Rookie’s Guide to Burning Shiba Inu
When they burn crypto, they don’t actually set anything on fire (it’s just a fancy term for pulling some crypto tokens out of circulation by way of locking them up in a dead wallet, thus decreasing supply and increasing demand.) But, who wants to waste their breath saying all those words every time they really only mean, ‘I’m gonna burn me some crypto.’
Get your pen(s) and jot the following recipe down! (1) Take some SHIB tokens, (2) send the tokens to a burn address, (3) kiss them goodbye!
The ‘take some SHIB tokens,’ part should be pretty self-explanatory. Otherwise, know that so long as you have some ‘shibs’ in your wallet on a crypto exchange (or alternatively, on a hard wallet) you’re good to send those tokens to a 'burn address.'
A burn address is simply an address that’s not owned by anybody (and nobody can retrieve the tokens stored on there). Theoretically, anyone with a crypto wallet can turn it into a burn address. All it takes is to irreversibly lose one’s private keys from it (and all your fortunes contained within, big or small). You’d be surprised how many folks lost millions that way. However, lost private keys can sometimes be ‘unlost’. Therefore, burning tokens by sending them to just any address that looks like it’s owned by nobody isn’t the best idea.
Luckily, in the case of Shiba Inu, there’s one place that will absolutely set your extra tokens on fire - 0xdead000000000000000042069420694206942069.
Otherwise known as ‘the crypto black hole’, the address above does its name full justice. It is literally a pit, that, once crypto goes into it, it never comes back out. The address also serves as a memorial in honor of the billions of Shibs burned by Mr.Buterin back in May 2021. That is to say, if you’re in possession of some ‘shibs’ need burning, send them packing to the black hole address.
Congrats, you just literally burned your money!
Got the walnuts to write about crypto and earn Shib?
Every Joe/Jessica gets $5 worth of SHIB per article written for us, with an extra $1 raise for every tenth piece! You game?
