Topic: Burning of cryptocurrency - page 2. (Read 478 times)
When I see a project developer talk about burning of the cryptocurrency, I understand he's about to reduce the total number of tokens that was created and that reduces the amount in circulation. Most times cryptocurrency are burnt Inorder to increase the value of the tokens in circulation as the value is determined by the market capitalisation divided by the amount in circulation.
Hello guys,
I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
Certainly that address have been trashed and not active anymore due to token burning, and basically it happens when token supply was reduced. Though the developer of a cryptocurrency project did some token supply reduction, that doesn't you're about to take profit on their project. Some tokens after burning has no further progress, and worst they've been left away by their supports, then their token became shitcoins in the end.
Hello guys,
I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
It looks like the trend of burning coins to reduce the supply amount continues to be carried out by developers to increase the price of tokens in circulation, there are a lot of default wallet addresses I've seen like (0x .... 1), (0x .... 2) nobody has that private key or wallet and usually coins are burned for other reasons for example a developer will burn a token that doesn't sold out when the ICO was run
Burning some cryptos (e.g. BNB) means that the supply will decrease which is limited normally. And after it, that cryptocurrency will be much more valuable as its supply will be lower than before. And the price will be likely to increase too.
This may be true to BNB but for other alts, even if they have burning program, they won't go that far. It needs valid reason why it will become a valuable one, not only because of this burning activity. If the team is actively developing their project and looking for use cases while doing this burning activity, then, the increase of value may happen. But if not, burning will only be futile.
Burning some cryptos (e.g. BNB) means that the supply will decrease which is limited normally. And after it, that cryptocurrency will be much more valuable as its supply will be lower than before. And the price will be likely to increase too.
Burning a coins the first thing will come up into the majority people here in the forum is that the coins will definitely increase its
price value in the market sooner or later. But not all coins burning I think increases their price, because I've seen this several times here
I just forgot what coin is that, just all I know in accordance to what I had mentioned.
price value in the market sooner or later. But not all coins burning I think increases their price, because I've seen this several times here
I just forgot what coin is that, just all I know in accordance to what I had mentioned.
The burning of tokens is simply a deflationary model in which the project team sends a certain percentage of their tokens to that address (0x000000000000000000000000000000000000) in order to reduce the total supply. Reduction of the total supply will help create scarcity for the token and thereby increase the demand for it. And no, the address belongs to nobody.
Based on the laws of demand and supply when the supply of a particular asset or commodity reduces, with a stable or increased demand, then the value of the asset or commodity increases.
Similarly with cryptocurrencies especially Altcoins, token burns are done in order to decrease the total circulating supply of the cryptocurrency in order to increase scarcity which will increase the value of the cryptocurrency.
Similarly with cryptocurrencies especially Altcoins, token burns are done in order to decrease the total circulating supply of the cryptocurrency in order to increase scarcity which will increase the value of the cryptocurrency.
Hello guys,
I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
burning events is good for any altcoins, because with burning events the supply will decrease mate, usually when the supply decrease the demands will increase
and i believe no one can access this 0x000...dead wallet address
Nope, that address does not belong to anyone and as you own thread title suggests, its purpose is to send the tokens to a place in hell were they burn for eternity never to be seen or moved again. So, yep, that´s just burnt tokens or even tokens that people got angry at and sent there 
sometimes this happens with tokens that are airdropped to any address and it basically serves as a trash can.
sometimes this happens with tokens that are airdropped to any address and it basically serves as a trash can. 
Burning of cryptocurrency is the strategy used to make a certain scarce in the market and it also reduces the total supply of coin and total circulating supply of coins while increase the chance of the coin gaining more increase in price but the token thats burned are sent to address will never be use by anyone.
But this burning also has a risk, if the market demand does not increase, while the circulating stock decreases, this will cause the coin to sink.
Hello guys,
I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
Burning of cryptocurrency is the strategy used to make a certain scarce in the market and it also reduces the total supply of coin and total circulating supply of coins while increase the chance of the coin gaining more increase in price but the token thats burned are sent to address will never be use by anyone. I have recently come to know about cryptocurrency. It is amazing, how these digital currency eill revolutionise this world.
Since, I am following alot of coins. I have listen about burning of cryptocurrency. I am a little bit confused what does burning mean, I will be thankful if anybody explain this.
And I have seen major percentage of coins hold by this address 0x000000000000000000000000000000000000dead.
To whom this address belong? Is there anyone have access of this address ?
