BitCar Sets Date For Token Burn

By: BitCar (published on: )

BitCar Token Burn!

Ladies and Gentlemen, start your engines. The BitCar team are ready to burn some tokens! Mark it down in your calendars as the first token burn will commence on 31 July UTC 7.00 AM.

The community will see on the blockchain from the BITCAR Token Contract an amount of 151,577,871 BITCAR being burned forever! These being the unsold token from the Token Sale earlier this year.

We will announce across our social media channels when the burn commences next Tuesday. Stay tuned for our next announcement of our second token burn event for Founder tokens.

What Is A Token Burn?

A token burn for cryptocurrency ventures means sending the tokens to be burned to a public address, from which those particular tokens can never be spent because the private keys of such an address is unobtainable.

Why might this be done? There are multiple scenarios where this might arise. For BitCar the reason for destroying the unsold tokens from our token sale is to balance the total supply of tokens, especially to maintain fair-play for purchasers who purchased early in support of our project.

Interested to find out more about the token burn process? Read more here.

As always, follow all of our social media accounts to stay up to date with the latest happenings, and join our Telegram group to speak directly to the BitCar team.