In this video the presenter explains the origins of the BitcoinMYK brand name, the technical architecture behind the system, and the upcoming launch of a BitcoinMYK‑backed dollar stablecoin. He begins by addressing concerns that using the term “Bitcoin” might be misleading, then positions BitcoinMYK as a side‑chain solution that inherits the Bitcoin ledger without moving actual Bitcoin out of users’ wallets, similar to how the Lightning Network is branded. The discussion covers how BitcoinMYK functions on faster blockchains (Hive, Steem, Bitcoin Cash) to enable low‑cost micropayments while preserving the security of the underlying Bitcoin. Tokenomics are described, highlighting a halving‑style supply reduction that makes BitcoinMYK more deflationary than Bitcoin itself. The presenter also ties the project to a universal basic income (UBI) model as a mass‑adoption strategy. The second half of the video introduces the BitcoinMYK‑backed dollar, a stablecoin that will trade on the Hive Engine exchange. Its peg is anchored not only to the US dollar but also to the growth of the BitcoinMYK network—specifically the number and value of accounts—so its value should rise as the network expands. The stablecoin is designed for commerce and remittance, allowing users to redeem it for BitcoinMYK at any time, ensuring liquidity even in low‑volume markets. The video concludes with a call to action for viewers to follow the project for future updates.
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Obviously, if our goal is to be a global cryptocurrency remittance system, we're gonna need the value to be stable. uh, as stable as possible when it arrives at its destination. So it's going to be some interesting information. So BitcoinMYK, uh, I think it's important to understand that BitcoinMYK might, may not mean to many people who hear the name what they think. And the reason being is when we first came up with the idea of BitcoinMYK, a lot of people were against it. They were like, please do not use the term Bitcoin in your cryptocurrency because people are going to think it's a scam. People are going to think, you know, that we're trying to confuse people into thinking it's Bitcoin or something like that. And it would just be better to just start with an entirely different branding and name. And so, whereas we completely understand many of those concerns, You know, I think the first misunderstanding with why we chose BitcoinMYK was I think just proper designation. So if we look at something like the Lightning Network, the Lightning Network can be used with any cryptocurrency, right? It is not— we generally refer to it as Bitcoin Lightning, but the reality of the situation is it could be used with Ethereum, it could be used with Litecoin, it could be used with whatever. Right, so, but it, but you would have to designate what you're going to be using it for. And so we say ideas like Bitcoin Lightning, so on and so forth. Bitcoin MYK does a similar thing where it doesn't move any Bitcoin out of your wallet. It's not an atomic swap, it's none of those things. Once the Bitcoin are verified to belong to you, you can then use, uh, what we term a sidechain in order to move that represented value of your Bitcoin, uh, to do micropayments, to move it faster, to, uh, do it without headache while it's— the actual Bitcoin is safe in your wallet, right? We have means to stop double spends and so on and so forth. So I think that's the, the, the first idea, that we would just have to designate this, um, as in, in a, in a way that's going to be recognizable to people. Similar to Bitcoin Lightning, as to say, well, Bitcoin MYK is doing those things, and you might wanna use that. It's doing it without some of the drawbacks of other people trying to facilitate the movement of cryptocurrency Bitcoin that has worked well as a store of value, but doesn't work well as a currency, and doesn't really move at speeds and at costs that many people find appealing. The other thing we would say is the Bitcoin MYK designation, um, is, is necessary and very reminiscent to the idea of, uh, of Bitcoin MYK inheriting the Bitcoin ledger. And what does that mean? Well, that pretty much means that how the Bitcoin ledger appears is pretty much how Bitcoin MYK ledger will appear, right? And that is because we inherit the Bitcoin ledger. Now, in some circles, some definitions, it's debatable. A fork of Bitcoin is anything that inherits the Bitcoin ledger, but that is a very relaxed definition, is a very simplified, uh, lowest version of a fork definition, and it's one we use loosely. So we don't really get really concerned about if we're a fork or not. Uh, we're here to help, uh, be an arm for Bitcoin to facilitate the value of Bitcoin. We believe that the cryptocurrency space should work as a whole, and it works better that way, uh, different from what we believe could occur in like an idea of the dilution of a small market right now. Um, The other thing I would say Bitcoin MYK is quite reminiscent of is what happens to the Bitcoin halving. That is a feature it has, right? The supply reduces greatly. In fact, it reduces more than Bitcoin over time. And so we know all the economic principles, what we get with something like the halving, the deflation, deflationary quality. Where it becomes, as mass comes in and value comes in, of the— it can in some cases force the value to go up, right? So it's a kind of tokenomics at play there. And I think we just have that there more so to be reminiscent, relatable to Bitcoin, and trying to facilitate a micropayment solution for Bitcoin in a way you don't have to trade off your Bitcoin for altcoin or something like that, right? 1. So very interesting stuff. Um, you know, also I guess last but not least, um, a fork could also, or some type of, uh, version of Bitcoin if you want to call it that, or something that uses a Bitcoin title. Maybe they're saying they're related to Bitcoin in some way. Maybe they think they're better, or maybe they think they do something Bitcoin doesn't do, or or something along those lines. If, if someone would want to raise that argument about BitcoinMYK using the Bitcoin name, I could, uh, only suggest or say something along the lines of that the BitcoinMYK, uh, transactional system, right, because it's, um, using, um, basically the Hive, uh, it's functioning on a Hive and Steem blockchains. It's also functioning on the Bitcoin Cash blockchain. We know these to be faster than Bitcoin. And the reason it's doing that too is because it's a currency, you know, because unlike Bitcoin that is more in the realm of store of value now, Bitcoin MYK feels more like a currency, right? It's still kind of keeping with Satoshi's original idea of a