How the currency being burned?

[Jaysen0104 536]

On my opinion the currency are being burned because they are dead coin or has no value in the market now because there are lot of supplies that the market wont need it because of how many it produced. not like bitcoin that anyone is looking because bitcoin is well known to most of the people but not all.

[SuperCrypto 7193]

This burning process occurs when the coin metallic whose part you want to have a super-powerful computer operating on the Proof Of Work (pow) principle sends it to a zero (0x0000000000000000000000) or an unknown address of the keys.

[SuperCrypto 7193]

Some speculators sometimes take advantage of this process and buy this currency before the next burn, after about 10 days, because they expect that the currency price will react positively to the currency burning process.

[SuperCrypto 7193]

In fact, the process of burning currencies depends on the conversion and transmission of the currency by the crypto metal, who have super-powerful computers to verify the special transactions of the cryptocurrencies that are conducted on the system of "proof of work".

[Sapdrx 469]

On 12/20/2019 at 2:37 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.

But who's going to pay for the burned coins. Or haven't these coins been in circulation ? Is it not like buying back stoks to increase the dividends per stock and raise the price per stock ?

[SuperCrypto 7193]

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.

[Muskan7816 175]

I have no experience with how the coin is being burned I think it is not getting old because it is an online currency it can be easily transferred to another place and the exchange medium takes very little money.

[guatazoo 7150]

They do that by starting with the banks, prohibiting banks from allowing purchasing o crypto by users of those banks.

[Maaz sultan 265]

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.

Thats happens with digital currencies i agree with many ways to reduce of digital currencies but it not good for all the crypto currencies and their future .

[Jimmy 437]

As you said for ethereum based token it sended to 0x00000 address which no one can control it and push the supply and not really sure for some another algorithm, Did you guys have reffrence for how another coin burned?

[Laboni 755]

I didn't know about burning coins. However, with the help of many, I was able to understand that the currency is being burnt. If the economy of a country declines, its demand for cost savings decreases even though currency exchange is less.

[SuperCrypto 7193]

The matter in the world of currency trading is also similar to what happens in the stock market, but in the world of digital currency trading, the amount that is burned is not recovered at all and there is no way to return it again, as the amounts that are deleted do not have any numbers or address to return them in the first place.

[SuperCrypto 7193]

Binance runs the currency burn periodically using a smart contract function known as the burn function. The currency-burning process is scheduled to take place every three months and will continue until 100 million Penance coins are burned and destroyed.

[SuperCrypto 7193]

I think burning cryptocurrency is like setting fire to a pile of money to make it more rare and to give a small gift to everyone. Under the pretext of preventing access to currency inflation. It's crazy!

[Wijayafajar06 274]

Yes, by losing our private key and losing our PIN this is just there, we burn our currency and it will be reduced from its supply and this happens to Cryptocurrency currencies that lose private keys will become dead coins that cannot be used.

[SuperCrypto 7193]

16 hours ago, abdullahi 619 said:

Technically I don't no anything about coin  burning just yet so I can't said much about it

Burning cryptocurrencies, this behavior is not strange or new, rather it is very old like the United States of America that was throwing wheat in the ocean if it found a surplus of it in order to maintain its price in the market and to maintain its current scarcity and non-spread.

[SuperCrypto 7193]

Projects with digital currencies also do this in a modern way, which is by sending these cryptocurrencies to the unknown route. In this simple way, your currency is burned.

[Sapdrx 469]

27 minutes ago, Tomas2020 said:

From another point of view, some experts believe that the issue of controlling the market is the most difficult thing possible and this can be done only by specifying the numbers of the currency and not producing billions of them, and as a model for that bitcoin currency.

It's a strange thing. They create deflation in a way. It's controlling the market but who benefits ? Scarsity drives the price at first but what if prices decline ?

[Sasaki 171]

It being being burned in such that it is a strategy to maintain maybe the price of crypto. 

[Ricardo Walker 196]

Thank you so much for giving this wonderful useful information and I hope that people will not know about the burning of coins because most of the people don't know about it

[SuperCrypto 7193]

Bitcoin, the number of which will not exceed 21 million by 2040 and is one of the projects that have not burned the currency and its price, has continued to rise higher without the need for greater effort.

[samislam 403]

thanks for explaining with me about the way of burning.i have heard the word lot of times when joined the crypto market and bitcointalk forum.today i have got the idea of burning the coins.nice process of digital system of currency price rising 

[Sakila 5]

We often turn to cryptocurrency by converting it into real cash. Spending money is sending it to an illegal location that does not have a private key

[MohammadMohsin 569]

I agree with your point of view buddy. But why anybody would ever want to burn their precious coin. It's like a obvious thing. 

[SuperCrypto 7193]

15 hours ago, Xking7 said:

I do not know any thing about this currency burning. But the post was helpful.

Due to the expansion in the digital currency market, several phenomena emerged in a short period of time, the digital special currencies were able to become modern in the digital market, so the burning process isolates the currency from the circulating supply chain.