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Tron tokens worth of $50 million burned, now what? Will TRX price rise?

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Tron

Yesterday, June 25, 2018, was an exciting day for Tron Foundation; this is because the cryptocurrency scored its independence and became a ‘self-governed’ platform. Also yesterday, Tron celebrated its Independence Day, and Justin Sun stated on the official Tron Foundation Blog the events that were to commemorate and perhaps the most important of them all was the token burning event.

The burning of coins in the crypto-sphere ensures that the tokens left will be re-valued because most digital currencies have a finite average number. Furthermore, a coin burn can also be seen as a way of generating new tokens to destroy the tokens that were not sold.

Tron Foundation earlier disclosed that after the $1 billion worth of coin burn, it would conserve a substantial number of “locked” tokens to avoid an inflationary process and to protect the value of TRX tokens:

“The amount of TRX at the beginning of mainnet launch will be reduced to 99,000,000,000,000TRX, and the remaining 33,251,807,524 TRX held by TRON foundation will stay locked until January 1th, 2020.”

Tron’s coin burn marks the greatest in history as the most significant amount of currency burnt in a day in celebration of a historic moment, according to Tron Foundation.

It is important to note that Tron Foundation stated that the burning of tokens would begin from the foundation holdings making sure that token holders aren’t affected in any way. These events plus Tron’s MainNet (Odyssey) launch process will be the finale of all research and development works done by Tron Foundation and its users.

Nevertheless, Tron’s coin burn can be seen as a new phase for the blockchain platform. As this phase got actualized yesterday, new TRX tokens were distributed to exchanges, and also, wallets got swapped. It simply means that as a user of Tron (TRX), if you HODL the token, there is a high possibility that your wallet or exchange might be automatically swapped.

In addition, exchanges will decide when they would want to move their TRX tokens from ERC20 to Tron MainNet tokens. After TRX tokens have been moved to Tron MainNet tokens, users could withdraw their tokens and make deposits on the wallets supported by Tron and begin to vote for the first Super Representatives Election slated to hold on June 23, 2018. That’s all done.

Right now, the price of Tron (TRX) is in the red, and this is due to the current market situation. With Tron’s (TRX) coin burn and the migration of TRX tokens from ERC20 to Tron MainNet tokens, the price value of TRX has the ability change.

However, a change in the price value of TRX may not be actualized due to the market volatility and other factors that control the value of the tokens daily. Also, the tokens that got burned were not a part of the circulating supply, which means that the coin burn will not affect the market supply. So, it is not ‘must’ that the coin burn will affect Tron’s price dramatically. For now, let’s keep our fingers crossed and see how things unfold in the next few weeks!

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pxhere.com

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How Can Foreigners Get Loans in Singapore

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loans for foreigners in Singapore

Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.

At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary. 

What defines a foreigner in Singapore? 

A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also houses many International students attending many esteemed Singaporean Universities.  

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Altcoins

Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors

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Aluna.Social

When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat.  These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor.  But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.

Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace.  The real benefit to trading in these offices is to participate in the free flow of trading ideas and information.  Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed.  Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?

While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.

Mission Statement

Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors.  The goal of the platform is to help newcomers shorten their learning curve, unlock their full potential, and improve trading performance.  Cryptocurrency trading can…

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Altcoins

CoinFlip Scores Big with BRD Wallet Partnership

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CoinFlip

As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible.  While many crypto users are extremely tech oriented, a lot of those on the sidelines are not.  The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above.  In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country.  Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.

In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map.  Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells.  BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit.  The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.

Cryptocurrencies are already making a huge difference around the world.  Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies like Bitcoin and Dash, to help protect their assets and hard-earned…

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