Pi Network Will Fail?/ How To Withdraw Btcmyk -Electroneum

Welcome back to the channel. I hope you're having a great day. So today I want to talk about how you can withdraw from the BitcoinMYK.com site, um, and we're going to take you through that. If you don't know what BitcoinMYK.com is, envision Bitcoin meets Facebook. There's a very, uh, user interface with wallet and you're able to earn cryptocurrency doing what you do, uh, every day. Now, where this is a little bit different than most cryptocurrency projects is that you cannot come on the site and buy any other cryptocurrency. They are minted by activity, right? Uh, there's no influencer over the system. There is no, um, you know, stake-weighted voting and things like that. But you do receive the cryptocurrency through your post, and the way it works is that you're able to like and upvote various posts that are done. Excuse me. And when you do that, cryptocurrency is earned, right? The cryptocurrency, as you can see see here, um, basically the BitcoinMYK token is able to upvote a variety of posts that have been made, right? But the question in this video is, now that you've used the social media site, um, what is it— how do you— what do you do with it? Like, what do you do? What's the standard cryptocurrency that has a market that can be traded on various exchanges. But first, let's take you through what steps you need to do in order to withdraw. So the first thing you want to do is come up to the top of your screen. You're going to see a button called the withdrawal button. Now, there are a few things that need to happen, uh, when you're going to withdraw from the site. You do need to make sure your wallet is linked that you're going to be withdrawing to. Okay, so once you hit the withdraw button, you're gonna come here and it's gonna— what you're gonna have to do is you're gonna have to link your receiving wallet, right? Once you link your receiving wallet, uh, you're gonna, you're gonna basically— and I'm just gonna make up something just so you can see— I'm going to just put in my name, um, S. Put that in there. Uh-oh, I mean to do that. Okay, so I put my name in, uh, whatever you're receiving wallet's going to be. So you're going to link your, uh, a valid Bitcoin NYK wallet, uh, then you're going to put I confirm payment was sent first to the administrator, right? So, uh, basically, uh, all of the cryptocurrency is sent to the, uh, back into the system when you're sending them out. And then through that process, then they are sent to the blockchain. And that— this is because the reason that this is a, a different system than many other cryptocurrencies you're accustomed to is because the BitcoinMYK project is a multi-chain cryptocurrency. So what it means is that when you earn the cryptocurrency here, you can send to different chains of the BitcoinNYK token. So you're able to send the blockchains like Bitcoin Cash, the Waves platform, Hive, Steam, right? Some other social media-like sites. And there is a counter token, the BitcoinNYK version, on those chains. And you're able to basically send your cryptocurrency there. And so that's why it's important that you have to make sure you link your wallet first. Now, if you don't link your wallet, uh, what will happen is the system will just refund your money back to you. So you do have to come to the withdraw address, uh, withdraw, uh, button at the top first, fill out this, and then once you hit, you, you confirm that you, you've sent the money to the administrator And basically that's going to be the amount that you're gonna, you're gonna send out of the system. You also want to check that you make sure that you're sending more than 50 Bitcoin MYK. And then I'm just going to hit submit. And then what's going to happen is then the— your cryptocurrencies are being processed, ready to go to the wallet of your choosing. All right, as you can see, you have a confirmation message that says your withdrawal is processing. Funds that don't meet the minimum will be refunded, right? So now you have both your accounts linked and you have your wallet link, right? Now this is the, this is the next step after you link your wallet. Uh, after this you won't have to do this again, but you have to have the wallet that you're going to be making your payments— you're going to be sending your payments to. Obviously, as— excuse me, uh, it's, uh, we're multi-chain, so you could be sending to one of several blockchains. So the first thing you want to do is come up here to your profile, right? And that's going to be under your, your icon right here in the top. In my case, it's the symbol of the BitcoinNYK project. I'm going to click on that. And this should take you within your profile page, which is also going to feature your transaction, your blockchain transaction page, right? All right, now here in the profile page, uh, this is going to be your profile page. And now what you want to do is basically make the payment right now. It really doesn't matter what steps you do with them in as long as they're both done. And the system receives both. Otherwise, the transaction won't be processed. So on your profile page where you have basically all of your group settings, friends, messages, and your inbox, and many standard things that are in, you know, your social media sites— and shame on me as I haven't filled mine out— we should be able to get down here All right, to the bottom right-hand corner, you should see your, your transfer wallet function, right? And so what you want to do is come here, you're going to click in the recipient to take the money out of this platform and put it on another chain. You're, you're going to always send to the administrator, right? So that's going to be— I'm going to put in— I'm going to enter that. So you're going to type admin in the box, and once you do that, type the amount you're going to send. And my device is acting weird today when I try to, uh, send from my— the device I'm recording on. I'm not sure why, but you shouldn't have that problem. But type in admin and type in just the numerical amount that you're going to send. And, uh, once you do that, uh, your transaction should be processed. Um, and, uh, it should be as simple as that. Of course, if you have any questions, don't hesitate to contact us and we can assist you to get you, um, to get you going there. Um, but that's all I want to say for how to— oh, excuse me— how to withdraw. It's a very easy process, much like other crypto systems. But now we want to segue over to talk about the Pi Network a little bit and talk about how the Pi Network— oh, and by the way, when you do put in the admin to send out the amount you're going to send, uh, send it back to the system so it could be sent to the wallet. You are going to, uh, just type in admin, admin. You won't use the symbol or anything like that. Um, so now let's talk about the, um, the Pi Network and, uh, is it going to end up like Electroneum? Right. All right. So we're over on the Electroneum page and, uh, we want to talk about the similarities between Electroneum and the Pi Network. And, um, we want to talk about why the Pi Network may fail. Now I spent quite a bit of time in the Electroneum community. Um, looking at, uh, what was one of the most well-put-together projects in cryptocurrency I've seen. And, um, they've, they've done some very interesting things, but in the realm of cryptocurrency, those things have mostly, uh, went unseen and unheard of, right? And, uh, right, it just wasn't able to really get to, I guess, the plateau many of us wanted to or thought it should get to. It seemed to do everything correct as a product, but what we're learning in cryptocurrency is that good projects don't necessarily mean successful projects, right? And so although the Pi Network, it rings so many similarities to what's happening with Electroneum, it doesn't mean that Pi will succeed. Uh, and so we're going to talk about some reasons why Pi may in fact fail. Now, to Pi's credit, they seem to understand marketing, I think, a lot better than the Electroneum project. So Will Pi just end up being like Electroneum, right? As this isn't exactly something new that we've seen as far as marketing goes, it does seem to, um, really have a handle on that. 18 million users this far. Is that going to translate over to success in the cryptocurrency space? And the reason we're taking a look at Pi this way is because, um, Electroneum too had a very successful large amount of users. I believe it was something like around 4 million or maybe even higher now. And in cryptocurrency, that's not the biggest of numbers, but it certainly puts it as one of the, uh, top cryptocurrency as far as user base, as far as active users, very similar to what we're seeing with the Pi Network. Now, uh, Electrum had some advantages on its end. The Pi Network seems to have some advantages on its end. As far as we understand and as far as we know, the Pi Network is going to literally actually be mining, right, on, on, um, smart devices. Now I'm not sure exactly how that's going to take place. So, uh, it's going to have to be this lightweight type thing, and a lot of people are skeptical about how that's going to work. We haven't seen any code or anything like that. Uh, also it says works on your mobile phone and does not drain your battery. So this cannot be real mining. We know right off the right off the bat. So what this must be is something like, uh, this has to be something like, uh, what Electroneum did with the simulated mining, right? And so with Pi Network, I don't, I don't believe it would have been allowed on the Google Play Store if it was real mining. So when the testnet goes live, I'm under the assumption that that's going to be literally mining with a smart device. Because the idea is for it to be lightweight and so on and so forth. We don't quite understand the technology because a lot of information hasn't been released yet about it out of Pi camp, as far as I know. I do know there's supposed to be some node testing. Nothing is legitimate yet as far as any cryptocurrency or anything like that. As far as we know, these are just cryptocurrencies that are dummy tokens, right? Now they could be made, given like an airdrop when the testnet goes live, or when the mainnet launches rather, but there's no assurances of that. And so at this point, it doesn't necessarily mean we're really earning Pi cryptocurrency and that it has any value. Um, so if Pi goes the way of Electroneum, which featured a large amount of users um, that airdropped a lot of cryptocurrency. Let's just say for the sake of argument that everybody's awarded these cryptocurrencies they're getting for free at this time. Now, one thing in the Pi Network's favor is it did do something, or it is doing something I didn't see Electroneum do. At least I don't think I saw Electroneum do this, and that is, uh, from The Pi Network started to run advertising, right? So we know that the Pi Network is raking up some, some, some revenue, some money. So by the time they launched, they're, they're probably going to have a, a certain amount of money. But Electroneum had over $40 million during this ICO. So these, these are both— these were both mobile products that had a fair amount of resources, right, starting off. Uh, Electroneum probably even had a great deal more. But as you can see, although Electroneum has done some very interesting things, it just hasn't been able to get in the next— to break out and really be what many of us thought it would be. And looking at Electroneum, who I thought It did it very well, had a very organized, well-done team, a very professional operation, uh, despite, you know, many people's, um, uh, or, or despite the naysayers and, and people who had problems with the project. I, I think many could agree that it did seem to be a professional outfit and did use a form of centralization through his management team that gave it many advantages to go after companies, to do contracts, to do many things cryptocurrency couldn't do. And, uh, it really started to convince many people that these hybrid cryptocurrencies would be the future. But unfortunately, Electroneum never seemed to be able to really, uh, reach its full potential, I would say. And, uh, it doesn't seem like, um, you know, at this stage that it's going to really do it because, uh, it's been going now I think since about 2016, 2017. And it really, as, as far as value back to the investor over the last 4 or 5 years, it really hasn't returned that value. And generally you want projects within the scope of those first 5 years, even if they aren't performing great, to at least have returned investors' money to after 4 or 5 years be halfway through its goal. And that didn't happen in Electroneum. So, so far, looking at the Pi Network and not even seeing, uh, 1% of the things Electroneum has accomplished There are many reasons to believe that the Pi Network will fail based on that. Now, I could be totally wrong, but I do think we need to be aware that although the Pi Network got a lot of people in it, it started off very well, that there still lies a great possibility that the Pi Network just isn't gonna make it. And, uh, um, you know, it's not just examples like Electroneum, it's pretty much every mobile device, uh, product in cryptocurrency, uh, with whether it's simulated mining or some type of lightweight mining. They just haven't got off the ground. And, uh, I at this point in time, looking at this pattern, I can't really state that the Pi Network will be any different. So just some things to consider Um, you know, I think one of the best things you can do in cryptocurrency is have a full view of what's happening in cryptocurrency. Be optimistic, but not so optimistic that your brain falls out of your head. So always keep those things in mind, and I'll be looking at the Pi Network, uh, as we go forward. I think it's— it looks like a lot of fun, but We've had many cryptocurrency projects, DeFi projects, NFT projects that have looked like fun, but they just haven't went anywhere. They haven't went anywhere of significance, and they haven't done anything to convince a lot of people who are still not, not in cryptocurrency to enter into cryptocurrency. And so those things have to happen. But that's all I want to say in the video. Tell me what you think about the Pi Network Will it be a big success? Will it, uh, have high cryptocurrency value? And, uh, right now you can use the BitcoinNYK project, which is a very practical, interesting cryptocurrency reminiscent of Bitcoin meets Facebook. Very practical fundamentals of growing social network and the cryptocurrency value with the size of the network. And so we think that's going to be quite the successful project. But that's all I want to say in this video. If you like content like this, don't forget to like, subscribe, and until next time, as always, take care.