Basketcoin: Why BSKT May Be the Ultimate Deflationary Crypto Asset

7,514 Views · Posted 3 years ago

Basketcoin (BSKT) is solving a unique problem. Is is the first fully deflationary token secured with a basked of cryptocurrencies with the possibility of staking and management.

Cryptocurrencies whose supply in the market is constantly decreasing, to a predetermined and contracted amount are called deflationary cryptocurrencies. The deflationary system for cryptocurrencies is completely different from deflation in the strict economic(traditional) sense. In the prevailing conditions of deflation in traditional markets for the same amount expressed in fiat money, after a while you can buy more goods or services offered - this, of course, is directly related to the increase in the purchasing power of fiat money. In the world of cryptocurrencies, in turn, deflation is subject to token or coin, and their value will fundamentally increase relative to national currencies.

In the case of deflationary cryptocurrencies, the constitutional premise is to gradually reduce
the existing number of available tokens by eliminating them from the market in a process that is
generally called token burning. Such a state of affairs, in essence, will lead to an increase in the
valuation of tokens while reducing their amount. It should be added here that burning tokens does
not destroy them in the literal sense of the word, but only permanently prevents their use in the
future. Burned tokens are placed in a special public wallet, which is called "eater address". The
status of tokens contained in this wallet is published on the blockchain network, and all tokens
contained in it, as already mentioned, are permanently blocked.

The elimination process can be achieved through the following actions:

1. burning a certain percentage of available tokens,
2. purchase tokens and then burn them, or block them,
3. removing tokens from circulation by placing them on special platforms for this purpose.

Deflationary cryptocurrencies are gaining more and more interest in the blockchain
architecture mainly thanks to one of its biggest advantages, which is undoubtedly maximizing their
value by increasing the valuation of tokens in proportion to the decrease in their amount in
circulation (circulating supply).

Basketcoin web site:
https://basketcoin.io/#token

Basketcoin Whitepaper:
https://basketcoin.io/BasketCoin-WhitePaper_EN_v_2_7.pdf

Telegram Global:
https://t.me/bskt_global

Telegram Polska
https://t.me/bskt_polska

Basketcoin Twitter:
https://twitter.com/Basketcoin_BSKT
https://twitter.com/TheCryptoApp/status/1374307814517174276

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Timestamps
0:00 Introduction to Basketcoin BSKT
2:18 BSKT Public Sale
4:02 What Makes Basketcoin Deflationary?
6:36 Social Media Resources
7:13 $2000 Giveaway in BSKT

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Video Tags

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