How the currency being burned?

[Brushless4500KV 4214]

The coin burning is a method to increase the value of a coin by burning some of it with every transaction. When some coins are burnt the total supply of coins in circulation goes lower and the price goes higher. This is also done to keep the value of a coin stable and to encourage investors not to sell their coins. Only coins that support proof of burn (POB) can use this strategy.

[Heroshema 0]

Maybe they put it in a privete wallet .. then they delete the privet key

This is my opinion 

 

[Nakamoto 279]

This process is freezing coins in an inaccessible address. Usually, this is done to dispose of unsold coins or to reduce their supply.

[SuperCrypto 7193]

4 hours ago, Heroshema said:

Maybe they put it in a privete wallet .. then they delete the privet key

This is my opinion 

 

The currency burning process relies on the conversion and transmission of currency by digital currency metallurgists, who have super-powerful computers to verify the special transactions of cryptocurrencies on the system of "proof of work", to a specific address.

[SuperCrypto 7193]

8 minutes ago, subtpsor said:

Having them bolted out on an cope with, makes the circulating supply of coins decrease.

This process is a way to isolate the currency from the circulating supply chain, either to reduce the rate of currency inflation, or to reduce the circulating supply of cryptocurrencies.

[Armcannon 858]

I think some cryptocurrency is being burned to decrease it's supply number to increase it's price value.but honestly I'm am not familiar on how it happens.im also interested on knowing how it works please can someone make a clearer explanation.

[gambut_24 98]

Even though it sounds extreme, burning a token does not destroy it literally, but makes it unusable in the future. This process involves project developers who buy back or remove available currencies from circulation by removing them from availability. To do this, the token signature is entered into a non-repairable public wallet known as a "eater address" that can be seen by all nodes but is permanently frozen. The status of these coins is issued on the blockchain.

[DavCrypto 298]

As of January 2019, Binance has completed 6 burnings of BNB coin and a total of 10,824,471 coins have been burned or 5.41% of the total issued BNB. This helped this currency to reduce the number and thus increase its value.

[Lubruselu 2803]

The cryptocurrencies been banned by the governments of the countries, if they will see that's the cryptocurrencies can affect their economy

[SuperCrypto 7193]

On 1/22/2020 at 2:48 AM, Franklin02 said:

Well, i think burning a coin is always a good thing and whenever a coin is being burned that means the price will go up because there now less coins in the market. 

Bitcoin Cash has witnessed a significant increase in its market value, after the digital currency branched out of Bitcoin and most people wonder about what happened to Bitcoin Cash, but it appears that the answer is only that it was intended to "burn the currency".

[duncun007 3577]

when the coin is having a burning event it means the supply will be less and that wil result in the increase of the token price and so far this has happened to many coins like BNB.

[SuperCrypto 7193]

2 minutes ago, muhdedoz said:

I think coins are burned because they want to reduce the rate of the coins in the market so as to improve the price.

This process is fairly correct, as a way to isolate a portion of the currency from the size of the circulating supply, in order to reduce the rate of currency inflation, or to reduce the circulating supply of digital currencies.

[Romaan1987 601]

On 12/20/2019 at 6:37 PM, SuperCrypto said:

We hear a lot about the term coin burning, and I think everyone knows that it is a way to destroy currencies in order to either reduce inflation for it or to raise its market value. It is an axiom in the world of trade in general that the price increases whenever the supply decreases and the opposite is true.

But technically how is this burning process done?
In summary: There are two ways to do that, either for the coin metallic to be burned a part of it and those who have high-strength computers working on the principle of Proof Of Work (pow) send it to a zero address (0x0000000000000000000000) or an unknown address of the keys.
The second way is for developers to call a specific function that they had prepared at the time of coin creation and to delete the number required to be burned from the main record. The bottom line is that currency burning means (isolating) this amount from the circulating supply chain, either with a view to limiting the rate of currency inflation , Or reduce the current supply of this digital currency.

Thanks for the good information. Binance is burning periodically their coins. That is increasing its popularity. And some other projects also do this.

[SuperCrypto 7193]

Simply put, the process of burning tokens occurs as follows, the currency holder contacts the burning function, indicating that he wants to burn a specific amount of currency. The contract will then be fulfilled from that person who already has the currencies that he wants to burn in his portfolio and that the number of currencies mentioned is correct, only positive numbers work.

[SuperCrypto 7193]

10 hours ago, Romaan1987 said:

Thanks for the good information. Binance is burning periodically their coins. That is increasing its popularity. And some other projects also do this.

Binance makes an official announcement specifying the amount of BNB currencies burned (based on the trading volume for this quarter). You can check all BNB currency burn transactions on the Ethereum blockchain explorer like Etherscan. Currency burning transactions are general in the sense that anyone can verify them and transactions are irreversible and permanently registered on the blockchain.

[SuperCrypto 7193]

The Binance contract has a job known as the burning job and is available to anyone at any time. By calling this function one can always remove a certain amount of coins from the periodic offer.

[SuperCrypto 7193]

All currency burns are recorded as a blockchain transaction. This means that it is 100% transparent and anyone can verify that the coins have been burned and destroyed.

[SuperCrypto 7193]

The Binance contract has a job known as the burning job and is available to anyone at any time. By calling this function one can always remove a certain amount of coins from the periodic offer.

[SuperCrypto 7193]

Since mining is based on the creation of new digital currencies, the procedures for burning are aimed at slowing the annual inflation rate of the currency unit. It is clear that the process of reducing inflation has a positive impact on the price of this currency.

[fatima123 320]

I saw many good project has burn plan of their coins and tokens so be wise and enjoying these kind of plans from coins but I never find good information about how they burn their  token. 

[suzuya 945]

I don't really know about this burning thing in cryptocurrency and also I am not familiar with this term. In my opinion, I think it's a user or exchange that destroy their currency. I think it might be one of the reason why sometimes a certain coin price drops.

[lucky80 1046]

5 minutes ago, Tomas2020 said:

Some investors may see “currency burning” as an indication that crypto developers have finally begun to turn attention to investor interest in their own currency.

This is something that must be done because it been planned. Not to attract the attention of investors. You should look a references for this.

Edited January 24, 2020 by lucky80

[el-Muhammady 718]

Presently in attendance are a lot of equipment a encircling cryptocurrebncies and particularly Bitcoin that we dont know! for exemplar about I beg your pardon? you are conversation at this time on this topic; is profit to be aware of additional and extra about these things. 
 

[SuperCrypto 7193]

Certainly the process of burning the cryptocurrency as a way to keep the currency out of the total circulating supply, perhaps to reduce the rate of currency inflation, or reduce the circulating supply of cryptocurrencies.

[SuperCrypto 7193]

6 minutes ago, foxman said:

that is not a to much to get that in the burend to be in the btc and the other way to get that the point to be in the btc or other

It is not what you think. Currency burning is the process of permanently removing currencies from circulation through the use of a smart contract function, which reduces the total supply.