Bitcoin Lightning Network - Not Better Than Bitcoin Wave Network

Hey you, welcome back to the channel. And guys, today I'm very excited to bring you, uh, this video discussing why we believe Bitcoin Wave is better than Bitcoin Lightning Network. Um, and so there's been a lot of work being done on Bitcoin Lightning Network and it is being tested. It does work. But they're working out the kinks, and many of us believe it will be the solution for transferring Bitcoin at a more efficient rate than what we currently have now, which is causing many to use altcoins and a variety of methods to move the value of their cryptocurrency across the network when many of us probably just want to move Bitcoin. And so what we wanted to discuss with you today is how Bitcoin Wave, the Bitcoin Wave network works. Uh, not Waves, to be confused with the Waves platform, which we use with our cryptocurrency. Uh, although this does use the Waves as well, but this is, uh, Wave, uh, singular. Uh, and, uh, so let's talk a little bit about how this works. So What's been part of the issue is we've looked to Bitcoin as a store of value, uh, similar to how gold works, right? And what we came up with is, well, if Bitcoin works like gold, right, if it's a store of value, then why not have something that works as a companion to it that works like the money to the gold, right? In other words, to have Bitcoin back the money we use through cryptocurrency, which would be Bitcoin NYK, which runs through this Bitcoin Waves network, right? This Bitcoin Wave network. So how will we accomplish that? And hasn't there been solutions before? Well, we think of things like atomic swaps where you can possibly switch Bitcoin to Litecoin, or you could just use some other altcoin that, you know, can be kind of does that kind of moves like Bitcoin, kind of we can just kind of sell our Bitcoin and do that. But the problem with that, guys, is that's not really Bitcoin nor really representative of Bitcoin, because the problem is then I have to sell my Bitcoin. I have to trade my Bitcoin and then it's not really any longer Bitcoin. So the option we propose is what if you didn't have to sell your Bitcoin? You could use the cryptocurrency Bitcoin NYKR project. It will, it would act like the money to the Bitcoin. The Bitcoin would stay in its vault similar to how gold stays in its vault. right? And we circulate money. Now, of course, you know, many of us know, going up prior to the 1970s, money was actually backed by gold, and then fiat currency was issued, right, under the Nixon administration. But what if we could have Bitcoin wave be how money used to be, where it was backed by gold, but you stored your Bitcoin in a vault, you kept your Bitcoin in your wallets, and you circulate this representative value, uh, through Bitcoin NYK. So let's talk about how that works and the many advantages of it. So of course this sounds good in theory, but we encountered many issues with it, and one of the main issues was that In order for us to be able to do this, it would require for certain intervals, people who have this Bitcoin, have in their Bitcoin holdings, we would need a way for them to verify the changes of the value in Bitcoin. So we would be able to move this, their value across this network without them actually touching their Bitcoin. And at the same time, you know, with it being valuable and not being subject to double spends. So how do we achieve that? And what are some of the solutions we came up with? So the first part is in order to do that, you have to worry about people moving their Bitcoin out of one wallet into another and then simultaneously claiming that value. So how do we resolve this? Well, first our interface works similar to like a social network would work. And so you log into your account where you're able to move your Bitcoin out. You don't have to actually transfer any Bitcoin to our network. You're not touching your Bitcoin, anything like that. You're just verifying you own the Bitcoin by either signing, um, sending a signature out through your Bitcoin wallet to us to let you know that you control that wallet, or either send a very small, lowest Satoshi value possible, uh, which that value will be returned to you just to verify you hold the account, right? So you've claimed that you've, or you've proven you, you are in control of that Bitcoin wallet. Right through either of those means. So now that entitles you to Bitcoin MYK. Now what stops you from just taking Bitcoin MYK or taking that Bitcoin, moving it to another wallet, and then reclaiming Bitcoin MYK? Now we got you just doing that over, over, over, over and over again. So what we would need to do is throughout the process of setting up your Bitcoin MYK account, is set it up. We will set up your account through Gmail, right? So when you sign up your account, you sign up through Gmail. Now a lot of people thinking, hmm, Gmail, but doesn't that kind of break the privacy of Bitcoin? Why would I have to? Well, a few things at this very limited level, this, these, this first, uh, verif— um, level of verification, what we're calling it is we're calling this social media private key verification, right? And you receive a, uh, a PIN key from us to your Gmail