Since its launch on April 18, 2021, the Bonfire token has garnered significant attention from investors as a cutting-edge project within the community. Deployed on the Binance Smart Chain Network, this cryptocurrency aims to become the first-ever crypto-based social media network.
It utilizes an inflationary token model that rewards owners with additional coins while taxing those who sell their tokens in a ‘statistic reward system.’ Although bonfire is early, it aims to create a decentralized social media platform for NFT trading, supported by an experienced team of developers and marketing experts. With its potential for explosive value growth, this article will outline some of the best ways to purchase Bonfire tokens with a straightforward, step-by-step guide.
The more people begin to trade the resources of others on the market, the more money they have to spend and do things; you will encounter an NFT trading platform just like a bonfire; no one uses coins as currency, and everyone needs to use other assets as currency.
What is a bonfire coin?
Bonfire is an NFT trading platform it enables everybody from all walks of life to make money online. Bonfire is made for everyone, not just gamers or young people. It’s for anyone who is willing to learn about the blockchain crypto world and does not want to be left behind by blockchain technology.
Bonfire is a revolutionary trading platform for gamers. It will be the first social network based on blockchain technology that does not need ads or have any of the weaknesses of other trading platforms. This innovative system uses social media to allow professional traders to share real-time strategies and tactics with their friends and followers.
In this case, it’s confirmed that bonfire can be used as a private currency through the Binance Chain network. Bonfire is a cryptocurrency launched on April 18, 2021, on the Binance Smart Chain Network. It is designed to become the first-ever crypto-based social media network that utilizes an inflationary token model to reward holders and encourage long-term holding.
Bonfire is an inflationary token that rewards owners with additional coins by taxing people who choose to sell their tokens.
This is also known as a ‘statistic reward system.’ Bonfire’s long-term objective is to create a decentralized social media platform for NFT trading. The project is supported by a dedicated team of experienced developers and marketing experts and has attracted significant attention from investors since its launch.
How does a bonfire coin work?
Bonfire is an inflationary token that operates on the Binance Smart Chain Network. Its token model is designed to reward holders and encourage long-term holding while taxing those who choose to sell their tokens in a “statistic reward system.”
Users who buy and hold Bonfire tokens are automatically rewarded with a portion of every transaction. This reward system incentivizes holding, as the more tokens you hold, the greater your reward will be.
On the other hand, when users sell their Bonfire tokens, they are subject to a tax automatically distributed to existing holders. This discourages short-term selling and encourages users to hold on to their tokens, which helps to stabilize the price and create a sustainable ecosystem for the currency.
Bonfire’s long-term objective is to create a decentralized social media platform for NFT trading, utilizing its token model to incentivize user engagement and reward content creators. With a dedicated team of experienced developers and marketing experts, the bonfire has attracted significant attention from investors since its launch.
Step By Step Guide To Buy bonfire coin
1) Choose a platform:
Use a website like coinbase.com to purchase coins via bank transfers and credit/debit cards. If you want more options, check out Poloniex and Bittrex, which support trading many cryptocurrencies. Some popular options include PancakeSwap, BitMart, and DODO.
2) Complete the KYC:
You must complete the Know Your Customer process to begin trading on most cryptocurrency exchanges. Sometimes, platforms will require additional information to verify your account. This typically includes sending a photo of your passport or driver’s license, answering questions, and providing identification documents when requested.
3) Deposit funds:
Most exchanges will require you to deposit funds into your account before you can start trading. For example, Binance requires you to complete a minimum trade amount of 0.1 BTC or equivalent, equivalent to $500. Some exchanges like BitMart and PancakeSwap will allow you to make quick purchases using USD or fiat currency.
Bittrex accepts deposits in USD, BTC (Bitcoin), ETH (Ethereum), and LTC (Litecoin). To proceed, you’ll need to transfer funds to your account. As a new user, you’ll be required to make a minimum deposit of $10. You have various options to deposit money, including credit/debit cards, bank transfers, PayPal, Skrill, Neteller, or any other suitable method. Depositing funds incur no additional fees.
