Bonfire Crypto: A Beginner's Guide
In today's overcrowded cryptocurrency market, every new coin has the same probability of failing as it becomes the next dogecoin. Last year, anyone who typed that statement would have been laughed off the internet, yet here we are. In this post, we'll examine the Bonfire coin through the perspective of the most often asked questions regarding it, the recent bonfire coin price, where to buy bonfire crypto, as well as address any potential concerns.
What Is Bonfire?
Bonfire is a zero-friction, yield-generating contract that enables users to take sanctuary from market volatility. The protocol was introduced on April 18, 2021, via an over-the-counter (OTC) pre-sale on Binance Smart Chain (referred to as BSC).
The token contract uses a static reward structure in which 10% of each transaction is split into two parts: 10% is given to holders and 5% goes to the liquidity pool on the decentralized exchange PancakeSwap.
Because the tokens are permanently locked in the LP, the available quantity is burned. The token was created to establish a community token with a self-generating revenue stream for its owner.
The static reward system is a concept popularized by Safemoon. It was pioneered by reflect.finance. Due to its uniquely sustainable strategy is an excellent alternative to the typical high APY liquidity farms available. In addition, the incentive amount is conditional on the token's market volume, which alleviates the selling pressure imposed on the token by early investors.
Additionally to the foregoing, the mechanism encourages token holders to retain their tokens to receive taxes on market transactions, calculated depending on the percentage stated in the contract and proportional to the owner's total amount of tokens.
Where to buy Bonfire crypto?
At the moment, the cryptocurrency market is at an all-time high. All major cryptocurrencies have seen their values reach all-time highs in ever-shorter time frames. The Bonfire token price has not been an exception rising sharply in May by over 1700%. It is no doubt that Dogecoin and Safemoon have made crypto more accessible to the general population.
As the crypto market witnesses a bull run, numerous new currencies are also being launched to the crypto realm to create wealth. 'Bonfire' is one of the most recent cryptocurrencies to gain popularity.
Unlike other major cryptocurrencies, bonfire token is listed on several crypto exchanges, but it cannot be purchased directly with fiat money. However, you may simply purchase this token by first purchasing USDT on any fiat-to-crypto exchange and then transferring to an exchange that trades this coin. In this beginner's guide, we will walk you through the process of purchasing BONFIRE in detail.
Before setting out the step-by-step buying process, let's explore the platforms through which you can buy the bonfire token.
PancakeSwap is a decentralized exchange that enables you to swap cryptocurrencies and tokens without using a central counterparty while maintaining custody of your tokens. The cryptocurrency exchange's blockchain technology is based on automated smart contracts placed on Binance Smart Chain.
While Binance runs a controlled exchange, it does not own or manage PancakeSwap, which anonymous developers created. The site has a very similar appearance and feel to the famous Ethereum DEX, Uniswap. PancakeSwap is designed especially for BEP-20) currencies operating on Binance Smart Chain (such as the bonfire token, however tokens from other platforms may be sent over via Binance Bridge and "wrapped" as BEP-20 tokens for usage on the DEX.
To use PancakeSwap, you will need your own bitcoin wallet, as the DEX does not allow fiat money. PancakeSwap is compatible with a variety of wallets, including Trust Wallet, MathWallet, Binance Chain Wallet, and MetaMask. All these factors make Pancakeswap the easiest place to buy bonfire.
To purchase Bonfire on Binance, you may either use the Metamask wallet, which is probably the best choice, or another wallet if you do not use Metamask. Notably, Binance will be advantageous for purchasing BNB and USDT, or any other cryptocurrency, to swap them for the Bonfire token.
How to Buy Bonfire Crypto Coin
Let's take a closer look at how to purchase Bonfire.
Step 1: Login to Binance with an existing account or create one. You must fund your account in order to purchase BNB.
Step 2: With your first investment, navigate to markets and search for your preferred currency in relation to Binance coin (BNB). Once here, click on the red sell button to convert your money to BNB.
Step 3: After acquiring BNB, click on the cryptocurrency and then on withdraw.
Step 4: Navigate to your metamask and click on the address; you will see that when you click on it, an address is copied. To withdraw your BNB from Binance to Metamask, you must input this address in Binance. It is critical to access the BEP20 network and specify the amount of money you wish to withdraw. Confirm that everything is in order and that the transaction is complete.
Step 5: Reopen your metamask wallet, and assuming you've enabled it to use the Binance network, the amount of BNB you transferred should show within a few minutes.
Step 6: Continue to pancakeswap.com. From here, we can use our BNB token to purchase bonfire. To utilize it, you must copy and paste the contract's address. You may view it in coingecko by searching for it or by entering the Bonfire token contract's identifier: 0x5e90253fbae4dab78aa351f4e6fed08a64ab5590.
This should result in the appearance of the Bonfire token, which can then be exchanged.
Is Bonfire a good investment?
Bonfire is an unsuitable investment for cryptocurrencies. These types of tokens are plentiful.
They have lofty ambitions, such as establishing their own exchanges. They add a 10% transaction fee and explain how you can profit simply by holding. And the teams promote these tokens aggressively on social media, boasting about how the price will skyrocket 100fold.
Several initiatives out there are identical to Bonfire, and sadly, most of them fail. Purchasing Bonfire or anything similar is analogous to investing in penny stocks. There is a very tiny possibility of finding the needle in the haystack that will lead to success. However, 99 times out of a hundred, you will lose money.
