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.
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.
Thanks for your invitation, I actually do burn steem since it was introduced on the platforms,
Oh really!, you are doing a great job which is helpful to the steem
Of course, I support all that will bring goodness to the steem token
Hello @poorvik,
Great entry. Thank you ror sharing this and for having your entry. Keep it up.
MOD-Phil,
@kyrie1234
Congratulations!
This post has been upvoted through steemcurator07
Curated By - @nadiaturrina
Curation Team - CosmopolitanThank you @nadiaturrina for your support, I am motivated by this
Hello friend, very good participation, I wish you a lot of success, keep sharing with us quality posts.
Regards
Thank you for the review
Hello @poorvik friend,
Thank you for selecting #steemphotos community to publish your articles. Visit the Community Update article to get an idea of the content you can post in this community. Also keeping at least club5050 & 250-300 words always gives you the opportunity to get votes from the Curation team. Please inform your friends about #steemphotos Community and invite them to share their articles.
Great effort. Glad to see your cool entry for Steemphotos community contest #9. You explained it with your well-writing. Thank you for sharing amazing content with us. I invite you to continue #burnsteem25. Please read carefully for more information. Keep posting & stay active with #steemphotos Community. Good Luck! ❤️