ColdLava40 (OP)
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October 15, 2023, 09:03:22 AM Merited by panganib999 (4) |
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Bitcoin halving has always been confused for crypto burning most especially by those who are new to the crypto space. If not carefully looked at, Bitcoin ethusiast might even fall in the same situation the very moment the two words are mentioned.
I would start by saying: Bitcoin halving is practically a mechanism that helps to reduce/cut the rewards of miners, thereby reducing the amount of bitcoin entering into circulation.
While crypto burn is a mechanism use by other cryptocurrency in reducing the amount of their digital asset already in circulation.
The two main phrases in both definition states the big difference between them. Halving helps to reduce what's entering into circulation, while burning helps to reduce what's already in circulation. We should note that halving is an automated mechanism that would occur when every 210,000 blocks have been mined. It is practically used for bitcoin. While burning is intentionally done by the developers of that particular coin.
Though, they both have little similarities such that: both mechanism helps to activate scarcity. After burning, there are possibilities that the specific coin would increase in price or not, but what do you expect when there is scarcity ?. The same goes for Bitcoin halving.
If as a reader, you clearly understood the difference before coming across the post, then you should note that there are others that might have always confuse the two words.
My opinion...
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Faisal2202
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October 15, 2023, 09:22:33 AM |
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Bitcoin halving has always been confused for crypto burning most especially by those who are new to the crypto space. If not carefully looked at, Bitcoin ethusiast might even fall in the same situation the very moment the two words are mentioned.
I would start by saying: Bitcoin halving is practically a mechanism that helps to reduce/cut the rewards of miners, thereby reducing the amount of bitcoin entering into circulation.
While crypto burn is a mechanism use by other cryptocurrency in reducing the amount of their digital asset already in circulation.
You explained it well, but just to be frank, I doubt if any of the newbies would be confused in these two terms because they are so obvious but still, I presumed many things to be what they were not (when I was newbie) so I can say that there are newbies who think of both as same. It's good that you distinguish between them. Even though, I doubt if any of the Bitcoin Enthusiast would be confused with these two terms. There are many newbies (and experts) who think they know everything, for example, many don't know tokens and coins are not the same things in cryptocurrency. Even they are experts. Topics like these are good reminders for those who already know about it and good pieces of information (eye-opening) for those who take it wrong. The two main phrases in both definition states the big difference between them. Halving helps to reduce what's entering into circulation, while burning helps to reduce what's already in circulation. We should note that halving is an automated mechanism that would occur when every 210,000 blocks have been mined. It is practically used for bitcoin. While burning is intentionally done by the developers of that particular coin.
Well, just to clear things out, Halving was also implemented by the founder, which means, it is created or developed or integrated (whatever you can say) first in the BTC blockchain and then afterward it is programmed as automated and the burning could also be automated after implementing it first (intentionally). So, the difference of automation and manual seems not right. Though, they both have little similarities such that: both mechanism helps to activate scarcity. After burning, there are possibilities that the specific coin would increase in price or not, but what do you expect when there is scarcity ?. The same goes for Bitcoin halving.
That's not what scarcity means in the context of BTC. Like in BTC supply is fixed but if you are burning some tokens (ALTS) then the supply can be changed there (means can be increased), other than this, burying and halving did reduce the supply in circulation and had a positive impact on the price, but nothing resembles BTC. Even the hard-forked BTC version which also follows the halving paths.
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Abu-Naim
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October 15, 2023, 09:28:43 AM Merited by Orpichukwu (1) |
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I think there is difference in the two even as they both have similarities.
Halving as you stated is to reduce the miners reward in order to keep limiting the supply of new coin in circulation, but it will it reduce the numbers in circulation before halving.
While crypto Burning is done to reduce the number of coins already in circulation in order to create more value to the coin.
Mostly, Burning is happening to altcoin probably if the developers think they have too much coin in supply and the coin did not have the value the expected which purely Centralization; while halving is mostly on Bitcoin and maybe Litcoin (I don't know if there is any coin), it is design and anyone know when it will happen and how it is been done that's Decentralization.
I am open to learn more from the response of others because I have been thinking about this also for long.
