Best Crypto To Trade 2021

Welcome back to the channel. I hope you're having a great day. So is this the best cryptocurrency to trade in? We're going to find out today on this episode. The BitcoinNYK project, what is it and is it going to end up being the best cryptocurrency, uh, that a trader can trade in? So let's explore that a little bit. All right, so I guess we should just jump right into it. I took a few notes here and the BitcoinMYK project, first, what is it? So we looked a little bit at the platform, the site, and we saw some keywords there, deflationary, right? What comes to mind when we think of deflationary products like Bitcoin, right? There's a very, uh, fixed supply, a finite supply, and because there's so little of it and there is a higher demand for it, the price seems to go up, right? And that's oftentimes what traders want. They want the price to go up most of the time and profit from it. So one of the issues with cryptocurrency has been Uh, it's quite difficult to do that, uh, partly because this is a very early exploration into this space, and it's very hard to determine the value of these cryptocurrencies. You know, it's not, uh, like your standard, uh, evaluation of a company. If it were a stock and bond, you could pull the books out, you can review them, you can see what assets and liabilities the company has, and you can make a decision as to what the value of that that product is, that stock or what have you. Cryptocurrency is totally different. The technology that's oftentimes the backbone of the value of the cryptocurrency is a bit obscure. We don't know if people are gonna use it. We don't know if it has the value that the coin's trading at. We don't know what the demand for it's gonna be in the future or if it's gonna be something else. So it's a far cry from being able to liquidate assets in a business or a company. Now, BitcoinMYK does something we find a bit unique. It finds an interesting way to kind of take elements of what you get in traditional investing, whereas it's a lot easier to gauge the value of a product. And we'll explain what that means. Whereas it may be true that cryptocurrency is based a great deal from a business model, on these virtual currencies, as it were, these digital currencies. It is also true that we found ways to use certain products on the internet and in the virtual space to gain value. Ideas like social networks. Look at something like Facebook. Facebook, everything occurs virtually. There's a tremendous amount of value because it's a people product, it's a people network. And I think that's the key. But Facebook was able to grow to a value of about $700 billion, almost a trillion dollars. And everything takes place virtually. Now, how is it that they're able to gauge the value of the Facebook network? Well, a lot of things going on within those accounts. They have estimates that each account might be worth about $200 each over the lifetime of that account. There is information flying back and forth. And whereas data is, not the problem of value to the end user. I think that many people don't have a problem, uh, collecting revenue on their data. I think the problem is somebody else is collecting revenue on your data and that the people aren't profiting from it or benefiting. And this is where BitcoinMYK is different. It's able to gauge the value of the product at the same time give it back to the end user, and in that way it's a win-win on all sides. So let's talk about why that's also important as a trader, why this is important and why this works for you. Well, for one thing, if you're a trader, you want upside potential. Hopefully you want to cover your downside potential, and you need a way to do that in a way that you have everything working for you to the best of your ability and you have all the information available and not so much that you're going to be surprised with dumps and bubbles and so on and so forth, right? Um, one big issue with the DeFi and NFT markets is they face a similar issue of us not knowing exactly what their values are, and we get these erratic price movements up. So how does Bitcoin MYK solve this problem, and why could it be the best trading coin out there? Well, for instance, As we talked about how social networks work and how they gain value a bit, the BitcoinNYK coin is paired to the US dollar. It starts at about a dollar, right? Now, what's unique about the BitcoinNYK, as we'll show you as we go on a little bit, is that the social network itself has a cryptocurrency called the BitcoinNYK. token. And then there is the Bitcoin NYK dollar, right? And basically the Bitcoin NYK dollar will always give you that much Bitcoin NYK to equal, uh, a full peg dollar, right? So it is, uh, basically redeemable for Bitcoin NYK, right, within this network of value. Now what's going to be key and what we need to understand in all of this is to have a valuable cryptocurrency where we can gauge the value. We need to not only know the value of this thing, but we need to understand when the value is coming in and when it's not, so we get a more accurate idea about it. So how does that occur? Well, as our social network area of the project grows, right, kind of resembles an idea like the valuation of Facebook. Um, to really illustrate this, the BitcoinNYK project would be like the perfect example of Facebook meets PayPal, but you own the product and you're able to control your, your value and information and so on and so forth over a decentralized social network. So, uh, how this works and what's so awesome about this is as the network grows, right, we understand that value is coming into the project, right? How much value? Well, we can use a variant scale to basically give us a general idea of what that is going to be by the value of a social media account over its lifetime, right? So as the network value increases, then the only thing needs to happen is the cryptocurrency itself needs to increase, and it needs to be able to redeem itself with the value circulating back through the project. So for instance, if there's a BitcoinNYK token and then there's a BitcoinNYK dollar that's always going to be the value of a dollar, as that network grows, the inflation rate of that dollar grows. So to, to help you understand what that means. If you're a trader in a cryptocurrency, you want to make profit on your trades. If you're holding something pegged to the US dollar that could be redeemed for that in the market value of the Bitcoin and YK token, then what you're going to have in retrospect is you're going to have the ability to, in a sort of, I don't use