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Cryptocurrency Q&A How does Bitcoin burn?

How does Bitcoin burn?

mia_clark_teacher mia_clark_teacher Fri Dec 06 2024 | 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? How does Bitcoin burn?
bitcoin burn process

7 answers

Claudio Claudio Sun Dec 08 2024
Projects often engage in token burning to manage their supply.

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Bianca Bianca Sun Dec 08 2024
Crypto burning involves transferring tokens to a burn address.

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Maria Maria Sun Dec 08 2024
This burn address functions as a wallet where tokens cannot be retrieved.

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Elena Elena Sun Dec 08 2024
The act of transferring tokens to this address is akin to destroying them.

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Claudio Claudio Sat Dec 07 2024
By burning tokens, the overall supply in the market decreases.

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