Everything You Need To Know About The New Crypto Coin: Bonfire Crypto
If you’re like any crypto enthusiast, you must have probably heard about the latest cryptocurrency called Bonfire crypto. However, if you’re new to crypto, Bonfire doesn’t mean anything to you and that’s okay. This article will provide some insights as to why this content was developed and why there’s so much interest in this cryptocurrency.
With the success of cryptocurrencies like Safemoon and Dogecoin, investors are on the constant lookout for the next game-changer. Getting in early on a launch is a big deal in the crypto world. Stories like turning $6 into 6 figures with Safemoon are part of what is leading the appeal and mass rush to get into crypto even if those getting in have no idea as to the what, how and why of crypto.
With that said, several new currencies are being introduced in an attempt to make profits. One such cryptocurrency is Bonfire, a newly launched crypto coin that has been making waves on the internet.
Bonfire Crypto: What Is It?
The virtual currency world is seeing a surge in the number of new altcoins being introduced.
And the latest altcoin to make it to the cryptocurrency market is the Bonfire crypto. This cryptocurrency token was released on the 18th of April 2021 via the BSC Network (BSC is also called Binance Smart Chain).
According to the official Bonfire site, Bonfire is devoid of friction and is a yield-generating contract, which allows you to seek refuge amidst the market uncertainty.
The website also claims that the Bonfire token operates similarly to the Safemoon coin. Bonfire rewards more coins to token holders by taxing those who decide to sell their cryptos. This process is the same as the reflect.finance’s static reward system, popularized by Safemoon.
Ten percent of all transactions are divided into two parts, where 5% is rewarded to holders. The remaining 5% goes back to the liquidity pool(LP) on the decentralized exchange called the PancakeSwap. It’s an excellent way to encourage traders to hold their crypto coins and earn passive income whenever someone purchases or sells.
The idea behind the launch of this token was to create a community token that boasts a self income generating mechanism for its holders. Besides the incredible reward for holders, Merch, NFTs, and community crowdfunding are other projects for the token in the following months as part of the roadmap of projects associated with the coin. The original supply of Bonfire token is 1,000,000,000,000,000, out of which over 30% are already burned.
Bonfire Crypto Price
At the time of writing this article, major tracking site Coinmarketcap lists the token somewhere around the $0.00000006 mark. According to Bonfire Poocoin, the current price stands at $0.0000000680823. Coinmarketcap’s live data also reveal that the trading volume (24-hour) of Bonfire is $362,485.
How To Buy Bonfire Crypto?
Before we start, it’s worth pointing that, unlike other major cryptocurrencies, you cannot buy Bonfire directly with fiat. Nonetheless, you can still purchase this token by buying BNB tokens first. How to do that?
1. Register on Binance
Various centralized exchanges like Kraken, eToro, and Coinbase are yet to accept Binance Smart Chain coins. That’s because most of these tokens are relatively new, and the teams behind these cryptocurrencies haven’t yet developed a viable product.
So, what you’ll need to do first is get yourself some BNB tokens as it’ll allow you to use Pancakeswap. Since Binance offers these tokens, you’ll have to register on the exchange to get the ball rolling. Unfortunately, if you reside in the US, you may not be able to make an account. In such a case, you can opt for another exchange like Gate.io. or opt for Binance.us
2. Download a Cryptocurrency Wallet
Once you get yourself some BNB coins, you’ll have to transfer them to a crypto wallet that connects to Pancakeswap. MetaMask is an excellent option as it offers a secure platform and lets you trade any crypto on Pancakeswap including Bonfire crypto.
Now, remember that the MetaMask default network is set to Ethereum. So, to set the network to BSC (Binance Smart Chain), go to settings and click on the Networks menu. You’ll then get the option to add a new network in the top corner. It’s also worth noting that you’ll get two network options: the mainnet and the testnet. Because you’ll be using the wallet to transfer BSC tokens or BNB, it’d be best to add both. MetaMask will require you to fill in some parameters for each. Currently at the time of writing this article, this is the information that should be reflected.
New RPC URL: bsc-dataseed.binance.org/
Network Name: Binance Smart Chain
Chain ID: 56
Block Explorer: bscscan.com
New RPC URL: data-seed-prebsc-1-s1.binance.org:8545/
Network Name: Binance Smart Chain – Testnet
Chain ID: 97
Block Explorer: testnet.bscscan.com
Once you set the network to Binance Smart Chain, you can send your BNB coins to your wallet. Simply transfer your BNB coins to your MetaMask wallet’s address. Once done, you can utilize Pancakeswap’s Bridge, a feature that lets you convert the tokens to operate on the BSC.
3. Purchase Your Bonfire Crypto
Congratulations, you have completed all the complicated tasks to become a Bonfire investor. Unlike setting up your altcoin wallet, it’s much easier to use Pancakeswap. Simply connect your crypto wallet to Pancakeswap, and you’re all set.
Once connected, you can pick Bonfire and buy it using your BNB coins. Note: Bonfire won’t be automatically available in Pancakeswap so you will have to grab their token address from the Bonfire website in order to complete the trade on Pancakeswap. Soon after the MetaMask approves the transaction, your Bonfire coins will be transferred to your altcoin wallet on MetaMask.
4. Purchase a Hardware Wallet
This step is optional. But, if you plan on holding your Bonfire tokens for an extended period, you should consider looking for some viable options to keep them safe.
Purchasing a cold wallet like one from Ledger would be an excellent way to do that. Note: never purchase a cold wallet from Amazon.
Always, always purchase your cold wallet directly from the manufacturer of the hardware (in this case that would be Ledger’s official website).
The reason for this is to ensure that no one has tampered with the private keys associated with the wallet.
Is Bonfire legit?
The best way to find out whether Bonfire is legit or not is by having it inspected by a 3rd party. As of the time of writing this article, Bonfire has only had one audit from Dessert Finance, a company that audits BNB-based cryptos. And, as per their results, Bonfire is not a scam.
Moreover, Bonfire isn’t discreet about its team members. If you visit the official site, you’ll find the faces, social media handles, and names of its management teams. Very often, scams and rug pulls don’t reveal the identities and faces behind the cryptocurrency.
As of now, the new Bonfire cryptocurrency doesn’t appear to be a scam or a rug pull and that should give you added confidence as you decide whether this is a crypto you’d like to add to your investment portfolio.
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