Bitcoin - Why It Should Be Spent/ No Hodl!

Hey you, welcome back to the channel. And guys, today I want to talk to you all about why it is important that Bitcoin is spent and not held. So I want to read a portion of an article done by theoracletimes.com, and it talks about the value of Bitcoin to the consumers. Due to the profitability of trading Bitcoin, many investors will agree that Bitcoin and other leading cryptocurrencies have become more of an asset than a currency. Unlike mainstream currencies whose value remains relatively unchanged over long periods of time, Bitcoin's value is frequently changing. This means that most Bitcoin owners can make profits by selling their coins when prices are high and buying more when prices are low. With Bitcoin's recent high rate of appreciation, retailers understand why many folks are unwilling to part with their Bitcoin, with the hope that they'll trade their coins for a profit. When ordinary consumers hoard their coins instead of using them to make purchases, it means that Bitcoin payments will fall below their break-even point. This is the minimum number of transactions needed for the retailers to profit from adopting Bitcoin payments until such a time when Bitcoin prices stabilize and consumers become more willing to use their Bitcoin in transactions. It is very hard to imagine retailers adopting Bitcoin payments. So here's the problem, guys. A lot of the conversation has been about the speed of Bitcoin, that it not being able to make transactions at a speed comparable to what you might get with like PayPal or MasterCard and Visa. But there is a much more broader issue here, and that is people don't want to spend their Bitcoin. They hold it, but they hold their Bitcoin, and it creates a very negative circular effect to the problem in association with Bitcoin, and that is Bitcoin not being able to be used as a money. To help you understand this, the idea of Bitcoin being a store of value and the concept of where the value of Bitcoin comes from all stems from it being able to be this payment system. If you can't make payments with it, if you can't send it out, then it's not really a justifiable store value because Then its use, its main use, is probably its most important use, uh, being able to transact these payments over this secure network, become, uh, you know, one of the most unusable portions of it. Um, and, and that's a significant problem to the value of Bitcoin. Um, ideally you would need vendors in order to basically want to take the Bitcoin, and from what we've just read, we see why they won't, what would be the problem. It would be hard for them to profit, but in addition to that, the value and the prices of Bitcoin would be very unstable, and it'd be volatile because people would be holding it, and, um, it would be a problem for spending. Um, and so how does Bitcoin solve this? Faster transactions won't solve this if people still aren't willing to part with their Bitcoin because they're seeing Bitcoin as an asset that can grow to $100,000 or $1 million per coin. So, uh, my project BitcoinMYK, um, what it does is it's the money to Bitcoin as the gold. So you can spend this representative value of your Bitcoin while your Bitcoin stays in this vault. Now, in addition to that, where the value in the Bitcoin MYK comes from is it has this social media-like feature to it and system to it, whereas the value of the social media network grows, the value of Bitcoin MYK grows. Your Bitcoin stays in your wallet, in your vault, and you're able to use your Bitcoin MYK to do your transactions at high speed. At the same time, if vendors accept it, vendors won't have a volatility issue in the price, which would mean they would be more prone to take it and still have the value of their Bitcoin, right? And we got other videos that go a little bit more in detail about how that works. But why that's very important is it gives this stable price. Now to further illustrate how it will work, so, so you can have a very more clear understanding why this could be a solution to Bitcoin instead of Lightning Network, which only speeds up the process of moving Bitcoins, but it does not address the issue with the value of the Bitcoin itself and being considered an asset where people are just holding and not spending it as a money. Um, with this, it's similar to the Facebook cryptocurrency, which is basically using Facebook to back up the value of the token. So it almost functions like a stablecoin, and it's, it's a, it's this valuable now stablecoin that will initially work over a network of over 100 to 200 million people. Over the WhatsApp network, which is yet another social network. Social networks are the best means to transfer, um, these cryptocurrencies, as social networks already have in place a structure and a system of people who can collect this money. And as it grows, 200 million, a billion people, then you have mass adoption. And that's why it's so important. Another project that might come close to understanding the, the very importance of being able to have a spendable cryptocurrency is Tron. Oddly enough, although Tron hasn't been one of the projects I found much favor in, by the purchase of BitTorrent, with its 100 million users and now rewarding the users of the BitTorrent network in this cryptocurrency that they will probably spend, uh, they will create a large network effect and probably a more stable token that way, similar to the Facebook situation. So how do we achieve this with Bitcoin MYK? Well, there are several factors why people would want to spend it. Number one, they want to spend it because it doesn't bought their Bitcoin and they can get the tokens free if they're Bitcoin holders. Again, the value of the token would come from the network itself. Within the value of a social network structure, there is value created. And because there's going to be a lot of spending, as people will probably more likely dump the tokens, they probably will see it more as a money than an asset, then you will have a more stable price because people won't be holding their tokens against the, against the, the vendors. So you will have a more of a closer margin, allowing the vendors to be able to make money. And these are very important economic principles. Just hoping a token goes up, playing a game of hot potato, is not a viable economic system that works. And that's why I believe Bitcoin has been plagued the last 10 years and been held back, as some of this article touches on, about people just holding Bitcoin not spending it. We understand why people don't want to, um, want to spend their Bitcoin, but what we need to do is create a solution where they can use this as a money but at the same time have this opportunity. And BitcoinNYK does that. Um, and so this is the importance of spending Bitcoin as a money. Now there are other cryptocurrencies that people can use in place of Bitcoin. But here's the issue I have with that. People who use other cryptocurrency, it means you have to sell your Bitcoin to transfer it to Litecoin or Dogecoin or Ripple or whatever other system, meaning the opportunity you would have had for the value of Bitcoin to expand, to go up in value, you have now lost that because you've transferred that value to another asset class, another cryptocurrency. It is much easier to have this represented, this, um, connected Bitcoin MYK token for what we are advocating, so that you'll be able to move that value representative of the Bitcoin you hold in your wallet and still have that opportunity, yet have this network effect of money and growth, creating what we will— we believe to be a more— or function much more like a stablecoin, that as the network expands, due to the fact this is a deflationary finite token— there are only so many of them, uh, modeled directly after Bitcoin— it gradually moves up as the network grows. This gradual increase allows people to make money. It allows people who speculate on Bitcoin going up on a far value, not to spend it, and it goes up gradually, allowing vendors to be able to use it as a money, make purchases with it. So it can be a— this type of circular adoption of Bitcoin and cryptocurrency at the same time. So that is how we believe you could solve this problem. But just speeding up Bitcoin transactions when people believe Bitcoin will go to $1 million is not going to address the problem with people accepting Bitcoin. And if people don't accept Bitcoin, then it just becomes this system where we're constantly speculating up. So that's why we believe you should start spending your Bitcoin. That is one of the best ways we can conceive of at this time you could do it. Uh, we'll leave links in the description to that project. Um, And would like to hear your comments and questions and, uh, or thoughts on the matter. But guys, that's all I have for this video. If you like content like this, don't forget to like, subscribe, and until next time, take care.