account. That— so now we've been able to prove two factors of verification: that you control the Bitcoin wallet and that you control this Gmail account, and simultaneously you have an account with BitcoinMYK. So that's the first level of verification. Throughout that level, you're then released up to about 50% of the value of your tokens. Now, Gmail is very important because Gmail is part of Google network. There is a limit on accounts you hold, and it's becoming increasingly harder to create more and more accounts through many of these social networks like Google and Facebook. And so this is like the first level of it through this key. Through use of this key. And I know some people say, well, somebody could skirt around that, they could still probably beat that. But we also remember now this is about 3 verifications that have quickly and conveniently happened from our Bitcoin account and our security measures to identify unique accounts, the Bitcoin wallet, and then the Gmail account. Okay, so now we move on from that to Facebook, right? So you might say, oh geez, why would we use Facebook? That's crazy. I don't even like Facebook. I am going to be protesting Facebook or I'm gonna be leaving the Facebook network, right? But what you have to understand about Facebook is Facebook only allows one private account and it only allows one public account or one business account. So what we do is we only accept PIN key verifications through the personal account. Now, here's the thing you need to understand about these verification processes and privacy in general. The data on these accounts are not important. We don't sell the data. We don't do anything like that. This is only to identify that these are unique accounts and unique people to these accounts, right? Or real people to these unique accounts. Now, the reality is with sites like Facebook and Gmail and privacy in general with the cryptocurrency space, with a few exceptions as we're gonna talk about here, is that on Facebook, there are still millions of cryptocurrency communities and there are still a great deal of people using Facebook Facebook. And, um, you know, it's very interesting because I meet these people every day who slam Facebook, but they continue to use it and they continue to support it, you know, large amounts of people. So their actions say one thing, or rather their words say one thing, but their actions say vastly another thing because they're still part of the Facebook network. So most people already have a Facebook account. Right? But let's just talk about privacy real quick in, in general. The reality is with Bitcoin, the Bitcoin network and privacy is that if you've been around cryptocurrency long enough, you already know that Bitcoin is not the pinnacle of any type of privacy. In fact, in many recent news stories, many criminals have been caught using Bitcoin. Uh, you can be pretty sure that if the government really wants to identify your Bitcoin account and who you are, that they can. And so when it comes to the issue of privacy, many of us would agree that you should be using Monero. So, uh, if you're that concerned about your privacy, then Bitcoin wouldn't even be the cryptocurrency you would want to be interested, interested in. That's, you know, that's— but, you know, again, going back to the privacy and data, Uh, this would only, you know, we don't care what's on those Facebook accounts. There's an authentication pin sent out, uh, that just lets us know that these are unique accounts that are, uh, that have a social media profile to one another. So we know this is the same person. Um, and it's like moving through quicksand. The more of these things you try to create, the more difficult it gets with Facebook and Gmail and various things like that. Uh, we have several security measures along with our site. You you can't register with a VPN and many other things we do. And so it becomes increasingly impossible for you to be able to try to beat the system and do the double spend and double claiming. But getting to double spending, you know, it's also important to note that when there are many Bitcoin forks that we're never out of the danger of double spending and double spending does continue to happen during claims on Bitcoin Forks. Now here's the problem. It's important to understand and for us to be honest with you all and for us in the cryptocurrency space to be very realistic that this technology isn't 100% proof, right? You know, we want a trustless system. We want a decentralized system. We want a very secure system. But the reality is we don't, we haven't achieved that as of yet. Um, there was a bug in Bitcoin that was discovered by a Bitcoin Cash developer that could have brought catastrophic consequences to the Bitcoin network. Right. And so none of this is full, uh, a fail-safe or, uh, foolproof. Right. And so that's very important to understand that. These are deterrents. These are security protocols and measures, but none of them are 100%. Maybe to give the analogy of in my country, America, what's happening with the wall that's supposed to keep all of these immigrants out. Uh, you know, I think it's, you know, become quite clear to many that this wall will not do that, that people will just