It can be intimidating to enter the realm of online currency. Crypto trading is the way to go if you’re trying to make fresh investments or stay current on the stock market.
If you’re new you may not know where to start or how to begin investing. Or that Bonfire crypto is the latest way to begin investing and trading within the universe of online currency.
This article will cover what bonfire crypto is and how you start investing today.
Whether you want to make small contributions or start investing large amounts, bonfire crypto could be the currency for you.
Today you’ll learn where you can buy bonfire crypto and what it can do for you!
What Is Bonfire Crypto?
The core blockchain of Bonfire, a BEP-20 coin, is the Binance Smart Chain.
The project’s long-term objectives include offering many other as-yet-unannounced services and developing a decentralized social media platform for artists to sell non-fungible tokens (NFTs).
By charging a 10 percent transaction charge, Bonfire encourages investors to keep onto their Bonfire tokens.
The PancakeSwap liquidity pool receives 5% of this charge, with the remaining 5% is divided between the holders of Bonfire tokens.
How To Use Bonfire Crypto?
Becoming a bonfire token holder will give you access to the ecosystem of Bonfire and all the features they provide.
If you decide to keep your investment in your bonfire token(s) you will see new layers be built upon your original token.
They will always be based on the Bonfire liquidity pool and will increase the value of your Bonfire token.
Essentially, becoming a Bonfire token holder allows you to become an investor within the company and potentially receive profits from the success of the company.
As the 10% transaction fee is distributed among the token holders and the liquidity pool, the more tokens you hold, the more profits you will receive.
Static rewards are a feature that has grown to be quite popular among new tokens and can be successful whether the price goes up or down.
But the majority of these tokens eventually plunge to the ground. Even after accounting for the rewards you received in that situation, you still lose money.
How To Buy Bonfire Crypto?
So, you want to become a token holder in the world of Bonfire crypto. Keep reading to find out how you can begin buying tokens in just 3 easy steps!
Open A Binance Account
The Binance Smart Chain coins are still not supported by any centralized exchanges, including Coinbase, eToro, and Kraken.
The vast majority of these cryptocurrencies are quite new, and the majority of the teams behind them haven’t yet created a minimum viable product.
This means that in order to begin purchasing Bonfire tokens you must own BNB tokens within your Binance Account.
Create a Binance Account at Binance.us by entering in the required information to verify your account.
Download Binance Wallet Or SafePal S1
On your smartphone download the Binance Wallet app or the chrome extension if you are on a desktop. You can now connect your Binance account to your Binance wallet.
Here you will be able to see your available funds, any BNB tokens you have purchased and how much income you have transferred to the account.
You will be asked to input a preferred payment method. This is to transfer dollars to your account so you can begin investing and trading crypto.
You’ll probably never require another hardware wallet after the SafePal S1. It’s also one of the market’s most cheap wallet solutions.
SafePal S1 supports over 10,000 different cryptocurrencies giving you the freedom to buy and trade as you please.
Make Your Purchases
Congratulations! You’ve completed all the difficult processes necessary to invest in Bonfire. Setting up your PancakeSwap is much easier than using your cryptocurrency wallet.
All you need to do is connect your smart wallet to your PancakeSwap account. This can be done through the smart address on your crypto wallet.
If using a Binance Wallet you may have to purchase BNB Chain as your currency in order to complete the purchase.
Once this is complete you can now select Bonfire and purchase tokens with your BNB tokens!
Your transaction will soon be approved through your crypto currency wallet and soon you’ll find your Bonfire tokens sitting safely within your wallet.
How To Sell Bonfire Crypto?
You now know how to start purchasing bonfire tokens but how can you sell them for a profit?
Investing in any crypto currency is a risk in itself. You have to be able to predict the market and judge the perfect time to invest.
Once you have found the right time to invest in bonfire crypto you will then be sat with tokens which you can either leave to sit and gather your rewards from other transactions. Or you can sell your tokens.
As there is a 5% fee distributed among token holders regardless if you are selling or buying, there is a chance you will see a reward.
However you can purchase more tokens to increase your profits and begin seeing a reward to cryptocurrency.
Making any investment in cryptocurrency is a risk, a risk many are willing to take. Unlike established and well known crypto like Bitcoin and Ethereum, Bonfire is still making a name for itself on the cryptocurrency market.
If you prefer to make passive income on your investments, Bonfire crypto may be the right one for you.
With a higher chance of reward due to their 10% transaction fee framework. However, the cryptocurrency is yet to showcase how it will perform on the market.
It can be hard to determine the best time to invest in Bonfire. The best course of action is to invest small amounts until the world is certain that Bonfire crypto will appreciate in value.
Follow the three simple steps above to begin investing and trading on Bonfire crypto today!
Paul Martinez is the founder of BendingDestiny.com. He is an expert in the areas of finance, real estate, and eCommerce.
Join him on BendingDestiny.com to learn how to improve your financial life and excel in these areas. Before starting this blog, Paul built from scratch and managed two multi-million dollar companies. One in the real estate sector and one in the eCommerce sector.