How the currency being burned?

[SuperCrypto 7193]

There are several reasons for deleting tokens marked in this way the burning mechanism is unique for cryptocurrencies, since regular fiat currencies are not usually burned, although the flow of available currencies is regulated in another way.

[Sunil kumar Behera 489]

I am sorry that the coins are not set in fire .But it pretend to fire i mean that loss is arises if some abuse and do bad response to the cryptotalk.Another word if some hackers should hack your money may this happens.

[SuperCrypto 7193]

Burning a number of digital currencies is similar to the idea of repurchasing shares by publicly owned companies, which reduces the amount of shares available. However, burning a token has many unique uses and serves different purposes.

[SuperCrypto 7193]

The process involves project developers repurchasing or removing the available currency from circulation by removing it from availability. To do this, symbol signatures are placed in a non-retrievable public wallet known as a death address that can be seen by all nodes but is permanently frozen.

[SuperCrypto 7193]

Others prefer to burn currencies periodically at fixed or variable times and sizes. Binance for example, burns BNB codes as part of a commitment to reach 100 million BNB.

[SuperCrypto 7193]

Fixed currencies like Tether create symbols when funds are deposited into their reserves and burn the equivalent amount when extracting or withdrawing funds. Regardless of the mechanism, the result is the same, burned tokens become unusable and effectively erased from circulation.

[SuperCrypto 7193]

Regardless of how the cryptocurrency is burned, symbolic burn is usually a deflationary mechanism.
Most projects use it to maintain fixed value and keep incentives for traders to hold their cryptocurrencies.

[Lover840 0]

On 12/20/2019 at 7:07 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.

Hello there my dear friend, thank you for sharing this precious piece of information here in forum with us. As a newbie in the cryptoworld i dont have much idea about this information. 

[KURTAULI 1297]

Burning cryptocurrencies is not a big process. Everything works very easily. If 1000,000 tokens are created, the number simply decreases and the token becomes 100,000.                                                                                                                                                                                                                                                                                                                                                                                                                   

[Haram 17]

Helo ..I am new here...what is this..is it really true and can happen...please help me to solve it

[SuperCrypto 7193]

It is expected that the virtual currency burn operations will increase over Binance as the same platform witnesses a significant increase in the quantities and volume of trading, which means high profits, as it charges trading fees for each operation, and thus the interest accrues to the investor who keeps his investment for a long time.

[kadayakito 765]

The burning of currency I've never heard of, I don't think this helps to reduce inflation effectively, partly because it is the loss of a currency.

[SuperCrypto 7193]

To perform the cryptocurrency burning process, symbol signatures are placed in a non-retrievable public portfolio known as the death address that can be seen by all nodes but is permanently frozen. Thus, the amount of currency offered for trading decreases.

[SuperCrypto 7193]

If the person does not have enough coins, or if the number mentioned is invalid the burn function will not be performed. If he has enough, the currencies will be deducted from his portfolio and then the total supply of that currency will be updated and the currencies will be burned.

[BTC Future 3946]

The 0x000... address is the Ethereum genesis address. Any ERC20 token or ETH sent there is considered burnt, meaning that the total supply of the tokens should be reduced by the amount sent there. Reducing the supply permanently is a good way to raise the price some times.

[SuperCrypto 7193]

There is a second way to burn a currency is that the developers call a specific function that they had prepared at the time the coin was created and delete the number to be burned from the master record and isolate this amount from the current supply chain.

[SuperCrypto 7193]

No party running a cryptocurrency project burns a portion of its currency except after prior announcement, otherwise this process will not have the least rapid impact. Certainly, the smart investor, when he hears this announcement, will realize that this will increase its value and will proceed to buy as much of it as possible.

[Raqeebzy 6456]

At times or let me say, most of the times, the main way of burning a currency is to stop using the currency, preventing the currency from circulating in the market is the best way. By that the said currency goes into extinction and it values continues to fall rapidly. 

[Nezar 7169]

Now I managed to get enough information about the currency burning process, I understood it very well now and I needed to read such a post. Thank you my friend

[jamesvince 2389]

many coins and tokens has plan of burn programs for boost up their projects but how they burned their some supplies i am not have any information about it. This is completely complex process. 

[SuperCrypto 7193]

Binance for example, burns BNB codes as part of a commitment to reach 100 million BNB. The size of the cryptocurrency changes depending on the number of transactions made on the platform every three months.

[Maroua 1159]

Did you mean to burn mining coins with mining, for a moment I thought you were talking about something completely different, but I benefited from your post a lot, I did not know all these details about mining, a little difficult process, but with your explanation I simplified the mining process.

[Whited35 15285]

There is the separate mechanism to burn the cryptocurrency. Most of the projects love to burn by sending the allocated tokens to the Zero address so that all coins will be destroyed there. They do burn the coins to make the price raise in the exchange. 

[SuperCrypto 7193]

In theory, the burning process means that fewer cryptocurrencies are available for sale and in trading platforms that each distinct symbol will be more valuable because of the scarcity that has increased its rate.

[Babubu609 0]

On 12/23/2019 at 6:11 AM, Cryptonit said:

I dont quite understand what you’re trying to say. How can bitcoins be burned if it is virtual.

It can be burnt as other coin also are burnt if I may suggest base on my understanding