go around the wall, they'll go under the wall, that people who are determined enough will find a way to bridge and break through your security, right? But just because they can doesn't mean that we shouldn't have a wall. It doesn't mean that we shouldn't have security measures, and it doesn't mean that they don't work and aren't effective to a great degree. And so I think with Bitcoin, the Bitcoin Wave Network, we should look at that in the same way. Now moving on, let's say that you just are so anti-Facebook like many people are. Now Facebook, based on the, uh, the factors we just mentioned between Facebook, um, Google accounts as our social media profiles, you can kind of liken them to, uh, verifying transactions, uh, and back to our site, which you will register through initially to start using Bitcoin Wave. System network with the BitcoinNYK token. Um, you know, it's, it's important to understand that if you don't use Facebook, if you're just anti-Facebook, what will happen is we will then— it will then move through a process where only about half of your claimed Bitcoin Fort tokens are released. And these half of these tokens that are released to you, uh, the others will be held in which you will be incentivized to complete the verification process. Now the next part would be, this will be a little bit more severe and getting closer to, you know, more of what you would get in a KYC AML type verification, but that would be PayPal, right? Verified PayPal accounts. If you have a verified PayPal account, um, then you would be able to reach the final level of validation verification, and which you now have full use of all of your fork tokens, your Bitcoin tokens. Now, why is this important and why is this so different from a just a regular fork or a different altcoin? The reason that it is so important and different, guys, is that the process never stops, right? As long as you mine more Bitcoin, you're able to claim more tokens. If you buy more Bitcoin, you're able to, you're able to, uh, claim more BitcoinMYK tokens. You do not have to buy our tokens at all, right? Only people who are probably going to buy them are speculators. But you, but it is no need, as long as you're mining Bitcoin and you're buying Bitcoin, you're fine with BitcoinMYK. And for Bitcoin maximalists and for people who only want Bitcoin, you know, I hope this makes you feel a little bit more at ease with this and not look at this as a traditional fork or altcoin trying to replace Bitcoin or dilute Bitcoin or something to that effect as you're looking at it. No, this is something totally different and we're very excited about this. We think that this is going to be be part of a great solution because even if Bitcoin Lightning Network works, guys, we don't know how many years off this could be. And, uh, so it could be a problem. Now going back down here, you kind of see it being represented Bitcoin as gold and Bitcoin NYK being kind of backed by Bitcoin. So that's how we kind of think about it, that they aren't necessarily separate arms, that they are similar. So let's finish telling you some more great things about why it's better than the Lightning Network. And I think by the end of this video, you'll have to agree that it is and that it will be. So once you get to the most severe part of the verification process, because maybe you don't want to do the Facebook verification, um, then we can use a PayPal verified account where we may send you some funds over. And what happens is you verify that your PayPal account is verified through those funds by sending them back or a portion of them back. And once we've— that part's been— that portion has been verified, now you have access to your full range of your— of all the Bitcoin NYK tokens you claim after that point. then it goes to payment received. You can send them across the network. And so we think this provides a great solution to this, guys. But let's get into the, some other reasons why it's just going to be better than Bitcoin Lightning Network. So why would you use it, right? Because as we have been very honest and clear from the beginning, this isn't 100% foolproof, right? A person who is determined enough, uh, will find a way to, uh, basically compromise the system to some degree. Now the good news is even if they do, going through these steps, I think the damage they can do with our token will be minuscule. But it is that possibility, and there's that possibility they'll be determined to do that. But here's something else that we need to put on the table as well, and that I think many of us need to understand. And that is many coins are having now to go the way of KYC AML, uh, and that stands for Know Your Customer, anti-money laundering laws. So many of these altcoins and many tokens are already just starting to do that anyway. Everybody's getting— starting to get legally compliant. So a lot of these ideas about privacy and not knowing who people are and trying to avoid that and thinking you could do that through these networks is going away. And, um, and so again, um, a lot of cryptocurrencies we are using that we are looking forward to be these very dynamic and these very, uh, significant cryptocurrencies in the future are going to be probably