Bitcoin Myk - Cross Chain Capability Now Available - Tutorial

Hey you, welcome back to the channel. And guys, today I'm excited to talk to you about Bitcoin MYK and its cross-chain token capability. Um, and so very versatile feature, um, a feature I think that's going to give Bitcoin MYK a great deal of value, and we're going to talk about that in today's episode. So first, before I get started, I want to, um, especially for people who are new to cryptocurrency, and that's basically a lot of the idea behind BitcoinNYK, to help to mass adopt the cryptocurrency market by bringing in people who know very little to none about cryptocurrency, getting them to understand why we use it and what advantages it has. So I'm going to start off there and then we're going to lead into the cross-chain token features and capabilities of BitcoinMYK. But first, I'll tell this little quick story. I had a buddy over several years and he found out about this project I was putting together here. He was excited about it. He said, that sounds awesome, that's great. And I went on and on about it and then at the end of it, he's like, wow, I want to get started, that's great. And so He got started, he got some BitcoinNYK tokens, and then he went, all right, what do I do with them? So a lot of us end up there. So let's start from here. Okay, so first, guys, um, you probably heard about cryptocurrencies. Some of you watching channel already know about them, so you might either want to speed up the video a little bit or just bear with us a little bit as we go through it. But to sum up cryptocurrency and why we use it, I think the first thing I would say is that the best example I can give for cryptocurrency or reasons for using it is we can say something like it's insurance against inflation, right? If you're using a currency, what can happen is, of course, you know, taxes, you know, inflation, spending, the value of the dollar you have today will be less tomorrow. So cryptocurrency right off is the deflationary money or currency, meaning that it's a finite amount. It doesn't change. They can't print more of it. And so that preserves your value right there. The next part I would say is a reason people would want to use cryptocurrency, or what's a good reason for using them, is if you think about sending money any place in the world, People use things like Western Union or their credit cards and they have to pay these exuberant fees, very high fees. And this technology, you can, you can send large sums of money any place in the world. People can get them, vendors can take it and use it and spend it for pennies, for pennies on the dollar. Very. And so it's, it's so you can see right off why people want to use cryptocurrency. Now let's get to the next part. What's difficult about cryptocurrency is it's advanced technology, and making it user-friendly to the average user is a problem. It takes many forms. How it works is you have this wallet that you download on your— onto your device. They can be offline or online, okay? And the problem is with setting up these things, uh, taking control of your private keys, send them money. This is just too difficult for, uh, for the average person to deal with. And unfortunately, from a developer standpoint, people who build this stuff in a technological, uh, approach, to them it's really easy. And so it's very hard for them to go to the user experience. I, I know this because I've— as I've learned more about the technology and I've tried to put this together, I've I found myself doing things where people didn't quite understand what I was doing and I was going, well, this is so easy. Why don't they understand it? Then I, then it, it hit me that I've been in space a few years and, uh, you know, and I've learned a lot of stuff. And so my mind automatically switches to that, but that it doesn't work that way for the average user. They have never used this technology before, so it's not going to be easy for them. So it takes many forms. Many platforms, many applications. But what we've done with BitcoinMYK is taken the easiest approach, which is making it identifiable to familiar surroundings you're accustomed to, things like social media. And if you look at our site, it bears a striking resemblance to sites you've already used, sites that you probably use every day because of How many people use social media a day? Social media addiction is large, it's huge, and every, you know, people have to check their inboxes every 5 minutes. And so this is familiar technology. And so we've taken the form of social media networks, uh, bearing a striking resemblance to some you probably know, in order to take the form of something that you can identify with, you know. Uh, namely social media sites you, you use every day. So the interface is just like any— so if you can use social media, you can use, uh, you can use cryptocurrency now because we got it set up this way. Okay, now once people log in, set up a normal account, you can look on the side here and it's just like any other social media you use. You have your wallet button here on the left-hand side that you hit, and as you collect these tokens, you, you collect them We use a proof of participation model where just like normal things you do on social media, you get these tokens. Now you've probably heard of Bitcoin as well. And the reason we call it BitcoinMYK is because we're a Bitcoin fork. Now, uh, we'll just do a quick rundown of understanding Bitcoin's