Bitcoin Myk - Best Use Cases - Your Coin?

Hey you, welcome back to the channel. And guys, I hope you're having a fantastic weekend. Uh, I wanted to ask the question, what is it that we use our cryptocurrencies for? And I want to talk about the BitcoinNYK token and some of its best uses. Um, I think going forward into the cryptocurrency space is going to be very important that we can envision how we spend and utilize our cryptocurrency. I mean, can you picture yourself in a scenario where you're actually using the cryptocurrencies that you're collecting? The cryptocurrencies that you hold now, are you using it? What are you doing with it? Are you holding it? Um, and if you're holding it, What are you holding it for? What's the, what's the end goal? So we're going to talk about that a little bit today, and we're going to talk about some of the uses of the BitcoinNYK tokens, um, that I think are the best. So this is kind of interesting here. I'm on a social network called WhaleShares that is a social media site over the blockchain, and they are starting to— many are, uh, it's probably several dozen of them that are, that have popped up, and they continually do or so. And they're a very interesting concept. It kind of takes something like your social contributions on social media, your posts, your comments, and it in an aggregate form kind of converts it to a currency or money. And it's a very interesting concept. It's very reminiscent of an economist by the name of Dr. Putnam who wrote several papers at Harvard University detailing how your social capital had this very monetary impact on our lives. You know, meaning that the relationships you had had an impact on your money and value on who you traded with. If you look like the person, they probably were more likely to trade with you. So you had a more higher monetary result with them. And just a variety of things, very interesting. You definitely should read some of the writings of Dr. Putnam. But one of the members of the community here, um, asked us a question, and you can see we issued him some of the value for, uh, asking what we thought was a good question. Obviously it was about our token, and he asked, what is BitcoinMYK, and do I get an upvote for BitcoinMYK? As you know, as in their communities, and he does get an upvote here. Um, but the question he was asking is very related to the concept of what they call the upvote token. And this is a token— these are a group of tokens that they can use to get upvotes for their contribution to these, to this social media. And so we rewarded him $1.30 of his token, um, which I think is roughly around 4 or 5 cents or something, give or take. I think the earlier part of the year was worth around about 70 cents, but, um Go figure, the bear market took it down in value. But he asked the question and I want to read the response we give him to the question. As far as some of the uses of the BitcoinNYK token. Yes, it's a real cool token. It kind of turns the entire Bitcoin community into a social network, right? We're saying that because it's part of a Bitcoin fork, but it can be used, you know, throughout, several uses, as we'll get to find out. It allows Bitcoin to move at higher speeds without removing the Bitcoin from the wallet. Yes, it also acts as a cross-chain token, meaning you can redeem it on other social networks for upvotes. Although the value for it over the exchange right now is more than our upvote here at this time, uh, however, some use market arbitrage between them or basically get the best price they can for them. It is at 60 to 70 cents on exchanges. Now for one, our upvote is probably less than 4 cents here. So we expect the margins between both to decrease, that they will move closer together. So market arbitrage, that's basically when you can take advantage of one, uh, asset on one exchange and sell it on another, so to speak. So, uh, the example we gave in this is that our token is 60 to 70 cents on exchange, but our value on their network to give these upvotes is only about around 4 cents an upvote. So in a market arbitrage situation, they'd probably be better off just selling it on exchange. However, those things can change easily. It could become that this social network value goes up so high that it could make our token less, or our token could go down in value, and you would have the options of these markets, right? So that's what we meant by that. But obviously by BitcoinNYK being able to move through this, through their structure and through their platform as well, distributing value there and back on our platform, that's an advantage to their users. And it does it on several other social media sites across the blockchain. So that's one great use case of it. And he responds, thanks for the additional information. I like how the coin is working with other networks. That says a lot. And of course, we gave him more of their value for that. So that's just, that's just one example of what you can do with BitcoinMYK. Now, I have to pose the question back again with your tokens. How versatile