When smart contract is being created for a particular token a feature is added that allow part of the token to be burnt by simply sending token to a smart contract address. when token get burnt by sending to that address, it can never be retrieved and no one have access to such token even though you can check the address or the transaction
When a token is sent to that address, the token will be stored there and cannot be retrieved by anyone, and that is what is known as burning, this causes a reduced supply in the market, if the demand for these tokens increases while the supply decreases it will cause an increase. price on the token, and it has done a lot.
Just like what title you wrote in this topic, it is a burning address where no one own that address and no one have access to it. It used as a method to reduce the number of tokens which they believe can help the price of token it self.
It is not just reducing the number of tokens, but if we think more about burning, we can say it is a buyback too.
When you want to burn the coin, you must buy in the market and collect them to burn.
This makes the coin price increase, because the buyback and burn.
Burning means whenever there are tokens sent to that address that isn't owned by anyone, that will be stored there forever and can no longer be retrieved.
It lessens the supply of that token which makes it more valuable in due time and makes the demand higher based on the law of supply and demand.
It lessens the supply of that token which makes it more valuable in due time and makes the demand higher based on the law of supply and demand.
But it will only be valuable if the dev team of the token is also doing their developments on the project. Burning alone is not an assurance that a token will increase its value in the market. But if it is accompanied by active development from the dev's side, there's a chance that the token will gain better value in the market. So don't be attracted by seeing that there is burning program for the token but also look if the project has good use case in the market. Without its actual application, would be hard for the token to get valuable if it is relying with the burn program only.
Just like what title you wrote in this topic, it is a burning address where no one own that address and no one have access to it. It used as a method to reduce the number of tokens which they believe can help the price of token it self.
It lessens the supply of that token which makes it more valuable in due time and makes the demand higher based on the law of supply and demand.
This is one of the simplest way to understand what burning is. Burning is just as you know it and the purpose is to create value around the project. Usually when a coin is burnt out, it means some of the coins not in use and can't be recovered and that automatically reduces the maximum supply of the coin and that creates limitation in it. This action creates value on the project, binance had such and you can see where the price is today.
There are so many kind of benefit with burning of project.
The investors see it as the team is active and trying to see how to be better appreciated in the market and when the burn happens, it attracts more investors because of that (active team)
When burn happens, most times the team creates more awareness and technology on the project increase.
It brings partnership. Most investors like to put money where there are good partnership. Like cartesi in instance is having lots of partnership around it which is helping the coin growth.
When the maximum supply of a coin is reduced, it creates new kind of investors from partnership to traders and institutional investors.
One way to understand burning is to compare it to buyback programs by real world companies like Apple although there are different burning mechanisms in crypto. You can build the burn mechanism into the transaction fee, or when a coin is used you can manually or automatically burn it via the protocol. It creates deflation and controls the supply in a way that is beneficial to the holders of the asset. Coins get spend to an address accessible for nobody, hence they are destroyed and removed from the circulating/total supply.
It lessens the supply of that token which makes it more valuable in due time and makes the demand higher based on the law of supply and demand.
This is one of the simplest way to understand what burning is. Burning is just as you know it and the purpose is to create value around the project. Usually when a coin is burnt out, it means some of the coins not in use and can't be recovered and that automatically reduces the maximum supply of the coin and that creates limitation in it. This action creates value on the project, binance had such and you can see where the price is today.
There are so many kind of benefit with burning of project.
The investors see it as the team is active and trying to see how to be better appreciated in the market and when the burn happens, it attracts more investors because of that (active team)
When burn happens, most times the team creates more awareness and technology on the project increase.
It brings partnership. Most investors like to put money where there are good partnership. Like cartesi in instance is having lots of partnership around it which is helping the coin growth.
When the maximum supply of a coin is reduced, it creates new kind of investors from partnership to traders and institutional investors.
By burning coin basically you just throw it to an address that's belong to no one and one of example is the address you mentioned. You can't edit the total supply etc because the whole blockchain isn't yours to own or any group but all the nodes and users therefore the only convenient way to dispose of the coin that you're supposed to burn is to do just that.
I've seen some erc20 tokens also burning their tokens by just sending it to some obscure address unlike the address you mentioned or different but the most important thing is that the coin or token sent to that address is permanently unretrievable.
I've seen some erc20 tokens also burning their tokens by just sending it to some obscure address unlike the address you mentioned or different but the most important thing is that the coin or token sent to that address is permanently unretrievable.
Jump to: