How the currency being burned?

[Eminoko 15]

Cryptocurrencies are not burned. If it is burned, it is due to your mistakes. Either you withdraw all or you don't is the best. 

[guatazoo 7150]

On 12/20/2019 at 4:37 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.

Actually i never heard about coin burning, and previously i thought you were mistaking ban and burn. This is totally new information fir me.

[Rstunirk 151]

The crypto currency burning require obliterate and pasting his individual wealth in the sell and dwell in decrease to endure its and don't possession and garage sale with this. The burning cruel bemused the usefulness in market. This is certainty of crypto currency burning and inhabitants step to other side. 

 

The crypto currency burning require obliterate and pasting his individual wealth in the sell and dwell in decrease to endure its and don't possession and garage sale with this. The burning cruel bemused the usefulness in market. This is certainty of crypto currency burning and inhabitants step to other side. 

 

[SuperCrypto 7193]

The amount of BNB currencies that will be burned depends on the number of trades that are traded within a 3-month period. So after every quarter, the amount of BNB is burned according to the total volume. However, it appears that a great deal of people still fail to understand how the currency burning process works

 

Edited February 13, 2020 by SuperCrypto

[guatazoo 7150]

3 hours ago, Miraz uddin said:

 I myself have encountered. And methods of burning from the technical side i did not know. Thanks for the post.

there will be taking some action that is not suitable for any reason. You can get imaging as we get punished for doing not genuine.

You you know what burning coins means, what does it mean? i would like to know.

[SuperCrypto 7193]

The news of the burn is positive for the currency in the long term. Some speculators take advantage of it sometimes and buy this currency within a few days before the next burning process, because they expect that the currency price will interact positively with the currency burning process.

[Eminoko 15]

Cryptocurrencies can lost but no cryptocurrency is burned. The ones you said are still on your wallet. 

[Usman Abdulmumin 354]

I cryptocurrencies is burned by the owner of the coins are not valuable, after he burned 🔥 some then the number of crypto that available will reduce in market. 

[Eminoko 15]

On 2/13/2020 at 9:21 AM, Huzaifa said:

There are no possible to burn cryptocurrency because cryptocurrency is now taking step in this universe and also successful in most of the universe.

The cryptocurrencies  are not burned. It can only be on accounts forever and there can be ways to collect it if passwords are not lost. 

[Lunaa 238]

I don;t know the exact process of burning, but usually the project team will give you some sort of notification that the unsold coin/token will be burned. or you need to swap them into a new coin or things. And they will burned the old one. Usually it's like that. But I'm not that sure too to be honest. 

[Mehnil125 431]

The main thing of the coin that has been burned because they are increasing in the digital market and also they are destroying currency in order to reduce the inflation. 

[Whited35 15285]

In order to make coin price stable, most of projects are burning their certain amounts of Coins or tokens. They do so to manage supply value with the price in the crypto market demands.There are so many dead projects in the market due to their lack of strategic track.

[SuperCrypto 7193]

On 2/16/2020 at 12:30 PM, Kinza said:

I don't know about this issue the currency burn I read comments and some think about this.

In the burning mechanism, the currency holder contacts the burning function, indicating that he wants to burn a specified amount of the currency. The contract will then verify that the person already owns the currencies that he wants to burn in his wallet and that the number of currencies mentioned is correct, only positive numbers work.

[SuperCrypto 7193]

This strategy has one advantage in which the size of the burn is largely determined by market forces and price action.
The downside is that these burns do not always attract much attention, and their results may be very minimal.

[Brushless4500KV 4214]

Some coins uses this strategy to reduce supply, stabilize or increase value in the long term. They burn a slight amount of coins after each transaction. This is called proof of burn or POB. For example, XRP uses this method and it has been able to keep its value despite the huge supply. Coin burning is another way to fight with inflation. To burn coins, miners send coins to an address which is not spendable.

[Amirul Islam 382]

On 12/20/2019 at 7:37 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.

I also heard about token burn many time. But don't know how they reduce their token. As we know that no one control crypto. Then how they burn it.

[SuperCrypto 7193]

The truth of the currency-burning process is the conversion and transmission of currency by digital currency metallurgists, who have super-powerful computers to verify the special transactions of cryptocurrencies conducted on a “proof of business” system, to a specific address that holds private keys inaccessible

[kare 105]

i dont really understand how a coin its been burn but all i know its i know its involve some technicality which only some few persons or developers can really understand at this point in time. 

[SuperCrypto 7193]

Burning the currency in the cryptocurrency market is common. A large portion of the cryptocurrency supply is removed, which causes an increase in demand against the supply and is obscured by long-term price fluctuations for the crypto market.

[Elis Raph 67]

One way I know they can burn currency is by the creator or owner trying to buy some of the currency already in circulation and destroys them or refuse to send them out into circulation again.

[SuperCrypto 7193]

In coin burning, the coin is sent by the metal coin to a specific address with special keys that are not accessible. In other words, this process is a way to isolate the currency from the circulating supply chain, either with the goal of reducing the rate of currency inflation, or reducing the circulating supply of cryptocurrencies.

[SuperCrypto 7193]

Burning a symbol is a deliberate action by digital coin creators to "burn" or delete from circulation a specific number of the total available and existing symbols. There are several reasons for deleting tokens in this manner, but in general the movement is for contractionary purposes.

[Can Divit 28]

I don't know much about burning of currencies. But i think I know that every currency can't be burnt and only those specific currencies which allows burning can be burnt.

[SuperCrypto 7193]

Currency burning is the last thing in the world of digital currencies, and the name given to this phenomenon may make you imagine an investor carrying with him petrol and matches, but the process of burning the currency does not need to ignite a fire, because these currencies come in digital form.

[Sohan Ahmed 30]

I heard about coin burning before.I thought the down market value of coin is coin burn.But after seeing this post my knowledge is clear about coin burn.Thank you!