Stemphotos contest #9 || Who is @null || What is Burn steem ? by @poorvik||#burnsteem25||#club100

This post is in response to the contest: #steemphotos Contest #9 -Who is @null? and What is Burn steem?|| 25%@null organised by #steemphotos.

Who is @null?

Null a special marker and keyword indicating that something has no value, which means zero(0). However in the cryptocurrency field null is a wallet or account nobody owns, and it has no private key to access it. The steem blockchain also has @null account, any amount or steem sent to its account is non-refundable and cannot be used by anyone else, just like burning a currency. That is why this action is called coin burning.

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What is Burn steem?

Steem Burning is a process in which you can remove steem Coins or Tokens from Circulation. Due to this, there is a decrease in the total supply of Crypto tokens, also called the deflation mechanism These types of steem coins are sent to the Wallet Address such as @null which they can reach the Coins but cannot come back, it is the kind a public address that does not have a private key.

•  "Burning" a cryptocurrency refers to the act of sending tokens to an account.
•  The wallet address used to burn cryptocurrency is called a "burner" or "eater" address.
•  The act of burning effectively removes the token from the available supply, reducing the number in circulation.

The reason for burning a steems is to work on all the steem coins that are in circulation. That means, suppose the supply of steem coins is 10,000, out of which 1000 is burnt, then the total supply now will be 9000. By doing this, those who have held the coin for a long time benefit, because their price increases due to the decrease in coin circulation.

Conclusion

We should burn some steems to make the stability of steem coin, and sustain in the crypto market, each of us should send a certain amount of income to the @null account.

I would like to invite @nishadi, @cryptogecko, @alegnita, @raju7258, @deepak94, @wase1234,@olabillions, and @nadeesew to participate in this contest. 25%of this post goes to @null and 10%of this post goes to @steemphotos.