connection to the rest of the cryptocurrency market. Bitcoin is the number one cryptocurrency. Everything that goes on in cryptocurrency is connected to Bitcoin. Bitcoin goes up in value, any other cryptocurrency will go, will more likely follow suit, go up in value or go down in value as Bitcoin goes down in value. So there's really hardly any way around Bitcoin at this stage in the cryptocurrency game. And, um, whereas we could have just started a completely different cryptocurrency, uh, nothing to do with Bitcoin, it doesn't make a whole lot of sense for us to do that, um, because, uh, Bitcoin is connected to them all. So we chose to do a Bitcoin fork, which means everybody who holds Bitcoin holds in equal portions Bitcoin MYK as well. So it's a fork, right? We follow the Bitcoin ledger. Another reason for that is cryptocurrencies work better when a lot of people are using them. So if you're using something like Bitcoin where that has the most wallets in cryptocurrency right now, probably anywhere from 30-50 million wallets. Um, they are closer to mass adoption. It's going to get more value to moving the token and more interest in the token. So it makes sense for us to go with Bitcoin. The next part of, of, of our mass adoption process is the social media approach itself. You take social media ideas like Facebook. A lot of people use social media. This has your standard social media, uh, um, controls, chat, uh, uh, accounts. Uh, you can communicate with other people on the site. You can engage with them. You can play games on the site. Everything you can do on your standard social media sites, this has similar features because again, we're trying to take the form of cryptocurrency to identify with the user. and this is the easiest approach that we believe can be taken at this stage. The next part is universal basic income. Universal basic income is a hot topic. It's becoming a big part of our economic conversations these days due to advances in technology. A lot of people are interested in it, but not just that universal basic income from that perspective is a good idea. It's also a good idea for mass adoption. The problem with cryptocurrency is we have a large percentage of people who are holding most of the tokens. And so it's a centralization of wealth, although not a centralization of security, but whenever there's a centralization of wealth, that hurts projects economically either way you look at it. So we have these 3 things working together. Okay. That create the reasons for using Bitcoin MYK, um, as well as it being a fork from Bitcoin. But it works better because it has a much faster payment processor, uh, where Bitcoin doesn't. Bitcoin takes hours to send, uh, this sends at the drop of a dime. It's instant almost, using Waves blockchain technologies, very fast. And that's why Bitcoin holders would want to use this without losing their value. A lot of people would recommend using another cryptocurrency, perhaps like XRP, Ripple. Uh, but the problem is if we use XRP, Ripple, or some other coin to transfer value, what happens to the value over at Bitcoin where most of the value in the cryptocurrency space has went? So they lose their value. We're proposing for mass adoption to connect them all, not cause them to lose their value. At the same time as they mine and purchase more Bitcoins, they, they automatically receive more Bitcoin MYK, which they can now transfer their Bitcoin value at high speeds wherever they need to send it without going through the problem of losing their Bitcoin value because they have to now sell their Bitcoin for another cryptocurrency to send it some other place. Um, so I hope you guys are following me so far, and we're about to get to the cross-chain technology features next. Just had to answer this question, guys, about what do you do with Bitcoin MYK. So those— so, so now you're kind of understanding why you even want to use a cryptocurrency, right? We hope we've covered some of that. But if you go over here to the left-hand corner, you see your wallet button. Okay, that's where you store your tokens that you're going to use, that you're going to transfer this value, uh, around across the blockchain. Now, when you, when you set up your wallet, just click on it, you're going to have to set up an account and a password. It's very easy. Once you do that, you're going to have options to actually send and move your tokens around all around the world. Now Uh, the problem is there, there's a few components to this. These cryptocurrencies, if you don't believe in them, if you're what we call short on them, you can cash them out for fiat or for whatever reason you might have to cash them out for fiat to use them in the real world. That could be because vendors don't take it. You can't pay your rent with it in some cases. Sometimes you can go to different stores and buy different things with them. But there are still areas in our world that doesn't take cryptocurrency, which is gonna call for you at some point, maybe having to take them out, or maybe you just no longer believe in that the value is going any higher, that it's of much value to you. So you short it or you sell it. Now this is where it gets a little tricky for people who are new to this, because this requires it to go to an exchange, right? You have to, just like if I were in Mexico or some other country besides my home country, I would have to trade out to use their currency. I couldn't keep my currency. That's done over an exchange. There's an exchange rate. So for the exchange portion, this is what confuses and hurts mass adoption and hurts a lot of people getting into cryptocurrency because the reality is many of us have never traded stocks or bonds or managed our own personal finances. We might have a 401k, we might have other people to do it. We don't electronically trade or move stocks and bonds back and forth. So in these particular cases, we're driven to have to do it ourselves over, which is like an auction market, exchange rates to do this. Now, what I'm going to do for this section is I'm going to leave several videos, tutorials, good ones on how to actually exchange these over the Waves platform, the wallet, exchange that we use. In our case, our wallet is built into the exchange where you can easily— and that's why we chose Waves— you can easily move that value over to the exchange or your tokens over to exchange built into the wallet and exchange it there. Now there are two functions with it. You can either do it on the online client or you can download it directly to your device, your computer, uh, your mobile device. and use it, have everything stored, all that stored on that device itself, because it's like you're, you're your own bank at the same time, as many in the cryptocurrency space know. So we're going to leave details on how to do that because you're going to need, you're going to need a little time to digest that. Uh, the reason you have to learn that part is because there isn't a system that tells exactly what you would want to sell your tokens for or buy, or what price you might want to buy them at. There are some systems that have this, uh, they're like Changelly platforms. They have it to where you just input and you can trade it. You can direct trade it for another cryptocurrency directly at market value. Um, but, uh, those are done generally by centralized platforms. This is decentralized, which is what you want. You want to be your own banking system. So that does require just a little information. We're going to leave tutorials links, just how to deal with exchanging the tokens if you want to exchange it for cash. Okay, so let's get to the, to the, to the last part of this, which is cross-chain tokens. This is a feature most cryptocurrencies don't have. BitcoinNYK has it. I'm going to show you right now why that's so important. And how to— where the value of that comes from. So what's happened with some of the uses of cryptocurrencies in this blockchain technology is that we found out that social media sites that we use every day, that we hand over value to, aren't as kind to us as we are to them, meaning they don't pay us or give us anything for our contributions. If you put up some great poetry or art or something, and other people on social media view it and get to enjoy it and get value from it, you don't get paid for that. What we found over the blockchain with several platforms is that you can basically take, uh, be on a site like Facebook, be on a site like BitcoinMYK, and whenever somebody presents information you like, whether it's a post, think of it like likes. Right? Think about if every time you like something on, on Facebook or YouTube, think, think about people get paid for that, right? But not only do they get paid for it, when you comment, you get paid for it. They like your comment, you get paid. So these cryptocurrencies value are moving back and forth, is paying for your likes, okay? And it's paying for your comments. And there are several sites that do this. There's several networks that do this. One is Steemit. One is WellShares here, one is Tribe, one is EasySocial, and one is Weku. Okay, and how they work, they basically, to make it very simple, they pay you for your likes. What we can do with BitcoinNYK as a cross-chain token, the new feature we're excited to tell you about, is you can send them to us and you can actually get these paid likes and upvotes and these paid comments on these sites by sending your BitcoinMYK tokens, transferring them, uh, over to our network. And you simply just input your information here about your comment or post, where you did it at, send your tokens to this designated wallet. And here are the networks we work with: Steemit, WhaleShares, Tribe, Weku, and the newest, EasySocial. That is still in beta testing right now but will soon be out. And as long as you got Bitcoin MYK tokens, you have value over these networks to get paid for your likes. Even if you're, uh, not a person who uses social media well, um, but you comment on things you like, you can get paid for your comments. When you do, uh, do posts, you get paid for your posts, right? If when you have these Bitcoin MYK tokens and you also get paid by the network itself if they like your content. And so that's what cross-chain tokens, that offers a lot more value to BitcoinNYK besides traditional exchange value and many of the other features that cryptocurrencies have. And so guys, I'm gonna stop right there 'cause I don't wanna overdo this and 'cause I want you to understand, but questions, you can ask questions on our site. We have live support over there in our chat rooms. You can leave comments on this video. Uh, we'll be glad to hear from you. Tell us what you think about BitcoinNYK. We think it's going to be a great project that offers a lot of value to a lot of people. But guys, that's all we want to say. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.