Bitcoin MYK, formally known as Mykos Coin, has intiated a bitcoin fork splitting the tokens at a ratio of 4.7619047619 BtcMyk to 1 Btc. The token originally consisted of 100 million tokens divided by the 21 million btc tokens.
The 44 bitcoin forks haven’t worked out as efficient as many would like. The last fork consisting of BCHABC and BSV where utterly chaotic. Bitcoin MYK will fork the same, however it will be significantly different from what happens prior to the actual fork during the snapshot.
Bitcoin Wave Network
The Bitcoin Wave Network allows bitcoin to act as a store of value or “gold”. Bitcoin Myk acts as the representative money backed by the bitcoin in the owner’s wallet. The value and changes in the ledger as reflected by the bitcoin myk network uses a social media private key. This is a network that verifies unique holders of bitcoin to bitcoin myk tokens by use of social network profiles. Several profiles authenticate the owner of the wallets. So that the ledger to a unique wallet and holder are not able to double spend by moving funds from one wallet to another.
Bitcoin MYK, will continue to distribute tokens to every bitcoin owner who’s balance exceeds their last BTCMYK token claim. Bitcoin MYK will also function on the Waves blockchain. Waves blockchain moves super fast which will make Bitcoin Myk a viable option for a payment system.
It has become clear to the cryptocurrency space that Bitcoin works better as a store of value and not a money transfer system. The additional bitcoin forks such as Bitcoin Cash or (ABC), has worked as a payment system however due to the latest fork and bitcoin price has discouraged many from using the tokens. So alternative tokens that don’t reward in bitcoin or represent the philosophy of bitcoin have now become options for sending payments. Unfortunately this is still out of sync with the original vision of bitcoin.
Every bitcoin purchase that raises your bitcoin balance beyond your last btcmyk token claim. Will net you the additional tokens. Besides being a bitcoin fork that continues to give additional balanced btcmyk tokens to the users who buy bitcoin. The coin has in place several projects that will be discussed below supplied by the team to grow and improve the value and uses of cryptocurrency to a mass adopted option for money transfers and improvements to monetary policy and the system.
Bitcoin Myk is a cryptocurrency which will convert user activity into tokens. The (POP) Proof Of Participation model. This ” attention based” value will be verified through consensus throughout several blockchains of activity.Bitcoin Myk is different than most tokens in that activity in itself is the currency and value. User activity produces the token and places value in it. This process is verified against several blockchains assigning value of their tokens which are then held and converted into the Bitcoin Myk market which trades on the Waves Dex against Bitcoin, Litecoins, Ethereum and Waves. This works based on activities from blockchains and websites that are conveyed back to us. This may be in the form of referral services or reported viewership, completed offers, etc. in exchange for tokens.
Bitcoin Myk aims to solve issues in cryptocurrency by addressing the complex barrier between mass adoption and investments termed “high risk”. Bitcoin Myk first educates through social media and informational products how to use cryptocurrency. It as well uses (POP) Proof Of Participation model that allows users to gain cryptocurrency without first risking any capital to participate. A simple to use website that directs them to an easy wallet which is on the Waves blockchain in a very simplified way helps new people to get into cryptocurrency have a wallet and access to send funds in a few steps. This is very important to mass adoption to cryptocurrency. This may also help to elleviate the bad stigma attached to cryptocurrency over years. The idea of scams, pyramids as well as severe learning curves that discourage users. Cryptocurrencies who have tried social media as introductory methods into crypto are plagued by the issue of statistics and data which only allow about up to 5 minutes per day of social media use. The end result is often times people losing interest or walking away. Our direction is an extremely simplifed approach accustomed to normal online activities. The value of participation in third world countries and hyperinflated economies. It has become evident to us that one of the best use cases for cryptocurrency is use in countries with failed economies. Black markets and barter systems seemingly arise from such economies. However the instability of an economy isn’t in any shape or form a comparison of the value of the occupants of said land. This is to say that value and transferrence of value and conceptual perception of values is a human trait. This is not a universal trait. Value derives from human beings. This means that this particular demographic would still have abilities. skills and value although not able to be reflected in their present economy.