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Jawhead999
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October 15, 2023, 09:45:21 AM |
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Take a note, coin/token burning is temporary, while Bitcoin halving is always be like that and it's impossible to be changed. Since burning is temporary, it's really easy for the developer to mint new coin/token and add it into the circulation.
I'd say if the coin/token isn't a stablecoin, coin/token burning has nothing to achieve except the developer want to manipulate the market.
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Poker Player
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October 15, 2023, 10:06:06 AM |
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Anyway, we already have another thread in this section that is based on a questionable premise: Bitcoin halving has always been confused for crypto burning most especially by those who are new to the crypto space.
The first I have heard of it. I guess it will be more common in those who are approaching the "crypto" market for the first time giving them the same Bitcoin as shitcoins, and not understanding the essential differences. Halving is unique to Bitcoin while crypto burning is very much like buybacks of shares that companies do and take them out of circulation. I think although they don't call it "burning" it is essentially the same thing. Here you can clearly see how shitcoins are securities, as the management team of the company or shitcoin does and undoes as they please on the supply.
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OcTradism
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October 15, 2023, 10:35:43 AM |
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Bitcoin halving has always been confused for crypto burning most especially by those who are new to the crypto space. If not carefully looked at, Bitcoin ethusiast might even fall in the same situation the very moment the two words are mentioned.
I used to be a newbie but I have never thought of Bitcoin halving and altcoin burns like this. I did not know what they are but a simple effort to search can help me understand what is Bitcoin halving and what is an altcoin burning event. I also have never heard anyone confused about these terms. Altcoins are centralized and many altcoins are EVMs with smart contracts that can be used to seize coins in an address, burn it, mint more. Burning events with altcoins are easily but similar to Bitcoin, if you want to burn an amount of coin in circulating and total supply, it's easy. Create an address, throw away by burning the private key physically, then sending coins to that address, it is burning. Burning is to reduce supply. Bitcoin halving and some altcoins also have their halvings too, are to add more coins in circulating supply. The biggest difference between halving and burning is here.
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Orpichukwu
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October 15, 2023, 11:48:01 AM |
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Those who look at both terms the same way, I believe, don't really understand it well, or it's based on a misconception. Even the words themselves appear to be self-explanatory. That being said, bitcoin halving helps reduce the reward for miners, as we all know, and this will continue over time until the last block is mined, and there is nothing to be mind out of the block again and no reward for miners as they will have other sources of earning. For the main time, the amount that's to enter into circulation is what's being reduced, but it does not stop there, as they will still enter the same circulation over time as the blockchain continues. But for token burning, which the altcoins use to convince their holders and investors that scarcity is being created, they move a certain amount, which they intentionally created from the very beginning, and they know it's too much for a project yet they created such an amount. At the end, to convince people that it has been moved out of the market, they send the agreed amount to be burned sent to an address that no one has access to. This is token burning, and this same project developer can still mint tokens from no where most times and add them to the market, or sometimes they can do a contract swap and from the old token to another, which will give them the chance to create more tokens. These two are not in any way related, although some newbies might also have the wrong idea about them, which will help enlighten their minds a little bit.
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SamReomo
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October 15, 2023, 12:10:44 PM |
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In simple terms the coin burning is the step used by other altcoins to fool out the investors so they can invest more into those useless altcoins and nothing else. Bitcoin halving is the proper mechanism that's implemented in Bitcoin from its launch and it works automatically without anyone's interference. The halving takes places once in 4 years while altcoins can burn their number anytime because they are being controlled by the creators while Bitcoin isn't being controlled by anyone.
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OcTradism
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October 15, 2023, 12:21:29 PM |
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But for token burning, which the altcoins use to convince their holders and investors that scarcity is being created, they move a certain amount, which they intentionally created from the very beginning, and they know it's too much for a project yet they created such an amount. At the end, to convince people that it has been moved out of the market, they send the agreed amount to be burned sent to an address that no one has access to. This is token burning, and this same project developer can still mint tokens from no where most times and add them to the market, or sometimes they can do a contract swap and from the old token to another, which will give them the chance to create more tokens.