are they, the ones that you're invested in now? Are they actually being used on a day-to-day basis like these social networks and BitcoinMYK? Where you can actually see them in use? Because if it isn't, it may not paint the best picture for the future, uh, for your token when it comes to demand and supply. It could tell a story coming forth in the future that is probably not the story you want to be in, right? And so we have to actually use these cryptocurrencies in order for them to carry over the value for, for it to have this future, right? So let's talk about a few more best use cases for our token. That's one, that's just one, and that's a big one. But let's talk about some other use cases for our token. So first, the Bitcoin name, BitcoinMYK. So the reason that the Bitcoin name enters into this is because The next use is, is a Bitcoin fork. If you understand how Bitcoin forks work, they basically work on the idea of, um, that the number of tokens in the Bitcoin network, for the most part, uh, there is a relational value between the Bitcoin ledger and our platform, meaning that ideally you would get about the same amount of our token that you would get in Bitcoin. Tokens in ratio. Uh, ours works on a 4:1 ratio because, uh, we have over 100 million tokens. We have 100 million tokens, so you get something like 4.7, uh, BitcoinNYK to a Bitcoin, right? So anybody who has Bitcoin, anybody who mines Bitcoin at any time can claim BitcoinNYK tokens. We don't use a snapshot because our ledger We follow the ledger continually, meaning that you can at any time go, well, okay, I have more Bitcoin, I have more, uh, I've mined more Bitcoin, and you can claim BitcoinNYK tokens for that. We have a way to determine the value of your wallets. We have a way to detect and stop double spending. We have, uh, all these factors to make it where you can move your Bitcoin out at a high speed. Now The thing about that is that in itself, being able to move your Bitcoin without touching it at a high speed by our system is a great use case. Probably one of the best use cases that exists today because that is a huge problem with Bitcoin. They're attempting to use Bitcoin Lightning Network to do this. The problem with the Bitcoin Lightning Network is that there are several problems and, you know, besides not a lot of people using it, but There are some problems with what they call the payment channels, and there is a problem with having to first put the Bitcoin over the network. In other words, to kind of already put pre— prepay for your items or your transactions. And, uh, I like the idea of what we do with BitcoinNYK. We don't— you don't have to prepay for anything. Once we verify those Bitcoins are in your wallet, you get that value over on our network. You can now start moving it. That quick, that simple, anywhere in the world. Not to mention all of the transaction fees are free. Can you imagine that? They're all free because of what we call the network effect, the, or the network value. The network value simultaneously pays the cost of these fees. Um, and I won't go deep into detail about how that works because we've done several videos on it, but The next use case would be that you can move your Bitcoin at high speeds. With over about 50 million Bitcoin wallets, with this being a major problem for Bitcoin holders, I think this, that works as a fantastic use case for Bitcoin holders and yet another use case for the network, right? And so, Let's see, what else can you do, uh, with it? And these, again, these are just the social— different social networks and different applications, different blockchains that we can move our token value through. Um, oh, I almost forgot staking. Staking is the next best use case. So here's the thing, guys, we know that staking, that's no— nothing big. The, the last two, uh, uses I just mentioned were pretty big because most tokens can't move through several networks and have value, and definitely can't move Bitcoin at high speeds, right? But this next one is, um, staking, which a lot of them can do. But what's different about ours? We have some of the highest staking rewards I've seen, right? For every 100 BitcoinNYK tokens you stake, right now, and this can change, but we're right now how it is, you can gain 29.9 BitcoinNYK tokens per month, right? Of course, the, the idea of staking is when you stake tokens, you take these coins out of circulation, it gives the network more time and value to grow. The problem with staking, however, is that many coins that stake, they just stake to no end, right? There's no use case, nobody's using it, spending it as a money, they're just just staking these tokens and just purchasing these tokens, but aren't really using them in a day-to-day way, right? Bitcoin NYK is able to do all these things and at the same time be used as a money, right? And besides the staking, besides the moving over several networks, besides moving Bitcoin at high speeds, right? The represented value of Bitcoin. But even with all that said and understanding our staking rewards being some of