I’m sure you must have all heard of the numerous ways you can make money with cryptocurrencies. You can trade crypto for-profits, buy and hold them, stake them, and so on. But, not many people are aware of the concept of coin burning, which is another way that can help you earn with cryptocurrencies. Here’s everything you need to know about coin burn, including the best way to make money from it.
What is coin burn?
It is exactly what it sounds like. In coin burn, cryptocurrencies are burned. What burning means is that these cryptocurrencies are removed from the active supply in order to reduce the total supply for a particular cryptocurrency.
How it works
Coin burn is done by the creator of a cryptocurrency. This involves buying back a number of coins from the supply and sending them to an inactive address such that no one can access them. This will effectively mark these tokens as burnt in the blockchain and will reduce the overall supply.
Purpose of coin burn
The primary purpose of coin burn is to reduce the market supply of a cryptocurrency, which is expected to help boost its value. This is how it happens.
A cryptocurrency with a fixed supply will have a defined market value or market cap. For example, the current market cap of bitcoin is around $800 billion. This essentially means that the combined value of all bitcoins in supply is $800 billion. Now, if we remove half of bitcoin’s current supply from the market, its total supply would be reduced to half. However, the overall value remains the same, which means the value of every bitcoin will be nearly doubled in an instance. This is how coin burn can help crypto investors make money.
How to earn with coin burn
In order to earn money through coin burn, you have to first find and invest in a good, high-potential cryptocurrency that uses coin burn. CitizenChat coin is a good candidate.
CitizenChat coin is a high-growth digital currency and the native coin for the CitizenChat social networking platform. The coin follows a burn strategy, where its supply is reduced systematically over time through regular coin burns. Every time CitizenChat coins are burned, the supply gets reduced, which gives a boost to the market value of the remaining coins.
You can make money by investing in the CitizenChat coin. Here’s how.
Buy CC coins now and sell them after the next burn. Right now, you can buy CC coins at a very low price during the presale. Then, all you have to do is wait for the next coin burn, which will happen soon after the launch. The coin value will increase and you can sell immediately for a profit. Buy a large number of coins to make more profits.
However, I strongly recommend you to hold on to your CC coins. There are big things planned and promised in the project’s whitepaper, and you can make extraordinarily great profits in a few months or so if you hold on to your coins. Also, for every CC coin you buy, you get ownership in the CitizenChat platform.
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