Buy back and burn token programs are non sense to create value of a token. It's solely marketing initiative. Thinking about those programs like their developers are free to code and set any amount of token total supply they want for a token. No restriction on what is the maximum total supply when they code so if they want their token looks to be scarce in total supply, they can set it low. If they want to make it is not scarce, they are free to set it high. There are two strategies: set it low at start to make hype that if investors are slowly, they will miss the train to get rich; set it massively high like Shiba Inu and many tokens, then use Buy back and burn programs to burn tokens later. The second strategy looks odds in my view. Yearn Finance with its total supply is only 36647 $YFI tokens is an example for a first strategy. You zoom out the chart and will see its price was about $40,000 in 2020 and $70,000 in 2021. It's a most scammiest and most successful scam token in history. What is the benefit of buring $SHIB?Yearn finance.
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icalical
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October 15, 2023, 02:34:56 PM |
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This is my very first time hearing that someone is confused between Bitcoin Halving and Crypto Burns. In my opinion the term is really self-explanatory. Halving with Burns is very different activity, and I don't think there is any similarity between the mechanism whatsoever. Crypto burns will reduce the total supply and sometimes also reduced the circulating supply if the coin that will be burnt is obtained by buying them back from the market, this activity will instantly and automatically affect the scarcity of the market, and this could be considered as market manipulation for some people. While Bitcoin Halving is not reducing Bitcoin supply, neither the total or circulating supply, the halving activity will not directly affect the scarcity of Bitcoin, if the demand of Bitcoin is low then the halving itself wont make Bitcoin become more 'scarce'.
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Baofeng
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October 15, 2023, 02:55:20 PM |
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This is my very first time hearing that someone is confused between Bitcoin Halving and Crypto Burns. In my opinion the term is really self-explanatory. Halving with Burns is very different activity, and I don't think there is any similarity between the mechanism whatsoever. Crypto burns will reduce the total supply and sometimes also reduced the circulating supply if the coin that will be burnt is obtained by buying them back from the market, this activity will instantly and automatically affect the scarcity of the market, and this could be considered as market manipulation for some people. While Bitcoin Halving is not reducing Bitcoin supply, neither the total or circulating supply, the halving activity will not directly affect the scarcity of Bitcoin, if the demand of Bitcoin is low then the halving itself wont make Bitcoin become more 'scarce'.
Yeah, most likely those who are familiar with 'crypto burn' might be dealing more on the altcoin side (no offense to them). But for members here who started with bitcoin first, they know what bitcoin halving is and most likely experience it recently. So I guess if we are in this board, then I don't see any confusion. On the contrary, those bitcoin enthusiast might have heard this term for the first time. But I doubt that they are going to be confused by it. But thanks to the OP for bringing that up.
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amishmanish
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October 15, 2023, 03:54:36 PM |
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Yearn Finance with its total supply is only 36647 $YFI tokens is an example for a first strategy. You zoom out the chart and will see its price was about $40,000 in 2020 and $70,000 in 2021. It's a most scammiest and most successful scam token in history.
That the first crazy DeFi summer when YFI got priced at almost 70k USD. It was not a scam though. Most of these DeFi tokens work the same way. They are supposed to give you a say in setting up the rates of interests and other decisions to be made about the TVL. A handful of whales manipulate the market by buying up most tokens when they are cheap and its the later buyers (post the airdrops) that used to create the frenzy to own a piece, thinking that buying 10 tokens would give them some say when someone else had 1000s of those. The basic concept behind DAOs isn't really a scam per se, yet it suffers from the same problems that socialism suffers from. When everybody is equal, nothing actually gets done.
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BIT-BENDER
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October 15, 2023, 04:09:03 PM |
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Take a note, coin/token burning is temporary, while Bitcoin halving is always be like that and it's impossible to be changed. Since burning is temporary, it's really easy for the developer to mint new coin/token and add it into the circulation.
I'd say if the coin/token isn't a stablecoin, coin/token burning has nothing to achieve except the developer want to manipulate the market.
Also crypto burns will affect the project whose burning their coin but hardly would it affect the crypto-currency market in general unlike Bitcoin halving that takes four years but still has been highly anticipated by the crypto-currency world since the last one happened going to this one taking place next year. The Bitcoin halving comes with it high hopes of the crypto bull run and the FOMO is usually high at this time.
