It was announced at HUNGARIAN VIZSLA INU: they will be burning money

A portion of the Vizsla cryptocurrency is destroyed Burning papers isn’t a very smart thing to do, but for digital payments, it’s different: sometimes a cryptocurrency currency decides to destroy some of its inventory. This reduces the amount of coins on the market, which increases their value in the long run. There has not really been a similar example in Hungary yet, but the Hungarian Vizsla Inu (HVI) team has announced that on February 20, they will say goodbye to their billions in tokens.

On February 20, one of the most popular Hungarian cryptocurrencies, the Hungarian Vizsla Inu (HVI), will host a token burn. The fast-paced digital currency is doing so at the request of holders, that is, current Vizsla money owners.

“A good large percentage of the holders wanted the burning. We weren’t basically on the side of this, but since it’s a community token, if we didn’t listen to our moonlighters, we wouldn’t be the ones,” said Dániel Kádár, a member of the HVI team.

The rest will be more valuable

Token burning is done for the benefit of the current owners so that their money retains its value. After all, we reduce the supply of anything, the more the price increases. If fewer coins can be purchased, in theory its market value will increase due to a tighter supply. In fact, this is also the reason why the amount of most crypto money, whether already in circulation or in the future, is finite (think, for example, of the amount limit for Bitcoin).

Money laundering is relatively common in the crypt world: even large international players often use this tool. However, there was not really an example of it at home. “They are used by the big ones, such as Ethereum or Binance. We don’t know much about this kind of token burning anywhere in the Hungarian market so far.

How and how much do they burn?

You don’t really need a match and gasoline to burn a token. Burning means that cryptophone money is sent to a wallet address that is dedicated to permanently withdrawing tokens from circulation. Since no one has access to this wallet, it is also called a “black hole”.

At HVI’s February 20 token burn, 1,000 billion tokens will be destroyed as many times as they reach social media sharing with the news. So anyone who buys from it before and spreads the word about token burning is likely to greatly increase the value of their investment.

Little Curiosity:

The new demo is already available on social media. The authors are well known in the music scene. Gabriella Torzsa appeared on The Voice, the singer-songwriter Johnny K. Palmer collaborated with many popular performers.

„As a meme cryptocurrency, it is crucial for us to stay trendy. This is why we focus on the experience of our long-term holders as well as on the charity.” – added Dániel Kádár, manager of HVI.

The lyrics revolve around the loyalty of the Vizsla, the most famous Hungarian hunting dog. Sounds fresh and exciting. Wait, it’s even better, a whole album is coming!

The demo can be heard below:

További információ:

Gülsen Péter  – marketing director, Hungarian Vizsla Inu (HVI)


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