Bitcoin MYK - What Is It For?

Welcome back to the channel. I hope you're having a great day. So Bitcoin MYK token, what is it for? What do we use it for? Why is it necessary? Thousands, tens of thousands cryptocurrencies, uh, tokens on the market, and what are we doing with these things? So, um, for those of you who, um, are part of Bitcoin NYK project and use the token, um, we thought it was important to do this video because a lot of people still don't quite understand this token. Um, and so we want to kind of do a breakdown video. I have been meaning to do this for a while, uh, where we just kind of go use case for use case for this particular token and hopefully answer many of the questions some people have had. It is a kind of a simple yet complicated project, so it does take time to explain to you all, and we're gonna do that in this video. So Let's first talk about our first use of the BitcoinNYK token, and that is the ability to move Bitcoin value free, fast. Uh, now how is this accomplished? How does this work? So Bitcoin, a lot of the debate was, if you read the very early Bitcoin paper papers, the white paper. At that time, the idea of Bitcoin was for it to act more like a type of digital currency, right? And that's changed over the years. Uh, it is what created many forks in Bitcoin, right? Uh, because a lot of people felt it should follow the white paper to the letter. And, um, as system changes happen over the years, uh, people were upset that it wasn't really being used as a money, uh, and they start to fork Bitcoin. You got Bitcoin Cash, you got Bitcoin Satoshi's Vision. Now the problem is when you don't use something, um, even if you look at something from the concept of a store of value when you don't— when it doesn't serve as some capacity, uh, as a type of transfer of value or transfer of money, or if it can't be used as a money, the store of value quality starts to diminish according to many economists, right? So in other words, it means if you do not use the cryptocurrency, then it starts to lose its value, even its store value, right? Think about the olden days of gold. Gold was successfully used as a money for most of, uh, of the, um, of history, uh, up until like about, I believe, the 1970s when it was finally no longer backing, um, uh, the dollar, right? So, uh, basically what it means is it means that what are you using Bitcoin for? Did you use it today? Now, cryptocurrency, many of us use, um, our, um, Bitcoin to buy altcoins, right? Uh, to do things within cryptocurrency, but it kind of becomes this very, uh, oxymoronic idea where you're only kind of using Bitcoin to buy altcoins. Doesn't make a lot of sense. So generally what starts to happen is a person will buy something like Litecoin, or what they will do is they will sell their Bitcoin for Litecoin, or they may sell their Bitcoin for Bitcoin Cash, uh, in order to move it more efficiently. Now, of course, the problem with that is what you've done is you've now sold Bitcoin, which is a much more valuable cryptocurrency. It is of course ranked number 1 in cryptocurrency. It does the most trade volume. It is by far the most valuable. And what you've done is you've now sold it for what would be an inferior altcoin, right? Um, and everything that goes along with that, right? You're not really moving Bitcoin. One use of the BitcoinNYK token we found that is so effective is that it can be used to basically move that represented Bitcoin value across a fast and free blockchain, right? Now, when I say words like fast and free, uh, that should pretty much, uh, you know, go off as a light bulb in many of you, your heads. Because nothing is going to beat fast and free when we're dealing with a money transactional system or when we're moving value and value in general, right? Um, and that's because we move it over the Steem blockchain. Now the Steem blockchain is almost, um, essentially free to move, uh, cryptocurrencies very fast. It's one of the fastest blockchains. So you It would seem that we would reason that that would make more sense to move something like that. Now, what sets BitcoinMYK apart from other altcoins that we transfer value into? Um, as I gave the example earlier, you have to sell your Bitcoin and then you have to buy this altcoin. You have to buy this peg token, this peg cryptocurrency, right? Uh, you're still not really moving Bitcoin. So how are we any different? What do we do different? Well, it's quite simple. We match the Bitcoin ledger. In other words, the majority of BitcoinNYK tokens are in ownership by Bitcoin holders. We take the ratio of tokens we have, which we start at 100 million, um, and, uh, the ratio to that and to the 21 million Bitcoin, and Bitcoin holders automatically receive something like over 4 BitcoinNYK tokens to every Bitcoin they hold. Now, um, the thing is, um Once that happens, they don't have to sell their Bitcoin to get our token. They get it free and they get it at any point they wish to transfer their Bitcoin into BitcoinNYK without paying for