digital currency, we believe, right? In that sense, right? And so because of that, the way we're moving Bitcoin, I'm like, it's probably gonna work better as a micropayment solution than Bitcoin. It's gonna work better in a user interface, gonna be a lot easier, it's gonna be a lot faster, and the value of it is very low, so it's gonna produce a possible good situation for the price. Although price is not our focus, utility is our focus. Uh, we focus more on what is reusable and valuable to people and what people like. Um, I guess the last part is we believe universal basic income is a mass adoption vehicle. And if you want to mass adopt something like Bitcoin, one of the best ways to do it would be to just give the cryptocurrency away, or a good portion of it. And so we do that through universal basic income. So you can kind of think of it as well as the Bitcoin that has universal basic income, right? So however you want to turn that or look at that, that's pretty much where we're at with how we got the name of Bitcoin MYK. Now let's talk about our latest release that's gonna be very important to a digital currency system, especially if you're gonna deal with the remittance system or problems of when I transfer value across borders, um, does the value of my, uh, token arrive there in a, in a, in relational value to how it left? Because if it doesn't, then that wouldn't want to be a payment system most people would want to use. All right, so very soon, uh, as we're here on the Hive Engine exchange, we're going to be releasing right here next to BitcoinMYK the Bitcoin MYK-backed dollar, right, is going to trade on this exchange. And that should be happening— I know it'll be happening before the month of November is over. And the reason that's, uh, that's going to be very important, as we discussed, uh, it's going to be necessary to— when we're conducting commerce, uh, from our Bitcoin MYK hubs, as we wish to, uh, integrate into projects like Amazon Um, you know, at least, uh, basically we want to facilitate the movement of Bitcoin MYK over through our Amazon store. So you'll be able to purchase Amazon products with Bitcoin MYK. Of course, in order to do that, you need a stable currency. And one way we're going to get closer to that achievement and goal is by having the Bitcoin MYK-backed dollar, which is basically going to be issued at a rate and, um You know, I know I'm gonna say this in the video and some people gonna get this or not, and don't worry, we're gonna do other videos on it. So I just try to think of it this way. If you're already using Steam or Hive, you understand how the Hive BAT dollar works, you understand how the Steam BAT dollar works, think of it in the same terms. You're always going to be able to redeem so many Bitcoin MYK BAT dollars for Bitcoin MYK. Right, which is the, for lack of a better word, that's kind of the store value coin. And the Bitcoin MYK-backed dollar is going to be the currency, what you're going to spend, right? So you're always going to be able to redeem that for more Bitcoin MYK. That is the purpose. You can always turn in, even in a low liquid market. So for instance, if the market of Bitcoin MYK is, uh, or Bitcoin MYK-backed dollar, sorry, it has very low liquidity, uh, you're always able to go just redeem them for Bitcoin MYK, uh, in that sense. Now, the reason why you might want to carry Bitcoin MYK-backed dollars for commerce reasons, for acceptance reasons, right? But also, as we issue them, a lot of the proceeds, uh, on the open market for Bitcoin MYK-backed dollars is going to circulate. Over 70% circulates right back into Bitcoin MYK, and about 30% stays liquid on the Bitcoin MYK-backed dollar market, right? So similar to how Steam-backed dollars have a market, Bitcoin MYK is going to have their market, and it's going for stability and remittance, global remittance, right? Also, what's also happening with Bitcoin MYK, what makes our project vastly different is the algorithm, right, or the equation rather, we're using in order to, uh, to determine what the value of one is, right? Where do we start at? So it starts pegged with a US dollar, that's true, but the peg does something that a lot of other ones don't do. It actually is more pegged to the Bitcoin MYK network itself. Basically accounts, we find the account value, the account the value of the network to be more of a solid way to value the Bitcoin MYK/BAT dollar than, um, you know, using something else, right? Using another cryptocurrency or using or even the US dollar, right? Because we don't— even though it's pretty stable, we don't know really what goes into um, what politically drives the printing of more US dollars, right? Whereas with BitcoinMYK, you'll always know that it's based directly on the number of accounts we grow, right? So in the social network of BitcoinMYK, let's just say for instance that the account values grow 10%. Well, the BitcoinMYK peg is directly relational to the amount of accounts and value the network, so it would increase by 10%. So in that model, it would be something like $1.10 now. Now, if you're a person who's buying Bitcoin, your YKBack dollars probably, um, um, going to be in good shape in some sense because as the more, uh, the, the peg value rises, uh, you're going to be able to sell it, you know, for higher on that market, or you're going to be able to redeem for more Bitcoin. MYK again being our more of our commodity, more of our, uh, you know, our store value, uh, coin, right? So very interesting, very excited to bring you guys that Bitcoin MYK-backed dollars. If you have any questions about it, as I said, we're going to do more videos in the future and you're going to really get the hang of— you got to understand, you know, why you're incentivized to get into it. Because a lot of people don't get into stablecoins because the belief is, you know, it just remains stable. And where that is true, Bitcoin MYK will remain stable, uh, around the accounts, uh, that, uh, it grows. And it, it will be this gradual climb in relation to the accounts. Uh, it does go up in value. And what could potentially be a safer way than cryptocurrencies is just drop— that can drop 90%. So you can possibly have a situation where you can have massive upside potential and no downside potential really, because what would happen is you would be backed by the Bitcoin MYK. And so whatever dollar amount it requires to send that over, you, you'll be able to redeem them for that, right? So quite interesting, quite interesting. We'll bring you more information about that in the future. But as always, we have— we hope you have a good day. If you like content like this, don't forget to like, subscribe, subscribe, and until next time, take care.
