As I understand, burning money is an opposite of printing money... When you print money, you have more of them in the circulation, and the value of it is dropping after every next printing (which is happening at these moments in the world of the USD, EUR and other FIAT currencies)
Burning is the opposite... You burn (delete, throw in the garbage) amount of tokens (money) and lowering the circulation and make the REST of the money more valuable...
Thank you so much for clarifying that for me, I really appreciate it!
So now when I see 'burning' written down, I won't be so worried about it, as in the end it's a good thing. Even though it still sounds really bad....lol...🙃
Yep, exactly this. Burning reduces supply.
Thank you so much! See, I'm in Australia and we have a LOT of bushfires, so burning something is not usually a good thing here...lol...Especially when it's a snag on the barby (sausage on the BBQ..lol...) or $$$$...😅
And my dad was shocking for burning the snags on the barby. And mum was shocking for burning through the $$$ shopping......🤣