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bananaunana
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October 15, 2023, 04:16:25 PM |
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Crypto Burn is often only a marketing trick done by Altcoins because it can be changed for most Altcoins and it is not a steady procedure. While for Bitcoin, it is implemented in Bitcoin's code, it's verifiable and already determined. Every 210.000 mines Blocks, Bitcoin miner's block reward is halved. Bitcoin is predictable, while most Altcoins are a big gamble due to various factors.
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Eternad
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October 15, 2023, 04:30:37 PM |
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While crypto burn is a mechanism use by other cryptocurrency in reducing the amount of their digital asset already in circulation.
The irony on this token burn mechanism was the team aims to decrease the circulating supply of the token to boost the price yet they always set the total supply of their tokens to Billions or Trillions that will make the circulating supply enormous during the token minting. It’s nonsense to burn tokens just to reduce the supply while they can initially lower the token supply during minting before they distribute it to the holders. Token burn feature is scam feature nowadays so that there will be a price boost due to speculation while the team reserve tokens grows significantly and slowly exit on liquidity from holders.
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adaseb
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October 16, 2023, 03:48:52 AM |
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Take a note, coin/token burning is temporary, while Bitcoin halving is always be like that and it's impossible to be changed. Since burning is temporary, it's really easy for the developer to mint new coin/token and add it into the circulation.
I'd say if the coin/token isn't a stablecoin, coin/token burning has nothing to achieve except the developer want to manipulate the market.
Token burning is not temporary. It’s sent to an address such as 0x00000000000 which is impossible to recover. The tokens are lost forever. You won’t get them back in the future. With coins like bitcoin there is no burning going around unless it’s by accident. Someone accidently sends to an address that doesn’t exist.
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Kakmakr
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October 16, 2023, 07:02:22 AM |
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Take a note, coin/token burning is temporary, while Bitcoin halving is always be like that and it's impossible to be changed. Since burning is temporary, it's really easy for the developer to mint new coin/token and add it into the circulation.
I'd say if the coin/token isn't a stablecoin, coin/token burning has nothing to achieve except the developer want to manipulate the market.
This is why all shitcoins are shit.... because it is so easy for these developers to manipulate the supply. This is not something that will easily happen with Bitcoin (BTC) ...because not a lot of the Bitcoin (BTC) miners will accept that. ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) We saw how hard the fight was with smaller changes in the past, now just imagine what will happen if the Bitcoin (BTC) developers wants to push an increase in the supply.
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Forever101
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October 16, 2023, 08:48:40 AM |
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Bitcoin is built with a standard that differentiate it from all other coins and token. I think it will be proper if other cryptocurrency can follow same process(that's for those who have pure intention for creating the coin). The crypto burn mechanism is just deceptive means of exploiting investors funds. Early investors gain over later investors who buy after the burn. Base on research, I have come to conclude that most shitcoins are designed for profit purpose without the users interest in the mind.
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romero121
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October 16, 2023, 11:50:55 AM |
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Bitcoin halving is connected with the design and based on that, it is kind of process through which the new bitcoin entering the market circulation is controlled. Different reasons that make bitcoin halving effective are the - The supply gets controlled and the same helps bitcoin being a deflationary asset.
- Through this process the value of bitcoin gets maintained.
- As the reward gets decreased the miners need to modify things.
- The price gets impacted as the supply gets limited against the increasing demand
Crypto burn process is completely centralized process in which tokens were sent to a wallet that can't be accessed. This is completely different from the uniqueness of halving. Process involved in crypto burn - We've got automatic and manual way of token burn.
- This practice is just to stabilize the value and the market.
- Price appreciation is the major motive which won't be long term in most cases.
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ragnise2
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November 11, 2023, 09:20:47 PM |
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Understanding Cryptocurrency BurningCryptocurrency users are assigned an address used to send and receive coins. You can think of the address like an email address. You can send and receive emails from that email address anywhere you have access to it. A cryptocurrency address is similar—the cryptocurrency network recognizes that address as yours and uses it for transactions. This is your wallet address.
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