Get to know what Coin Burning is and How it Works

There is a term coin buning in the crypto world. This term is certainly familiar to the ears of the crypto asset investors.

Moreover, currently the number of crypto investors in Indonesia has reached tens of millions of rupiah.

Public enthusiasm for this investment model is relatively high.

This can be seen from the emergence of a number of crypto assets and asset exchange platforms from within the country.

The ease of access to information and access to invest in crypto assets certainly makes many people want to invest.

But we must be able to pay attention to a number of things before investing in crypto.

So that you know what are the advantages and what are the risks that will arise when investing in crypto assets.

Among other things, we must be able to pay attention to the fundamentals of the chosen crypto asset to invest.

This can be done by looking at the figure behind a project.

Then, look at the roadmap owned by crypto asset developers and what their track record is.

Thus, we can determine where we will invest.

In the world of crypto, there are many terms that you need to know.

These things can be obtained by reading literature, listening and watching or being active in the crypto community.

The ease of access to information certainly allows us to immediately know many things, including terms in the crypto world.

One term that exists in the world of crypto investment is coin burning.

For those of you who are new to the crypto investment world, you may still be wondering what coin burning is.

Besides that, other questions also arise about how it works, who does it and what are the benefits of this activity.

This time we will review about it,

So, we can all understand well what coin burning is all about.

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Coin Burning

The term coin burning has been used by a number of crypto asset developers, both tokens and coins.

Coin Burning is an activity carried out by the developer of a crypto project to intervene by reducing the supply of coins on the market.

This coin burning aims to keep the price of a crypto coin stable.

It is known that supply which is much higher than demand will cause the price of an item to fall.

Conversely, if demand is higher than supply, prices will rise.

By paying attention to this concept, of course, it can be understood simply that this activity is carried out so that the number of coins circulating on the market decreases amid ever-increasing demand.

Until now there have been a number of coin developers who have done this. In fact, Binance Coin (BNB) routinely burns coins.

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BNB and Coin Burning

Binance Coin (BNB) is one of the largest crypto assets in the world. BNB regularly conducts coin burning.

Until this article was written, in the last seven days BNB had burned 1,993.74 BNB or a value of $469,665.33.

Previously, BNB burned 1,839,786.26 BNB or the equivalent of US$741,840,738,874 in Q1 2022.

Then, in Q2 2022, 1,956,815.74 BNB or the equivalent of US$624,811,264,383 coins were burned.

This amount is included in the 9,403.78 BNB burned from the Pioneer Burn Program.

According to the official website, Binance is committed to writing off 100 million BNB since the launch of Binance and BNB in 2017. This figure is half of the total supply from circulation. Burning of these tokens is removed using the Auto-Burn formula.

It was announced that BNB would continue to carry out burning coin activities.

The regular quarterly burn has now been replaced with BNB Automatic Burn. This burn is done based on the price of BNB, as well as the number of blocks produced during the quarter. This coin burning will follow the schedule as planned.

Noted that BNB Auto-Burn chosen for the crypto burning process which is more objective and independent of Binance's centralized ecosystem.

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About $VCG Token

$VCG Tokens is a crypto asset launched by VCGamers.

$VCG Token is on the Binance Smart Chain (BEP 20) and Ethereum (ERC 20) networks.

Currently, you can buy these crypto assets on various cryptocurrency exchange platforms.

You can have it by buying this token on Decentralized Exchange (DEX) like Uniswap and Pancakswap easily.

Apart from that, you can also buy and sell $VCG Token on Centralized Exchange (CEX) like Indodax.

This crypto token has also passed the audit Certik and has more than 12,000 holders of $VCG Token.

Currently, $VCG Token is used as a medium of exchange in Indonesia's first metaverse, RansVerse.

VCGamers became a blockchain provider in the RansVerse collaboration project between RANS Entertainment, Shinta VR, UpBamx and UpBanx.

All buying and selling activities inside RansVerse later will use $VCG Token.

Some time ago, there was a sale of RansVerse land or Initial Land Offering (ILO) 1.1 on May 30, 2022.

Where hundreds of land in RansVerse were sold in just 35 minutes and the price for each land was $VCG 1,000.

In the near future, there will be another RansVerse land sale at ILO 1.2 which will be held on 30 June 2022.