Bonfire Crypto on Trust Wallet
In case you have no idea what a trust wallet is, here's a short recap:
- With a decentralized wallet, you retain control of your cryptocurrency.
- With a user-controlled wallet, the user retains complete control over their assets.
- Unlike centralized wallets, it has access to DApps.
- Maintains no personal information.
- The primary objective is to increase the accessibility of cryptocurrency.
The best and easiest way to buy and sell bonfire is through the Trust Wallet. New users will need to create a new wallet and receive a 12-word recovery phrase which basically acts as your password. As mentioned before, the trust wallet enables you to exchange your BNB Smart Chain token with the bonfire token.
After purchasing BNB and storing it in your trust wallet, you can then head over to Pancakeswap, paste the bonfire smart contract address (0x5e90253fbae4dab78aa351f4e6fed08a64ab5590) and exchange your desired amount of BNB for bonfire. The amount of bonfire bought should then appear in your trust wallet balance.
Bonfire Crypto Price
According to the latest data from Coinmarketcap, Bonfire is now trading at $4.96e-8 USD, with a 24-hour trading volume of $79,426.76 USD. The coin is currently ranked #3305 on CoinMarketCap. There is no circulating supply and a maximum of 1,000,000,000,000,000 BONFIRE coins.
Bonfire Crypto Price Prediction
Bonfire's price as of 2021 July 24, was 0.00000006 USD. Based on historical statistics, we forecast that the Bonfire price will be 0.00000018 USD by the end of 2021. Additionally, it might be exactly 0.00000018 USD one year from now. In the next three years, the maximum possible price for Bonfire is 0.00000105 USD, while the lowest possible price is 0.00000004 USD. According to our predictions, the Bonfire price should be about 0.00000029 USD by the end of 2022 and may possibly reach 0.00000047 USD by the end of 2023.
Bonfire Crypto News
The latest indication of cryptocurrency mania's waning is the total fall of a token sponsored by billionaire Mark Cuban. More than a dozen other hyped-up cryptocurrencies have suffered dramatic losses over the previous month as a result of rising trade, resulting in today's market plunge.
One-third of the world's 100 most valuable cryptocurrencies have had a price drop of at least 40% in the previous month, and over a dozen of these have seen a drop of over 50%.
Bonfire has also been dragged into the recent crypto bear market. The reasons for the present price drop in Bonfire are unclear, although it is quite common for investments to lose value if people begin to sell their holdings.
Cryptocurrencies like Bonfire do not offer anything different from regular currencies. The only reason it exists is so that the price may rise.
While looking at the Bonfire whitepaper, try not to forget: The way the "Why Bonfire?" part begins is like follows: Unlike the rest of the De-Fi folks, Bonfire has a staff that dedicates full-time hours to creating an ecosystem of apps that would allow the token to exist.
In this case, the term may be applied to any new crypto project. That individual is boasting on their CV by declaring oneself a "hard worker."
To many questionable cryptocurrencies, Bonfire has followed a predictable trend. The following is a concise recounting of what occurred:
- During the first several weeks, there was not much activity. On May 3, the price was $$0.000000047174. But now people are beginning to take notice.
- The price of the item more than quadrupled by the end of the day.
- In one week, the price of Bonfire achieved an all-time high of $0.000000886399.
- Even after enjoying a big spike in value, that high didn't stay long as it lost three-quarters of its worth by the end of the day.
- Since June 29, the price has dropped over 90 percent, with the previous all-time high price now sitting at $0.00000000066780.
Bonfire Crypto Reddit
Although Bonfire has only been available for a little over a year, its official Twitter account (@token bonfire) has about 25,000 followers and its Reddit community (r/BonfireToken) has over 11,000 members.
Moderators have pinned one post to the top of the cryptocurrency's Reddit thread, encouraging investors to execute "daily chores" to help improve Bonfire's online visibility. These include constantly tweeting the hashtag or entering the brand's name into Google and YouTube to ensure it shows in search results.
- Why do I have to use PancakeSwap V1?
- What makes different cryptocurrency charts, such as Coingecko or Coinmarketcap, vary in price?
- What is slippage on PancakeSwap and why does it need to be set to 12%?
- Is there a Bonfire V1/V2?
Why do I have to use PancakeSwap V1 for Bonfire?
The issue is that the Bonfire liquidity pool is running on version 1, and it cannot be altered since the rights to the contract are surrendered. PancakeSwap is the root of this issue and is happening everywhere, not only Bonfire. PancakeSwap forces products to migrate from V1 to V2, and uses version control to set the version to V2, leading people to believe that they have bought V2 when they haven't.
What makes different cryptocurrency charts, such as Coingecko or Coinmarketcap, vary in price?
While the two websites utilize distinct techniques and algorithms to get their data, they use disparate sources to collect their data. Because the technique they utilize is not the same, their data is updated at various times and to different extents.
What is slippage on PancakeSwap and why does it need to be set to 12%?
When there is a discrepancy between the price being paid and the price which has been satisfied, it is referred to as slippage. As stated in our contract, our transaction fees are 10% per. However, we advise that the fees be increased to 12% to account for a 2% misalignments (10% tax + 2% misalignment). The larger the slippage amount, the greater the buyer's peace of mind that the deal will go through.
Is there a Bonfire V1/V2?
The difference between the two versions of Bonfire is just Bonfire; the problem with V1 versus V2 is linked to PancakeSwap having a V1 and V2. Due to the confusion caused by this, many believed Bonfire had two versions: a "V1" and a "V2." In actuality, Bonfire is only a different implementation of PancakeSwap.