it by using our system here. Now think about what we're saying here. We're talking about the Bitcoin network. If you hold Bitcoin, you being able to move your value free across this blockchain. Um, and that is, uh, quite an advantage and makes, I think, a lot more sense than, uh, actually selling your Bitcoin for an altcoin or something like that. And so this can work well for micropayments. It can kind of fulfill the original idea of Satoshi's white paper, which talked about Bitcoin more like a digital currency, right? The problem is if we keep trying to pass off cryptocurrencies as a store of value with so many that are in competition with Bitcoin, any of them able to be a store of value, it becomes, I guess for lack of a better word, it can seemingly dilute Bitcoin, right? It, it just doesn't work when you really think about it. To a great degree. It works now to a degree. However, that could change in the future, and that is something we should be concerned about. Now, with BitcoinMYK, again, uh, Bitcoin doesn't have to be sold for what you have. In essence, is you have, uh, as long as you hold a Bitcoin, you get the tokens. You can use a Bitcoin signature key or sign your Bitcoin wallet And that is a way we can verify that you own the Bitcoin, right? Without moving any Bitcoin, without trading any Bitcoin, right? So that is the first use we're covering with the BitcoinMYK token. And that is a huge use in itself. I should be able to end the video just telling people they can move their Bitcoin value absolutely free. But let's move on to the next use of the Bitcoin MYK token. Okay, so the next use of the Bitcoin MYK token is as a store of value. Ta-da! So store of value, that is what we just got done talking about with Bitcoin. But when you think of something like a store of value, when you think of something like gold, that has qualities of being rare, that has qualities of being transferable or valuable to some degree and being able to hold its value is usually due to rarity and it's due to it being deflationary, right? Meaning that you can't inflate it. You can't create more of it, just like you can't go out and turn straw into gold, right? You can't create more gold. And this makes it a good store of value, right? But if it has a deflationary quality, imagine what would happen if our gold supplies got less and less, right? If, if gold got more rare than it is now, if there could be no more gold mined in the world, if the supply of gold we have now somehow evaporated or vanished, then the remaining gold we have would probably follow that. It would be a great deal more valuable, right? Well, this is BitcoinMYK's next use case, that it exploits the deflationary quality of cryptocurrency unlike many others do. Uh, and that is because besides BitcoinMYK matching the Bitcoin ledger and going and moving on par to the 21 million Bitcoins, it has the ability to do something Bitcoin does not have, and that is further deflate. To illustrate what we mean by this, picture our, our version of Bitcoin versus regular Bitcoin. Regular Bitcoin start is at 21 million tokens. It's always going to just be those 21 million tokens. And now picture our project, which start at 100 million tokens, giving out 4:1 Bitcoin and YK to Bitcoin holders. And now, uh, picture the tokens being burned or basically removed from the supply all the way down to 21 million, which means now it's directly on par with Bitcoin. Tokens are at a ratio of 1 to 1. Now follow me on this. So they're now at on a 1 to 1 basis. Now Bitcoin cannot move any, the supply cannot reduce any further. It's going to always circulate those 21 million Bitcoin, right? That is the, that is the supply. But Bitcoin MYK is able to reduce its supply from 21 million Bitcoin at the same time matching the Bitcoin ledger down to about 5 million. Now think about what that means. That makes Bitcoin MYK more deflationary than Bitcoin itself. It means it gets even more rare than Bitcoin. Quite interesting. How is that possible? Well, it's quite simple. BitcoinNYK tokens, although they are owned by the majority of Bitcoin holders, they must be claimed by Bitcoin holders at a certain time frame that is reasonable, of course. In the event that these tokens aren't claimed, the processing fee, the transactional fee from, uh, basically coming on our hub and moving your Bitcoin to BitcoinNYK token is something at this point of like 1% a month. Every month you're late, now the 1% doesn't come from your supply of tokens as long as you claim within a certain time frame, right? If you're late a month, then 1% comes off. 2 months, 2%, and it progresses on. Right? So you have ample time to claim, but however, if you don't, then that happens. Now besides that, so what do we do with these tokens when they don't get claimed? What do we do with that transactional fee? Well, they generally end up getting burned or circulated through, uh, our project to some degree. Because they end up getting burnt, the BitcoinNYK supply starts to fall against the Bitcoin supply. There are other factors why Bitcoin holders will not be able to claim their Bitcoin MYK tokens. Some have lost their password. Uh, there is a story out about a guy who lost his password to $10 million worth of Bitcoin and has desperately tried to find them, has set out bounties on them, um, and just, uh, I don't think he's had any luck to this point. But people like him and a majority of other people, for whatever reason, won't be able to claim their BitcoinMYK tokens, or they just will not for whatever reason. Some of our research shows that we anticipate about only 3 million tokens to be claimed from Bitcoin holders. What that does is it allows us to burn and reduce the supply and deflated at a level far beyond what Bitcoin is at this point in time. If the logic that follows is that Bitcoin has value due to its deflationary quality, then it should follow that the more we can exploit deflation, the more rare the token can become. That is, to some degree based on that theory that we could have even a token that acts even as a greater store of value. Now, of course, there are ideas like networks, the security of the network, the brand effect of the network. All these things come into play, but the argument could still be made that the mechanics of the Bitcoin MYK token would address that and would put, uh, the token in a much more deflationary, uh, situation than Bitcoin. So, uh, not to mention that the deflation rate is very aggressive. For every transaction or for every token we trade, on a 1-to-1 ratio, we burn a token against every token that trade. It's very, very aggressive. So these tokens are burning like mad, right? Means if we trade a million tokens, we're gonna burn a million tokens. So you can see how, uh, that can be quite advantageous for a person who's a hodler, who's gonna hold tokens for the value to increase as the network increases. That is a second use to the BitcoinNYK token. Let's move on to our third use. Universal basic income. When I first talked about universal basic income would be part of this project, people thought I was insane. They said it doesn't make sense to give away free tokens. People would not value free tokens. So some people believe that the exact opposite of that in cryptocurrency. Some people have viewed Universal Basic Income as not only the ultimate airdrop, but one of the best marketing campaigns in cryptocurrency. That may be surprising to some of you all. But in business, we have many times remember getting those free samples in the mail, those free coupons in the mail, and getting a lot of free stuff and wondering, hmm, why would they give us free items? Well, it's quite simple. You give people free items and they find out they like it. They find out they like the project. They find out they like the product and want to be part of it in some way. And this is how you draw them in. And then at some point in time, they buy more tokens, they speculate, they do something along those lines. But it's a bit more than that. Universal basic income has become a very hot topic. It's part of our world today, whether it be on the political scene or the social scene, the social aspects of, um, nation-states, uh, this has become a very hot topic. And so there's a big movement going on even here in America in our political system with universal basic income, with candidates like Andrew Yang. So this is getting to be quite serious, and people are taking this quite serious. Um, we should also consider that it is estimated that 80% of the entire globe is in need of some form of universal basic income and would opt into it. Now let's think about cryptocurrency for a moment. We just talked about how nobody really uses cryptocurrency, right? We— if you don't believe that, If I were to ask you the question, what did you use cryptocurrency for today? Did you actually have to use it? What did you use it for? Was— did you have a sense of urgency or demand to use it? And if we're honest, the answer is probably no, right? The applications that cryptocurrencies or that run on blockchains and run on cryptocurrencies or use cryptocurrencies, many of these applications have a very, very small user base, down to a few thousand. Even in the biggest projects, even if you take a look at something like Ethereum, right, you're still only dealing with like thousands a day of people using these, uh, decentralized applications. This is nothing like products we use in the real world where it might be hundreds of millions of, if not billions of people using them. So we don't really use cryptocurrency because we don't really have to. But if we had to, if it serves some purpose, if 80% of the globe wanted to use it, what would happen then? Well, our theory is if 80% of the globe opted to use the BitcoinMYK token through receiving universal basic income, then it would become basically this usable money that could be traded in and out, uh, and achieve what we've been looking for since the beginning of Bitcoin, since Bitcoin launched over a decade ago. And that