How the currency being burned?

[Sshill 97]

ok am not getting your problem/question sorry but yes i read your question few times but still. by saying burning you mean to say banning the cryptocurrency or what?

[Afrizal rahman 2636]

Yes, that possibility is correct. Coin burning only happens to overcome the inflation rate and increase supply. Yes we have certainly seen when all that happens the price will definitely decrease and that's only natural, because after that only an increase occurs.

[SuperCrypto 7193]

4 hours ago, Loly said:

In fact, the process of burning currencies depends on the conversion and transmission of the currency by the cryptocurrency miners, who have super-powerful computers to verify the special transactions of the cryptocurrency transactions conducted on the system to a specific address that holds private keys inaccessible. 

The currency holder is calling the burn function, indicating that he wants to burn a specific amount of the currency.
The contract will then verify that the person already owns the currencies that he wants to burn in his portfolio and that the number of currencies mentioned is correct, only positive numbers work.

[Sshill 97]

7 minutes ago, Loly said:

Currency burning is the process of permanently removing currencies from circulation which reduces the total supply. It is a positive thing for the currency and it usually leads to raising its price.

ohh,,, thanks for the information mate,, but still i am confused sorry don't mind please i am newbie to the crypto world... how would removing it completely make its price to raise.. I think I have lots of things to learn about crypto its so confusing...

[Sshill 97]

49 minutes ago, Loly said:

According to the law of supply and demand, reducing the amount of currency will reduce the number offered, thereby increasing its scarcity and also raising its price.

oh ohh ohh,,, haha I get it now after studying commerce for years finnally today economics became usefull for me,,,.. thank you very much mate for making time to explain me...

[HammadAli 91]

So why coin burning takes place? What is the reason behind it? You are just admitting that your estimation was wrong while creating the coin. 

[Interface User 1070]

This coin burning is not literally burning that something like physical coin this is just removal of coins in the circulation to lessen inflation and reducing no. of supply of coins. Yes you are right, one of the method of burning that used by miners and developers is sending this coins in a different address. This address have no keys because they want this coin to become not accessible to the public.

[pakjobhelp 1585]

The crypto currency burning mean destroy and loss his own wealth in the market and people reduce to accept its and don't purchase and sale with this. The burning mean lost the value in market. This is reality of crypto currency burning and people move to other side. 

[SuperCrypto 7193]

On 12/30/2019 at 12:02 PM, Loly said:

Currency burning is the process of permanently removing currencies from circulation which reduces the total supply. It is a positive thing for the currency and it usually leads to raising its price.

In fact, the process of burning currencies depends on the conversion and transmission of the currency by the cryptocurrency miners, who have super-powerful computers to verify the special transactions of the cryptocurrencies that are performed on the "proof of work" system, to a specific address with special keys.

[SuperCrypto 7193]

10 hours ago, Moneykiller said:

I don't have any idea about burnt coins as far I can say about the burnt coins that is wasted scammed coins is known as burn coins.

Currency burning is the process of permanently removing currencies from circulation which reduces the total supply. If you implement the burn function to burn your digital currencies. It will be destroyed forever. It is impossible to recover coins after they have been burned.

[Sumayya 493]

On 12/21/2019 at 1:40 PM, Bijoy52 said:

The coins are not originally set on fire, they are usually torn apart by the abuse of those of us who are abusers.  And usually the form is changed.  This is commonly called the burning of coins.

Yes they are kept in a separate wallet in which the private key of the wallet can not be accessed

[CryptoMaxim 3829]

The fact that the price of a coin increases when burning coins, I myself have encountered. And methods of burning from the technical side i did not know. Thanks for the post.

[SuperCrypto 7193]

6 hours ago, Goodtime said:

In order for the currency to be burnt as I make certain it, the advertise outlay is high, for currency users to bad deal a small amount of gear but produce a percentage of money, that's the buck way

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, which represents 50% of the total Penance currency issued.

