What is coin burn and how does it work?

Coin burn is a concept that is unique to the crypto markets and a wide range of coins and tokens have adopted it. In Coin Burn, native cryptocurrency is sent to a public address and from here, these particular coins can never be spent as the private keys of these addresses are not obtainable.

What is a crypto coin?

These crypto coins have their own blockchains which use proof of work mining or proof of stake in some form. They are listed with the largest coin by market capitalization first and then in descending order.

Is it legal to burn coins?

Coin Burning is completely legal, and it has been practiced by many well-known developers like BINANCE (BNB) and TRON (TRX), which are famous for burning their coins to reward their coin holders. Binance does this a few times per year: its 7th coin burn destroyed 830,000 BNB ($16 million) in this way. VeChain and TRON use a similar model as well.