the term like stablecoin, I use back because I think it's important that when we're speaking of stablecoin, going on. Uh, generally I'm going to be looking at something like an official audit of where you could go down and see where the assets are held. And that's one of the big problems and debacles we had in Tether, right? How do we audit these things? Who's auditing? How do we know that money's really backed? And so on and so forth. So with this, it's a lot more simpler process. It is backed by the network, it is backed by the participants. And if you believe in the models of social media, that it is possible to gain value through the usership, the base, and the media attention and the attention value, then it would more so follow that you could see in real time over the data that's provided to you across the platform and the internet if the network is growing or not, right? There's gonna be a very, transparent ways to determine that, right? So there won't really be any problem in determining if the network is truly growing. Um, there are other things at play here because if you think of something like Facebook that works on a freemium service model, just meaning when you use Facebook or PayPal or something like that, it's actually free to you. It's free to get an account and use it, right? Um, And so in that way, the BitcoinNYK project is able to grow a very large network by creating a universal basic income area that's going to build a network and supply the participants who are adding value to the network with a dividend each month, right? So, um, that's another plus as a trader. If you have this cryptocurrency, you're accruing this dividend each month. But in addition to that, you're winning on the inflation rate. So as the network increases, to illustrate Let's say a Bitcoin NYK-backed dollar, uh, is pegged to the US dollar, and, um, the network itself increases by, uh, 10% in a period of 30 days. So that would mean that that inflation goes into the Bitcoin-backed dollar. Now, if you're holding that a dollar, now it's a dollar and 10 cents, right? To illustrate as well The first week we launched, just about, it was actually this week, it's already up to, we already saw a 2% increase in the network value. That means that the Bitcoin-backed dollar, Bitcoin NYK-backed dollar, basically went from $1 to $1.02 already, right? And as long as the network keeps growing, that value will keep growing and recirculating the value. The buying power against Bitcoin NYK coin circulates through Bitcoin NYK. The value is substantiated through the account value. Now here's the cool part, the beauty of it too. One of the holy grails of cryptocurrency and problems has been that to trade cryptocurrency, the volatility makes it very difficult to do any kind of commerce or business, or even if it makes a great payment system with very low fees or almost no fees at all, your value of your money getting to where it needs to go is going to be important that it is that value or near it when it gets there. So how the Bitcoin NYK-backed dollar gets around this is, um, it basically, um, the inflation is averaged out over a 30-day period. So instead of it just being these erratic hits these large changes in price. If you want to buy an item and your dollar dropped by 10% or it went up by 20% in a day, that's not going to happen with the Bitcoin NYK-backed dollar because the inflation rate will be controlled over a course spread out over 30 days. So if you see a 1 or 2% increase a day, it's going to be a lot less dramatic than if you see 30, 40, 50%, right? So now you can begin to see why this is so very important to a trader who wants to invest his money and wants to have a little stability and growth and, uh, at the same time have all that upside potential. In theory, as long as this network keeps growing, there is no reason to believe that or not to believe that the BitcoinNYK/BAT dollar won't go from $1 to $10 to $100 to $1,000. It can go to anything. Like, this all depends on the growth of the network. In the event the network doesn't grow, then the BitcoinNYK back dollar inflation rate doesn't grow, right? And what happens then? Well, you can always redeem for the regular trading BitcoinNYK token, right? And we'll get you over there quick to the exchange just to give you a little visual of how— what it looks like. Okay, here on the Hive Engine exchange, this is one of the exchanges the BitcoinMYK project trades on. Hive Engine relative to the Steem blockchain, they were a fork of each other. A lot of that community or most of it moved over to Hive Engine. And so it trades on that network, which is very interesting as well, that being it, that has a lot to do with social media. And there's quite a bit of activity on these platforms. But BitcoinMYK, this is the traditional, this is the standard token of the social network, right? Of the platform, right? Again, keep in mind, think of Facebook meets PayPal done in a seamless way. And you can actually post to it too. We call them tweets. They're like these tweets. You can do what posts and you can earn on them. So it's very interesting. And of course, This is to grow a massive network like Facebook. So you have the BitcoinMYK token. This is the token that's the BitcoinMYK backed dollar redeems in, and the value of the Bitcoin backed dollar circulates through the BitcoinMYK project, right? So that's the BitcoinMYK token here. Now let's drop down to the newly listed. Get down there. We just listed this this week, and as we're setting up the mechanism, it won't really take effect, uh, into tomorrow. But just to give you an idea what it's gonna look like, if we can find it here, it's probably gonna be all the way at the bottom of the list since we just listed it. Uh-oh, let's see here. Whoa, there's so many coins now. I have to do a search for it. Okay, there we go. Look, as I thought, we were all the way at the bottom. Says Bitcoin NYK backed dollar, and let's click on that, uh, give you an idea. Also very important to note that the Bitcoin NYK backed dollars only come into existence in relation to the value of the network. So it'll never be more Bitcoin, the more value of Bitcoin NYK backed dollars that could be backed up by the Bitcoin NYK token. Means you always to be able to redeem for it and have value, right? So if you drop down here, I'm gonna just give you an idea what it's looking like. Okay, freeze on me, page. Like we having a little technical difficulty there. Uh, let's see, it's trying to drop you down here to the buy orders. Look like I've got a freeze in the page. Maybe it'll come back soon.