Bitcoin Myk would facilitate a way to trade this value through our participation model directly which wouldn’t require a fiat to crypto swap. This significantly keeps this particular group out of crypto. Although their value still exist. So they would receive crypto in Bitcoin Myk which would create a valuable crypto ecosystem within itself. This will allow a global market to use and accept payments in Bitcoin Myk .
Bitcoin MYK Deflation
Bitcoin MYK, aims to be the most deflationary of cryptocurrencies. Bitcoin MYK is a universal bridge cryptocurrency that gives out UBI to 80% of the globe. The project recognizes UBI as a mass adoption vehicle. The value of Bitcoin MYK comes from btc holders claiming btcmyk as a means to transfer it from blockchain to blockchain without remvoing their value from btc. This allows btc holders to keep their bitcoin safe in their wallet as gold. This allows btcmyk to act as a money to btc holders.
This is significantly different from using altcoins to facilitate movement of bitcoin as they depend on swapping coins for other altcoins. The purchase of other cryptocurrencies or leaving their btc in the custodial capacity of some other group or entity which could create legal issues or even break banking laws around the globe.
How btcmyk continually becomes deflationary is by burning cryptocurrencies or leaving them in cold storage wallets coins against their volume of transactions. This is done on a 1 to 1 ratio. For example $1 million worth of btcmyk cryptocurrencies traded would equal the same value amount of coins burned. Bitcoin holders every month have incurred a 1% penalty for not claiming their btcmyk tokens. At this time btc holders can claim at a ratio of 4 to 1 minus a 6% transactional fee penalty. This is because our network allows for transactions to be free through a btcmyk token claim program equal to the value of your transactional fees every month.
If you fail to collect your btcmyk from btc holdings you incur the penalty. Bitcoin holders who don’t claim by july 31st will incur a 10% penalty and following every month after up until total token burns have been reached. These tokens will then be burned against btcmyk transactions at a ratio of 1 to 1. It is important to note this is not a percentage of the transaction this is burned against the value of each transaction. We believe this will create tremendous value in btcmyk as there are many use cases for this project.
It acts as a universal bridge cryptocurrency. It acts as a money and as part of a social network. It rewards ubi monthly to users as well as tokens for participation on the platform and completing tasks and offers. We believe this project shines significantly greatly than similar projects in that the cryptocurrency will have daily use. Register with our site to start earning tokens tradable at freedom.io, steem-engine market place and waves decentralized exchange.
Earn up to 1 btcmyk token for everyone you refer in the referral program unlimited amount of referrals. Social media influencers with over 2000 followers may be eligible to earn 2000 tokens for placing links on social media profiles. Register and earn 100 tokens to get started.
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.
All services offered on our website may only be purchased in Mykos Tokens. These services will range from advertising packages. CPC advertising as well as CPM. Future products will range from dropshipping of wholesale items from electronics to books. shoes .. tv’s houseware. Bitcoin Myk will have a comparable dollar value to achieve this.
BitcoinMYK Backed Dollars (BBD)
BitcoinMYK Backed Dollars (BBD), redeemable for standard Btcmyk tokens redeem at a rate of their market price and usd value of btcmyk tokens. The buying power of bbd’s increase based on the growth rate of the Bitcoin MYK account based social media platform. More BBD’s are issued to accomodate a growing network as well as provide liquidity to btcmyk tokens. BBD’s liquidity rates range from 30-80% to provide stable prices. Increase in buying power fluctuates based on the growth rate. Redemption rates are based on a 30 day average and all issuance of bbd’s and buying power rates are gradual and allows for the market not to be shocked by large volatility movements. BBD’s act as a more stable means for vendor and merchant services. Global remittance payments. Providing more of a sense of security.
Universal Basic Income
Universal Basic Income (UBI), are regular cryptocurrency payments made monthly to every account holder in equal portions. The funds are paid from unclaimed btcmyk tokens from btc holders who either did not claim or incurred a late penalty for not claiming in a timely manner. Universal Basic Income functions to create mass adoption and economic prosperity.