How the currency being burned?

[SuperCrypto 7193]

This process is considered important by currency holders in order to reduce the rate of currency inflation and this process is similar to the work of the regular stock repurchase program in publicly traded companies.

[Ali_hmwi 966]

Wooow, now i know more thanks for sharing can i take the topic i want to post it in my facebook???Good luck...

[fuer44 1083]

the main purpose of burning coins is to reduce supply, and the purpose of all of that is to improve prices on the market. various methods are always done by the team so that the coins developed get liquidity, volume and high prices.

[Tasrif Hossain 271]

In my opinion it depends entirely on the project or the people who are behind the cryptocurrency or the people who created it because they develop in that wayTime burns out in the case of a transaction And I think there are many avalanches in the currency market like this, and in my opinion, those currencies are very expensive currencies

[Syedbesharat 5423]

13 hours ago, Nahid hasan said:

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

This is to make more demands of coin in market like XRP have burn its 20% of supply in 2019 .They have making many  moves to get attention of buyers in market.

[SuperCrypto 7193]

One of the reasons for burning electronic currencies to determine the final number of the total virtual currencies for the project and preventing access to currency inflation.

[SuperCrypto 7193]

An example of a currency burn Binance platform, where you burn up to two million currencies. Of course, the platform does not burn from the capital, but uses the percentage of profits that have been achieved in the same period to repurchase currencies from the market and burn them.

[Apple 202]

3 hours ago, Rdo3 said:

Maybe when you send coins to a wrong adress

If the address exists and someone else holds the private key then you don't burn your coins. You just donated your coins to that address.

[bean 515]

Cryptocurrency are burn by sending the coins to a address that no one have access to, this is the most trusted way many developers burn their coins to shorting their supply cause everyone can see the coins that were on the blockchain and get verifications that the coins were actually destroy.

[alexisfuentes 2130]

The important thing about this called coin burn, is that it is legal, because when you are not an expert and you start in the crypto world, it seems illegal.

 

This process is something that allows you to control the total flow that the projects have, in fact the white paper should appear. Coin burn is registered in the blockchain and is an irreversible process.
 

 

 

[SuperCrypto 7193]

Burning the cryptocurrency is an advantage for investors to keep the currency in the long run. It is expected that the increase in the virtual currency burns and interest will increase for the investor.

[tienda 8776]

4 hours ago, Omar01 said:

 I didn't know much about currency burning, but I got a lot of information from this post. Can I find out more about the little currency from ...

Yes we got a lot information, this is the good things we can find on this forum.

[SuperCrypto 7193]

Another example is a cache coin that burned its e-currency. Some experts see the issue of market regulation as difficult and therefore they have to burn to create balance.

[SuperCrypto 7193]

Virtual currency burning operations are expected to increase, as platforms see a significant increase in trading volumes and volumes, which means higher profits, as they charge trading fees for each transaction.

[SuperCrypto 7193]

45 minutes ago, Nuraini55 said:

The currency burning course is as well not to be had for all cryptocurrencies, but is individual to be had for currencies that accept adjustment and admit burning

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

[SuperCrypto 7193]

14 minutes ago, stylon said:

However, the cost appreciation of doing such sort of pastime isn't ensured to require effect. The put it up for sale is still volatile and for this reason, cost flow isn't always unsurprising.

If this sounds familiar to you, this is due to the fact that this process is similar to doing a common stock repurchase program in publicly traded companies. When a publicly traded company uses its available cash to buy back shares of its common stock, it must first reduce the total number of shares outstanding.

[Ahillya 62]

The currency can be burned by the creator or the founder member of the organization who has the blueprint of the algorithms that were used while formulating the coin  as a token in the market.

[TasinHasan 421]

the dev send token for a unknown address is called burn.

when price are dumping admin burn token for increase price.

for burning admin use a unknown private key wallet.

0x000.... wallet is also a burning wallet you mentioned. 

[Maximumheight 119]

Yes currency burning is to isolate some numbers of coin from the total supply and send it to an unknown wallet or to a non existing wallet. Most time when this takes place, it normally increase the price price of a coin as there will be less total supply and increasing demands.

[Jonn 22]

 The currency burning development is too not existing for every part of cryptocurrencies, but is merely presented for currencies that acknowledge adjustment and assume burning
 

[Rizwanch99 22]

 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.  Bin runs the currency burn periodically using a smart contract function known as the burn function.  For this they used exchanges such as Coinbase, OKEx and Binance. Of the total, 5500 BTC were transferred in four different movements from exchanges to unknown wallets. This accumulation trend will have variations throughout the week. 

[SuperCrypto 7193]

5 hours ago, anwarsyr said:

yes burning money can cause deflation the opposite of inflation , binance did that more than once to increase it's coin value

Binance is one of the largest trading platforms for crypto in terms of trading volume, and Binance recently reduced BNB offer by 2216888 BNB.
This is in line with the seasonal burning of Binance.

[SuperCrypto 7193]

5 minutes ago, Sopnil75 said:

The process of burning the currency depends on the conversion and transition of currency by cryptocurrency mines, which are a specific address for verifying the specific transactions of cryptocurrency transactions conducted by super-powerful computers. Personal keys keep the bad.

Everyone knows that it is a way to destroy currencies in order to either reduce inflation for them or to raise their market value, it is an axiom in the world of trade in general that the price increases whenever the supply decreases.

[Red dragon 299]

Hello dear, I think currency being burned on different occasions, it's too stricky to find out how all this happened?? Well actually I have personally no more idea about this, I am sorry to say, but I will get this idea soon...

[Mdfoisal 14]

What are you talking about here? Good to know more about these topics. Currently cryptocurrency is very dear to people so many things are a notice cryptocurrency and especially bitcoin that we do not know !