HOW AND WHERE TO BUY BONFIRE (BONFIRE) – AN EASY STEP BY STEP GUIDE

What is BONFIRE Crypto?

Bonfire is a BEP-20 token that runs on the Binance Smart Chain based. It is driven by its community and operates on an RFI tokenomic model. This unique model deducts a fee of 10% on every transaction that takes place on the Bonfire platform and distributes half of the transaction fee (5%)  equally to all holders of the token.  The other half of the fee is stored on Pancakeswap liquidity pool to provide funds for traders to buy and sell the token.

Bonfire aims to create a decentralized social media platform that enables artists to sell non-fungible tokens (NFTs) and interact with art lovers. Think of what they’re trying to build as Twitter for NFT artists and art lovers. The team is also working on some features that will be announced later to the public.

Although Bonfire doesn’t have an app to support its project, investors are buying up Bonfire to make immediate profits off it and not for a long-term hold. The token is often compared to other tokens like SafeMoon and NFTART.finance in outlook.

One of the strengths that Bonfire is leveraging is the remarkable community that has been built around it. In addition, giveaways, contests, and charity donations are also integral parts of Bonfire.

The project also boasts of a team of dedicated multi-skilled and highly experienced developers and marketing managers. Hence, the project is being driven by competent individuals who believe in decentralized finance and the positive changes it can bring to the world.

BONFIRE was traded on 7th May 2021. It has a total supply of 625,124,496,352,880.6. Currently, BONFIRE has a market capitalization of $10,044,894.19. The token has been listed on some crypto exchanges. 

Step 1: Register on Fiat-to-Crypto Exchange

BONFIRE like many new cryptocurrencies can not be purchased directly at the moment. You will have to first buy one of the major cryptocurrencies like BTC. Then you can transfer it to another exchange and swap to Bonfire. 

To begin this step, you will need to create an account on a fiat-to-crypto exchange like CryptoWallet.com. This is a simple and fast process for new users.

After your successful verification, your account will be all set and ready for the next step.

Step 2: Buy BTC with fiat money

Once you have registered on CryptoWallet.com, you can buy BTC  by funding your account with fiat money through bank transfer, credit card or debit card.

When you have funded your account, head over to the exchange section of the app and select BTC on the trade tab.

Choose the amount of BTC  that you desire to buy.

Confirm your transaction. Your BTC will be immediately deposited in your in-app wallet.

Step 3: Transfer BTC to an Altcoin Exchange

Now, you will need to transfer your purchased BTC to an exchange that allows BONFIRE trading. Some of the popular altcoin exchanges include Gate.io, Binance, HotBit, and Coinbase. However, you will need to buy Binance coin (BNB) in order to purchase Bonfire. In addition, you will need a wallet to help you store your BNB and Bonfire. We’ll be making use of Trust wallet to further explain this step.

To begin, send your BTC from CryptoWallet.com to Binance exchange. Ensure you have created an account on Binance before this.

To transfer your BTC from CryptoWallet.com safely, follow these steps.

Open the CryptoWallet.com App and go to the wallet section. Select BTC

Choose the amount of BTC you want to send. Bear in mind that the blockchain will charge some network fees.

Enter the exchange address you want to send BTC to.

Once you have entered a compatible BTC address, confirm the transaction and your BTC will arrive at Binance exchange.

Then go to Binance and select markets. Under BTC pairs, sélect the  BNB/BTC pair. Convert your BTC to BNB.

Create an account on the Trust Wallet app and save your key phrase securely. Copy the BNB address on Trust wallet and transfer your BNB from Binance to it.

Once your BNB has been deposited on Trust wallet, Select the Apps section and migrate to Pancakeswap exchange. Then select Pancakeswap v1.

Copy Bonfire token contract address from Coinmarketcap and paste it on the search bar for tokens on the swap tab.

Once you have successfully added the Bonfire token on the swap tab, swap your BNB to Bonfire. Leave some BNB to cover transaction fees for the swap.

Confirm and complete the transaction. Your Bonfire will appear on your Trust wallet.

Last Step: Store BONFIRE Securely

If you are looking for a secure cryptocurrency wallet to store your Bonfire for a long time, there are different ways you can keep it safe. Like in the previous step, if you keep the keyword phrase of your Trust wallet safe, you will protect your Bonfire tokens from loss. However, using hot Wallets or online wallets could expose your tokens to some security breaches. The most reliable place to store your coins is to store them in hardware wallets, where your funds are stored offline.

Hardware wallets are often USB-enabled devices that store some key information like the recovery phrase of your wallet in a more reliable way. The security of the wallet is constantly protected by their manufacturers. Ledger Nano S and Ledger Nano X are the most popular hardware wallets. They cost around $50 to $100. The price depends on the features they are offering.

You can also spend your crypto assets as cash with the CryptoWallet.com debit card. These and many more features make CryptoWallet.com a preferred online wallet for convenient trading and storage of high-cap currencies.

Latest News for BONFIRE

Bonfire’s website has been updated. Mobile app support has been added. Users can connect their mobile wallets like Trust wallet and Metamask to interact with the site. Users will be able to start claiming their Bonfire Name NFT very soon. You can check out the mobile app integration and share feedback and possible errors with the Bonfire token team on Twitter.

Due to the recent launch of the new Bonfire website, the first 1000 users will be eligible to win prizes in Bonfire Token and exclusive Bonfire NFTs. In addition, a new swap feature has been added to the website. This feature was first available for desktop users only buy the recent update also supports mobile users.