The Coin Shark: Binance will stop BNB deposits and withdrawals during BSC hard fork

  • Monday, 29 November 2021 19:54
The Coin Shark: Binance will stop BNB deposits and withdrawals during BSC hard fork © The Coin Shark
Binance will stop BNB deposits and withdrawals during BSC hard fork? The Binance Smart Chain (BSC) is planning a hard fork of Bruno. It will take place on the 13.082 million blockchain block, which will be mined on November 30, 2021 at 08:00 (UTC). In the morning at 07:45 (UTC), the cryptocurrency exchange will suspend the input and output of BNB and intra-chain tokens. Account deposits and withdrawals will be reinstated upon completion of the hard fork. Updating the blockchain programming code by deploying the BEP-95 proposal will speed up node synchronization by 60%. This will make Binance Smart Chain more decentralized. Also, BSN will change the mechanism for burning BNB tokens. Now it will be implemented by analogy with the destruction of ETH on the Ethereum network, when part of the commissions is burned to overcome inflation. The validators will determine how many tokens are burned. This will become an additional incentive for the growth of the price of the cryptocurrency and will greatly facilitate its turnover. Recall that for more than a year, the creators of the exchange have been using 20% ​​of their profits to redeem and withdraw BNB coins from circulation. Due to the regular destruction of tokens, a constant increase in the price of the cryptocurrency is maintained. It is currently trading in excess of $ 626. The burning will continue until the number of tokens in circulation decreases by 50% and reaches 100 million. Recall that the last burning of BNB tokens took place on October 18, 2021. Coins worth $ 640 million were purchased and destroyed. If you decide to try your hand at the world of cryptocurrencies, do it with a trusted and reliable partner - BINANCE Subscribe to our Telegram , Twitter , Facebook to be the first to know about cryptocurrency news! Coin Shark is not responsible for the content, accuracy, quality, advertising, products or any other content posted on the site. This article is for informational purposes, prepared on the basis of materials and information from open sources. Cryptocurrency is a high-risk asset, investments in it can lead to losses. Readers should do their own research before taking any action.

Additional Info

Leave a comment

Make sure you enter all the required information, indicated by an asterisk (*). HTML code is not allowed.

Disclaimer: As a news and information platform, also aggregate headlines from other sites, and republish small text snippets and images. We always link to original content on other sites, and thus follow a 'Fair Use' policy. For further content, we take great care to only publish original material, but since part of the content is user generated, we cannot guarantee this 100%. If you believe we violate this policy in any particular case, please contact us and we'll take appropriate action immediately.

Our main goal is to make crypto grow by making news and information more accessible for the masses.