4) Buy a Bonfire on an exchange:
Once you have completed your deposit and verified your account, you can begin trading on exchanges such as Binance, Bittrex, BitMart, or PancakeSwap. Search for “Bonfire” in the exchange’s search bar, enter the number of coins you wish to buy, and place your order.
Once your transaction has been completed, and the exchange has sent your coins to your wallet, you must ensure that you are storing them appropriately. Review and confirm the trade details, including the price and fees involved. Once you have confirmed the trade, the exchange will deduct the amount of BNB from your account and deposit the Bonfire coins into your exchange wallet.
5) Store your Bonfire:
Once you have purchased a bonfire or another cryptocurrency on an exchange, it is important to keep them safely stored. You have a few options for storing your bonfire. You can store your coins on the exchange, and this is recommended for only a few reasons.
The biggest problem is that exchanges are targeted by hackers who often try to access your funds through phishing attacks or other fraudulent activity. If a hacker gains access to your account and steals your funds, you will have no way to recover them. The second option is to send the coins to an external wallet where they are in your control.
When to Buy Bonfire Coin?
If you’re considering purchasing Bonfire tokens, you may wonder when the best time to buy is. As of writing, the price of one Bonfire token is $0.000000009939, which is significantly lower than its all-time high price of $0.00000094 in May 2021.
Due to the volatile nature of the cryptocurrency market, it’s difficult to even for experienced experts and traders to predict the ideal time to purchase a particular coin. However, adhering to the “buy the dip” philosophy could be prudent, especially if you believe bonfire has the potential for success. You can find bonfire on eToro. Please note that crypto assets are a highly volatile and unregulated investment product, and UK or EU investor protection is unavailable.
Best Places to Buy Bonfire Coin
1) PancakeSwap:
PancakeSwap is a decentralized exchange that operates on the Binance Smart Chain, allowing users to swap cryptocurrencies directly with one another from wallet to wallet without intermediaries.
To trade on PancakeSwap, you’ll need to connect an external wallet, as the exchange doesn’t offer a wallet for holding your bought or sold cryptocurrencies.
Therefore, you must create a cryptocurrency wallet on MetaMask, Trust Wallet, or Binance Smart Wallet to purchase bonfire and use PancakeSwap as your preferred exchange.
Create a Binance account:
Most centralized exchanges do not support Binance Smart Chain tokens, including BNB, for various reasons, despite the token’s promising outlook and tokenomics. However, BNB is a necessary token for making purchases on PancakeSwap since it’s used to pay for gas fees on the DEX.
As a result, you may need to register on Binance to acquire BNB. If you’re located in the United States, it’s advisable to use Binance.us for signing up and purchasing BNB. On this platform, you can buy or trade BNB against deposited USD. Before trading, Binance will require users to verify their accounts.
Buy BNB on Binance:
The number of Binance tokens required for trading on PancakeSwap depends on the crypto tokens, such as the bonfire you want to buy on Binance. After signing up, verifying your account, and signing back in, navigate to the Buy Crypto option in the menu on the homepage.
Select a payment method, choose the appropriate crypto, like BUSD or USDT, enter the amount you want to purchase, and proceed to enter payment details like a credit card, debit card, bank deposit, or third-party payments. Confirm the transaction after entering the chosen payment method’s details.
If you prefer to buy stablecoins or BNB on the peer-to-peer platform using your preferred payment methods, click/tap on P2P.
After acquiring the stablecoin, go to Menu, then Markets, and select the BNB/stablecoin pair. Input the amount to buy, select the order type, and confirm your purchase by clicking Buy. Even those seeking where to buy Bonfire crypto should find this process simple.
Download the Trust Wallet app:
To get started, head to the Google Play or iOS app store and download Trust Wallet. Once downloaded, create an account, write down, and save your passphrase securely. You can easily copy the BNB wallet address from Trust Wallet, which will be the address you will use to receive the cryptocurrency.
