BitCar Heats Up With Successful Token Burn
BitCar Token Burn has commenced
BitCar successfully burned a total of 151,577,871 tokens during the scheduled token burn on the 31st July. Approximately 60 per cent of the initial public sale amount of 250M tokens have been burned, significantly reducing the number of coins in circulation.
Est. Circulating Supply
According to CoinGecko, the estimated circulating supply has now been reduced to 111,485,497 tokens. For token holders this means that there is lower supply in the market.
Dual Token Economy — how does that work?
BitCar uses a dual token economy system. This means that the utility token BITCAR is needed to access the BitCar.io exotic car trading platform. BitCar’s asset token (called CAR Token) is backed up by the physical, hard-metal exotic cars and pegged to their USD value, thus acting as a “stable coin”. This provides relative protection in times of crypto volatility.
When a new platform car is on-boarded, its Car Tokens will each be pegged to one dollar, fractionalizing the car ownership. Each vehicle will have its own unique ‘CAR’ tokens assigned to it, for peer to peer trading. BITCAR will be the currency used to purchase Car tokens and pay for storage, maintenance and insurance costs.
What is a Token Burn?
A token burn 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. Click here to find the transaction details about the first BitCar token burn.
Why Are We Burning Tokens?
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 on in support of our project. Burning the tokens that are not purchased is a strategy that BitCar wants to use in order to instantly make the sold tokens more scarce and, as a result, more valuable. But that’s not all! The founding team will volunteer for token burn and new escrow provisions will be applied. Therefore another token burn is coming soon, watch for the announcement.
Where to buy BITCAR tokens?
BitCar can be bought on various third-party exchanges. Read the BitCar Exchange Listing article to learn more.
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.