Bitcoin - No Transaction Fees - Steemit

Hey you, welcome back to the channel. And today we want to talk about a Bitcoin, a Bitcoin without transaction fees. Can you imagine that? So what generally plagues us in Bitcoin is the scaling of Bitcoin, the movement of Bitcoin, and the transaction fees, which we know when the prices of Bitcoin start to go up, those transaction fees just get ridiculous. And generally what happens is a lot of people in the cryptocurrency space generally have to opt to move some other cryptocurrency to facilitate a move of that value to a great degree. But what if in a sense there was a way you can move Bitcoin, scale Bitcoin without transaction fees? Sounds too good to be true. So let's talk about that a little bit today and let's tie that in with the Steem blockchain. So we're looking at the activity on the Blocktivity report, and it's showing the blockchains that do the most transactions, right? Highest transactional speeds, competing with Visa and MasterCard almost. You have EOS coming in at number 1, and that has moved a lot of people to say, well, why not use something like EOS as a sidechain to something like Bitcoin? Because that's pretty much what we're talking about. We're talking about using something like Bitcoin or using a, um, a blockchain that can facilitate the movement of Bitcoin on a sidechain, right? Now, there are several ways that could be done. Uh, in this video, we're going to talk about a particular one that's happening with a project we're involved with called BitcoinMYK, and we're going to explain that to you. And why this might be something that you might find quite advantageous to you. So it has come up that sites like EOS should, uh, have a Bitcoin sidechain. It is very similar to, to the Steem blockchain, built by the same person, uh, on principle kind of works similar to the same way, uh, but we're going to talk a little bit about why I think the Steem blockchain is more than— more perfect for this. Even though it's coming in at number 6, you can see it still performs a great amount of transactions, and that's very important. So the reason you would probably want something like this is because of the efficiency of it, right? I, I think it's pretty much been accepted that we consider Bitcoin at this point in time to be a store of value. And so for the most part, it's going to sit like gold in a vault. But when we want to move Bitcoin around, that's where the problems start to come in. Uh, and that's why, uh, sidechains as such might provide a better option. Um, now one big issue is a lot of times it's going to call for the swapping out of Bitcoin for another cryptocurrency, some type of swap, some type of custodial account. And what we're proposing here, or what our idea and view of this is, you don't need any of that things. We found a more efficient way to get around that without going into the problems or what you're going to get with custodial accounts, like what you're probably going to end up with, with Bitcoin Lightning Network, uh, what you're going to get with, uh, swapping cryptocurrencies for now, another cryptocurrency that's not Bitcoin. So one great way to do that is to use the Steem blockchain through our own design application to facilitate the movement of that Bitcoin across the Steem blockchain. The transactions would be free, and here's the beauty of it: your Bitcoin would never leave its wallet. It would remain in its wallet. We do that through social media profile identification, and that's where Steem comes in. Steem applications that have transparent wallets, it makes it a great deal more easier for us to be able to stop double spending by using transparent Steam Wallets. In addition to that, using part of our application to sync your Steam account with your Bitcoin wallet, which can either be proven you're the owner by either a signing, a signature, or if your wallet does lack the capability to do a signature, Uh, we have a system where you can do test deposits, and that will prove that you own the account. And when the amount of Bitcoin is determined, how much is in your account, we are able— through the blockchain, we are able to issue you, uh, a token called the BitcoinNYK token that, um, runs on the Steem blockchain in relation to the Bitcoin you hold. Now this would be absolutely 100% free for you to do it, and it will be absolutely free for you to do the transactions. You will need a Steam-based account, but you can get one free generally within a week or two. There are services that will pay a very small fee. I think it might be $0.99. I could be wrong. It's probably— if it's more than that, it's not much more than that to get your wallet. But, uh, if you just, uh, you can either go through services that will pay the wallet fees for you, or you could just wait till it's approved on itself on your own. Uh, and you're given these things called resource credits, which facilitates a great deal amount of transactions per month, probably more than you would need to use to move, uh, your, uh, represented Bitcoin value. So, um, yes, this is