Bitcoin MYK - UI Upgrade Tutorial EP. 4

Hey there and welcome back to the channel. Uh, today will be episode 4 of the Bitcoin MYK user interface upgrade tutorial. May just be one of the most important videos in the series. Um, and we're gonna talk about why that might very well be the case. So, um, you know, although we do recognize the importance of how a project looks, how the interface looks who's going to use it, you know, how pretty it looks, what it's going to allow you to do, there are some things that I guess we could say happens under the hood that can be as important as to what you see on the outside. And so we're going to explain that today as we go into the series of how the deflation in our token works and something we use called token forward splitting. Um, so kind of a mouthful there, but, uh, by the end of the video, you're going to explain exactly what we're talking about, why it's so important in the cryptocurrency space, and why it might, uh, be probably one of the best options, uh, as an investor, as a token holder, uh, that you can be part of. So To understand the deflation of the Bitcoin MYK token, um, we get down here. Bitcoin MYK aims to be the most deflationary of cryptocurrencies. Bitcoin MYK is a universal bridge cryptocurrency that gives out 80% of universal basic income to 80% of the globe. The project recognizes universal basic income as a mass adoption vehicle, and we're going to explain to you where exactly universal basic income fits into this, why it's important, and that it might not mean exactly what you think it means. Um, and whereas in some cases we've seen universal basic income as a negative to a project, we might be able to show you in this video why that's a misconception. The value of Bitcoin MYK comes from Bitcoin holders claiming Bitcoin MYK as a means to transfer from blockchain to blockchain without moving there, without removing their value from Bitcoin. Okay, so to kind of understand that, it's simply saying that if you hold any Bitcoin, you automatically have BitcoinMYK tokens. You don't have to purchase them, you only need to claim them, and you can do it here on the website. Now, to understand that in the value of a network, uh, it's very important to understand in the project Um, now this is significantly different from using other altcoins to facilitate moving a Bitcoin as they depend on swapping coins for, um, other altcoins. So, so to understand that again, that's saying that if a person wants to use Bitcoin value to move from across the network, value, value, value, they have to actually either sell that Bitcoin or they have to swap the Bitcoin. And we're not doing any of that in this case. This is only verifying you hold the Bitcoin. And there are some dynamics to that, uh, why it works, uh, as the value is put against then the network. Now, um, how Bitcoin NYK continually becomes deflationary is by burning cryptocurrencies or burning the tokens or leaving them in cold storage wallets against their volume of transaction, which is down to 1-to-1 ratio. So basically what that's saying is it's simply saying that as volume occurs, trade volume at every transaction, the tokens are going to be burned against those transactions. So we give the example, if you had a million volume in BitcoinMYK tokens done if that happened, um, during a trading period, uh, and a trading period for us runs, um, runs every month, so it's like once a month. So at the end of every month, those tokens would be burned. But if there was over a million in trade volume of the tokens, then a million tokens would be burned. Now, to kind of get a clear picture of this, uh, imagine you have an ever-expanding cryptocurrency market people are joining, people are participating, the value of your token's increasing. But at the same time, as those transactions are happening and the value of that cryptocurrency is moving up, the supply is moving down against that, right? So the tokenomics of that is creating this kind of push and pull mechanism and creating a situation where you should theoretically have more value in the token provided your network is continually expanding. Um, now also, how, how, where does the value and the actual money come from? Like, how are we able to pay for all this stuff? How are we able to pay for universal basic income? So Bitcoin holders every month have incurred a 1% penalty for not claiming their BitcoinNYK tokens. Okay, at this time, Bitcoin holders can claim at a ratio of 4 BitcoinNYK tokens to 1 Bitcoin. Uh, now to kind of understand this, um, you claim Bitcoin MYK tokens totally free, right, against the Bitcoins. You don't have to buy this cryptocurrency, you don't have to spend one dime to get it. But the— when you don't claim in a month, in a period of a month claiming period, uh, as the months go on, the project takes 1% of the total Bitcoin holdings. Now, that penalty is not applied to people who claim their BitcoinMYK tokens in relation to the Bitcoin they hold. It is not taken from them provided they claim their BitcoinMYK tokens. If they take several months to claim, every month that they don't claim on this project since it, since this since its beginning, they have incurred a 1% per month fee. Uh, so the transactions are totally free. We call it the transactional fee penalty. And basically what that means is that means to conduct all business, um, with the BitcoinNYK token, it doesn't cost you any transaction fees from our hubs or networks. However, when you don't claim, you're paying a 1% per month penalty. Right, so you have to claim every month. Every month you don't claim, that's another 1%, that's another 1% against the total Bitcoin value. And to help you understand, that's how we're able to pay for universal basic income, which we believe is going to become a massive vehicle for us. And it's how we're able to make a sustainable universal basic income project, something that people have