In this video the host explains that the term “fork” is being used loosely, primarily as a branding tool that often overlaps with airdrops. He introduces the BitcoinNYK project, which has distributed its BitcoinMYK token to both Bitcoin and Ethereum holders, covering roughly $2 million worth of each cryptocurrency for a total of about $4 million in wallets. Holders with assets on the Waves exchange will receive the tokens automatically, while others must claim them through the project’s website hub. The BitcoinMYK token is described as a deflationary side‑chain token that burns a portion of each transaction, aiming to reduce inflation and potentially increase value. The token operates on the Steem blockchain and uses the Waves exchange for fast, near‑zero‑fee transactions, currently trading at just over $0.04. The project also incorporates social‑network, music, art, and photography elements, positioning the token as a usable form of money within a broader online ecosystem. The video concludes with a call to explore further content in the series and a reminder to like and subscribe.
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Welcome back to the channel. I hope you're having a great day as we go into the weekend. So the latest Ethereum fork here, um, when we use the term fork, we want to use that term quite loosely. Uh, there are several forks, hard forks, soft forks. Uh, there are this weird, um, amalgamation of, um, of airdrops in association with forks. The IRS, United States government, uh, doesn't seem to separate a fork from an airdrop. Um, the same consequences go with each of these things, uh, and they correlate them the same as I've done videos in the past. Of course, in cryptocurrency, we know a great deal different. So I just want to put it out there that we are using the term fork, I think, more for branding and marketing than than the actual hardware type situation, but it does fulfill the general idea of what that is. With that out of the way, wanna talk about the BitcoinNYK project. And now that it will be distributing as well its tokens out to the Ethereum community. And how this has worked is so far we have managed to send Bitcoin MYK out to Bitcoin holders' wallets collectively, uh, that hold over $2 million. We've done the same thing with Ethereum, um, and, uh, the numbers are about the same. It's around about another $2 million. So for a total of about $4 million in cryptocurrency and accounts now hold a Bitcoin MYK token. So we're hoping that potentially this can give the cryptocurrency itself a tremendous amount of value. Now, another thing that's quite common in forks— well, I'm sorry, not common, but they have happened— is there have been situations where more than one cryptocurrency gets forked at the same time. There have been cryptocurrencies that have forked two or more cryptocurrencies at once, and of course they've done this through some type of airdrop situation. I believe Zcash and Ethereum were part of a fork not long ago. And so that's basically, I think, the direction or the best way to explain what the Bitcoin MYK relation to the Ethereum network is. Now, Uh, in this fork, um, on the Waves exchange, uh, what you're gonna have here is you have, uh, basically the BitcoinNYK project able to honor the fork on the Waves exchange. So that's going to mean that if your Ethereum is held on the Waves exchange, you're going to be able to receive tokens. Uh, if it's not on the Waves exchange Uh, you still will be able to get the tokens. You will have to go through our hub, our website, in order to accomplish that. If you're on the Waves exchange, you don't have to do anything else. It will just happen, um, automatically for you, and you will begin to receive BitcoinMYK tokens. Now, this is very interesting because the BitcoinMYK project is a deflation token. It means that as the transactions are conducted, there are less and less Bitcoin MYK tokens, and so that means, uh, the inflation rate ever is going down. Uh, one of the strong ideas behind Bitcoin has been its deflationary quality. What the Bitcoin MYK project is doing is it is exploiting that, uh, at a much higher rate, and in that way, uh, the idea is to reduce inflation so great that it makes it a lot more easier for the value to— of the cryptocurrency to increase. Of course, that is the idea, and, uh, um, not necessarily that those results will happen. However, uh, we believe the data we've seen, the research we've done, that it does point to, uh, certain favorable conditions in which something like that can happen. Uh, in addition to that, the Bitcoin NYK project is a combination of things from social network to musical entertainment, art, photography, many of the great things that are done online throughout social media that has connected our world together. The BitcoinMYK token is now trading just over 4 cents on the Waves exchange. Um, a great deal of possibility for it to grow in value. Uh, Bitcoin forks have done well, um, in the past, some of the notable ones. Um, and so this is a very interesting project, Bitcoin MYK. Um, basically it's, uh, this sidechain deflation token that we think acts very well as a money. It utilizes the the Steem blockchain and the Waves exchange, uh, in order to facilitate the movement of this token, uh, in a way we believe, uh, that will work a great deal better to the cryptocurrency community who are hoping to use, uh, a usable, uh, money, uh, through the Steem blockchain. We can do this with transactions essentially free, um, very fast, uh, with Waves Very, very small fees, almost, uh, almost, uh, not there. But, um, uh, this allows for, uh, some great uses in cryptocurrency for this, for this project. Um, but that's all I want to say in this video about this project. Uh, we have a wealth of information throughout our video series. Uh, the wallet's, uh, claim now is at about $4 million as we said earlier. So potentially some good value can happen with the BitcoinNYK project. Uh, be sure and check it out. If you like content like this, don't forget to like and subscribe. And until next time, take care.
