Bitcoin - No Transaction Fees?

Hey you, welcome back to the channel. And guys, today we want to talk about Bitcoin without transaction fees. Hmm, interesting, because you know what some people say about Bitcoin, guys, and that is the fees are just too blank high. They are just too freaking high, isn't that right? So Um, you know, how would something like this be possible? We know how Bitcoin works. Uh, we know people mine the Bitcoin through proof-of-work algorithm and they're rewarded, um, uh, and by processing hash and dealing with their hash rates and solving these computational, uh, equations, right? Um, and so You know, of course, electricity, a great, great deal of electricity is being expended. And so, uh, how would you be able to pay the miners and this and that? So let's break it down, uh, this concept of this Bitcoin without transaction fees and exactly how this works. So, uh, basically, you know, of course, one of the biggest issues with Bitcoin was the speed of the transactions and the cost And so, you know, that's what kind of started the entire Bitcoin fork fiasco, right, if you want to call them that. And so we had Bitcoin Cash, which was this fork, and it was faster, and some people accepted it as an alternative to Bitcoin or as Bitcoin, and some people didn't. So We have our project here, BitcoinMYK, and what's unique about BitcoinMYK, why it would work, be able to achieve this work transaction free, is because one thing that's going on with forks now, some are opting to piggyback on other blockchains. And why would they want to do that? Well, there are several reasons why you might want to piggyback off of a blockchain. And that has to do with the cost of developing, creating blockchain, of course. But that would allow the, the resources and the money that went into this blockchain that would have been created to go back to the holders of the tokens and the people who are using the net, using your, your platform and your token. Um, and so some coins have opted to do this instead, and some Bitcoin forks have opted to do this as well. So let's talk about how this works and why we think this is going to be very valuable to Bitcoin holders and users. So we're using the Waves platform, which is very fast, very user-friendly, very efficient, and The fee to transfer, to use the Waves blockchain is $0.001 per transfer. Now that translates right now into about maybe a third of a penny in US dollars. Very, very low. Very incredibly low. And so what's a little bit different about Bitcoin MYK and why I think it would be very important to beneficent use of Bitcoin holders is because, uh, we are using, uh, what you may term the proof of participation algorithm. We have found that through social media, uh, building up social media networks and using a value consensus model, basically meaning that we hub through other blockchain social media sites, that this builds up a great ecosystem for adopting people to cryptocurrency. Uh, it's, uh, it— to think of it in a comparable way, Facebook is coming out with a cryptocurrency. Facebook, from the beginning, off the jump, in introducing their tokens, will have 200 million active users, dwarfing Bitcoin by about 7 times. This is because Facebook understands the network effect, the branding effect, and they understand the power of social media to get these people into your communities using your token and finding value by transferring amongst each other. Of course, because Facebook has these large numbers, it can achieve this a great deal better. Now we're using a similar approach where we follow the Bitcoin ledger to the T, and it's a little bit more complicated than your average Bitcoin fork that just does the snapshot. We do something a little bit different where as your balance exceeds your Bitcoin holdings from the time you claim your BitcoinNYK tokens, you get issued those additional tokens. So now you can, you can move your Bitcoin across the Waves platform just like you would move it across the Bitcoin network, only faster, keeping track of your, uh, your Bitcoin, uh, balance. Transmitting it through Waves where you can now send it and kind of use that, trade off that value around the community, right? So, um, how are these 0.001 fees covered? Well, in joining BitcoinMYK and using social media as this kind of gateway into it, that creates a lot of value, much like social networks like Facebook have a lot of value. You know, and basically that allows pretty much for us to cover all of the fees. Generally, generally what happens is when you receive BitcoinMYK tokens, you receive bonus Waves tokens. And what that allows you to do is do many transactions per month. Just to give you a picture of what it would look like, If a Bitcoin holder were to do transactions every day with BitcoinMYK, it would cost them only about 10 cents per month to do 30 transactions. Um, now of course we don't expect people to do that many transactions in a month. Uh, they're probably not going to be doing that much, but what this does is this allows us to, every time you claim Bitcoin NYK tokens, you get issued these Waves tokens which cover, uh, your fees. So many of your transactions, or in most cases all of them, will end up being free. So throughout this network, people will be able to process transactions free for the most part. And I think that that is something we haven't seen yet in the cryptocurrency space. And through going these various approaches is allowing the network to bear the cost of the transaction fees, which I think is, uh, absolutely fabulous. And I think a lot of Bitcoin holders will like it. Um, and so I think it'd be a good idea to give BitcoinNYK a try in that regard. Um, and so, um, uh, to join, we will leave a link in the description. If you hold Bitcoin, you haven't claimed your BitcoinNYK tokens yet, you You should do it. There are many advantages to holding BitcoinNYK tokens, from being cross-chain tokens to using a consensus value model across several blockchains. We invite you to take a look at it, to read the white paper. And that's gonna do it for this video, guys. Guys, if you like content like this, don't forget to like, subscribe, and until next time, take care.