How the currency being burned?

[Yunusalemu 0]

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.

this is quiet strange, I being that if this tactics is posible why is it that it hasn't been applied to other so called unpopular crypto currency out there to boost thier market value , if actually it is true that a specific crypto currency can be burned or whatever. 

[SuperCrypto 7193]

Since society extracts these cryptocurrencies through the mining process, there is no group able to plan to burn official cryptocurrencies. Instead, in the first place, rules and algorithms prevent the creation of many tokens in the first place.

[BitcryptoHan 2557]

Cryptocurrencies can be burn. It is fine to deflate the coin and to increase it price to a higher one. 

[SuperCrypto 7193]

The burning process targets a very small portion of the currencies intended for the burning process and over time the burning process will come to fruition if the crypto projects continue to be practiced.

[iloveyobit 6599]

Simply the currency team intervenes and withdraws all the currencies present in the market, then says almost all of them are eliminated, but leaves only a certain part of them, and in exchange the price of the currency rises a lot.

[Babubu609 0]

On 12/23/2019 at 5:52 AM, Jona said:

No it's not a easy to take a profit from doing trading and make a lot of the profit in the markets what you doing in this trade I mean it's hard

Not good usually comes easy you have to suffer for it , like in trading you must consider the market situation have knowledge on trading to avoid loose

[Prince90 668]

Burning of a coin does not mean that it is actually set on fire. It means that tge tokens of that particular coin has been isolated from the market, reason behind this is to reduce the supply of the coin which makes it rare in the market , which ultimately increases in price.

[SuperCrypto 7193]

Digital currencies arise from mining. Since mining is based on the creation of new digital currencies, the burning process aims to slow the rate of inflation, which will have a positive impact on the price of the currency to which the burn is applied.

[Brushless4500KV 4214]

On 3/19/2020 at 1:23 PM, BitcryptoHan said:

Cryptocurrencies can be burn. It is fine to deflate the coin and to increase it price to a higher one. 

The target of coin burning is not just increasing the price, it is a measure for keeping value and it is often done to stabilize the market. Without coin burning, the value of some coins may drop heavily and causes a mess in the market for the owners. Coin burning can reduce supply and prevent from sudden price falls and owners of the coins can hold them without fear of losing value. The increase in value happens for the long term, stabilization occurs in the short term.

[Honny143 13612]

Previously I don't no coins are tokens burn but you provide good information for me,and learn so many things through your topic like which purpose this coins are burn, whats happen when this coins burns and so many of our forum members gives amazing response to this topic and share good knowledge, thank you.

[SuperCrypto 7193]

24 minutes ago, Honny143 said:

Previously I don't no coins are tokens burn but you provide good information for me,and learn so many things through your topic like which purpose this coins are burn, whats happen when this coins burns and so many of our forum members gives amazing response to this topic and share good knowledge, thank you.

The burning process is not always aimed at the current offering, but sometimes to remove non-current tokens, such as tokens assigned to team members, early investors, or the project itself.

[SuperCrypto 7193]

In the process of burning cryptocurrencies regardless of the mechanism, the result is the same, for the token burned tokens become unusable and effectively wiped from circulation.

[SuperCrypto 7193]

1 hour ago, Jake2 said:

Cryptocurrency burn means the company can reduce the supply of tokens and coins and pump this good and coin value and if there is its own blockchain then they can control if smart contracts then need to swap them. Many projects provide them with some of the resources they use to help them explore their blockchain. It's not just a few projects. Crypto market investors cause some attention.  

Absolutely everything I said is correct. In theory, fewer coins available for sale and in trading platforms mean that each token will be more valuable.

[jacker 1095]

I don't know much about burning money. I am afraid the money burning is not good and because it is being taken advantage of. However, there are also people who say that the positive side of it is that it drives money value.

[Captain Karim 0]

This is useful information about burning currencies, thank you, we see the method of burning abundantly spread in cryptocurrencies to raise the market value of each cryptocurrency, but unfortunately there is a lot of burning for some cryptocurrencies, but their value does not rise.

[rianpedia 816]

17 hours ago, SuperCrypto said:

Absolutely everything I said is correct. In theory, fewer coins available for sale and in trading platforms mean that each token will be more valuable.

Most tokens are already well known in the crypto market. this is usually used for short-term investments. if it is long term then it is feared that the life span of the token will expire.

[SuperCrypto 7193]

18 hours ago, Tomas2020 said:

It is understood that it is easy to burn a large amount of cryptocurrency in this way because these currencies required to be burned are often found in a few large accounts.

Everyone has come to know through this post that everyone knows that burning is a way to destroy currencies in order to either reduce inflation for them or to raise their market value and that there is a link between the high price of the digital currency and the process of burning digital currencies.

[DokAgsikap 145]

Many tokens now has  a huge amount of circulating supplies, and when the time that they will burn some the price of it getting higher sometimes, that is the basic of law of supply and demand.

[SuperCrypto 7193]

18 hours ago, Jaga123321 said:

There are two kind of processes using which currency get burn first the team sent some coins to the unexisted wallet address and the next is by doing a coin swap by giving new coins for old coins at a ratio like 1:2

Yes, there are two ways to conduct the currency burning process, but in the end the two methods share one result, which is that if you implement the burning function to burn your digital currencies. It will be destroyed forever. It is impossible to recover coins after they have been burned.

[pablomarwan 3082]

Now I understood the meaning of this word in relation to digital currencies, but if it is isolated it does not mean that it has completely disappeared, or perhaps it could be that if it was sent to an address that does not exist at all, but it may not be limited and the value sent to the broker will be dealt with by himself and with this offer still exists. Or maybe I am wrong. Any evil for you for this information I did not know about it

[Brushless4500KV 4214]

Burning is just a technical term. It doesn't mean to destroy coins, it means to send them to some wallets whose private keys can not be obtained in any way and thus no one can spend the coins that are sent to these wallets. Since these coins will be useless, it is said that they have been burnt. This is very similar to the coins that are lost in the network when people forget or lose their private keys. However, coin burning is something that is done on purpose to stabilize or control the supply. When coins are burned, they will be removed from circulation forever.

[SuperCrypto 7193]

Recently, the decentralized (Diversive) trading platform, which was a branch of the popular trading platform (Bitfinex), announced that it burned currencies worth about $ 20 million. The trading platform explained that the digital currencies you are burning are "Nectars" (NEC).

[ayatoslaw 858]

On 4/9/2020 at 1:42 PM, deboprotap said:

if a coin have huge supply than its demand,then to control the decreasing price,coin developers can destroy some coins.this process is called coin burning.i do not know with which code or language they use to decrease total supply of coin.

Burning is only a term, the essence of burning is to eliminate from circulation, that is why burning does not require coding or special programming languages, whatever the way if it is to eliminate from circulation either intentionally or unintentionally the essence is the same.

[Dmasked 1840]

In my knowledge, the term coin burning is executed by sending particular coin to an address with unknown private key and cutting it out of supply. It is basically done to check inflation or price appreciation. But the market is truly volatile and such action may not necessarily increase the price.

[Virgil dijk 1431]

Thanks alot dear friend , I never new how currency were being burnt , I only have a low idea about it , but seeing your post I now know how coins are being burned and I know the reason why coin are being burned.