Cryptocurrency Q&A
What are burned coins?
What are burned coins?
CryptoLodestar
Tue Nov 05 2024
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5 answers
1629
I recently encountered a term called 'burned coins' in the cryptocurrency context. I'm curious to know what it actually means and how it works in the digital currency ecosystem.
5 answers
MountFujiMysticalView
Thu Nov 07 2024
Once the coins are burned, they are permanently removed from the market.
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EchoSoulQuantum
Thu Nov 07 2024
Coin burning is a practice that involves deliberately removing a specified quantity of coins or tokens from their circulation.
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MatthewThomas
Thu Nov 07 2024
This action, also referred to as burning tokens, is a one-way process that cannot be reversed.
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Lorenzo
Wed Nov 06 2024
The coins are typically sent to a public wallet address specifically designed for this purpose.
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DigitalLegendGuard
Wed Nov 06 2024
This wallet address is inaccessible, meaning that the coins cannot be retrieved or spent once they have been burned.
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