on a similar path. So those ideas are going away. I just want to put that out there. Um, as far as a trustless system, a completely trustless system, when we're dealing with decentralization, uh, I think just like the information I just gave about the KYC and the AML, that we go through a process of centralization to decentralization. We never ever started off decentralized. Even if you start from Satoshi, the creator of Bitcoin, or they, or them, it started off at a very centralized point, right? And then it became more decentralized. So what we're trying to do is we're trying to make our token so well distributed that it will be at the most basic core idea of decentralization, that right? And trustless and controlled and owned by everybody. And we will believe we will get to that point, but it is a process moving from centralization to decentralization. And every aspect of cryptocurrency is unavoidable, right? It is unavoidable. And if you think Bitcoin is decentralized, I can do several more videos that underline why you may be in great error about that. But let's get back to the pros of why this would be so much better than the Bitcoin Lightning Network. Okay, so the reason this is better, guys, is because first, in order for me to use any kind of component like Bitcoin Lightning Network, I'm gonna have to end up, uh, basically selling off my Bitcoin, trading the value for something else, or I'm gonna have to I first put up the Bitcoin before I even use the Bitcoin so that I can transfer instantly across these networks because I've already put the Bitcoin there before I even decide to buy something. So I have to essentially, uh, kind of pre-buy things, right? I have to pre-buy things through this contract before I even buy it or have a desire to buy it. I don't really like that idea. Uh, I would much rather something like this where I can back up with my Bitcoin at any time. I can send to anybody across the network, which is something Bitcoin Lightning can't do and won't be able to do. Um, and I can, and I can do this at zero cost to myself and at zero transaction fees. So how is that possible? Without putting any Bitcoin forward or anything like that? Well, this is possible first because remember, you claim BitcoinNYK, you do not buy them. I don't know what system or investment in history can yield you a better profit than zero, right? If you're getting BitcoinNYK tokens at zero, Um, if it goes up to 1 cent, if it goes up to 10 cents, it goes up to $100, goes up to thousands of dollars, you still lost nothing, but you have unlimited upside potential. Um, going back to the Lightning Network, I have to put up the money first to use it, and then I can only use the people on my payment channel, so I can't use it everybody. And then I have to— if I want to buy something, I already have have the money on the network ahead of time. You don't have to do that with Bitcoin MYK. So how is this possible? Well, because we use the Waves platform, we're essentially piggybacking off of the Waves decentralized exchange, yet following and matching— or I'm sorry, the Waves network, yet matching the Bitcoin network, um, continually, right? And so why would we do that? Well, because those costs— because we don't have to pay for this blockchain, that allows us to— for your transaction fees to be free, right? Um, because of the— because we don't have to pay for a blockchain. Also, it wouldn't make sense for us to start an inferior blockchain to Bitcoin. Think about that. Now Waves is a great platform, it's a great system, but if it was compromised or it went down in some way, we would still have the security of the Bitcoin ledger, right? Meaning that we could just, everybody could just use, we would still be able to know your positions through the ledger itself. Again, guys, this is a, a possible solution that you can try at no risk to you. Um, and, uh, again, when you don't have to take risk into something, uh, that's what makes it even a better situation for you, right? Because you're not losing anything essentially. Now, where the value comes from, from what Bitcoin, uh, Waves Network and Bitcoin NYK token that you'll be moving is it comes from the network effect, right? Kind of think of how Facebook works, right? You use Facebook, you don't give Facebook any money. Um, you know, you can, you can use all of its technology, you can all of its benefits, it doesn't cost you a dime. You know, now of course we know with Facebook it can, you know, use your data against you without your consent and various things like that, but Um, with us, we don't have to use your data or anything like that. It's just the network effect of attention value and using various, um, network partnerships, affiliate marketing, and various things like that, uh, in order to bring value to our network. So to contrast that, kind of think of it like a big social network. If you had 50 million Bitcoin wallet holders and then you had a network of 50 million people, then that network would be valuable. And so the value moving across that network through our token would also be valuable. Now also bear in mind, um, that if we go back here to the example we gave with Bitcoin as gold and Bitcoin NYK as the money, well, uh, we