the highest that you can get right now, there is yet a fourth best use case, and that is universal basic income. So let's explain how that works and why we felt that was so important to include in this. So many of us at some point in time have looked at what would they call employment numbers, and employment numbers are or basically tell us what exactly is going to be, uh, or, you know, who's, you know, who's employed, who's not, uh, what the high— how high is the unemployment rate. And, uh, what never really gets talked about is that many times those numbers are incorrect. A lot of times people aren't even reporting, um, that they are working or haven't worked because A lot of them have just given up. They couldn't find a job they wanted. They just went and did nothing, probably living off somebody, who knows. And so a lot of numbers don't get reported. So in a lot of cases, a lot of people, more people out of work than we actually think it is. But more than that, um, we're moving into a high technical world that's going to see an advancement in AI and robotics. Unlike ever seen before. I'm talking about a world where a person who's went to school for 8 years will be beat out by— to be an attorney— will be beat out by a computer that can do his job better than he, right? We're talking about driverless transportation systems where we don't need truck drivers. We're talking about cashiers, robotic cashiers, where we don't need people in the retail industry. And this is not science fiction. You can see this happening around you today already. You already have all the signs to show you that this is inevitable, right? So what happens to all these displaced people? What's happening to them now? Well, 80% of the world pretty much lives in poverty, right? 80% pretty much lives in poverty. So you're talking about a, um, a world where about 80% of the people could use some variety of universal basic income. In American politics, one, uh, big candidate right now by the name of Andrew Yang is actually running his entire campaign on the platform of universal basic income to run the 2020 election. And this isn't some quack, this isn't some, uh, crazy person. This is a person who does a lot of business in Silicon Valley, who started several successful startups and companies, uh, and is very intelligent and understands the economy. Um, well-versed in that and understands how we can get the numbers to, uh, to basically, uh, uh, issue universal basic incomes per month of about $1,000 to every American adult. Um, and, uh, this just goes to show the importance of, uh, of, um, that topic. But what we believe, and what we believe is the case, is that Universal basic income, the best method to deliver it to you all would be over the blockchain, right? And not controlled by government. So whereas we do like people like, uh, presidential candidate Andrew Yang, uh, we still believe this should be handled in a private capacity and by the choice of the people. And so what we do is we issue universal business tokens every month to, um, every person who uses the network, rich or poor. And the tokens actually come from, uh, the Bitcoin holders who didn't claim for whatever reason. This could be that, um, they lost their passwords. Unfortunately, maybe some are deceased. Whatever the case is, there are millions of Bitcoin that are out of circulation, right? And Because in cryptocurrency the price really doesn't matter, we're able to issue fractions of coins to be able to give what we believe will be about 80% of the globe universal basic income per month, these tokens, should they desire, should they want it, right? And so, and that posed a lot of questions, uh, and we've done a lot of videos on that, so we won't get into that. We invite you to subscribe to the channel and watch these videos. You'll be very surprised and I think interested in what you hear, but that's yet a fourth use case for this token that is in use now. Also, what's great about the universal basic income portion is that, um, it allows spending, right? Meaning people are using it, they're spending it. What happens in cryptocurrency is people hold tokens to no end, they don't spend it, so it's not a money. Nobody's spending, everybody's just holding, hoping it'll go to the moon, they'll get rich, and once it does that, they'll probably just sell out and be done with it. Right? They're not interested in using it as money. And I think we have to face reality on this and really take a look at what's going on if we're serious about the cryptocurrency space growing and being a viable method of our money, and not just being this gambling casino where we can make a few bucks. Because if that's what you want to do, I can assure you there are Many better methods where you have a better chance of winning than using cryptocurrency to do that. Uh, we have everything from penny stocks to gambling casinos, and your odds may be about the same or even better. So, um, that's like 4 use cases of our tokens, right? And I'll just throw this, this bonus at the end of it. If you want to use it