to these, their accounts, right? To their user base. And they're able to move their value back and forth over this vast, very valuable network. Let's go back to Bitcoin and YK back dollars. Uh, but hold on, let's stay with that Facebook example for a minute. If they create a cryptocurrency, the Libra coin, and they move it from account to account, the strength of that, or even the value of that dollar, is going to be a great deal relative to the people on that account, right? In other words, if they were to create the Facebook network and they were to create a Facebook cryptocurrency and there was no people on the network, then we could come to the conclusion that both the Facebook network and the value of their cryptocurrency would probably sit around somewhere like zero, as it would have no users, no attention value. Well, if you take the same example, you add the 2.5 billion users, then you get something like a $700 billion network. So maybe it's now it's making sense. What you're witnessing with Bitcoin NYK back dollars when they jump from $1 to $1.19 is there is a correlational representative value to the size of the network, the gain of the network, and what is the perceived value of the Bitcoin NYK back dollar. As to say in simple layman's terms, as the network increases, the buying power of the Bitcoin NYK back dollar increases because the assumption has become now there is more attention value in the network, uh, that can be, uh, generated. And because of that, there's no— now a more inflation or issuance of this cryptocurrency, right? And I want to just keep it simple right there right now because there, there's a lot of content, there's a lot of videos that talk about the complexities of how this works, how it's redeemed, how it's traded, and so on and so forth. But that's for another video, uh, and that's where a lot of the content that exists about Bitcoin and YKBackDollars already. So let's just keep it there for now, and in the future we'll do more videos and we'll be able to even answer more sophisticated questions on this video. But you know, we just don't want to go through a million theories about this. We just want to give you the basic idea that the value of Bitcoin NYK back dollar similar to what you would get with the Libra coin project is this social network cryptocurrency with a, with a, with a, uh, quote-unquote, I guess you could say, somewhat stable dollar, or redeemable dollar at best, backed by the Bitcoin NYK native token as this network grows. If you can accept the theory that as a network grows, the value of the cryptocurrency grows, then it would be a very simple explanation for Bitcoin NYK-backed dollars. In a very logical sense, I think we would have to accept that a growing social network would be more valuable with these representative currency units to move throughout them, right? So that's Bitcoin NYK backed dollars in a very simple way. How it grows, why it grows, we invite you to subscribe to the channel, find out more information, ask questions in the comment section. Real fast, the BitcoinMYK referral program contest is now happening, right? On the 28th of January, it will end. The person with the most referrals will win, uh, 100,000 BitcoinMYK tokens. Now, it is very important that you, um, um, uh, join on our site, get your referral link. It will generate on the BitcoinMYK.com site. We'll leave a link in the description. And jumping in this contest is still anybody's game. Um, you know, uh, some of you may have social media sites or, uh, websites where you can reach thousands of people. That'd be a good opportunity for them to get some free money by joining the site because it's also a feature of Universal Basic Income program in it, which helps the network grow and, um, get some free money to you as well as have that chance at winning $100,000. Bitcoin MYK token. So very good situation. We hope you join today. That's all I want to say in this video. If you like content like this, don't forget to like, subscribe, and as always, until next time, take care.