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❕NEWS A lot of Ethereum has been burnt (>70 thousand)

AudraMiller

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There is a concept in the cryptocurrency world where you can burn a cryptocurrency coin. This will reduce the amount of that coin that is in circulation and based on the laws of supply and demand that is present in a decentralized market, a lower supply with a maintained or increased demand would cause a rise in price as well. This is the case with the Ethereum cryptocurrency which is a close rival to Bitcoin, acting in the role of the face of cryptocurrency. Since the improvement and development to the Ethereum network, known as the EIP-1559 upgrade, there has been over 70 thousand Ethereum that have been burnt. This was not in the form of coin, but rather in gas fees, with the gas fee being burnt instead of being a reward to the miners. What are your thoughts on this?
 

BullyMaguire

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It seems devs are really making an effort and paving Ethereum's way to be on top.. that's why it continues to grow.. but i wonder.why they choose the gas fee instead of the coins they're keeping
 

AudraMiller

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It seems devs are really making an effort and paving Ethereum's way to be on top.. that's why it continues to grow.. but i wonder.why they choose the gas fee instead of the coins they're keeping
I think that choosing the gas fee is because then it does not actually affect the coins that are out there but rather the fees that are being paid. Therefore if someone is holding a lot of ethereum it is no risk to them when it is burnt.
 

BullyMaguire

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I think that choosing the gas fee is because then it does not actually affect the coins that are out there but rather the fees that are being paid. Therefore if someone is holding a lot of ethereum it is no risk to them when it is burnt.
Well ofcourse they wouldn't be burning Ethereums that people are holding but their own perhaps? Well i guess going for he gas fee is logical for everyone.
 

Henrytuedor

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That's Right , If Thet Can Lower The Gas Consumption , They Can Certainly Give A Competition To Be Honest In My Opinion .
 

Josemendez

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One of the features of ethereum is the fact that it can be burnt especially when the smart contracts expires. This is what will increase the price.
 

Henrytuedor

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Yes , trx , ltc and bch are still going good with respect to fees , else currencies having high transfer fees are one of the concerns for users
 

AudraMiller

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One of the features of ethereum is the fact that it can be burnt especially when the smart contracts expires. This is what will increase the price.
Definitely, and it is a good way to try and control the supply and in turn the price of the coin, however i wonder why they chose this time to do such, considering that the coin was doing well without burning it as well.
 

AudraMiller

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Well that's a whole lot for a coin of it's caliber. My belief is that this done to control the supply and of course to increase the price, which has been doing well before the burn. Well this is good news for the coin holders, provided that the coin does not face any shortcomings.
For those people that were invested in this cryptocurrency for a long period of time it will definitely help their Investment Portfolio because it will increase in price quite drastically. For the more I think that it will promote more Investments to this cryptocurrency.
 

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