is some type of mass adoption, some type of system where people have to actually use this. And at this point, to reach a global audience on the scale many of us are looking for, it would take something like universal basic income. It would really take a movement like that if we sat down and we planned from beginning to end how we want crypto to end up, how some crypto enthusiasts want it to be the currency of choice, global, worldwide. We would end up with something like universal basic income because it would have to be something global that people would want to use and would have a need to use, some type of incentive to use and some type of reason to use, right? And universal basic income does that. Um, now one big question of course is if you're giving away tokens free, How do you fund that? There have been a history of universal basic income cryptocurrency projects, and I can pretty much assure you that they've all failed. Now, the reason they failed, because they had no means of being funded by anyone, because nobody would profit from them. Nobody would make any money from them, thus nobody would do it. However, our project is unique. Most of the tokens are owned by Bitcoin holders. The network value of having millions of people on your platform gives it an internal value. It gives it a monetary value because people are moving their value, and that's transferring the money. People are speculating, people are trading. It is a lot— a great deal easier to move BitcoinNYK token from a few cents to a few dollars than to move a $10,000 Bitcoin to $20,000, which would require a couple of hundred billion dollars in. To 10x Bitcoin, you would need trillions of dollars in. Or you could 10x something like BitcoinNYK token for pennies on the dollar. So that's why it would make more sense because of the buildup of the network. The unclaimed tokens fund our UBI, and it is not difficult to pay for the project as it is sharing, uh, with the Bitcoin network in that way. So that's why universal basic income is— not only do I think it's just a good idea to help the world and to help people and be a good marketing idea to bring people into cryptocurrency, The reality of the situation is this is probably the only way we can mass adopt the cryptocurrency. There is absolutely no use case for cryptocurrencies that are significant. Um, I would like to reference a documentary in the description. I want to try to find it where there are several big figures in cryptocurrency, uh, and some discuss that businesses trying to adopt cryptocurrency for the most part will not work, right? It hasn't worked yet. Businesses are usually ahead of the curve, and more than likely it probably will not work, uh, not to the degree we think it will. And there's many reasons for that. You know, you cannot reverse sales on, um, with, uh, cryptocurrency, right? Chargebacks— how would you handle chargebacks in some type of payment system for a business. Just doesn't work, right? So it would take something where universally people would need to use it and accept it. And the blockchain is one of the best ways to do that with universal basic income. So that's our third use. Let's move on to a fourth use. Advertising. An old use case, but one that seemingly still works. And, um, some would say if it's not broke, don't try to fix it. So where does advertising come in with this, um, with the BitcoinNYK project? So the BitcoinNYK project, this is pretty interesting, of of course, we have our hub here that facilitates the token. Um, however, um, you can actually pay for advertising space with the BitcoinNYK token. So as you receive these tokens, whether it's through Universal Basic Income, whether it's through posting on the site, a variety of things, whatever the case is, you're able to use these tokens to buy ad space on our hub. Now, obviously our network is growing right now. Site gets about 20,000 to 50,000 visitors a month. But when you consider that, uh, we're pulling the Bitcoin network, we're pulling Universal Basic Income recipients, which is 80% of the globe, Bitcoin is about 50 million wallets, I believe, right now. So these are very, very big networks that we believe at some point in time many will find their way on this website. And even if it's a small percentage of them, this should be a pretty, pretty much a high-traffic website. Now what is so unique about our advertising using our tokens to you're able to purchase, um, ad space on our site. Each BitcoinMYK token you receive counts as $1 on our site, right? So on the site, you can always buy a dollar worth of advertising space with the BitcoinMYK token, kind of creating this internal market with BitcoinMYK. And even if the token is trading on some third-party exchange or something like that, and it's trading for far, far less, then the only thing you would need to do is go on the market, purchase the tokens at a lower price, still get over a dollar worth of advertising per dollar on our site. Is that great or what? So that is the fourth use of the