Burning Of 300 Million Banano (BAN): What's In It For Us Burning Coins?

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Brace yourselves and check this Banano Blockchain Explorer called Creeper Banano. This will show everyone a transparent proof that this Crypto was burned or destroyed. A total of 300,000,000 Banano amounting to $522,000 or 99.00 BTC burned and can be seen here on this Blockchain link where Banano token transfers are transparently seen. Here is the link:

https://creeper.banano.cc/explorer/block/26E3220F2D22C366A0320DA68ECBF84CF09B711BBAE87CC1D2FA56BF13BC98DD

The coin burning was done last April 02, 2019.

Remaining Balance after the burning:

Balance: 1,240,923,909.104692 BAN / $2,161,744.70 / ₿409.50489

First and foremost, let's see the stats of Banano (BAN) on CoinGecko. This coin is not yet listed on CoinMarketCap.com but no worries since coingecko is also a wonderful tool for checking the coin rankings and also tied up with publish0x.

This widget will show the current price of Banano in BTC.

This one shows the price of Banano in USDollar.

It has a circulating supply of 579 Million coins and a max supply of 3.1 Billion coins.

For more information about Banano being promoted here on publish0x, please see our developer's latest post here.

What is it about Coin Burn?

In a layman's point of view, burning of coins is done for the following reasons:

Since the 300 Million Banano (BAN) were already burned, new coins will now be available coming from the total supply and will be added to the circulating supply. Some developers are rewarding token holders with additional tokens for holding the coins but the main reason coins are being burned after initial coin offering, the unused or unsold tokens should be destroyed to get started with the exchange.

In my own point of view as an experienced crypto-enthusiast without the technical expertise, coins are being burnt so that the value of the coin will rise since there have already been a community using the coin and burning the coins would make it more rare, therefore the demand would still be the same for current users but the circulating supply will then be limited. Thus, there would be scarcity and the price of the coin will be higher.

I have also seen in the blockchain where 13 BTC was burned as well. I have seen this blockchain transaction on my very own eyes. Looking back and sharing this to everyone. I have searched for it again.

It shows that the BTC address is customized and starts with

1BitcoinEaterAddressDontSendXXXX which shows 13 BTC balance.

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It shows here some active BTC wallet addresses for Bitcoin burning.

 

Proof-of-burn is a method for distributed consensus and an alternative to proof-of-work and proof-of-stake. It can also be used to bootstrap one cryptocurrency off of another.

The idea is that miners/participants should show proof that they burnt some coins i.e., sent them to a verifiably unspendable address. This is expensive from an individual point of view, just like proof-of-work, but it consumes no resources other than the burnt underlying asset.

To date, all proof-of-burn cryptocurrencies work by burning proof-of-work-mined cryptocurrencies, so the ultimate source of scarcity remains the proof-of-work-mined “fuel”. 

Statement source: Bitcoin Wiki

It would also be clear to us if we'll get to see the 7th Binance coin burn last April 15, 2019 where the top exchanger destroyed 829,888 BNB amounting to $15.6 Million USDollars at the time of posting. Check the post here: 7th Binance Coin Burning

More about Banano:

Banano (BAN) is the fork of Nano. Do you wish to transfer money with ZERO FEES at all? Then try this cryptocurrency which is now being traded on Mercatox for BTC and SRB pairing. Combining the technology of Nano and the fun Dogecoin has all given us, I believe Banano will revolutionise the meme economy. But there's a lot in store for us with this cryptocurrency.

See my first post about Banano (BAN) here on publish0x: Click this link now!

Here are the two miners that would let us earn Banano using our mobile device or computer's CPU:

The most recent Banano miner launched is in this publish0x post:  The New Banano (BAN) Miner - Powerplant

The Legacy Banano miner is this post:  Banano (BAN) CPU Miner - Generate Money From Your PC & Mobile For FREE

The instructions on how to start mining is already shown on both posts so let's just help ourselves with it. It is a comprehensible walk-through given so even if you are just starting with cryptocurrency venture, you will be able to get along with it.

Tested and proven paying mining program just like publish0x where I always get rewarded for the contents I share.

Follow me here on Publish0x and check out my other posts here: https://www.publish0x.com/@fycee

And of course grateful for the "support".

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fycee
fycee

cryptocurrency enthusiast, writer-blogger, customer-service associate, pets & nature-lover.


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