Topic: Burning of cryptocurrency - page 3. (Read 501 times)
burning coins aims to reduce the supply and of course if viewed normally then the price of coins should increase because the number has decreased forever and cannot be contested, regarding the 0x00000 address you mean that is a dead address or a disposal place for burn coins, so there is nothing have access to it and the value of coins burned depends on how many projects burn coins.
0x000000000000000000000000000000000000dead
This address is not accessible to anyone. The purpose of creation of this address is token burning. Whenever a token sent there no one can get back those token. It's locked/burned forever.
This address is not accessible to anyone. The purpose of creation of this address is token burning. Whenever a token sent there no one can get back those token. It's locked/burned forever.
it is the address of the ethereum smart contract, the address it has no owner, any defection will be sent to that address, is a condition of the eth platform itself, the article token is no longer usable, Burning the article token eliminates some total supply causing the supply to get thinner and scarce.
That address does not belong to someone or a human. That address is the default address that is created for the purpose to burn the token.
None can access the address even the developer of the platform can't do that.
Any token that already sent to the default address can be considered already burned. You should not feel worried about that. There's no party that can have access to the default address.
Nor the Alien's
Yeah, 0xdEaD is an address that doesn't belong to anyone because it is almost impossible to get the private key with 0xdEaD address.
Actually, burn address can be any address that doesn't belong to anyone. To prove it doesn't owned by anyone, we use 0xdEaD or 0x...0000.
But some smart contract have burn function, which doesn't require it to transfer to burn address, it use function : balances[owner] -= burnAmount
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.
The burning of cryptocurrency is to reduce the total level of supply to general public and also serve as a means of influencing the value of token, because bigger purchasing power will be chasing few token thereby lead to increase in the value.
Burning of cryptocurrencies or token/coin burn as it is mostly called is a process whereby a certain amount of the token or coin of the platform is removed from the total supply of that coin or token in question thus reducing the supply. Normally, most times this is used to drive hype which in turn drives up the price but nowadays it doesn't do much except if the coin or token is from a reputable platform.
About the address where the coin or token is sent to, the address belongs to no one, meaning any cryptocurrency sent there is lost forever. Since it belongs to no one, no one have access to it, because if it's accessible then it defeats the purpose of the coin/token 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.
Coin burning is a system performed by the coin maker in which they remove or burn some of their coins which aims in addition to raising the price of coins because the coins are becoming increasingly scarce is also used to avoid the coin to avoid inflation.
An example that has just happened is bnb which a few weeks ago burned its coins.
can be seen after they burn some of their coins bnb immediately sped up its price because their coins decreased automatically their price went up
An example that has just happened is bnb which a few weeks ago burned its coins.
can be seen after they burn some of their coins bnb immediately sped up its price because their coins decreased automatically their price went up
That address does not belong to someone or a human. That address is the default address that is created for the purpose to burn the token.
None can access the address even the developer of the platform can't do that.
Any token that already sent to the default address can be considered already burned. You should not feel worried about that. There's no party that can have access to the default address.
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 ?
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