What is coin burning?

Coin #burn, also known as token burning, is a process in which a certain number of#cryptocurrenciesor tokens are permanently removed from circulation by being destroyed or #deleted. The process involves sending coins or tokens to an#addresswithout a#privatekey, effectively rendering them unusable and removing them from the total supply.

What’s the use of burning coins?

Token burning is commonly used by#blockchainprojects as a mechanism to manage their token supply, and can be implemented in a variety of ways.

Overall, burning coins is a common practice in the cryptocurrency industry and can be used for a variety of reasons. #BTC #crypto2023 #ETH #Binance #Web3