spoken against and hasn't been able to be done before. Because the idea of just giving away tokens doesn't create value. And of course, that makes people who don't understand the project, who hasn't done the research or studied the tokenomics of it, go, well, it's just giving away tokens, that can't be a project that's gonna be valuable. But they couldn't be more wrong. This is gonna be a project that grows as far as cryptocurrency projects at a level and well beyond which most can do, simply because 80% of the globe needs universal basic income. But at the same time, against these transactional penalties, making it have value, build into the network, giving possibility for people to issue remittance payments back to their home countries or across the globe at zero transaction fees. This is already beyond, uh, what 90% of projects can do, maybe even 99.9%, because most projects are— need to have some type of fee structure to run a blockchain. And the way STEAM works with inflation, as we use the STEAM blockchain as a smart media token, um, similar, very reminiscent of what you get with an Ethereum token, ERC-20. Steem blockchains don't have transaction fees, so it makes the transactions free to the end user. So in that regard, now you're basically moving your Bitcoin value, you're able to scale it, move it very fast across the Steem blockchain, yet still have all the advantages of a large Bitcoin-like network. And so that's why this is so very important, and that's why this might be the most important video of the series, because not only does it speak about a transaction-free Bitcoin, uh, that can grow in value at a rate faster than Bitcoin, uh, a project that can gain members at a rate much faster than many other cryptocurrency projects, it also talks about the deflation of that Bitcoin-like token, meaning the trade volume is burned against it below the supply of Bitcoin. So as that Bitcoin's at 21 million tokens, we're at 100 million tokens. Going from 100 million tokens to 5 million tokens, surpassing the Bitcoin supply, uh, making those people who claim their tokens, uh, increase in value much more than probably they could do with Bitcoin. So some interesting tokenomics there, but theoretically they should work. The math is there, uh, and, uh, if you kind of play with it a little bit, you kind of see where we're coming from. Um, also just want to quickly explain the forward splitting for what we call forward token splitting, and this is a very simple process. Basically what it means is that when you go on an actual third-party market and you purchase BitcoinMYK tokens, you can leave us receipt of your purchase, and by leaving us receipt of your purchase you're able to basically gain twice the amount of what you purchased. So in other words, let's say for example, you went on, um, some third-party exchange site. It might be the Steam Engine Marketplace, it might be the Freedom Exchange. You purchase 1,000 BitcoinMYK tokens. You could provide our site with receipt of that purchase and you will receive an additional 1,000 tokens upon that. It's, we call it 4-stock splitting. Uh, now in addition to that, you have to also keep in mind that at the same time while this token is 4-stock splitting, you're also receiving, um, uh, against the total trade volume is being calculated and also reduced by half. So in other words, you buy 1,000, purchase 1,000 tokens from the project, you get 2,000 tokens right now. What's happened is there was a transaction, a trade volume of 1,000 tokens. 1,000 tokens have been burned, you have 2,000 tokens now. That's the fork token split process, um, and that's how it works. So, uh, these mechanisms that are in place are designed entirely to create more value for the cryptocurrency, make the price go up, uh, and that's why the tokenomics at play there uh, we find might be some of the most interesting concepts to this entire project. I want to break it down real quick. Um, we know that in cryptocurrency, people love to— whether it be some type of social media, they love to use social media, they love to engage with community. And that's part of our project. But I think it's very important that we underline that our research has shown that for the most part at this stage in cryptocurrency— not saying it will remain this way, and I hope it doesn't— but our research shows at this stage in cryptocurrency, the majority of people are concerned about price. They're concerned about price more than community. They're concerned about price more than building. And that might change, but our project is about Putting in place all of those things that are what the demand is for the project and what the demand tells us and what people want to see. And they want to see appreciation of their token value and prices go up. And so these mechanisms are to make that go up. Next thing they want to have is the facilitation and movement of that cryptocurrency as efficient as possible and as cheap as possible, meaning they want to move it fast and free if possible. We provide that using the Steem blockchain as well. So all very important things to consider why we think this might be the most important video. If you walk away with nothing else, this might be the video you want to come back to. Also, you know, we would advise that you look at blockchains that do the most transactions, uh, per second. What are the biggest blockchains that do that? And you will find that the Steem blockchain is not only on there that we're using to facilitate the movement of BitcoinMYK, but you will also find that the transactions again are free. So quite an interesting project, one we're very excited about, uh, and if you're not using it Uh, you should have your head examined. Oh, it's true. It's true. I'm sorry, but it's true. But that's all I want to say in this video. If you all like content like this, please don't forget to like and subscribe. And until next time, take care.