for speculation, we'll just say number 5, and We don't sell our tokens. Our tokens work on something called proof of participation. We also, we actually use principles of a valuable network that, uh, kind of circulates that value back in the aggregate form of these tokens. And so because of that, it's kind of creating this, it's almost like a, uh, the dreamed up idea of a perpetual motion machine, right, where it could just spin forever. Um, but if you are a speculator and you go on one of these third-party exchanges where people are probably selling this token back and forth Uh, well, we would just remind you of this, that as a Bitcoin fork that is around 60 to 70 cents right now, which is easier to do? Is it much easier for Bitcoin NYK to go to 60 cents, go from 60 cents to $1.20, or is it easier for Bitcoin right now to go from about $3,400, $3,500 to about $7,000? Which one would you bank on? And, um, so it will, it will require billions upon billions of dollars right now, almost seemingly to us in a bear market an impossible task or an impossible feat, um, compared to getting value and gains in a, in a token that's a great deal more smaller cap, market cap, right? And so, you know, those are several things to think about with our token, but we think it's a great token. As you can see, some people are already responding to it. They can see the value in the token. And I think it's very important that we think about how we use our cryptocurrencies today. And if we really, really honestly believe we're gonna be walking around purchasing and spending things with the cryptocurrencies that you own today and in the capacity of how you use them today, And but before I get out of here, guys, I skipped over one. It's a 6th great use case for this. Too many, too many. How, now how many tokens can do that? How many tokens can come up with so many use cases? Within our growing network, guys, we have a shop and it works 2 ways. In the shop you can purchase anything you can imagine and when you make those purchases you get rebates in our tokens. That's one way. Or you actually take the tokens and purchase products and items and services, uh, directly with the token. The only difference is obviously, you know, there, there aren't going to be as many products until we grow and get bigger that you can purchase directly with our tokens, as not many people take the tokens yet. However, that is growing with the network effect and the increase to the value of the network, because it also— this also acts much like a social network, right? You're able to log in, you're able to chat with friends. We also have chat rooms and, uh, um, various things like that, right? Um, instant messaging and all those great things. So a lot of features, a lot of things you can do with that. But with this, within this marketplace, that means you can actually spend these tokens for everyday items that you use anyway. And I think that's the end goal in a lot of the cryptocurrency space, what we're looking to achieve. We can do these things now with our token. I think we have to ask ourselves, can you do that with your token? And if you can't do that with your token, can you imagine a space where you can do it? And can you imagine a token that can do as many things as our token can do on top of that? So I think that's something you really have to think about going forward in the cryptocurrency space. What's the demand of these tokens? Can they be utilized in some form or another? And if they can, and these are good methods, then I think the cryptocurrency space can achieve many of the goals we're hoping it can. And before I get out of here, let me just make sure I haven't missed anything because Because we can do so much with our tokens, uh, it does, you know, become very difficult sometimes to think about all the things they should— they can do. Maybe I should have wrote them— wrote it down, right? Of course, uh, we have a mobile app over the Waves network that you can use to easily, you know, use it in mobile form as well, on the go, and various things like that. But I think I pretty much covered everything, or at least spoke about enough things to pique your interest about where you should— if you're really, if you're really into cryptocurrency and really using cryptocurrency, because there are two camps here, and I think we have to be honest about this. It's just a camp that wants to make money and really just wants to dump these tokens. And if you're in that camp, that's fine. That's, that's perfectly fine. Nothing wrong with making money. but it's not cryptocurrency that you're after. It's fiat currency and using the same system that exists now. That's all you're after. But if you're really a cryptocurrency person, you would need a cryptocurrency that does these things where you can move your value throughout these networks and have a versatility of value. So it's more usable and more valuable to you. But that's all I want to say in this video, guys. If you like content like this, don't forget to like, subscribe, and until next time, take care.