Send BNB from Binance to Trust Wallet:
Download Trust Wallet from the Google Play or iOS app store and create an account. Make sure to write down and securely save your passphrase. Copy your BNB wallet address from Trust Wallet.
This is the address to which you will be sending BNB. Go to your Binance account, select the Wallets tab, and choose Withdraw. Select BNB crypto and click on Send via Crypto Network. Enter the Trust Wallet address and the amount of BNB you want to send. Proceed to send and wait for the balance to reflect in Trust Wallet.
Swap BNB tokens:
Open PancakeSwap exchange in Trust Wallet by selecting Apps and going to PancakeSwap v1. Copy the Bonfire contract address found on their website and paste it into the search bar for tokens on the swap tab. Proceed to exchange BNB for Bonfire.
Leave some BNB in your Trust Wallet to cover transaction costs or gas. The bonfire coins you purchase will appear in your Trust Wallet. The same process can be followed using MetaMask.
MoonPay
To buy bonfire, visit the cryptocurrency’s website, which redirects you to MoonPay. From the homepage of the Bonfire crypto website, select your preferred currency (USD and others), specify the desired amount of BNB, enter your BNB wallet address, and click on the Buy button.
You must create an account or log in to MoonPay, provide your card details, and complete the purchase. After processing the transaction, you can use the BNB to purchase Bonfire on PancakeSwap.
Hotbit
Due to allegations of fraudulent activity involving one of its team members, Hotbit has suspended all deposits, withdrawals, and related transactions. Consequently, individuals seeking to purchase Bonfire crypto in August 2020 cannot trade cryptocurrencies on this exchange.
eToro
eToro is a standout option for purchasing the Bonfire token compared to other crypto exchange platforms. It doesn’t charge any commissions; you only need to pay the spread, which starts at a competitive rate of 0.75%.
Although there are withdrawal and inactivity fees, they can be easily avoided. eToro enables you to invest in a bonfire with a minimum of just $10, which benefits those who wish to invest smaller sums of money.
eToro supports multiple payment methods, including credit cards, debit cards, bank transfers, PayPal, and Skrill, and provides a free crypto wallet called eToro Money. Its simple and user-friendly interface enables new traders to set up an account quickly. Advanced features like customizable charts, drawing tools, and unique trading platforms make it popular among experienced traders. Additionally, the social trading network allows users to discuss price predictions with other traders.
In case of any issues, eToro provides 24/7 customer support. To buy bonfire, check out the best cryptocurrency apps for 2022, and consider using eToro. It is worth noting that crypto assets are unregulated and highly volatile investment products, and there is no investor protection for UK or EU investors. >>>Find bonfire on eToro
Coinbase
Coinbase is one of the industry’s most reliable and oldest crypto exchanges, founded almost a decade ago. It is also one of the most comprehensive, supporting over 3000 digital assets and offering various useful tools for experienced traders, including diversified portfolios to track recurring investments and a self-managed wallet to pay expenses using cryptocurrencies.
The platform’s main advantage is its range of educational resources for beginner traders, with numerous technical guides, practical tutorials, and market updates available for the cryptocurrencies they are interested in. However, Coinbase is slightly more expensive, charging a 0.5% spread fee for every Bonfire transaction and an additional flat fee based on trading volume.
Coinbase supports all popular payment methods, including bank transfers, credit/debit cards, and PayPal. >>> Visit Coinbase Now<<< It’s important to note that crypto assets are highly volatile and unregulated investment products, with no investor protection for UK or EU investors.
Conclusion
As the Bonfire cryptocurrency is already running at an early stage of development and has a native token, it’s unlikely that significant volatility will likely affect its price in the short term. If you want to buy a bonfire, we recommend you check out eToro. It’s an established crypto exchange that allows you to purchase bonfires with a minimum investment of as low as $10. In addition, it supports multiple payment methods and presents a secure wallet for storing your cryptocurrencies.
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