Cryptocurrency Q&A
How does Bitcoin burn?
How does Bitcoin burn?
mia_clark_teacher
Fri Dec 06 2024
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7 answers
1593
I've heard about Bitcoin and its value in the digital currency market. But recently, I came across the term 'Bitcoin burning' and I'm curious to understand what it means. Could someone explain the process of Bitcoin burning and its purpose?
7 answers
Claudio
Sun Dec 08 2024
Projects often engage in token burning to manage their supply.
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Bianca
Sun Dec 08 2024
Crypto burning involves transferring tokens to a burn address.
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Maria
Sun Dec 08 2024
This burn address functions as a wallet where tokens cannot be retrieved.
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Elena
Sun Dec 08 2024
The act of transferring tokens to this address is akin to destroying them.
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Claudio
Sat Dec 07 2024
By burning tokens, the overall supply in the market decreases.
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