The last day of every month. Registered account holders will receive Universal Basic Income payments. Everyone with an account is eligible.
The amount of tokens sent to each account is calculated based on the current rate of bitcoin. For example a bitcoin trading around the rate of $4k usd would be given in comparable value to bitcoin myk as a monthly stipend payment.
Currently 4 btcmyk equals over 1 btc. So our model calculates the ubi per month at a value of over $1k usd. This comes to about 1 btcmyk per month at current rates of bitcoin.
It is important to note although our model aims to be comparable to the value of btc. Tokens traded on exchanges are third party and will be of value to what the exchange determines.
Although it is our hope over time to continually build up a valuable token with the idea of increasing it in value so that everyone benefits.
Transactional Fee System
If you fail to claim your tokens for a calendar month. They will return to circulation and you will have to claim it in the following month. You are only allowed to claim in a given month for that month only. These tokens are used to keep transactional fees free and fund our programs.
At this time there is only one ubi token issuance per household.
The most important question is how is this affordable. Bitcoin Myk will function in theory like bitcoin and many other tokens that have created value for themselves.
The function of Bitcoin Myk will fund the project from attention value” and purchase of the tokens as well as social media and use of this new value to propel the token forward.
In addition to that. Transactional Fee System will circulate back into the ubi program. Failure to claim bitcoin fork tokens will deduct 1% first month and on a gradual schedule will continue to circulate unclaimed tokens back into the system. This will allow every account to make transactions free.