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      featured

      A starter guide to Bitcoin Options trading

      Featured Image

      With Bitcoin Mining Capitulation Coming to an End, Will Halving Pump Begin?

      featured image

      Technical Indicators suggests Bitcoin can crash to 7000$ in next few days

      featured image

      Why is Bitcoin a safe haven in a financial crisis

      featured image

      How to Make Money in Crypto When It Falls

      featured image

      Despite Resurrection of Old Bitcoiners, HODL Waves Indicate Bullish Accumulation

      featured image

      Top 5 Online Merchants That Accept Cryptocurrency

      featured image

      An account into Bitcoin Lightning Network Progress and other Scalability Solutions

      featured image

      Why Bitcoin [BTC] Could Fall to $5,000. Now that Halving is Done

      Trending Tags

      • Altcoin
      • Crypto Lists
      • Trade Signal
      • News
        Bitcoin Market’s Sentiments turned bullish after USA President’s recent press conference

        Bitcoin Market’s Sentiments turned bullish after USA President’s recent press conference

        featured image

        Breaking : Crypto Trading is now legal in South Korea

        RBI to allow crypto trading

        Supreme court of India decided to lift off RBI Banking BAN against Bitcoin

        featured image

        Steemit Joining TRON Ecosystem

        Reliance Jiocoin

        Reliance Jio is preparing for Jio Coin launch in 2020

        A $134 Million real estate has sold on ethereum blockchain

        A $134 Million real estate has sold on ethereum blockchain

        Hacking attacks on cryptocurrency exchanges

        Hacking Attacks on Cryptocurrency Exchanges are rising, Why?

        Bithumb Launches in India

        Bithumb Global Launches in India

        US-China trade war effect on Bitcoin Price

        US-China trade war effect on Bitcoin Price

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      Want coin growth? “Burn” them – The Proof of Burn

      Hitesh Malviya by Hitesh Malviya
      October 15, 2017
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      Proof of Burn
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      “Burning Coins” has emerged as a new tool for growth in recent times. In past few months, few projects used this approach to drive the market value growth to upto 10x. In this article we will cover about proof of burn and what is the economical implications of proof of burn coins.

      Proof of Burn

      According to BitcoinWiki – 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 for bootstrapping one cryptocurrency off of another.

      The idea is that miners should show proof that they burned some coins – that is, send them to a verifiably unspendable address. This is expensive from their individual point of view, just like proof of work; but it consumes no resources other than the burned underlying asset. To date, all proof of burn cryptocurrencies work by burning proof-of-work-mined cryptocurrencies, thereby making the ultimate source of scarcity remains the proof-of-work-mined “fuel”.

      Counterparty protocol was designed for proof of burn

      One of the most striking things about Counterparty is that its native cryptocurrency, XCP, was created and distributed by destroying bitcoins in a process known as “proof-of-burn”. All XCP that will ever exist were given out proportionally to those who recognized Counterparty’s value and were ready to “burn” their bitcoins to participate in Counterparty.

      Counterparty’s developers built a distributed financial system on top of the Bitcoin blockchain. Like Bitcoin, the Counterparty community operates in a decentralized manner where everyone has an equal say in the project.

      Trigger which is based on counterparty protocol, recently burnt 70% of its supply, and witnessed 1000% growth in value in month of august.  Flik and BNB are planning to burn coins in next week.

      Looking for more awesome content? Follow us on Telegram – https://t.me/Itsblockchain 

      For accurate cryptocurrency signals data, join our Free Telegram channel – https://t.me/joinchat/AAAAAEBgX2LJMVDiPKyWfQ 

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