token, right? And we have a variety of ad packages. I'm not going to go into them. Uh, you can contact, uh, sales, you know, our department's, uh, live support, and we can tell you about that, but that is the next use of it. Let's go on to the fifth use of the BitcoinMYK token. So with the BitcoinMYK token, you can also purchase simulated mining rigs. So simulated— what this is, is this is a virtual product that allows you to, through an algorithm, mine a certain amount of tokens based on the model you purchase with the BitcoinMYK tokens. Now we think this is great because with traditional normal mining rigs, they burn a tremendous amount of energy, waste a lot of electricity that you have to burn when you can just simulate, use one of our simulated miners. Now Um, this is great because we piggyback off the Steem blockchain, um, and, uh, that is great. It allows us to free up many resources that we can put back into the token and create much more products, uh, great products for you all. Now with the simulated mining rigs, the algorithm generates or selects a miner that wins the or solves the block reward, right? Um, so with BitcoinNYK tokens, you can purchase these rigs. Uh, we've sold a few already. People are really enjoying them. There's quite the game element to them, and this helps people who want to have that experience of mining with all the negatives that go along with it, like wasting energy, hurting and destroying the environment, buying very, very expensive mining rigs. So with our simulated miners, you can take your BitcoinNYK tokens and you can purchase these simulated miners. Great deal of fun, um, you'll be glad you did. So, um, the latest feature we have with this, uh, if you purchase a miner, we now have it to where you can transfer the rights and value in the title of that miner to whoever you choose. Uh, we have an area on the site where the tokens of the buyer is held in escrow. We only accept Bitcoin MYK tokens. Uh, and when you want to transfer the value of your miner for whatever amount is agreed upon, you and the other party, uh, you go to this certain area of our site And when you do that, uh, you basically, um, uh, sign off, agree to the terms, uh, to use our system, and we deliver the tokens out of escrow once everything is complete. So a lot of fun. You can purchase these miners and then you can trade them for whatever, uh, amount you want to, agreed upon with you and the other person. Once you've mined, or maybe you want to get another miner, you want to get another a series of miners, you're able to do that with the token. So just a lot of great uses with this token. Um, let's move on, we got more to go. Social media. So one great use we found in cryptocurrency is through, uh, social media articles, blogs, photography, uh, you name it. Different ways to use cryptocurrencies to transfer our value, uh, to the valuable content we publish online. And so, uh, the BitcoinNYK token is no different. You're able to earn, uh, basically on posts and articles and blogs when you write them. You're able to post your daily articles and blogs and earn our BitcoinMYK token for it. And this allows us to transfer our value and give more uses to the token across the blockchain with content creators. Okay, so let's illustrate how the value transfer works with our tokens. So as you can see, when somebody posts on this site, we're looking at one of our members' profiles here. Um, and you can see this shows how many posts they did, what the topics were, how many likes they got. They got 7 likes. So the, uh, they have a display system where they received 3 likes and they liked 7, um, I'm sorry, they liked 7 projects. Now, With our project, you get a token for every like you receive and every like that you give, right? So it's pretty interesting. Now, our like system and our tokens are paired on a 1-to-1 ratio, meaning every time you like something or get a like, you receive that, that many tokens, right? It's part of our proof of participation model. And you have your display board here that shows all your articles and your profile pages that shows all the posts you've done. Excuse me. Um, so quite interesting. It allows— it's just yet another use of the BitcoinNYK token to transfer value over the network, right? So that's pretty darn interesting. That's another use. So, um, for all the people who, um, follow the BitcoinNYK project, if you didn't know before, now you know. So, uh, I think this video was long overdue to kind of going to detail to kind of sum the project up all at once. Now, another problem we've been having is some people— we have this floating menu button. You can see it's green. I'm going to try to blow it up here. Ah, let's get you where you can see it. Now I think you can see it. Is— I think that's clear enough, right? You hit that button to get started. So what's been happening is a lot of people just been looking at this button as it follows them around the screen, not hitting it, not knowing what it's there for. And they've thought we only have