[SuperCrypto 7193]

10 hours ago, Davon said:

Dear mate coins burning  simply  means a way by which digital currency miners and developers  can remove coins or tokens from circulation, thus reducing total the  circulating supply of the coins 

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

[SuperCrypto 7193]

8 hours ago, Davon said:

Yes i agree with  mate 100% ;  coin burning simply controls total circulation of that particular coin thereby  controls the  inflation rate  

One of the reasons for burning electronic currencies is to maintain the current price and not to decrease it due to the economic principle (the smaller the quantity, the more the price).

[SuperCrypto 7193]

23 hours ago, Isaco1 said:

there are many things a round cryptocurrebncies and specially Bitcoin that we dont understand! as an example approximately what you are speaking right here in this subject matter; is good to recognize increasingly about these things.

The subject is done simply, the currency holder contacts the burning function, indicating that he wants to burn a specific amount of currency. The currencies will be deducted from its portfolio and then the total supply of that currency will be updated and the currencies will be burned.

[SuperCrypto 7193]

3 hours ago, Sayeed Rahman said:

My opinion is when this price going to the low like when this coins value is zero. Then we called this coin is burned. That's is. Can anyone tell me this is right or wrong.?

When the coin is burned, the total supply shrinks and this causes the currency to rise. It also happened when the price of Stellar XLM coin increased by 20% after announcing the burning of half the quantity.

[rajonmia 181]

On 12/21/2019 at 12:59 PM, sdsonjoy50 said:

My ideas about currency burning were low I didn't know much about currency burning, but I got a lot of information from this post. Can I learn a lot more information about a little currency from this forum and your post has helped me a lot. Thank you very much.  Post for you to share

My opinion is burn coin like when those coin have no value. Another think is when someone stole your coin that is also burn coin. Thanks.

[littledi059 1010]

Usually crypto currencies that are supposed to be burned are just being sent to the wallets without any passwords but I know there are several ways to actually burn them

[febriyana 934]

I am not really know about burning coin or whatever about it. I just know burning system happen when the Ethereum showed. Many token is doing burning coin, where i think that is like manipulation in circulation. So i just stay away investing on that coin for long term. I maybe buy it only for trading where i think have a good chance to price going up soon.

[SuperCrypto 7193]

11 hours ago, Jonayeed23 said:

I think Money burning or burning money is the purposeful act of destroying money. In the prototypical example, banknotes are destroyed by literally setting them on fire.

Currency burning is the process of permanently removing currencies from circulation which reduces the total supply. The process of burning coin and cryptocurrencies (Coin Burn) is similar to the operations carried out by public companies by buying their own shares in order to reduce the number of shares available in the market and raise the rate of growth.

[SuperCrypto 7193]

On 1/10/2020 at 3:12 AM, Mitali said:

Well, if that happens, it will only cause partial loss and that's not good. I hope that the existence of crypto grows pure without any interests behind it. the norm of bitcoin is to save people and without transaction costs.

There is no loss. Burning the currency in the cryptocurrency market is common and is the way in which cryptocurrencies maintain their high market value and try to reduce inflation.

[SuperCrypto 7193]

10 hours ago, Sakhid said:

Thank you for the information that you have shared with us all here. Is it true that burning a coin can increase the price of the crypto coin itself? I still don't get it.

In practice, any increase in prices that occurs immediately after the currency burn and the noise that accompanies it is usually lost and obscured by the long-term price fluctuations of the crypto market.

[SuperCrypto 7193]

1 hour ago, Mmlabozhi said:

These way is a road to detach the currency from the circulating deliver chain, moreover an the goal of sinking the cost of inflation, or decreasing the circulating fund of crypto currency.
 

A large portion of the cryptocurrency supply is removed, which causes an increase in demand against the supply and as a result the currency price increases. Usually, any price increase that occurs immediately after the currency is burned and the noise that accompanies it is obscured by long-term price fluctuations for the crypto market.

[SuperCrypto 7193]

On 1/19/2020 at 1:27 PM, Mmlabozhi said:

nice!, it would barely affect inequitable pasting and that  isn't well. I optimism that the existence of crypto grows authentic without every benefit behind it. the norm of bitcoin is to except intimates and without transaction.
 

Yes, the process is good. Binance runs the currency burn periodically using a smart contract function known as the burn function. And the process of burning currencies is scheduled to take place every three months and will continue until 100 million Penance coins are burned and destroyed, which represents 50% of the total Penance issued.