It’s beyond doubt that not everyone can afford to buy popular cryptocurrencies like Bitcoin and Ethereum today. Thanks to the decentralized and fast-growing crypto market, there are several coins and tokens to buy from that can deliver a great return on investment for buyers. New investors are always on the lookout for new cryptocurrencies that have a good use case and market demand to put their money into.
Bonfire is one of the trending tokens in the crypto market today but there is not enough information on how new investors can buy the coin without getting confused. In this article, you will be learning about Bonfire token, how to buy Bonfire token and the latest news about it.
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. This is a simple and fast process for new users.
To open an account, you need to download the CryptoWallet app from your smartphone’s app store. CryptoWallet is a secure app available on both the Apple and Android app stores.
After downloading the app, you will need to set up your account by passing a quick verification check. The entire process only takes between 10-15 minutes to complete.
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, 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 to Binance exchange. Ensure you have created an account on Binance before this.
To transfer your BTC from CryptoWallet safely, follow these steps.
Open the CryptoWallet 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 Coinmarket cap 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.
Although hardware wallets are a good option for storing crypto, they are less convenient to use and access. CryptoWallet doesn’t store Bonfire but it securely stores 5 popular cryptocurrencies including, XRP, BTC, ETH, LTC and USDT. It’s counted on by crypto users because it is secured by Bitgo, a prominent digital asset custodian.
You can also spend your crypto assets as cash with the CryptoWallet debit card. These and many more features make CryptoWallet 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.
Can I buy BONFIRE with cash?
Yes, there are quick ways to buy Bonfire and other cryptos in Europe. Europe is one of the easiest places to buy most cryptos in general. There are even exchanges like CryptoWallet which lets you simply open an account and buy popular cryptos with fiat currencies. Afterwards, you can quickly transfer BTC or ETH to other exchanges like Binance to buy BNB which you can swap for Bonfire.
Are there any alternative platforms to buy BONFIRE or Bitcoin with credit cards?
Yes. There are many good alternative exchanges where you can purchase Bitcoin with credit cards. Some of such platforms are CryptoWallet and Coinbase. CryptoWallet is an instant cryptocurrency exchange that allows you to buy BTC with your bank’s credit card. It has a very easy to use interface and the buying steps are quite self-explanatory.
What is Bonfire crypto price?
Due to the volatile nature of cryptocurrencies, there is no permanent information on Bonfire token price at the moment. As a result, we can’t list the price of Bonfire. The various conditions of the crypto market determine the price of Bonfire.