one page. So could be a problem on our part, the development we chose on this, probably going to change it from this. But if you didn't know, that's all you need to do, hit that button and you can find all of these, um, parts of our site that you've been looking forward to do all of these great things. Let's move on. We got more to go here. Quite a bit to go. Let's see what else I got here on the list. What's that? Gaming. Oh yeah, gaming. Okay, let's get over to the gaming. All right, we're in our gaming section now. So how does this work? How does the BitcoinMYK token work in relation to this? So it's very simple. We have something what we call the game engine, right? And how you use the game engine is you hit start game engine. When you hit start the game engine and you play games, What's happening is you're earning so many tokens per hour. I think right now it's something like, ah, I think it's like either a 10th of a token or a full token. It could change or it can go up, but it'll say so on the screen. And you can play all these cool games. Underworld fantasy role-playing games, network area virus game, multiplayer adventure citadels. The Beach, some kind of board game, Dragon Dice, flash games with chat, and an assortment of games you can enjoy here on the site. Getting paid Bitcoin MYK tokens to play games. You sitting up in your living room playing PlayStation, you're not being paid for it. Get on here, you can earn some Bitcoin MYK tokens. All right, you'll be glad you did, right? Um, so that is yet another use of the token. You can earn them. Uh, we got more, guys. We got more. We got more. Let's do more. All right, BitcoinMYK Music. So now this is probably one use of the token that I'm, uh, I'm very proud of, that I really like, and that is our streamer. So how does this work? So it's real simple. You listen to music and based on how many tracks you listen to, you get a token, you get a BitcoinNYK token for every track you listen to, right? Now, if you're actually into music, if you're actually a musician, this is quite an ambitious project we have here where what happens is you basically um, can, can, uh, basically upload your music here to our streamer and you get paid per play. You get a token per play. So if you're a musician in social media, what you're doing is now we basically cut out the middleman to where now your, your music gets promoted for free. You get paid on every listen to it. You can connect this to your social media, have all your friends come over, listen to it. Earn tokens on it, right? Just fantastic. It's just really, really cool. Um, and you can listen to all of these variety of, uh, tracks. Oops, didn't mean to turn that on. Um, and, uh, you earn, you earn on these, uh, you earn on these tokens, right? So we really love to have you over here. Oh, let me stop that. Ah, stop it, stop singing. I guess I guess it doesn't want to, guys. I can't turn the player on. So, uh, let me get back to home. But anyway, you can earn, you can earn this way uploading your music. You get paid every time somebody listens. Every time somebody listens, they get paid the tokens. So just a great situation. Let me go back to the home button here. Okay, so we're back home now. However, that is not the last of it. This is a social media, uh, site as well. And so we have an instant messenger here, and we're doing something, uh, just to promote participation with the token more. And that is whenever you come over and join us and you basically chat with us. Looks like we just had somebody here just chat tonight or at some point here. Okay, that was a few days ago. You gotta get tokens for that as well. So you get tokens for everything. We use something called the proof of participation model. And you get tokens just for chatting. You get tokens for everything. And of course, this is all about network building. We want to build the biggest network in cryptocurrency with the biggest use and something that just makes sense that people are going to use, and there's a demand for them to use it. And with you all help, we can do that. And so far, you guys have been a delight. Many people are starting to join us now. And we're glad to see that people are starting to finally embrace and understand our project. But if you don't know what the token is for, just take a moment, roll the video back. Some people— I've had some people come up to me and say, what is the token for? And I'll explain it to them. They'll come back the next day and say, uh, what is the token for? Do it again, repeat the process. Now we got a video to show them exactly what they can do with this token. and we hope they enjoy it, and we hope you all enjoy it. If you haven't tried it yet, you could try absolutely free. The token was made for you all. It is something in it for everybody. So, been a long video. That's all I want to say. If you all like content like this, don't forget to like, subscribe, and don't forget to join BitcoinMYK. We'll leave a link in the description. Until next time, take care.