moving Bitcoin your represented value over the Steem blockchain, which is super fast, transactions are free, and it has a social media feature. So you start to get this kind of feel like, uh, what you probably would get in a mass adoption vehicle, like what could potentially happen with Libra coin or some to that degree. But what is clear in examples like that, we're finding out that use of blockchain technology with social media kind of combined together, yet still giving you your privacy, uh, through these decentralized platforms, these Steam-based decentralized platforms, uh, gives you that privacy but gives you all of the advantages and abilities to do that transaction-free. So imagine that you only need to purchase Bitcoin to get the BitcoinMYK tokens. You do not have to purchase the BitcoinMYK token. So I'm going to take you over to the site, the format, let you see what the interface looks like and how to get moving on that. So much like many of these social media sites that work over the blockchain, sites such as Steemit.com and a variety of others, the interface is very similar to that social media site where you can engage, you can read information, articles, you could participate in them, you could be paid for them, or you can, through the through the user interface, pay out other people, you know, for their posts by upvoting on their posts, right? So there are many advantages to having a very simplified user interface that many people identify with. Makes it more easy to mass adopt cryptocurrency for one thing. And so we try to keep in that way to make it a very easy identifiable, almost PayPal-like system where many people, billions of people are already accustomed to using it. So we don't want to change anything that people are already accustomed to. So you have that, you have that, that feel to it and that product to it. Now I want to take you to how to swap your Bitcoin for the BitcoinNYK token. Again, your Bitcoin remains in its wallet. So there is no danger of losing your Bitcoin or your account being compromised. Um, you know, it just begs the question, why would anybody pay transaction fees to move their value, their Bitcoin value? Why would anybody pay transaction fees when you don't have to? Uh, and why would you do that when you can use a system that it's free, it's very fast, very efficient, uh, very user-friendly, and integrates through many other applications at once? And so very surprised nobody has done this yet or thought about this. I think one of the major concerns or major problems with something like this would be the security of the network. So let's talk about that a little bit. There are a few securities we can look at with this. First of all, if you're going to use something like the Steem blockchain as a sidechain for Bitcoin, you would have the comparable blockchains. You have the the Bitcoin ledger versus the Steam ledger, that in comparison you will be able to use accountability, um, to find out what exactly your positions are. But in addition to that, also bear in mind, I think the most important part of the process is that your Bitcoin would never leave its wallet, right? So a lot of the dangers, the security issues would be in your Bitcoin actually leaving its wallet. That doesn't happen. With this project. All we need to do is verify that the Bitcoin belongs to you and that that account is linked to your Steam-based account on the BitcoinMYK platform. Once that's done, which is a very simple process, doesn't cost you anything, uh, you will receive the representative value of those same BitcoinMYK tokens. You can begin moving whatever value you want across the network a network of right now over 3 million people. Also, it can be exchanged for Steam Dollars, which trades on pretty much every major exchange in cryptocurrency. So, uh, you know, why we would continue to use a very robust way of moving Bitcoin at this point in time, to me, doesn't make a lot of sense. Uh, and again, the problem, like with Lightning Network, you would have to move that Bitcoin out of your account into an escrow account held by someone else. It would not be in your wallet. Uh, so let's get over to the actual exchange process of the Bitcoin, uh, to BitcoinNYK, which doesn't actually happen, but only happens in idea. Okay, back. So this is basically how this will happen. Your Bitcoin wallet ID will be entered into our system. You will then choose a 4-digit PIN code, right? And then there will be a signature phrase if you, if you sign your Bitcoin wallet. And we have instructions in our video series on how to do a Bitcoin signature. What's going to happen is your Steam account is going to be linked with your Bitcoin account basically through this form. Once those accounts are linked, remember your Steam account is also anonymous as well. It is a transparent wallet, but there is no KYC or anything like that that is needed. Once those accounts are linked, uh, we're able to verify that you're the owner of that Bitcoin wallet and the owner of the Steam, uh, account because we can send, uh, testing information