don't need a whole lot of money in circulation for it to be valuable to people. In fact, we don't have a great deal of money in circulation. Inflation, right? Because it's constantly changing hands through velocity of money. So the point I'm making is even if Bitcoin NYK is a small fraction of the price of what Bitcoin is, and Bitcoin represents, has the representative value to back it up as we're kind of moving it, because what it's basically signifying is that the people who are moving this value are able to move this value in a representative way of the Bitcoin whole at a super high speed, then you don't need a whole lot of value in the money itself. Now, of course, if you're a speculator, right, it's going to be speculators who see opportunity come in. Obviously, that's what speculators do. That's their job. And they provide this liquidity. That's going to probably happen either way. But The point is, and, and because it's a finite amount of, of our tokens and there'll be this large network, then of course the value is going to probably go up, you know, at some point. And then it's probably going to— hopefully in our model, in our idea, that value would then become very, very stable, very— we're to the point it barely moves at all. And that will probably be the period that the speculators, you know, don't gain any more value. But then we would have this great hopefully mass adopted network where people are moving money back and forth, right? So, uh, you're kind of getting the gist of this, guys. Uh, you might have to watch the video a few times, that's fine. Uh, go over some of the security measures to stop the double spend. And again, guys, uh, you know, it's the cryptocurrency space, nothing is guaranteed to work 100%, and With the value, the growth of the network and the value of the network going against what we will call bad actors, we hope that we can get a stable and still viable money and use of people's money. I'll give you this example in closing. When a person starts a business, it could be a supermarket or store, you know, whether you're dealing with an insurance company, you can go in their risk management departments And I can very much guarantee you that they're losing— a lot of them are losing billions a year in theft and, uh, accidents and various things. But that doesn't drive them out of business. It doesn't drive the investors away from their models, right? Because it's still a good model and it's still a sustainable model that works, even though you're going to have people, bad actors, you're going to have criminals, you're going to have crooks, you're going to have hackers, you're going to have all of that. But we experience that in cryptocurrency all the time. We continue on and we try to create situations that work. And so this is a good deterrent, right? We didn't say it's 100% failproof because I know I might get developers, I might get different people. So, well, this can happen. He can go create several accounts over here if he's really determined to do that. Right? Um, and they can, but what we're saying is it's getting ever so harder to do that, and we're constantly closing down on that, and it's making it hard for them to control through theft, through, uh, hacking, uh, the value of our project to the degree we think is going to be very significant, right? So we think that this is going to work and be very viable and The growth and the speculation of the network itself, we believe, will be there as well. But as far as risk, the risk at this point, I think for most people who are trying this would be zero. It would be zero, uh, pretty much. If I'm not talking about if you're purchasing the token, I'm talking about if you're claiming your tokens with your Bitcoin wallets. Right? So it would be more like starting from zero with, with unlimited upside potential. I don't know any other place. I don't know any other thing that can duplicate that yet, provide you with a way to move your Bitcoin value across networks. But I'd love to hear from you guys. I love to hear your concerns. I would love for some of you to test this out to see how it works, to see if you can beat the system. We're fine with you trying to come in. Try to beat the system. And I think it will put many of you more at ease on just how well you would be able to do that and how far you can get doing that. And, you know, how many people are going to succeed in doing that. So that would be interesting to watch. But guys, anyway, if you have any questions, comments, or concerns about this, give us a call. You can go over to our website and get more details, join the network. Start getting tokens, uh, gaining value from it. Um, also, I like to put this out here before I close up completely, that we do have a small penalty of unclaimed tokens that go something like 1% per month. These tokens can also be recirculated or locked out of, out of, um, out of circulation. And we believe that if we do have some type of, um, bad actors or people trying to exploit the network in some kind of way, that it will kind of act, if you will, as a type of insurance policy against some of those damages. But that's all I wanted to say with that, guys. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.