Not all of us can afford to spend money on the most popular cryptocurrencies like Ethereum and Bitcoin. After all, popular crypto equals expensive crypto.
But, today, there are several crypto coins and tokens that deliver excellent returns on investment, mainly thanks to the ever-growing and decentralized crypto market.
One of these cryptocurrencies is Bonfire and, if you’re like many crypto investors, you’ll want to know how to buy Bonfire crypto.
Bonfire is one coin that grabs the attention of investors looking for new cryptocurrencies that have market demand. But, although it is regularly one of the trending tokens on the crypto market, there is little information on how and where to buy Bonfire crypto.
Today, we are going to help you find out how to buy Bonfire crypto and put an end to this confusion. We will discuss what Bonfire crypto is and answer some frequently asked questions regarding this exciting crypto.
Bonfire Crypto: What Is It?
Run on the Binance Smart Chain base, Bonfire is a BEDP-20 token. It operates on an RFI tokenomic model and is stimulated by its community.
Every transaction on the Bonfire platform comes with a 10% deduction fee, making it quite a pretty unique model. Half of this transaction fee (5%) is distributed to all holders of the token equally.
The remainder is then stored on a Pancakeswap liquidity pool as a means to provide funds for investors and traders to purchase and sell the Bonfire token.
One main aim of Bonfire is to produce a decentralized social media platform. This is so artists can sell NFTs (Non-Fungible Tokens) and easily engage with art enthusiasts.
This is similar to what Twitter has been attempting to do. Behind the scenes, the Bonfire team has also been working on additional features that are yet to be announced.
Currently, there is no Bonfire app to support this project, but investors can purchase Bonfire tokens to hopefully enjoy profits immediately, rather than have a long-term hold.
In the crypto world, the Bonfire token is compared to others, such as NFTART and SafeMoon. Therefore, those who have traded in these coins have taken a keen interest in Bonfire.
It has been very impressive to see the large community Bonfire has built. Not only this but there are many giveaways and contests for traders to enjoy, as well as charity donations that are intrinsic to the Bonfire platform.
The Bonfire team is made up of dedicated professionals that include highly skilled and very experienced developers and marketing managers. These experts believe in decentralized finance and the positive improvements it can potentially bring to the world of crypto.
How To Buy Bonfire Crypto: Guide
There are a few steps to follow in order to buy Bonfire crypto. Let’s get stuck in so you can start trading immediately!
Firstly, you will need to register on the Fiat-To-Crypto exchange. Like many new cryptocurrencies, Bonfire can not currently be bought directly.
To begin, you will have to purchase one of the main playing cryptocurrencies, such as BTC. From here, you can then transfer it to another exchange and simply swap that to Bonfire crypto.
You need to create an account on a Fiat-to-Crypto exchange, such as CryptoWallet. Thankfully, this is fast and easy to do for crypto novices.
Then, it’s time to open an account. To do this, you will need to download the CryptoWallet app onto your smartphone. The CryptoWallet app is secure and available for both Apple and Android devices from their respective app stores.
Once the app has been downloaded, set up your account. You will just need to pass a quick verification test which will take 10 to 15 minutes altogether. Told you it was fast!
After you have successfully verified yourself, your account will be set up and ready to use.
The next step is to purchase BTC with Fiat money. You can do this by funding your personal account with Fiat money via a credit card, debit card, or bank transfer.
Once your account has been funded, visit the apps exchange section and choose BTC via the trade tab. Simply select how much BTC you want to purchase.
Confirm this transaction and your newly purchased BTC will be ready in your app wallet.
Now, it’s time to transfer your newly bought BTC to an exchange that is compatible with Bonfire trading, such as Binance, HotBit, Coinbase, or Gate.io.
But, you’ll have to purchase Binance coins (BNB) to purchase Bonfire and a wallet to store both BNB and Bonfire, such as Trust.
Send your BTC from the crypto wallet to the Binance Exchange.
Open the CryptoWallet App, navigate to the wallet section and choose BTC.
Select how much BTC you wish to send and enter the exchange address you want to send the BTC to.
Now, confirm this transaction. Your BTC will then arrive in the Binance exchange.
Go to Binance and choose Markets. Below BTC pairs, click on BNB/BTC pair and convert the BTC to BNB.
Using the Trust Wallet app, make an account and securely save your key phrase.
Copy the BNB address on Trust Wallet and transfer the BNB from Binance to this.
After the BNB has been sent to Trust Wallet, head to the Apps section and move to Pancakeswap exchange. Here, choose Pancakeswap v1.
From the Coinmarket Cap, copy the Bonfire token address and paste this into the search bar on the swap tab.
Now, change your BNB into Bonfire but leave some BNB behind to cover any transaction fees.
Confirm the translation to complete it and now your Bonfire tokens will appear in your Trust Wallet.
Frequently Asked Questions
Will Bonfire Crypto Go Up In Value?
It’s always a lottery trying to predict growth for cryptocurrency, but online forecasters do not predict high growth for Bonfire this year. In fact, in early 2022, the Bonfire token was predicted to decrease in value.
As believed, Bonfire has continued to decline, following on from a 90% decline over the previous 12 months.
When Was Bonfire Crypto Launched?
Bonfire cryptocurrency was launched in April 2021, so is still a relatively new player on the crypto market.
Described by its developers as a “frictionless, yield-generating contract,” the aim of Bonfire was to allow users to find shelter during an uncertain time for the crypto market.
Is Bonfire A Good Crypto Coin?
Although once reaching a value of over $75, reality soon sunk in, seeing Bonfire lose 90% of this value. Today, investing in Bonfire is not considered a good investment.
Experts recommend investing money in a blockchain project that has greater potential to do better than all expectations, such as Tamaverse.
Buying Bonfire cryptocurrency is not as challenging as many make it out to be. And, it will only get easier as Bonfire constantly updates its website and adds mobile app support.
Therefore, users can connect their mobile wallets as they do with their Trust Wallets and Metamask so they can interact with the Bonfire site.
Thanks for reading.
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.