to your Steam account and you can either do a wallet signature of Bitcoin or you could do test deposits from your Bitcoin account the lowest Satoshi amount to let us know you own that account. And throughout all this process, you will receive on a 4-to-1 ratio Bitcoin MYK tokens to Bitcoin. Now, the cool thing about this, you could do this over and over again through the ledger. So it's not a situation like a fork where you have to keep— well, you can only do it at one particular time, at one particular snapshot. Through this process of syncing these wallets, you can continually do this. Now, the cool thing about the Bitcoin MYK project as well is that generally what happens in a process like this, uh, is there are over about 50 million Bitcoin wallets. Of these 50 million Bitcoin wallets, most people, uh, aren't gonna claim the tokens, right? It might either be because they've been locked out of their accounts, they've lost the data, unfortunately they may be deceased, Uh, some people may just not participate in this project, in which case after about a year, a certain amount of percentage of the Bitcoin MYK they can claim will be, uh, reclaimed by the project and it will be pushed out and redistributed through our Universal Basic Income program. So the reason that we're doing a Universal Basic Income program along having this Bitcoin sidechain on Steam is because we believe this is a mass adoption vehicle as well. So generally what's going to happen is the Bitcoin holders who do not claim the BitcoinNYK tokens, they will go to the people free, uh, through universal basic income every month. Uh, and this is how we'll be able to fund that program. So, uh, of the 50 million wallets, of the 21 million Bitcoin that are in existence, there will only be so many of those claimed. Some calculate it might be between 3 or 4 million. With the Bitcoins that the MYK that aren't claimed, those will go to fund, uh, projects such as UBI, projects to do with the platform itself, uh, proof participation, which is a very cool way, fun way for people to earn our Bitcoin MYK on the tokens on the site by Completing offers, watching videos, just doing a lot of things where they earn the tokens free. So it's a very interesting project, a project that I'm surprised that hasn't been emulated in the cryptocurrency community with the amount of resources we have and so many blockchains. This is a much more efficient way to do things. And again, for the argument side of, well, um, certain blockchains may not be as secure as the king of blockchains like Bitcoin or Ethereum or something to that effect, we— you should also remember that when you claim these cryptocurrencies, your Bitcoin never leaves the Bitcoin blockchain. So as far as security is concerned, the Bitcoin itself was never in any danger as it never left the Bitcoin blockchain. And because of that, whatever dangers might happen, there would be no initial loss to the recipient. As far as gaining access to the cryptocurrency directly, there are exchanges on the Steem blockchain that the community can move them back and forth, and that is something third-party done by the community, and the market determines the price of whatever that might be. But, uh, this is a good initial step to moving your Bitcoin values. It's good for micropayments. And, uh, as more Bitcoin holders began to adopt this system, the value could become much more immense and bigger purchases could be done. But through a user interface like this that is simple, that has a social media site, has an article site, blogging site, um, you know, all these various things where community and networks build up. I think that's a very good approach to, uh, facilitating Bitcoin, uh, because make no mistake about it, Bitcoin is still going to always be the king of cryptocurrencies. A lot of people are going to rather buy Bitcoin than many other cryptocurrencies. So our suggestion is this: continue to buy Bitcoin, but claim your BitcoinMYK tokens Right? You can claim them for free. Claim them and use them over a growing network that can grow you value without any direct risk to you, building up the network and giving value to the cryptocurrency you just got absolutely free. That is smart. That is a good way to, to navigate the system. Uh, it is— makes for a good use case as a social media site. You can play games on it. You can watch videos. You can chat on the site, you can create profiles and blogs, all of these things, and at the same time facilitate Bitcoin without the security risk to your Bitcoin. So we couldn't think of a better way to approach this. We'd love for you all to participate. You don't have to own Bitcoin. You can use the proof of participation model and get a percentage of the Bitcoin MYK tokens that are not claimed. But we'd love to hear your opinions about this project. We'd love for you all to participate in this project. We think you all will be glad you did. It is now trading on 3 exchanges. Uh, that's all I got to say in this video. We will leave links in the description, but until next time, take care.