Welcome to the Coin Khazana Series on Game of Bitcoins Channel
In today's video I will be reviewing a very unique cryptocurrency project
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Today I will review Bomb Token
You may have been hearing a lot of things about Bomb Token
Bomb Token has been rising a lot recently
On coinmarketcap we can see that current price is $10.63
Almost 100000 Sats in BTC terms
Coin is ranked at 350
$10.2 Million is the marketcap
Total Initial Supply of the Token is 1,000,000
In the Market section we can see that the token is trading on Mercatox and DDEX
In the price charts we can see that it started @ $0.57
Very impressive growth seen over the past few weeks
What is the reason behind this phenomenal growth
The reason is that Bomb Token is operating with a very unique concept
It is the world's first self destructing cryptocurrency
The supply is decreasing continuously
It will never increase in supply
Whatever is the amount of Tokens that you see on this page is the final amount remaining
How is it self destructing?
Whenever Bomb token is transferred from one wallet to another 1% of the transfer gets burnt
For example if you send 100 Tokens, 1 Token will be destroyed from the transfer and 99 will remain
More the number of transfers more it will get burnt
Bomb Token is a social experiment
There has not been a similar concept currency so far
Blockchain and Smart contracts have made this concept easier to implement
so this is just a social experiment
There is no team, it is open source, there is no centralised authority managing it
this is a completely community driven project
there is no whitepaper
and the rules are very simple
please make notice that bomb tokens operate in whole numbers so 1 Million means 1 Million
These will always be destroyed in whole numbers as well and not in decimals
Bomb token is Ethereum based so you can see all the transactions details in this smart contract
Every transfer is burning the coins
so you can view all details in realtime on this smart contract
Since this is a social experiment so it is very difficult to predict the price direction
We cannot guess what people will think about it
Will they think that we should value it more as these will decrease over time or will they take a completely opposite view that it is going towards Zero
so the price will start to reduce
so it is very difficult to predict
Imagine if 1 Bomb token is priced at $100
so you will end up burning $100 for just doing a transfer of 100 Bomb Tokens
If you transact on exchange, then the tokens do not get burnt as they are completely off chain and occur within the exchange's internal wallet
If you buy from exchange and transfer to your personal wallet only then these will get burnt
Transfer between wallets results in 1% burn
So in my point of view it is a very interesting project
This is the first time it has been implemented
There is not much info on the website and is just one page
If you want to know the details then I would highly recommend you to checkout the AMA and FAQ on Reddit
So if you want to become part of this social experiment and invest then please DYOR
You can safely play with this by participating in the tasks given out on Bomb Token's Twitter and Telegram groups and winning free Tokens!
Finally, only the people can decide what will happen with the Bomb Token's price
Please tell me your point of view on this in comments
This is it for today's video please Like, Share and Subscribe
I will see you in the next video till then have a safe investment
