What is Bonfire crypto? Here’s all you need to know
The cryptocurrency market is heating up, so you’ll find many new options like Bonfire crypto tokens. More people are learning about the asset, especially on social media. Eventually, they’re bound to learn about the obscure tokens. Bonfire is one of the fresh crypto tokens that started with a bang with thousands of new holders within days.
It promises to keep you safe from the rising prices all around you. You may turn your hard-earned money into Bonfire crypto bucks, so you can retain its value. However, is it truly safe around this campfire, or should you stay back to avoid getting burned? We will answer all your burning questions about the hype surrounding Bonfire tokens!
First, we will talk about the Bonfire crypto network’s goals and use-cases. Then, I will talk about the issues that make this hot new coin problematic. That should give you a clue on whether you should invest in Bonfire or not. Still, you should confirm your decision by learning more about BONFIRE and cryptos in general.
What does the Bonfire crypto network do?
If you’ve been out camping, you’ll remember sharing stories around a campfire. The Bonfire crypto links the token with this experience. It says it’s a safe token backed by a strong worldwide community.
The Bonfire group has a story to tell the world to teach about the benefits of blockchain. The official Twitter page describes the Bonfire token as a frictionless, yield-generating contract. Also, its website says the token falls in line with the principles of this tech tool, which are:
It says the Bonfire token will make history and challenges people to think outside the box. The Bonfire team says so much without providing solid info.
That could be fine as long as its use-case is worth it. The Bonfire crypto network’s token called the BONFIRE token provides these features. It lets you earn passive income just by holding some. Here’s how it works::
- You have to pay a 10% tax each time you buy and sell with BONFIRE.
- That tax is split among BONFIRE holders and the liquidity pool. This means it spreads 5% of that among the holders while the remaining 5% is added to the coin exchange supply.
This system is supposed to keep you safe as prices keep going up. BONFIRE compares the token to a campfire that keeps you warm and cozy while a storm rages on outside.
The initial supply is 1,000,000,000,000,000 BONFIRE or 1 quadrillion tokens. The current market cap and circulating supply are zero. At the time of writing, the current price of BONFIRE was less than $0.0000001. Though this may seem shocking, the current price is even more notable when comparing it to its highest.
The all-time highest price paid was $0.00000094, and its 24-hour trading volume was $11,623.94 USD price. If you want to verify the BONFIRE price chart today, sites like CoinMarketCap track the crypto market round the clock in real time.
What are the issues of the Bonfire crypto network?
We are actually on fire! 🔥🧡 pic.twitter.com/vH1I7h3HNi
— Bonfire.world (@thebonfireworld) May 9, 2021
Those details should come across as red flags for anyone who wants to invest. It’s been out since 2021, yet the price is still that low? Note that there are cryptos that are worth less than a penny.
Successful examples include Ripple (XRP) and Dogecoin (DOGE). At the time of writing, the former was worth $0.5857 while the latter was 0.1371. Unlike the crypto BONFIRE, they are in eighth and ninth place.
At that same time, BONFIRE was in 5536th place. What’s more, it has barely reached any of the goals stated on its roadmap. For example, it has yet to launch its NFT platform Bonfire Connect.
At the time of writing, the website only marks three goals as completed:
- Presenting a new vision and a roadmap
- Updating the Bonfire crypto website
- Letting people buy the new tokens with fiat money
This doesn’t look promising when you remember that the token started last year. Worse, you can find so many other cryptos that work like BONFIRE. Some of them even have more features!
Read More: The Cryptos That Earn The Most Interest
Should you invest?
— Bonfire.world (@thebonfireworld) August 22, 2021
The unique thing about the cryptocurrency market is that it’s unpredictable. A token like Safemoon (SAFEMOON) may seem like a bad choice. Then, it surprises you when its price skyrockets!
This doesn’t mean you should be carefree about investing in cryptos. On the contrary, you must have a clear investment plan so that you can choose the right assets for your portfolio.
Maybe you’re curious if bitcoin and other cryptos will turn out to be the new form of money. Ask yourself why you want to invest in the first place. Is it because your friends keep talking about it?
Write down the details, or put them into your favorite note-taking app. The assets you’ll need will depend on whether you want short-term or long-term profits.
If you’d like to earn a quick buck, cryptos might not be for you. You can’t always be sure that you can sell at a profit. Unless you’re an experienced trader, you’re likely to lose money.
On the other hand, you could try holding on to cryptos in the long term. Nowadays, more people are using bitcoin and other cryptocurrencies. This means they will likely go up in value as time passes.
Still, you must choose the coins that have real use-cases. This means your token’s network should have features that people will likely use for years. Otherwise, you’re better off looking elsewhere.
How to buy Bonfire crypto tokens
New to the #bonfire community? Join the conversation here!🔥
— Bonfire.world (@thebonfireworld) July 27, 2021
Think carefully about purchasing BONFIRE or any other cryptos. Once you’ve made up your mind, you should know where to buy them. Unlike other cryptos, you won’t find them in major cryptocurrency exchanges.
This means you can’t buy it from Coinbase or Binance. Instead, you’ll have to buy it from the Bonfire crypto website. You can do it using the following steps:
- Get a digital wallet that stores cryptos. You’ll need it to purchase Binance coins. The most famous option is MetaMask, but you could use other wallets that accept BEP20 tokens.
- Create an account on a crypto exchange that sells BNB coins.
- Buy BNB coins using that account.
- Transfer those to your crypto wallet.
- Connect that wallet to the Bonfire website.
- Choose the number of BONFIRE coins you want based on the number of BNB coins you have. Note that price volatility is common – crypto prices can shift wildly within 24 hours, so you may not get the same value each time you buy.
On the other hand, you could buy BONFIRE crypto bucks on PancakeSwap. Be careful when doing this, though. Otherwise, you may end up losing your money!
Note that this article is not meant to share investment advice. Learn all about your options so that you can choose the right ones. Before anything else, you must plan your investments.
We can’t say if the Bonfire crypto network will stay cold or eventually heat up again. Still, we can be sure that investors must only use the money they are willing to lose!
Read the other Inquirer USA articles to explore the other options of the crypto market. What’s more, they could help you keep track of what’s going on with digital assets and everything else around the world.